⚡What does Adobe do, in 30 seconds?
Adobe sells software for making and editing images, video and documents, such as Photoshop, Acrobat and Firefly, plus marketing software for businesses 1 1. It sold $23.8bn ✓ in FY2025, the year to 28 November 2025 2921. Subscriptions made up 96% of that revenue 13.
📱What does Adobe sell?
In fiscal 2025 Adobe reported three business lines, and Digital Media was by far the biggest, at 74% ✓ of sales. From fiscal 2026 Adobe reports them as one segment, so this split is as of fiscal 2025 22.
Digital Media
Creative Cloud subscriptions and apps such as Photoshop, Illustrator, Lightroom, Premiere Pro and After Effects, plus Acrobat, Adobe Express and Firefly 1. Firefly is Adobe's family of AI models that make images, video, vectors and audio 2. Acrobat comes in Studio, Pro and Standard plans, with an AI Assistant that sums up PDFs 2. This line brought in $17.6bn ✓ in FY2025.
👥 Designers, photographers, video makers and social media creators, as well as office workers, small business owners and consumers 4.
Digital Experience
Marketing software, including Adobe Experience Platform, Customer Journey Analytics, Experience Manager Sites, Adobe Commerce, Journey Optimizer, Marketo Engage and Workfront 1. This line brought in $5.9bn ✓ in FY2025.
👥 Marketers, advertisers, brand managers, merchants, data analysts, developers and top executives 4.
Publishing and Advertising
Older products for eLearning, technical documents, web meetings, forms, web app building, high-end printing through PostScript and PDF, and Adobe Advertising 1. This was the smallest line, at $0.3bn ✓ in FY2025.
👥 Customers of these older products, which Adobe calls legacy products 1.
How the mix has shifted
Where the customers are
The United States brings in just over half of Adobe's sales, at 53% ✓ in FY2025. Europe, the Middle East and Africa added 26% ✓, Asia Pacific 14% ✓ and the rest of the Americas 7% ✓.
💸How does Adobe make money?
Follow the money from left to rightfrom top to bottom: what customers pay for, what it costs to make, and what is left as profit.
Adobe sold $23.8bn ✓ of software and services in FY2025. Delivering them cost $2.6bn ✓. What is left is gross profit, the money kept after paying for what was sold. That came to $21.2bn ✓.
Next come the costs of running the company. Research and development, the work on new products, took $4.3bn ✓. Sales, marketing and admin took the most, at $8.1bn ✓. Other operating costs took $0.2bn ✓. That left operating profit, the profit from the main business, of $8.7bn ✓. Other income and costs were close to zero, at $0.0bn ✓, and tax took $1.6bn ✓. Net income was $7.1bn ✓. Put simply, out of every hundred dollars of sales, Adobe kept about $30 ✓ as profit.
Out of every $100 customers paid in FY2025…
⏱️ Adobe by the clock
Spread the FY2025 totals evenly over its 364 days and you get this. Source: ADOBE INC. 10-K [5].
📈How is Adobe doing?
Adobe has grown every year for a decade, and it keeps more of each sale than it used to. From FY2015 to FY2025, sales grew 17.4% ✓ a year on average. They rose in 10 ✓ of those 10 ✓ years. Growth has slowed, from 24.7% ✓ in FY2017 to 10.5% ✓ in FY2025. Operating margin climbed from 18.8% ✓ in FY2015 to 36.6% ✓ in FY2025.
The four quarters to 28 August 2026 show a small pickup. Sales reached $26.0bn ✓, up 12.0% ✓ on the four quarters before. Operating margin was 35.7% ✓, and free cash flow was $10.6bn ✓. In the quarter to 28 August 2026, revenue was a record $6.76 billion, up 13% on a year earlier 18. ARR is Adobe's own measure of the yearly value of its subscription contracts 4. It was $27.50 billion at 28 August 2026, up 11.2% including Semrush, with the year-earlier figure restated at fiscal 2026 currency rates 14.
📝 The report card
Adobe earns top marks for profit and cash, good marks for growth and steadiness, and a middling mark for its balance sheet. Every company is graded on the same fixed scale, so an A means the same thing on every page. The strip shows where Adobe (orange) and its 2 peers land; further right is better.
Growth
Adobe's sales grew 10.5% ✓ a year over its last three fiscal years, which earns a B ✓ on the fixed scale. That ranks it 2 ✓ of 3 ✓ in this group. Microsoft grew 16.1% ✓ a year over its own latest three years, good for an A ✓. Salesforce grew 9.8% ✓, a C ✓.
