<span item_type="fundamental" item_id="7dacf39effbb74f7fbec65a5962305dc" counter_id="ST/US/ADBE" env="prod"></span><span item_type="announcement" item_id="605278941020561025" env="prod"></span><p>Revenue: As of FY2025, the actual value is USD 23.77 B, beating the estimate of USD 23.69 B.</p><p>EPS: As of FY2025, the actual value is USD 16.7, beating the estimate of USD 16.5465.</p><p>EBIT: As of FY2025, the actual value is USD 8.705 B.</p><p></p><h4>Total Adobe Inc. Annualized Recurring Revenue (ARR)</h4><p>Total Adobe Inc. ARR was approximately $25.20 billion as of November 28, 2025, an increase of 11.5% from $22.61 billion as of November 29, 2024, when revalued using currency rates determined at the beginning of fiscal 2025 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm"></span>. If revalued using currency rates determined at the beginning of fiscal 2026, Total Adobe Inc. ARR at the end of fiscal 2025 would be $25.66 billion, approximately $460 million higher than the reported ARR <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm"></span>.</p><h4>Segment Revenue</h4><p>Total revenue was $23,769 million in fiscal 2025, $21,505 million in fiscal 2024, and $19,409 million in fiscal 2023 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm"></span>. Subscription revenue accounted for 96% of total revenue in fiscal 2025, 95% in fiscal 2024, and 94% in fiscal 2023 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm"></span>.</p><h5>Digital Media Segment</h5><p>Digital Media revenue was $17,649 million in fiscal 2025, an 11% increase from $15,864 million in fiscal 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm"></span>. Digital Media ARR grew to $19.20 billion at the end of fiscal 2025, representing 11.5% year-over-year growth <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm"></span>. Subscription revenue for Digital Media was $17,389 million in fiscal 2025, $15,547 million in fiscal 2024, and $13,838 million in fiscal 2023 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm"></span>. Digital Media’s gross profit as a percentage of revenue was 95% in fiscal 2025, 96% in fiscal 2024, and 95% in fiscal 2023 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm"></span>.</p><h5>Digital Experience Segment</h5><p>Digital Experience revenue was $5,864 million in fiscal 2025, a 9% increase from $5,366 million in fiscal 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm"></span>. Subscription revenue for Digital Experience was $5,409 million in fiscal 2025, $4,864 million in fiscal 2024, and $4,331 million in fiscal 2023 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm"></span>. Digital Experience’s gross profit as a percentage of revenue was 72% in fiscal 2025, 70% in fiscal 2024, and 67% in fiscal 2023 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm"></span>.</p><h5>Publishing and Advertising Segment</h5><p>Publishing and Advertising revenue was $256 million in fiscal 2025, a -7% decrease from $275 million in fiscal 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm"></span>. Subscription revenue for Publishing and Advertising was $106 million in fiscal 2025, $110 million in fiscal 2024, and $115 million in fiscal 2023 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm"></span>. Publishing and Advertising’s gross profit as a percentage of revenue was 67% in fiscal 2025, 68% in fiscal 2024, and 71% in fiscal 2023 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm"></span>.</p><h4>Subscription Revenue by Customer Group</h4><p>Subscription revenue from Creative &amp; Marketing Professionals was $16,303 million in fiscal 2025, an 11% increase from $14,749 million in fiscal 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm"></span>. Subscription revenue from Business Professionals &amp; Consumers was $6,495 million in fiscal 2025, a 15% increase from $5,662 million in fiscal 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm"></span>.</p><h4>Operational Metrics</h4><p>Cost of revenue was $2,551 million in fiscal 2025, an 8% increase from $2,358 million in fiscal 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm"></span>. Operating expenses were $12,512 million in fiscal 2025, remaining relatively flat compared to $12,406 million in fiscal 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm"></span>. Research and development expenses were $4,294 million in fiscal 2025, a 9% increase from $3,944 million in fiscal 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm"></span>. Sales and marketing expenses were $6,488 million in fiscal 2025, a 13% increase from $5,764 million in fiscal 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm"></span>. General and administrative expenses were $1,573 million in fiscal 2025, a 3% increase from $1,529 million in fiscal 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm"></span>. An acquisition termination fee of $1,000 million was incurred in fiscal 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm"></span>. Net income was $7,130 million in fiscal 2025, a 28% increase from $5,560 million in fiscal 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm"></span>. The effective tax rate was 18% in fiscal 2025, compared to 20% in fiscal 2024 and 20% in fiscal 2023 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm"></span>.</p><h4>Cash Flow</h4><p>Cash flows from operations were $10,031 million in fiscal 2025, a 25% increase from $8,056 million in fiscal 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm"></span>. Net cash used for investing activities was -$1,187 million in fiscal 2025, compared to $149 million provided by investing activities in fiscal 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm"></span>. Net cash used for financing activities was -$11,060 million in fiscal 2025, compared to -$7,724 million in fiscal 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm"></span>.</p><h4>Unique Metrics</h4><p>Remaining performance obligations were $22.52 billion as of November 28, 2025, a 13% increase from $19.96 billion as of November 29, 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm"></span>. Approximately 65% of the remaining performance obligations, excluding certain enterprise customer agreements, are expected to be recognized over the next 12 months <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm"></span>.</p><h4>Outlook / Guidance</h4><p>Adobe Inc. will combine its Digital Media, Digital Experience, and Publishing and Advertising segments into a single operating and reportable segment effective in the first quarter of fiscal 2026 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm"></span>. The company anticipates a reduction in its effective rates for cash taxes paid in years after fiscal 2025 due to the 2025 U.S. Tax Act <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm"></span>. Adobe Inc. also expects to close the acquisition of Semrush Holdings, Inc. in the first half of fiscal 2026, financing it with cash on hand <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm"></span>.</p>

ADBE

- As of the fiscal year 2025, Adobe reported a revenue of $ 23.8 billion and earnings per share of $ 16.7, both exceeding market expectations.  
- The company’s total revenue grew by 11% from fiscal year 2024, with subscription revenue accounting for 96% of the total.  
- Adobe also announced plans to acquire Semrush Holdings, Inc. for approximately $ 1.9 billion, with expectations of a lower effective cash tax rate in coming years due to recent tax law changes.

Adobe | 10-K: FY2025 Revenue Beats Estimate at USD 23.77 B