At a glance
Adobe Systems Incorporated is worth $97.87B, about 15 times its fiscal 2025 earnings. Revenue grew 10.5% to $23.77B in fiscal 2025, with 30.0% kept as profit; over 5 years it has grown 13.1% a year. It pays no dividend; it spent $35.68B buying back its shares over FY2021–FY2025. The stock returned −26.1% over the past year with dividends reinvested and −17.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 25.6% in the 2020 crash (S&P 500: 33.7%) and 51.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 11 months after the lows.
The business in plain English
Adobe makes software for creating, editing and delivering digital content, from documents and images to video and marketing. It serves two customer groups. Business professionals and consumers use tools such as the free Acrobat Reader, Acrobat AI Assistant and Acrobat Studio, which combines Acrobat with Adobe Express. Creative and marketing professionals use Adobe's flagship creative apps and its Firefly generative AI models, which create images and other content from prompts. They also use marketing tools such as GenStudio and Adobe Experience Platform, a system that pulls together a company's data on its own customers so it can personalize marketing.
Adobe earns revenue from software subscriptions. It records that revenue over each subscription's term, so changes in sign-ups or renewals show up in reported results gradually. Free versions draw users toward paid upgrades. Larger business customers are served by Adobe's own sales force, distributors and partners, and some of these deals involve long, complex sales cycles.
In the fiscal year ended November 28, 2025, revenue reached $23.8 billion. Adobe reports three segments. Digital Media brought in $17.6 billion (74.3% of revenue), Digital Experience $5.9 billion (24.7%) and Publishing and Advertising $256 million (1.1%). By region, the United States supplied 52.7% of revenue; Europe, the Middle East and Africa 26.5%; Asia-Pacific 14.1%; and other areas 6.7%.
Price history
The interactive chart needs JavaScript.
ADBE -26.1% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Digital Media | $17.65B | 74.3% |
| Digital Experience | $5.86B | 24.7% |
| Publishing and Advertising | $256.0M | 1.1% |
By geography
| United States | $12.53B | 52.7% |
| EMEA | $6.29B | 26.5% |
| APAC | $3.36B | 14.1% |
| Other | $1.59B | 6.7% |
Latest results
- In Q3 FY2026 (ended Aug 28, 2026), revenue was $6.76B, up 12.9% from a year earlier, and net income was $1.83B (+3.1%).
- For fiscal 2025, revenue was $23.77B (+10.5% year over year; +13.1% a year from FY2020 to FY2025) with a 30% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +13.1% good |
|---|---|
| Operating margin | 36.6% good |
| Free cash flow margin | 41.4% good |
| Return on equity (FY2025) | 61.3% good |
| Return on assets (FY2025) | 24.2% good |
| Net cash (cash minus debt) | $873.0M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $12.87B | $5.26B | $5.31B |
| FY2021 | $15.79B | $4.82B | $6.88B |
| FY2022 | $17.61B | $4.76B | $7.40B |
| FY2023 | $19.41B | $5.43B | $6.94B |
| FY2024 | $21.50B | $5.56B | $7.87B |
| FY2025 | $23.77B | $7.13B | $9.85B |
Valuation snapshot
| Market value | $97.87B |
|---|---|
| P/E ratio | 15.1 |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
Adobe Systems Incorporated’s market value went from $51.19B at the end of 2016 to $97.87B on Nov 2, 2026, up 91%; since the end of 2025 it is down 33%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $97.87B | -33.2% |
| 2025 | $146.51B | -25.2% |
| 2024 | $195.75B | -27.9% |
| 2023 | $271.63B | +73.6% |
| 2022 | $156.45B | -42.0% |
| 2021 | $269.81B | +12.5% |
| 2020 | $239.92B | +50.3% |
| 2019 | $159.65B | +44.6% |
| 2018 | $110.44B | +27.8% |
| 2017 | $86.38B | +68.8% |
| 2016 | $51.19B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ADBE price data to Nov 2, 2026 | -28.1% | -26.1% | -23.4% | -17.1% | +9.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -28.1% |
| 2025 | -21.3% |
| 2024 | -25.5% |
| 2023 | +77.3% |
| 2022 | -40.6% |
| 2021 | +13.4% |
| 2020 | +51.6% |
| 2019 | +45.8% |
| 2018 | +29.1% |
| 2017 | +70.2% |
| 2016 | +9.6% |
| 2015 | +29.2% |
| 2014 | +21.4% |
| 2013 | +58.9% |
| 2012 | +33.3% |
| 2011 | -8.2% |
| 2010 | -16.3% |
| 2009 | +72.8% |
| 2008 | -50.2% |
| 2007 | +3.9% |
| 2006 | +11.3% |
| 2005 | +17.8% |
| 2004 | +60.6% |
| 2003 | +57.7% |
| 2002 | -20.1% |
| 2001 | -46.6% |
| 2000 | +73.1% |
| 1999 | +188.0% |
| 1998 | +13.6% |
| 1997 | +12.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 62.7% over that stretch · deepest drop along the way 66.7%, back to its old high 52.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 19.8% over that stretch · deepest drop along the way 25.6%, back to its old high 2.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 49.3% over that stretch · deepest drop along the way 51.2%, back to its old high 11.2 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 1 open-market purchases ($1.9M) and 13 sales ($31.5M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 16, 2026 | Shantanu Narayen Chair and CEO, Director | sell | $8.3M |
| Sep 16, 2026 | Shantanu Narayen Chair and CEO, Director | sell | $5.2M |
| Sep 17, 2026 | Shantanu Narayen Chair and CEO, Director | sell | $4.4M |
| Sep 16, 2026 | Shantanu Narayen Chair and CEO, Director | sell | $2.9M |
| Sep 17, 2026 | Shantanu Narayen Chair and CEO, Director | sell | $2.6M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9.4% | Jun 30, 2026 |
| Vanguard Capital Management | 7.61% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.2% | Jun 30, 2026 |
ETFs with the most weight in ADBE
| IGPT Invesco AI and Next Gen Software ETF | 6.58% |
| IGV iShares Expanded Tech-Software Sector ETF | 6.06% |
| GGME Invesco Next Gen Media and Gaming ETF | 4.63% |
| CLOD Themes Cloud Computing ETF | 4.41% |
| FMET Fidelity Metaverse ETF | 4.01% |
| GARP iShares MSCI USA Quality GARP ETF | 3.93% |
| PNQI Invesco NASDAQ Internet ETF | 3.7% |
| SXQG ETC 6 Meridian Quality Growth ETF | 3.34% |
What could go wrong
- AI rivals could undercut Adobe's tools. Generative AI lets people of any skill level create and edit content. AI and cloud-native rivals offer prompt-based creation, document and ad tools that could win customers or push Adobe's prices down.