Why this measure? (higher is better)
Growing sales is the engine of a business. Mature giants rarely grow fast, so 5% a year already earns a C.
Profitability
Over the last three years combined, Adobe kept 34.2% ✓ of sales as operating profit, which earns an A ✓. Microsoft keeps even more, at 45.8% ✓. Salesforce keeps 18.0% ✓, a C ✓.
Why this measure? (higher is better)
Operating margin is the share of each sales dollar left after running the business. Software and platforms often clear 30%; hardware makers usually sit below 10%.
Cash generation
Over the last three years combined, Adobe turned 38.1% ✓ of sales into free cash flow, comfortably an A ✓. That ranks it 1 ✓ of 3 ✓ in this group. Salesforce came next at 31.8% ✓, then Microsoft at 24.8% ✓.
Why this measure? (higher is better)
Free cash flow is the cash left after paying for factories, data centres and equipment. It funds dividends, buybacks and new bets.
Balance sheet
At the end of FY2025, Adobe's cash and investments minus its borrowings (leases and stakes in other companies not counted) equalled 1.6% ✓ of a year's sales. That earns a C ✓. Net cash was $2.1bn ✓ at the end of FY2015 and $0.4bn ✓ at the end of FY2025. At 28 August 2026 it was $0.9bn ✓.
Why this measure? (higher is better)
More cash than debt gives a company room to ride out bad years. Some debt is normal; a lot of it makes a company fragile.
Steadiness
Adobe's yearly growth swings only a little, with a swing score (standard deviation) of 6.4% ✓. That earns a B ✓. Microsoft's figure is just 4.2% ✓, an A ✓.
Why this measure? (lower is better)
Steady growers are easier to plan around. Big swings mean sales depend on product cycles, the economy or one-off events.
🧑🏫 How the grades work
- Same scale for everyone. Each measure has fixed cut-offs (shown under each strip). Clear the A line and you get an A, whatever your peers do.
- Three years together. Profitability and cash generation add up the last three fiscal years before dividing, so one unusual year counts for less than it would on its own (a year much bigger than the others still weighs most).
- Peers for context. The rank shows how Adobe compares with the group. Companies within 0.1 percentage point share a rank.
- Same source. Every company's figures come from its own latest annual report (10-K), so fiscal years end in different months.
- Judgement, openly stated. The cut-offs are QuantVantage.ai's view of what good looks like for a large, established company. They are not a forecast or a recommendation.
11 years at a glance
Where the cash goes
Over the years from FY2015 to FY2025, Adobe made $58.1bn ✓ of free cash flow and spent $46.3bn ✓ buying back its own shares. Lately, buybacks have run ahead of free cash flow. In FY2025 alone they came to $11.3bn ✓, or 115% ✓ of free cash flow. In April 2026 Adobe's board approved a new $25 billion buyback authority that runs to 30 April 2030 22.
🧮Ratios 101: what are Adobe's key financial ratios?
Ratios shrink Adobe's big numbers into easy comparisons, and they show a business that costs little to deliver and spends heavily on buybacks. A ratio divides one number by another so companies of any size can be compared. Each card shows the formula with Adobe's real FY2025 numbers, the peer median and the trend.
💰 Profitability: how much of each sale is kept?
Gross margin
What is left from each sale after paying to make the product or deliver the service.
👉 At 89.3% ✓, up from 84.5% ✓ in FY2015, Adobe sits well above the 72.8% ✓ peer median.
📏 Rule of thumb: Above 40% usually signals pricing power or a big software or services mix.
Operating margin
What is left after also paying for research, marketing and running the company.
👉 Adobe's 36.6% ✓ is almost double its 18.8% ✓ of FY2015 and above the 33.4% ✓ peer median.
📏 Rule of thumb: Above 20% is strong for a large company.
Net margin
The bottom line: profit after interest and taxes, per dollar of sales.
👉 Adobe keeps 30.0% ✓ of sales as final profit, against 13.1% ✓ in FY2015 and a 29.1% ✓ peer median.
📏 Rule of thumb: Above 15% is strong; one-off tax items can move it in a single year.
Return on equity (ROE)
Profit earned for each dollar that shareholders have left in the company.
