Short answer
Adobe Inc. (ADBE) filed its Q3 2025 10-Q quarterly report on Sep 24, 2025 for the quarter ended Aug 29, 2025. Quarterly revenue was $6.0B (up 10.7% year over year) with net income of $1.8B.
Q3 2025 key financials · XBRL
- Revenue
- $6.0B
- +10.7% YoY · +2.0% QoQ
- Net income
- $1.8B
- +5.2% YoY · +4.8% QoQ
- Operating margin
- 36.3%
- Gross margin
- 89.3%
- EPS (diluted)
- $4.18
- +11.5% YoY · +6.1% QoQ
Source: XBRL data from the Adobe Inc. (ADBE) Q3 2025 10-Q on SEC EDGAR. USD.
Adobe Inc. Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Quarterly revenue $5.99B, up 11% YoY from $5.41B in Q3 2024; Digital Media $4.46B (+12%), Digital Experience $1.48B (+9%)
- Net income $1.77B, up 5% YoY; operating expenses $3.17B (+11%); cost of revenue $642M (+16%) in Q3 2025
- Best segment: Digital Media revenue $4.46B (+$464M, +12% YoY); worst performing segment: Publishing and Advertising declined 10%
- Operating cash flow for 9 months $6.87B, up 34% YoY, due to absence of $1B Figma termination fee in 2024; cash and equivalents down to $4.98B
- Management emphasizes AI-powered innovation and subscription growth; cautious on macroeconomic risks; no change to dividend policy, $8.4B stock repurchase authority remaining
Risk Factors
- New AI regulatory risks from EU AI Act adoption in 2024, phased through 2030, increasing compliance costs and potential liabilities
- Most materially updated risk: AI innovation challenges and rapid tech change requiring substantial investments without assured customer adoption
- Impactful legal risk: heightened litigation and regulatory actions on data privacy, antitrust, IP infringement, and government contracts exposing to penalties and reputational harm
- Operational risk: service interruptions from IT or third-party failures risk customer loss, regulatory penalties, and harmed reputation impacting near-term results
- Financial risk: $6.15B senior notes, $3B commercial paper; debt covenants and credit rating changes may increase interest expenses and limit future financing
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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