Common-Size Balance Sheet: Assets
Quarterly Data
Adobe Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-K (reporting date: 2025-11-28), 10-Q (reporting date: 2025-08-29), 10-Q (reporting date: 2025-05-30), 10-Q (reporting date: 2025-02-28), 10-K (reporting date: 2024-11-29), 10-Q (reporting date: 2024-08-30), 10-Q (reporting date: 2024-05-31), 10-Q (reporting date: 2024-03-01), 10-K (reporting date: 2023-12-01), 10-Q (reporting date: 2023-09-01), 10-Q (reporting date: 2023-06-02), 10-Q (reporting date: 2023-03-03), 10-K (reporting date: 2022-12-02), 10-Q (reporting date: 2022-09-02), 10-Q (reporting date: 2022-06-03), 10-Q (reporting date: 2022-03-04), 10-K (reporting date: 2021-12-03), 10-Q (reporting date: 2021-09-03), 10-Q (reporting date: 2021-06-04), 10-Q (reporting date: 2021-03-05), 10-K (reporting date: 2020-11-27), 10-Q (reporting date: 2020-08-28), 10-Q (reporting date: 2020-05-29), 10-Q (reporting date: 2020-02-28).
The composition of assets has shifted considerably over the analyzed period, spanning from February 2020 to November 2025. A notable trend is the increasing proportion of cash and cash equivalents, particularly pronounced from early 2023, peaking at 25.53% of total assets in May 2024 before moderating slightly. Conversely, short-term investments have experienced a consistent decline, falling from nearly 7% in February 2020 to below 1% by May 2025. Trade receivables have shown moderate fluctuations, generally increasing from 2020 through 2022, then stabilizing and increasing again in late 2024 and early 2025. Goodwill, while remaining the largest single asset component, has decreased as a percentage of total assets over the period, indicating a potential shift in asset allocation strategy or the impact of acquisitions and impairments. Deferred income taxes have increased significantly in the latter part of the period, suggesting changes in tax-related liabilities or asset valuations.
- Current Assets
- Current assets as a percentage of total assets have exhibited variability, generally fluctuating between 30% and 34%. A slight upward trend is observed in the most recent periods, potentially indicating increased liquidity or a shift towards shorter-term asset holdings. The increase in cash and cash equivalents significantly contributes to this trend.
- Long-Term Assets
- Long-term assets have decreased as a proportion of total assets, moving from approximately 70% in early 2020 to around 63-68% in recent periods. This decline is primarily driven by the reduction in goodwill and other intangibles, net, although partially offset by the relatively stable property and equipment, net. The decrease in other intangibles is particularly noticeable from 2023 onwards.
- Goodwill and Intangibles
- The combined percentage of goodwill and other intangibles has decreased from 57.66% in February 2020 to 45.27% in November 2025. This suggests a potential reduction in the value of acquired companies or a strategic decision to decrease reliance on intangible assets. The decline in both components is consistent throughout the period.
- Operating Lease Right-of-Use Assets
- Operating lease right-of-use assets have shown a gradual decline as a percentage of total assets, decreasing from 2.38% to 1.06%. This suggests a potential reduction in leased assets or changes in lease accounting practices. The decrease is relatively consistent throughout the analyzed timeframe.
- Prepaid Expenses and Other Current Assets
- Prepaid expenses and other current assets have fluctuated, with a general increase observed in the later periods of the analysis. This could indicate increased investments in short-term operational needs or changes in accounting for these types of assets.