Short answer
Adobe Inc. (ADBE) filed its fiscal 2025 10-K annual report with the SEC on Jan 15, 2026. It reported revenue of $23.8B (+10.5% year over year) and net income of $7.1B.
- Top risk flagged: Regulatory risk: Semrush acquisition $1.9B pending regulatory approvals, closing expected H1 fiscal 2026
FY2025 key financial metrics · XBRL
- Revenue
- $23.8B
- +10.5% YoY
- Net income
- $7.1B
- +28.2% YoY
- Operating margin
- 36.6%
- +5.3 pp YoY
- Gross margin
- 89.3%
- +0.2 pp YoY
- EPS (diluted)
- $16.70
- +35.1% YoY
- ROE
- 61.3%
- +21.9 pp YoY
- Operating cash flow
- $10.0B
- +24.5% YoY
Source: XBRL data from the Adobe Inc. (ADBE) FY2025 10-K on SEC EDGAR. USD.
Adobe Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Digital media software and cloud-based creative solutions provider
- No new products, services, or segments explicitly introduced or emphasized in this filing
- Continued focus on compliance and governance with detailed insider trading policy disclosure
- Proxy statements incorporated by reference for executive compensation, ownership, and governance details
- Filing emphasizes procedural and regulatory disclosures rather than operational or strategic changes
Management Discussion & Analysis
- Revenue Digital Media $17.65B, up 11% YoY from $15.86B; Digital Experience $5.86B, up 9% YoY from $5.37B
- Total Adobe ARR $25.20B, up 11.5% YoY; Digital Media ARR $19.20B, up 11.5% YoY; Digital Experience subscription revenue $5.41B, up 11% YoY
- Profitability margins not disclosed explicitly in provided text
- Macroeconomic risks: inflation, interest rates, currency fluctuations; revenue/earnings stable due to subscription model but long-term impacts uncertain
Risk Factors
- Regulatory risk: Semrush acquisition $1.9B pending regulatory approvals, closing expected H1 fiscal 2026
- Macroeconomic risk: $6.82B non-cancellable vendor purchase obligations mainly for third-party hosting and data center services
- Operational risk: $485M non-cancellable operating leases on facilities and data centers through 2038
- Competitive risk: $25B stock repurchase program to counteract market dilution, $11.28B repurchased in fiscal 2025
- Financial risk: $6.15B senior notes outstanding with $1.03B max interest payment commitment through maturity
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