Financials Adobe Inc.

Stocks

ADBE

US00724F1012

Software

Real-time Estimate Cboe BZX 12:38:04 2026-10-01 EDT			5-day change	1st Jan Change
240.36 ^USD	+0.18%		+0.35%	-31.50%

09-28	Consumer Staples Stocks Rise, Discretionary Fall -- Consumer Roundup	DJ
09-28	Adobe Inc. and National Hockey League Partner to Deliver Ai-Powered Fan Experiences Globally	CI

Projected Income Statement: Adobe Inc.

Fiscal Period: November	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	15,785	17,606	19,409	21,505	23,769	26,611	29,053	31,570
Change	-	11.54%	10.24%	10.8%	10.53%	11.95%	9.18%	8.66%
EBITDA ¹	8,047	8,801	9,790	10,876	11,804	12,722	13,817	14,904
Change	-	9.37%	11.24%	11.09%	8.53%	7.78%	8.61%	7.87%
EBIT ¹	7,259	7,945	8,918	10,019	10,986	11,968	13,006	14,137
Change	-	9.45%	12.25%	12.35%	9.65%	8.94%	8.67%	8.7%
Interest Paid ¹	-113	-112	-113	-169	-263	-265.1	-257.9	-281.9
Earnings before Tax (EBT) ¹	5,705	6,008	6,799	6,931	8,734	9,359	10,547	11,605
Change	-	5.31%	13.17%	1.94%	26.01%	7.15%	12.7%	10.03%
Net income ¹	4,822	4,756	5,428	5,560	7,130	7,283	8,287	9,186
Change	-	-1.37%	14.13%	2.43%	28.24%	2.15%	13.78%	10.85%
Announcement Date	12/16/21	12/15/22	12/13/23	12/11/24	12/10/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: November	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4	2028 Q1	2028 Q2	2028 Q3
Net sales ¹	4,110	4,262	4,386	4,433	4,525	4,655	4,816	4,890	5,048	5,182	5,309	5,408	5,606	5,714	5,873	5,988	6,194	6,398	6,618	6,760	6,833	7,045	7,199	7,326	7,432	7,589	7,782	7,923
Change	-	3.7%	2.91%	1.07%	2.08%	2.87%	3.46%	1.54%	3.23%	2.65%	2.45%	1.86%	3.66%	1.93%	2.78%	1.96%	3.44%	3.29%	3.44%	2.15%	1.08%	3.11%	2.19%	1.77%	1.44%	2.11%	2.54%	1.82%
EBITDA ¹	2,062	2,206	2,186	2,171	2,238	2,343	2,400	2,482	2,565	2,679	2,655	2,728	2,814	2,932	2,883	2,981	3,008	3,209	3,138	3,189	3,213	3,434	3,379	3,460	3,553	3,649	3,741	3,818
Change	-	6.98%	-0.91%	-0.69%	3.09%	4.69%	2.43%	3.42%	3.34%	4.44%	-0.9%	2.75%	3.15%	4.19%	-1.67%	3.4%	0.91%	6.68%	-2.21%	1.63%	0.77%	6.86%	-1.59%	2.4%	2.68%	2.69%	2.54%	2.06%
EBIT ¹	1,857	1,993	1,974	1,955	2,023	2,131	2,180	2,264	2,343	2,467	2,441	2,515	2,596	2,715	2,674	2,773	2,824	3,035	2,945	2,974	3,019	3,204	3,208	3,274	3,337	3,441	3,488	3,556
Change	-	7.32%	-0.95%	-0.96%	3.48%	5.34%	2.3%	3.85%	3.49%	5.29%	-1.05%	3.03%	3.22%	4.58%	-1.51%	3.7%	1.84%	7.47%	-2.97%	0.98%	1.5%	6.13%	0.14%	2.04%	1.95%	3.12%	1.35%	1.95%
Charge d'intérêts ¹	-28	-28	-28	-28	-28	-32	-26	-27	-28	-27	-41	-51	-50	-62	-68	-67	-66	-63	-65	-66	-73.4	-75	-75	-75	-75	-85	-85	-85
Earnings before Tax (EBT) ¹	1,468	1,543	1,492	1,456	1,517	1,598	1,650	1,743	1,808	968	1,930	2,042	1,991	2,182	2,101	2,187	2,264	2,422	2,238	2,357	2,352	2,588	2,560	2,615	2,666	2,733	2,774	2,866
Change	-	5.11%	-3.31%	-2.41%	4.19%	5.34%	3.25%	5.64%	3.73%	-46.46%	99.38%	5.8%	-2.5%	9.59%	-3.71%	4.09%	3.52%	6.98%	-7.6%	5.32%	-0.21%	10.05%	-1.09%	2.15%	1.94%	2.5%	1.51%	3.32%
Net income ¹	1,233	1,266	1,178	1,136	1,176	1,247	1,295	1,403	1,483	620	1,573	1,684	1,683	1,811	1,691	1,772	1,856	1,889	1,712	1,827	1,851	2,040	2,024	2,080	2,105	2,188	2,222	2,295
Change	-	2.68%	-6.95%	-3.57%	3.52%	6.04%	3.85%	8.34%	5.7%	-58.19%	153.71%	7.06%	-0.06%	7.61%	-6.63%	4.79%	4.74%	1.78%	-9.37%	6.72%	1.3%	10.2%	-0.78%	2.76%	1.24%	3.94%	1.52%	3.31%
Announcement Date	12/16/21	3/22/22	6/16/22	9/15/22	12/15/22	3/15/23	6/15/23	9/14/23	12/13/23	3/14/24	6/13/24	9/12/24	12/11/24	3/12/25	6/12/25	9/11/25	12/10/25	3/12/26	6/11/26	9/10/26	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Adobe Inc.