👉 ROE of 61.3% ✓ is nearly three times the 21.4% ✓ peer median, partly because shareholders' equity is only $11.6bn ✓.
📏 Rule of thumb: Around 15% or more is good, but buybacks shrink equity and can make ROE look huge.
⚙️ Efficiency: how hard do the assets work?
Return on assets (ROA)
Profit earned from everything the company owns, however it was paid for.
👉 ROA of 24.2% ✓ is about double the 12.1% ✓ peer median, and far above 5.4% ✓ in FY2015.
📏 Rule of thumb: Above 10% is strong; banks and factories usually earn less.
Asset turnover
Dollars of sales squeezed out of each dollar of assets.
👉 Adobe's sales are 0.8x ✓ the value of what it owns, up from 0.4x ✓ in FY2015 and double the 0.4x ✓ peer median.
📏 Rule of thumb: Retailers often top 2x; asset-heavy businesses can sit below 0.5x.
🛟 Safety: could it survive a bad year?
Current ratio
Can short-term assets (cash, money owed by customers, stock) pay the bills due within a year?
👉 At 1.0x ✓, Adobe's $10.2bn ✓ of short-term assets just matched its $10.2bn ✓ of bills due within a year. In FY2015 the ratio was 2.2x ✓.
📏 Rule of thumb: Above 1.0x is the classic comfort line, but cash-rich giants can run below it on purpose.
Debt to equity
How much the company has borrowed for each dollar shareholders have in it.
👉 Debt was 0.5x ✓ equity at the end of FY2025, up from 0.3x ✓ in FY2015 and above the 0.2x ✓ peer median.
📏 Rule of thumb: Below 1.0x is conservative. Like ROE, it can rise when buybacks shrink equity, even if debt has not changed.
Interest cover
How many times over operating profit could pay the year's interest bill.
👉 Operating profit covered interest 33.1x ✓ in FY2025, up from 14.1x ✓ in FY2015 but below the 38.3x ✓ peer median.
📏 Rule of thumb: Above 5x is comfortable; below 2x is a warning sign.
💵 Cash and owners: where does the money end up?
Cash conversion
Does reported profit turn into real cash? Free cash flow is operating cash minus capital spending.
👉 Adobe turns profit into cash at 1.4x ✓, above the 1.2x ✓ peer median. Part of the gap between profit and cash is $1.9bn ✓ of stock pay, which uses no cash. In FY2015 the figure was 2.0x ✓.
📏 Rule of thumb: Near or above 1.0x means profits are backed by cash.
R&D intensity
How much of each sales dollar goes into inventing future products.
👉 Adobe spends 18.1% ✓ of sales on R&D, above the 12.6% ✓ peer median and about the same as 18.0% ✓ in FY2015.
📏 Rule of thumb: Tech companies often spend 10% to 20%; more is not always better if it does not pay off.
Stock pay
Pay given to staff in shares instead of cash. It is a real cost to owners because it adds shares.
👉 Stock pay is 8.2% ✓ of sales, above the 6.1% ✓ peer median and up from 7.0% ✓ in FY2015.
📏 Rule of thumb: Under 5% of sales is modest for a tech company.
Shareholder payout
How much of the year's profit was handed back to owners.
👉 Adobe returned 158.2% ✓ of FY2025 profit to shareholders through buybacks, above the 113.3% ✓ peer median. Measured against free cash flow, the payout was 115% ✓.
📏 Rule of thumb: Above 100% means it returned more than it earned, using cash savings or debt.
Ratios use fiscal-year-end balance sheet values. Inputs are shown rounded, so dividing them can differ from the result in the last digit. A peer median leaves out peers that do not report the inputs, or where the ratio means nothing (for example, negative shareholders' equity). Rules of thumb are general guides from QuantVantage.ai, not hard limits. No share-price ratios (like price-to-earnings) are shown on this page.
🥊Who are Adobe's competitors?
Adobe meets Salesforce in marketing software and Microsoft in productivity software with built-in AI 910 211. Its 10-K also names AI-first creative and productivity tools among its rivals 2.
| Company | Where they compete | Revenue | Growth/yr (3y) | Op. margin | FCF margin |
|---|---|---|---|---|---|
| Adobe (ADBE, FY2025) | Creative apps, PDF and document tools, AI models and marketing software 1 1 | $23.8bn | 10.5% | 36.6% | 41.4% |
| Salesforce (CRM, FY2026) | Software that unifies customer data and runs personal marketing journeys 910 | $41.5bn | 9.8% | 20.1% | 34.7% |
| Microsoft (MSFT, FY2026) | Subscription productivity software with built-in AI: Acrobat and Adobe Express against Microsoft 365 and Copilot 211 | $331.8bn | 16.1% | 46.8% | 20.2% |
Adobe says its markets have limited barriers to entry, short product life cycles and frequent new entrants 2. Its 10-K warns of growing competition from AI tools that create and edit from a prompt, read documents and make ads 23.