- Its own AI investments may not pay off. Adobe is investing heavily to build AI into its products. It warns these features may not be adopted or earn money, and that it may struggle to keep pace with fast-changing AI.
- AI use could bring liability or reputational harm. Social, ethical and operational issues around AI could lead to liability or harm Adobe's brand. Adobe also uses partner AI models, and other companies could limit its access to them.
- Subscription weakness may show up late. Adobe records subscription revenue over each subscription's term. A slowdown in new sign-ups or renewals may not appear in reported revenue right away, so problems can build before they show.
- Large share of sales outside the US. Only 52.7% of fiscal 2025 revenue came from the United States. Currency swings, which Adobe may not be able to hedge (offset with financial contracts), and economic or political trouble abroad could hurt results.
- Hacks or outages could hurt customer trust. Adobe runs cloud services and holds customer data. A security breach, data leak or long outage, including at a third party it relies on, could bring legal liability and damage its reputation.
Recent events
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Executive or board change
- Quarterly results released; Executive or board change
- Executive or board change; Shareholder vote results; Other company announcement
- Quarterly results released; Executive or board change; Investor presentation or announcement
- Executive or board change
- Quarterly results released
For income and retirement investors
Adobe pays no dividend, and its yield was 0% as of October 28, 2026. Income investors would get no regular cash and would need to cash in shares to raise money, which can be costly after a price drop. Adobe returns cash through buybacks instead, meaning it repurchases its own shares. It spent $35.7 billion on buybacks from fiscal 2021 through fiscal 2025. That included $11.3 billion in fiscal 2025, more than that year's $9.9 billion of free cash flow (the cash left after running and investing in the business). Shares outstanding fell 18.2% from September 2021 to September 2026.
The stock has fallen hard in past downturns. It dropped 66.7% in the 2008 financial crisis and recovered by July 2013. It fell 51.2% in the 2022 bear market and recovered by September 2023. In the 2020 COVID crash, it fell 25.6%. As of October 28, 2026, it was down 30.6% over one year. As a single stock, Adobe carries more risk than a diversified fund.
Questions investors ask
How does Adobe make money?
Adobe makes money by selling creative, document and marketing software to individuals and businesses, often as subscriptions. In the fiscal year ended November 28, 2025, revenue was $23.8 billion. The Digital Media segment supplied 74.3% of that, Digital Experience 24.7% and Publishing and Advertising 1.1%. Its products include Acrobat, Acrobat Studio, Adobe Express, Firefly generative AI models, GenStudio and Adobe Experience Platform. The United States accounted for 52.7% of revenue.
Does Adobe pay a dividend?
No. Adobe does not pay a dividend, and its dividend yield was 0% as of October 28, 2026. It paid no dividends from fiscal 2021 through fiscal 2025. Instead, it returned cash by repurchasing its own stock, spending $35.7 billion on buybacks over those five years. Buybacks shrink the share count, which raises each remaining share's slice of profits. But they give shareholders no regular cash income.
How much has Adobe stock fallen?
A lot. As of October 28, 2026, Adobe shares were down 30.6% over one year and 61% in total over five years. Over three years, they had fallen as much as 69.5% from a peak. Over 10 years, they were still up 132% in total. The business kept growing: fiscal 2025 revenue rose 10.5% and net income rose 28.2%. The price-to-earnings (P/E) ratio, which is the share price divided by a year's profit per share, was about 15 on that date, based on fiscal 2025 earnings.
Is AI a threat to Adobe?
It could be, and Adobe says so. Its annual report (Form 10-K), filed January 15, 2026, warns of growing competition from generative and agentic AI tools for creating and editing content, handling documents and making ads. Agentic AI is AI that carries out tasks on its own. Adobe is responding with its own Firefly models, which it trains on licensed and public-domain content so customers can use the results commercially. In some apps, customers can also pick partner models. Adobe cautions that its AI features may not catch on or earn money.
Does Adobe have a lot of debt?
No, not compared with its cash. As of August 28, 2026, Adobe held $5.6 billion in cash and investments against $4.8 billion of total debt. That left $873 million in net cash (cash minus debt). It also generated $9.9 billion of free cash flow in fiscal 2025, which is the cash left after running the business and investing in it. Debt obligations still appear among the risks listed in its annual report.