An operating lease is treated like a rental contract. Neither the leased asset nor the associated liability is reported on the lessee balance sheet, but the rights may be very similar to the rights of an owner. The lessee only records the lease payments as a rental expense in income statement.

Adjustments to Financial Statements for Operating Leases
Adjusted Financial Ratios for Operating Leases (Summary)
Adjusted Total Asset Turnover
Adjusted Debt to Equity
Adjusted Return on Assets (ROA)

Adobe Inc., adjustments to financial statements

US$ in millions

	Nov 28, 2025	Nov 29, 2024	Dec 1, 2023	Dec 2, 2022	Dec 3, 2021	Nov 27, 2020
Adjustment to Total Assets
Total assets (as reported)	29,496)	30,230)	29,779)	27,165)	27,241)	24,284)
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)	—)
Total assets (adjusted)	29,496)	30,230)	29,779)	27,165)	27,241)	24,284)
Adjustment to Total Debt
Total debt (as reported)	6,210)	5,628)	3,634)	4,129)	4,123)	4,117)
Add: Operating lease liability (before adoption of FASB Topic 842)²	—)	—)	—)	—)	—)	—)
Add: Current operating lease liabilities	77)	75)	73)	87)	97)	92)
Add: Long-term operating lease liabilities	361)	353)	373)	417)	453)	499)
Total debt (adjusted)	6,648)	6,056)	4,080)	4,633)	4,673)	4,708)

Based on: 10-K (reporting date: 2025-11-28), 10-K (reporting date: 2024-11-29), 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27).

^{1, 2} Equal to total present value of future operating lease payments.

Adobe Inc., Financial Data: Reported vs. Adjusted

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Adobe Inc., adjusted financial ratios

	Nov 28, 2025	Nov 29, 2024	Dec 1, 2023	Dec 2, 2022	Dec 3, 2021	Nov 27, 2020
Total Asset Turnover¹
Reported total asset turnover	0.81	0.71	0.65	0.65	0.58	0.53
Adjusted total asset turnover	0.81	0.71	0.65	0.65	0.58	0.53
Debt to Equity²
Reported debt to equity	0.53	0.40	0.22	0.29	0.28	0.31
Adjusted debt to equity	0.57	0.43	0.25	0.33	0.32	0.35
Return on Assets³ (ROA)
Reported ROA	24.17%	18.39%	18.23%	17.51%	17.70%	21.66%
Adjusted ROA	24.17%	18.39%	18.23%	17.51%	17.70%	21.66%

Based on: 10-K (reporting date: 2025-11-28), 10-K (reporting date: 2024-11-29), 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27).

¹ See details »

² See details »

³ See details »

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Adobe Inc. adjusted total asset turnover ratio improved from 2023 to 2024 and from 2024 to 2025.
Adjusted debt to equity	A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity.	Adobe Inc. adjusted debt to equity ratio deteriorated from 2023 to 2024 and from 2024 to 2025.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Adobe Inc. adjusted ROA improved from 2023 to 2024 and from 2024 to 2025.

Adobe Inc., Financial Ratios: Reported vs. Adjusted

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	Nov 28, 2025	Nov 29, 2024	Dec 1, 2023	Dec 2, 2022	Dec 3, 2021	Nov 27, 2020
As Reported
Selected Financial Data (US$ in millions)
Revenue	23,769)	21,505)	19,409)	17,606)	15,785)	12,868)
Total assets	29,496)	30,230)	29,779)	27,165)	27,241)	24,284)
Activity Ratio
Total asset turnover¹	0.81	0.71	0.65	0.65	0.58	0.53
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Revenue	23,769)	21,505)	19,409)	17,606)	15,785)	12,868)
Adjusted total assets	29,496)	30,230)	29,779)	27,165)	27,241)	24,284)
Activity Ratio
Adjusted total asset turnover²	0.81	0.71	0.65	0.65	0.58	0.53

Based on: 10-K (reporting date: 2025-11-28), 10-K (reporting date: 2024-11-29), 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27).

2025 Calculations

¹ Total asset turnover = Revenue ÷ Total assets
= 23,769 ÷ 29,496 = 0.81

² Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= 23,769 ÷ 29,496 = 0.81

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Adobe Inc. adjusted total asset turnover ratio improved from 2023 to 2024 and from 2024 to 2025.

	Nov 28, 2025	Nov 29, 2024	Dec 1, 2023	Dec 2, 2022	Dec 3, 2021	Nov 27, 2020
As Reported
Selected Financial Data (US$ in millions)
Total debt	6,210)	5,628)	3,634)	4,129)	4,123)	4,117)
Stockholders’ equity	11,623)	14,105)	16,518)	14,051)	14,797)	13,264)
Solvency Ratio
Debt to equity¹	0.53	0.40	0.22	0.29	0.28	0.31
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Adjusted total debt	6,648)	6,056)	4,080)	4,633)	4,673)	4,708)
Stockholders’ equity	11,623)	14,105)	16,518)	14,051)	14,797)	13,264)
Solvency Ratio
Adjusted debt to equity²	0.57	0.43	0.25	0.33	0.32	0.35

Based on: 10-K (reporting date: 2025-11-28), 10-K (reporting date: 2024-11-29), 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27).

2025 Calculations

¹ Debt to equity = Total debt ÷ Stockholders’ equity
= 6,210 ÷ 11,623 = 0.53

² Adjusted debt to equity = Adjusted total debt ÷ Stockholders’ equity
= 6,648 ÷ 11,623 = 0.57

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Solvency ratio	Description	The company
Adjusted debt-to-equity	A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity.	Adobe Inc. adjusted debt-to-equity ratio deteriorated from 2023 to 2024 and from 2024 to 2025.

	Nov 28, 2025	Nov 29, 2024	Dec 1, 2023	Dec 2, 2022	Dec 3, 2021	Nov 27, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income	7,130)	5,560)	5,428)	4,756)	4,822)	5,260)
Total assets	29,496)	30,230)	29,779)	27,165)	27,241)	24,284)
Profitability Ratio
ROA¹	24.17%	18.39%	18.23%	17.51%	17.70%	21.66%
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Net income	7,130)	5,560)	5,428)	4,756)	4,822)	5,260)
Adjusted total assets	29,496)	30,230)	29,779)	27,165)	27,241)	24,284)
Profitability Ratio
Adjusted ROA²	24.17%	18.39%	18.23%	17.51%	17.70%	21.66%

Based on: 10-K (reporting date: 2025-11-28), 10-K (reporting date: 2024-11-29), 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27).

2025 Calculations

¹ ROA = 100 × Net income ÷ Total assets
= 100 × 7,130 ÷ 29,496 = 24.17%

² Adjusted ROA = 100 × Net income ÷ Adjusted total assets
= 100 × 7,130 ÷ 29,496 = 24.17%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Adobe Inc. adjusted ROA improved from 2023 to 2024 and from 2024 to 2025.

Adobe Inc. (NASDAQ:ADBE)

Analysis of Operating Leases

Adjustments to Financial Statements for Operating Leases

Adobe Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios for Operating Leases (Summary)

Adobe Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Debt to Equity

Adjusted Return on Assets (ROA)