Fiscal Period: November	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-1,675	-1,967	-4,208	-2,258	-385	-400	-5,814	-11,218
Change	-	-17.43%	-113.93%	46.34%	82.95%	-3.9%	-1,353.5%	-92.95%
Announcement Date	12/16/21	12/15/22	12/13/23	12/11/24	12/10/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Adobe Inc.

Fiscal Period: November	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	330	442	360	183	179	239	262.5	300.3
Change	-	33.94%	-18.55%	-49.17%	-2.19%	33.5%	9.83%	14.42%
Free Cash Flow (FCF) ¹	6,893	7,396	6,942	7,873	9,852	10,435	11,394	12,277
Change	-	7.3%	-6.14%	13.41%	25.14%	5.92%	9.19%	7.75%
Announcement Date	12/16/21	12/15/22	12/13/23	12/11/24	12/10/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Adobe Inc.

Fiscal Period: November	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	50.98%	49.99%	50.44%	50.57%	49.66%	47.81%	47.56%	47.21%
EBIT Margin (%)	45.99%	45.13%	45.95%	46.59%	46.22%	44.98%	44.77%	44.78%
EBT Margin (%)	36.14%	34.12%	35.03%	32.23%	36.75%	35.17%	36.3%	36.76%
Net margin (%)	30.55%	27.01%	27.97%	25.85%	30%	27.37%	28.52%	29.1%
FCF margin (%)	43.67%	42.01%	35.77%	36.61%	41.45%	39.21%	39.22%	38.89%
FCF / Net Income (%)	142.95%	155.51%	127.89%	141.6%	138.18%	143.28%	137.5%	133.65%
Profitability
ROA	23.3%	17.43%	19.06%	18.53%	23.88%	25.07%	26.28%	26.29%
ROE	42.79%	44.77%	35.51%	54.08%	69.5%	72.73%	71.6%	68.8%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	2.09%	2.51%	1.85%	0.85%	0.75%	0.9%	0.9%	0.95%
CAPEX / EBITDA (%)	4.1%	5.02%	3.68%	1.68%	1.52%	1.88%	1.9%	2.01%
CAPEX / FCF (%)	4.79%	5.98%	5.19%	2.32%	1.82%	2.29%	2.3%	2.45%
Items per share
Cash flow per share ¹	15.02	16.64	15.91	17.9	23.49	27.06	30.03	33.01
Change	-	10.82%	-4.4%	12.53%	31.22%	15.18%	11%	9.92%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	30.76	30.22	35.99	31.98	27.22	32.01	44.5	57.69
Change	-	-1.77%	19.08%	-11.12%	-14.89%	17.61%	39%	29.65%
EPS ¹	10.02	10.1	11.82	12.36	16.7	18.24	21.45	24.4
Change	-	0.8%	17.03%	4.57%	35.11%	9.25%	17.58%	13.73%
Nbr of stocks (in thousands)	475,800	464,900	455,300	440,200	418,600	389,200	389,200	389,200
Announcement Date	12/16/21	12/15/22	12/13/23	12/11/24	12/10/25	-	-	-