🧭Adobe SWOT: strengths, weaknesses, opportunities and threats
💪 Strengths
- Subscriptions brought in $22.90 billion in fiscal 2025, 96% of Adobe's revenue, up from 94% in fiscal 2023 13.
- On 10 September 2026, Adobe reported more than 1 billion monthly active users across its creativity and productivity products 12.
- Over the last three years combined, Adobe turned 38.1% ✓ of sales into free cash flow, an A ✓ on our report card.
- At the end of its third quarter of fiscal 2026, Adobe had $22.16 billion of signed revenue still to deliver, and 67% of it was counted as current 18.
🩹 Weaknesses
- Growth has slowed, from 24.7% ✓ in FY2017 to 10.5% ✓ in FY2025.
- Adobe's own 10-K says its markets have limited barriers to entry, customers who are sensitive to price and frequent new entrants 2.
- In 2026 its CFO resigned and the head of its Creativity & Productivity business stepped down, and a new CEO was named 1920.
- At its April 2026 annual meeting, the advisory vote on executive pay passed only narrowly, about 148.8 million votes to 145.0 million 21.
🚀 Opportunities
- Adobe said its AI-first ARR grew more than 150% year over year in the third quarter of fiscal 2026 18.
- In that quarter, subscription revenue from business professionals and consumers grew 16% (15% in constant currency) to $1.91 billion 18.
- Adobe completed its $1.87 billion purchase of Semrush on 28 April 2026, adding tools to help brands show up in search and AI answers 22.
- For businesses, Adobe offers Firefly models trained on a company's own brand content, and tools to automate content production 2.
⚠️ Threats
- Adobe warns of growing competition from AI tools for prompt-based creation, document understanding and ad creation 23.
- It also says other companies may limit its use of outside AI models 23.
- Adobe says EU AI Act rules are being phased in through 2030, and AI rules could force changes to its products 23.
- A shareholder lawsuit alleges Adobe made misleading statements about competition from Figma; a court dismissed it in full, and the plaintiff was appealing as of 22 September 2026 24.
🏰Does Adobe have a moat?
Why 4?
Adobe's 10-K calls Photoshop the world's most advanced imaging and design app, and Illustrator and After Effects industry standards 2. On 10 September 2026, Adobe reported more than 1 billion monthly active users across its creativity and productivity products 12. But its 10-K also notes customer price sensitivity and AI-first rivals 2.
Why 4?
Subscriptions were 96% of Adobe's revenue in fiscal 2025 13. ARR was $25.20 billion at the end of fiscal 2025 and $27.50 billion (including Semrush) at 28 August 2026 1312 14. Creative Cloud Pro users store, sync and share their files in Adobe's cloud 2. Businesses keep customer profiles in Adobe Experience Platform, and Adobe licenses its online products over multi-year terms 2. In June 2024 the US Department of Justice sued Adobe, alleging it hid subscription terms and lacked a simple way to cancel; the case was settled and dismissed in March 2026 15.
Why 2?
Acrobat Reader is free, and Adobe says its freemium Acrobat products reach billions of potential users 2. Adobe created PDF, but the format is now an open standard run by ISO 16. Adobe Stock offers millions of photos, videos and other assets inside Photoshop, Illustrator and Express 2. Adobe reported more than 1 billion monthly active users on 10 September 2026 12.
Why 3?
Adobe protects its products with patents, copyrights, trademarks and trade secrets 2. It trains its Firefly AI models on licensed and public-domain content it has the right to use, and some business customers can get legal cover for content made in most Firefly tools 2. PDF, which Adobe created, is now an open standard 16.
A moat is what keeps rivals from taking a company's customers and profits. Scores are QuantVantage.ai's judgement (5 = strongest), set with the same rubric on every explainer (orange is Adobe; grey dots are peers).
🔭What should you watch next?
