Financials Adobe Inc.

Equities

ADBE

US00724F1012

Software

Market Closed - Nasdaq Other stock markets 16:00:00 2026-01-15 EST			Pre-market 08:14:52
304.09 ^USD	-0.11%		304.42	+0.11%

01-15	Inspired Thinking Group Adds Adobe Firefly Services to Its Suite of AI Tools	CI
01-14	Infosys raises revenue view, sparks hopes of Indian IT turnaround	RE

Projected Income Statement: Adobe Inc.

Fiscal Period: November	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	12,868	15,785	17,606	19,409	21,505	23,769	26,004	28,348
Change	-	22.67%	11.54%	10.24%	10.8%	10.53%	9.4%	9.01%
EBITDA ¹	6,278	8,047	8,801	9,790	10,876	11,804	12,450	13,312
Change	-	28.18%	9.37%	11.24%	11.09%	8.53%	5.47%	6.92%
EBIT ¹	5,521	7,259	7,945	8,918	10,019	10,986	11,736	12,802
Change	-	31.48%	9.45%	12.25%	12.35%	9.65%	6.82%	9.09%
Interest Paid ¹	-74	-113	-112	-113	-169	-263	-277	-236.4
Earnings before Tax (EBT) ¹	4,176	5,705	6,008	6,799	6,931	8,734	9,431	10,436
Change	-	36.61%	5.31%	13.17%	1.94%	26.01%	7.98%	10.65%
Net income ¹	5,260	4,822	4,756	5,428	5,560	7,130	7,432	8,276
Change	-	-8.33%	-1.37%	14.13%	2.43%	28.24%	4.24%	11.36%
Announcement Date	12/10/20	12/16/21	12/15/22	12/13/23	12/11/24	12/10/25	-	-

¹USD in Million

Estimates

Fiscal Period: November	2020 Q4	2021 Q1	2021 Q2	2021 Q3	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
Net sales ¹	3,424	3,905	3,835	3,935	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	6,277	6,425	6,552	6,763	6,854	7,011	7,134
Change	-	14.05%	-1.79%	2.61%	4.45%	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%	1.33%	2.36%	1.99%	3.22%	1.34%	2.3%	1.76%
EBITDA ¹	1,728	2,025	1,956	2,004	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	3,134	3,029	3,115	3,182	3,403	3,356	3,436
Change	-	17.19%	-3.41%	2.45%	2.89%	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%	4.19%	-3.35%	2.83%	2.14%	6.95%	-1.37%	2.37%
EBIT ¹	1,538	1,829	1,762	1,811	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	2,951	2,847	2,914	2,974	3,174	3,132	3,201
Change	-	18.92%	-3.66%	2.78%	2.54%	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%	4.48%	-3.52%	2.37%	2.06%	6.72%	-1.31%	2.2%
Charge d'intérêts ¹	-24	-30	-28	-23	-28	-28	-28	-28	-28	-32	-26	-27	-28	-27	-41	-51	-50	-62	-68	-67	-66	-62.2	-64	-66	-74.75	-64.75	-63.75	-63
Earnings before Tax (EBT) ¹	1,197	1,433	1,386	1,418	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	2,384	2,224	2,273	2,351	2,546	2,538	2,603
Change	-	19.72%	-3.28%	2.31%	3.53%	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%	5.29%	-6.72%	2.24%	3.4%	8.3%	-0.3%	2.57%
Net income ¹	2,250	1,261	1,116	1,212	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	1,884	1,767	1,807	1,854	2,033	1,987	2,039
Change	-	-43.96%	-11.5%	8.6%	1.73%	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%	1.5%	-6.2%	2.29%	2.6%	9.65%	-2.26%	2.6%
Announcement Date	12/10/20	3/23/21	6/17/21	9/21/21	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	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Adobe Inc.

Fiscal Period: November	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-1,875	-1,675	-1,967	-4,208	-2,258	-385	-2,460	-6,846
Change	-	10.67%	-17.43%	-113.93%	46.34%	82.95%	-91.74%	-178.29%
Announcement Date	12/10/20	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	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	419	330	442	360	183	179	251.5	290.6
Change	-	-21.24%	33.94%	-18.55%	-49.17%	-2.19%	16.84%	15.56%
Free Cash Flow (FCF) ¹	5,308	6,893	7,396	6,942	7,873	9,852	10,257	11,208
Change	-	29.86%	7.3%	-6.14%	13.41%	25.14%	10.05%	9.27%
Announcement Date	12/10/20	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	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	48.79%	50.98%	49.99%	50.44%	50.57%	49.66%	47.82%	46.93%
EBIT Margin (%)	42.9%	45.99%	45.13%	45.95%	46.59%	46.22%	45.08%	45.13%
EBT Margin (%)	32.45%	36.14%	34.12%	35.03%	32.23%	36.75%	36.23%	36.79%
Net margin (%)	40.88%	30.55%	27.01%	27.97%	25.85%	30%	28.55%	29.18%
FCF margin (%)	41.25%	43.67%	42.01%	35.77%	36.61%	41.45%	39.4%	39.51%
FCF / Net Income (%)	100.91%	142.95%	155.51%	127.89%	141.6%	138.18%	138.01%	135.42%
Profitability
ROA	21.77%	23.3%	17.43%	19.06%	18.53%	23.88%	27.12%	25.03%
ROE	41.21%	42.79%	44.77%	35.51%	54.08%	69.5%	68.21%	60.77%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	3.26%	2.09%	2.51%	1.85%	0.85%	0.75%	0.97%	1.02%
CAPEX / EBITDA (%)	6.67%	4.1%	5.02%	3.68%	1.68%	1.52%	2.02%	2.18%
CAPEX / FCF (%)	7.89%	4.79%	5.98%	5.19%	2.32%	1.82%	2.45%	2.59%
Items per share
Cash flow per share ¹	11.81	15.02	16.64	15.91	17.9	23.49	25.9	28.74
Change	-	27.17%	10.82%	-4.4%	12.53%	31.22%	14.73%	10.97%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	27.35	30.76	30.22	35.99	31.98	28.44	34.58	46.35
Change	-	12.48%	-1.77%	19.08%	-11.12%	-11.1%	21.62%	34.03%
EPS ¹	10.83	10.02	10.1	11.82	12.36	16.7	18.27	20.67
Change	-	-7.48%	0.8%	17.03%	4.57%	35.11%	10.41%	13.14%
Nbr of stocks (in thousands)	479,719	475,800	464,900	455,300	440,200	418,600	418,600	418,600
Announcement Date	12/10/20	12/16/21	12/15/22	12/13/23	12/11/24	12/10/25	-	-