Adobe (ADBE) 10-K Summaries & Annual Filing History
Review Adobe Inc. (ADBE) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Nov 28, 2025 · FY2025 10-K
Adobe Inc. filed its annual report for the fiscal year ended November 28, 2025. The filing describes the company's business, financial results, risks, and liquidity position.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$23.8B
Revenue reported for the fiscal year.
Operating income
$8.7B
Income from operations reported for the year.
Net income
$7.1B
Net income reported for the year.
Operating cash flow
$10B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 2, 2022 | $17.6B | +11.5% |
| Dec 1, 2023 | $19.4B | +10.2% |
| Nov 29, 2024 | $21.5B | +10.8% |
| Nov 28, 2025 | $23.8B | +10.5% |
Business overview
Adobe Inc. operates in the software industry, providing digital media and marketing solutions. The business overview section references standard items such as risk factors, unresolved staff comments, and cybersecurity.
Financial performance
For the fiscal year, revenue reached the reported amount, operating income was at the reported level, and net income was as stated. Operating cash flow exceeded net income, indicating strong cash generation. Revenue growth trended positively over the past several years.
Material risks
The risk factors section covers typical business uncertainties, though specific risks are not detailed in the extracted text. The filing references Item 1A for a full discussion of risk factors.
Liquidity and capital
Primary cash sources include revenue receipts, short-term investment proceeds, and debt issuance. Cash is used for expenses, stock repurchases, and other customary purposes. The company ended the period with a working capital deficit and lower stockholders' equity compared to the prior year.
What to watch
Monitor changes in working capital and cash position, as the company reported a deficit in working capital and a decline in cash equivalents year-over-year.