Fourth-quarter results
Adobe's target for fourth-quarter fiscal 2026 revenue is $6.80 billion to $6.85 billion 18.
Debt coming due
Adobe has $850 million of notes due in February 2027 and $500 million due in April 2027, $1.35 billion of current debt at 28 August 2026 22.
Finance chief
CFO Daniel Durn resigned effective 15 June 2026, and Steven Day became interim CFO 19.
Figma shareholder case
A shareholder lawsuit over Adobe's statements about Figma was dismissed in full, and the plaintiff was appealing as of 22 September 2026 24.
📚Learn the words
❓Frequently asked questions about Adobe
How does Adobe make money?
Adobe makes almost all its money from subscriptions, which were 96% of revenue in fiscal 2025 13. Digital Media, home of Creative Cloud and Acrobat, brought in $17.6bn ✓ in FY2025. Digital Experience, its marketing software, added $5.9bn ✓.
Who founded Adobe, and when?
John Warnock and Charles Geschke founded Adobe in 1982 25. Adobe went on to create PDF in 1991-1992, a format that is now an open standard 16.
Is Adobe's revenue still growing?
Adobe's revenue is still growing, but more slowly than before. Sales rose 10.5% ✓ in FY2025 and 12.0% ✓ in the four quarters to August 2026. Over ten years, growth averaged 17.4% ✓ a year.
Who will be Adobe's next CEO?
Anil Chakravarthy is named to become Adobe's president and CEO on 1 December 2026 20. When named in September 2026, he was president of Adobe's Customer Experience Orchestration business 20. Shantanu Narayen, CEO since December 2007, is due to become executive chair 27 20.
Who are Adobe's biggest competitors?
Salesforce competes with Adobe in marketing software, and Microsoft in productivity software with built-in AI 910 211. Adobe also names AI-first creative and productivity tools among its rivals 2.
What is Adobe Firefly?
Firefly is Adobe's family of AI models that make images, video, vectors and audio 2. The Firefly app can also use AI models from other companies 2. Every asset made with Firefly carries Content Credentials, a label showing AI was used 2.
🎮Play: higher or lower, then test yourself
Figures come from each company's latest annual report (10-K); fiscal years end in different months. Sources: [5] [6] [7].
🧠 Test yourself
5 quick questions. Score: 0 / 5
1. In what year was Adobe founded?
2. About how much of Adobe's fiscal 2025 revenue came from subscriptions?
3. Which file format did Adobe create?
4. What do Content Credentials on a Firefly image show?
5. Out of every $100 of sales in FY2025, about how much did Adobe keep as profit?
🔎Sources and method
Every figure comes from a source listed here or is calculated from those sources (marked ✓). Company financials are taken from SEC filings (10-K and 10-Q) as tagged in XBRL. Peer grades rank the same measures across the company and its peers. This page contains no share-price data and no valuation.
- Adobe Inc. Form 10-K for fiscal year ended November 28, 2025 (filed 2026-01-15) — Item 1 Segments and Operations: fiscal 2025 segment products, generative credits, sales channels (accessed 2026-10-31)
- Adobe Inc. Form 10-K for fiscal year ended November 28, 2025 (filed 2026-01-15) — Item 1 Business: products, competition, intellectual property, Firefly (accessed 2026-10-29)
- Adobe (ADBE) Form 10-K for fiscal year 2025, filed 2026-01-15 — revenue and cost of sales by product, segment and geography (accessed 2026-10-28)
- Adobe Inc. Form 10-K for fiscal year ended November 28, 2025 (filed 2026-01-15) — Item 7 MD&A: segment customers, ARR definition, subscription model, Figma termination fee (accessed 2026-10-31)
- SEC EDGAR companyfacts: Adobe (ADBE) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: Salesforce, Inc. (CRM) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: MICROSOFT CORP (MSFT) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: Adobe (ADBE) — balance sheet at 2026-08-28 (accessed 2026-10-28)
