Financials Adobe Inc.

Equities

ADBE

US00724F1012

Software

Market Closed - Nasdaq Other stock markets 02:30:00 14/02/2026 am IST			5-day change	1st Jan Change
263.97 ^USD	+0.56%		-1.64%	-24.58%

13/02	From software to real estate, U.S. sectors under the grip of AI scare trade	RE
13/02	HSBC Adjusts Price Target on Adobe to $302 From $388, Maintains Hold Rating	MT

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	26,039	28,389	30,588
Change	-	11.54%	10.24%	10.8%	10.53%	9.55%	9.02%	7.75%
EBITDA ¹	8,047	8,801	9,790	10,876	11,804	12,450	13,312	14,213
Change	-	9.37%	11.24%	11.09%	8.53%	5.47%	6.92%	6.77%
EBIT ¹	7,259	7,945	8,918	10,019	10,986	11,729	12,808	13,371
Change	-	9.45%	12.25%	12.35%	9.65%	6.76%	9.21%	4.39%
Interest Paid ¹	-113	-112	-113	-169	-263	-278.8	-252	-185.6
Earnings before Tax (EBT) ¹	5,705	6,008	6,799	6,931	8,734	9,407	10,497	11,643
Change	-	5.31%	13.17%	1.94%	26.01%	7.7%	11.59%	10.93%
Net income ¹	4,822	4,756	5,428	5,560	7,130	7,424	8,358	9,143
Change	-	-1.37%	14.13%	2.43%	28.24%	4.12%	12.58%	9.4%
Announcement Date	16/12/21	15/12/22	13/12/23	11/12/24	10/12/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: November	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	2027 Q4
Net sales ¹	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	6,553	6,765	6,868	7,030	7,157	7,380
Change	-	-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%	1.34%	2.37%	1.99%	3.23%	1.52%	2.37%	1.8%	3.12%
EBITDA ¹	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	3,511
Change	-	-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%	2.2%
EBIT ¹	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	2,950	2,847	2,916	2,977	3,188	3,157	3,227	3,299
Change	-	-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%	4.47%	-3.48%	2.42%	2.09%	7.07%	-0.97%	2.22%	2.23%
Charge d'intérêts ¹	-30	-28	-23	-28	-28	-28	-28	-28	-32	-26	-27	-28	-27	-41	-51	-50	-62	-68	-67	-66	-62.17	-68.6	-70.4	-70.83	-64.75	-63.75	-63	-63
Earnings before Tax (EBT) ¹	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	2,687
Change	-	-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%	3.22%
Net income ¹	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	2,050	2,013	2,065	2,122
Change	-	-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%	10.54%	-1.8%	2.6%	2.77%
Announcement Date	23/03/21	17/06/21	21/09/21	16/12/21	22/03/22	16/06/22	15/09/22	15/12/22	15/03/23	15/06/23	14/09/23	13/12/23	14/03/24	13/06/24	12/09/24	11/12/24	12/03/25	12/06/25	11/09/25	10/12/25	-	-	-	-	-	-	-	-

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	-2,460	-7,553	-17,278
Change	-	-17.43%	-113.93%	46.34%	82.95%	-538.96%	-207.03%	-128.76%
Announcement Date	16/12/21	15/12/22	13/12/23	11/12/24	10/12/25	-	-	-

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	251.5	274.5	322
Change	-	33.94%	-18.55%	-49.17%	-2.19%	40.5%	9.14%	17.3%
Free Cash Flow (FCF) ¹	6,893	7,396	6,942	7,873	9,852	10,260	11,208	11,865
Change	-	7.3%	-6.14%	13.41%	25.14%	4.14%	9.24%	5.87%
Announcement Date	16/12/21	15/12/22	13/12/23	11/12/24	10/12/25	-	-	-

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%	46.89%	46.46%
EBIT Margin (%)	45.99%	45.13%	45.95%	46.59%	46.22%	45.04%	45.12%	43.71%
EBT Margin (%)	36.14%	34.12%	35.03%	32.23%	36.75%	36.13%	36.97%	38.06%
Net margin (%)	30.55%	27.01%	27.97%	25.85%	30%	28.51%	29.44%	29.89%
FCF margin (%)	43.67%	42.01%	35.77%	36.61%	41.45%	39.4%	39.48%	38.79%
FCF / Net Income (%)	142.95%	155.51%	127.89%	141.6%	138.18%	138.2%	134.1%	129.77%
Profitability
ROA	23.3%	17.43%	19.06%	18.53%	23.88%	27.12%	22.92%	22.49%
ROE	42.79%	44.77%	35.51%	54.08%	69.5%	68.21%	60.66%	52.47%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	2.09%	2.51%	1.85%	0.85%	0.75%	0.97%	0.97%	1.05%
CAPEX / EBITDA (%)	4.1%	5.02%	3.68%	1.68%	1.52%	2.02%	2.06%	2.27%
CAPEX / FCF (%)	4.79%	5.98%	5.19%	2.32%	1.82%	2.45%	2.45%	2.71%
Items per share
Cash flow per share ¹	15.02	16.64	15.91	17.9	23.49	25.9	28.74	30.82
Change	-	10.82%	-4.4%	12.53%	31.22%	10.26%	10.97%	7.24%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	30.76	30.22	35.99	31.98	27.22	34.58	46.35	61.62
Change	-	-1.77%	19.08%	-11.12%	-14.89%	27.05%	34.03%	32.93%
EPS ¹	10.02	10.1	11.82	12.36	16.7	18.24	20.91	23.5
Change	-	0.8%	17.03%	4.57%	35.11%	9.25%	14.63%	12.35%
Nbr of stocks (in thousands)	4,75,800	4,64,900	4,55,300	4,40,200	4,18,600	4,10,500	4,10,500	4,10,500
Announcement Date	16/12/21	15/12/22	13/12/23	11/12/24	10/12/25	-	-	-