- Adobe Form 10-K for fiscal year 2025 (ended November 28, 2025) — Item 1: Adobe Experience Platform, Journey Optimizer and competition for marketing solutions (accessed 2026-10-29)
- Salesforce Form 10-K for fiscal year 2026 (ended January 31, 2026) — Item 1 overview and service offerings (Sales, Service, Platform, Data 360, Informatica, Slack, Agentforce, Marketing, Commerce, Integration, Analytics, Industries); principal office (accessed 2026-10-29)
- Microsoft Form 10-K FY2026 (year to 2026-06-30), filed 2026-07-29 — Item 1 Business: Microsoft 365 Commercial and Consumer products, Microsoft 365 Copilot (accessed 2026-10-31)
- Adobe Form 8-K Exhibit 99.1: Adobe Reports Record Q3 Results (2026-09-10) — Q3 fiscal 2026 results: monthly active users, Total Adobe ARR (accessed 2026-10-29)
- Adobe Inc. Form 10-K for fiscal year ended November 28, 2025 (filed 2026-01-15) — Item 7 MD&A: annualized recurring revenue, subscription share of revenue (accessed 2026-10-29)
- Adobe Inc. Form 10-Q for quarter ended August 28, 2026 (filed 2026-09-22) — Item 2 MD&A: customer groups and Total Adobe ARR growth (accessed 2026-10-31)
- Adobe Inc. Form 10-Q for quarter ended August 28, 2026 (filed 2026-09-22) — Note 13 Legal proceedings: settlement of the subscription-cancellation case (accessed 2026-10-29)
- Adobe: About Adobe PDF (adobe.com) — History of PDF and its status as an open ISO standard (accessed 2026-10-29)
- Adobe Inc. Form 10-K for fiscal year ended November 28, 2025 (filed 2026-01-15) — Note 2 Revenue: segment revenue and gross profit, fiscal 2023-2025 (accessed 2026-10-29)
- Adobe Form 8-K Exhibit 99.1: Adobe Reports Record Q3 Results (2026-09-10) — Q3 fiscal 2026 revenue, AI-first ARR, customer group revenue, RPO, Q4 and FY2026 targets (accessed 2026-10-31)
- Adobe Inc. Form 8-K (filed 2026-06-11): Item 5.02 CFO change — CFO resignation and interim CFO appointment (accessed 2026-10-31)
- Adobe Inc. Form 8-K (filed 2026-09-08): Item 5.02 CEO appointment — New CEO effective December 1, 2026; executive chair; Creativity & Productivity president departure (accessed 2026-10-31)
- Adobe Inc. Form 8-K (filed 2026-04-21): 2026 annual meeting results — Item 5.07 vote results, including advisory pay vote and fiscal 2026 year-end date (accessed 2026-10-31)
- Adobe Inc. Form 10-Q for quarter ended August 28, 2026 (filed 2026-09-22) — Notes: Semrush acquisition, goodwill impairment, stock repurchase authority, senior notes, single reportable segment (accessed 2026-10-31)
- Adobe Inc. Form 10-K for fiscal year ended November 28, 2025 (filed 2026-01-15) — Item 1A Risk factors: AI competition and AI regulation (accessed 2026-10-31)
- Adobe Inc. Form 10-Q for quarter ended August 28, 2026 (filed 2026-09-22) — Note 13 Legal proceedings: securities class action over Figma-related statements (accessed 2026-10-31)
- Adobe: Fast facts (adobe.com) — Founding year and founders (accessed 2026-10-31)
- SEC EDGAR companyfacts: Adobe (ADBE) — quarterly 10-Q/10-K facts (accessed 2026-10-28)
- Adobe Inc. Form 10-K for fiscal year ended November 28, 2025 (filed 2026-01-15) — Item 1 Human capital and executive officers: employee count, Learning Fund, CEO career (accessed 2026-10-31)
- Figma, Inc. Form 10-K for fiscal year ended December 31, 2025 (filed 2026-02-18) — Abandoned merger with Adobe: agreement and termination dates (accessed 2026-10-31)
- Adobe Inc. Form 10-K for fiscal year ended November 28, 2025 (filed 2026-01-15) — Note 1 Basis of presentation: 52/53-week fiscal year, next 53-week year (accessed 2026-10-31)
- Adobe Inc. Form 10-K for fiscal year ended November 28, 2025 (filed 2026-01-15) — Cover page and Item 2 Properties: state of incorporation, headquarters address, San Jose office space (accessed 2026-10-31)
- Adobe Form 8-K Exhibit 99.1: Adobe Announces Anil Chakravarthy to Become President and CEO (2026-09-03) — Incoming CEO background (accessed 2026-10-31)
- Adobe Form 8-K Exhibit 99.1: Adobe Reports Record Q2 Results (2026-06-11) — Q2 fiscal 2026 results: AI-first ARR, Total Adobe ARR including Semrush (accessed 2026-10-31)