Common-Size Balance Sheet: Assets
Quarterly Data
Adobe Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-08-28), 10-Q (reporting date: 2026-05-29), 10-Q (reporting date: 2026-02-27), 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 asset composition of the balance sheet reflects a strategic shift toward increased liquidity in the medium term and a gradual reduction in the relative weight of certain intangible assets. While long-term assets consistently dominate the total asset structure, there is a noticeable fluctuation in the allocation between liquid cash reserves and non-current valuations.
- Liquidity and Current Asset Trends
- Current assets exhibited a general upward trend, rising from 30.43% in early 2020 to a peak of 37.22% in December 2023. This growth was primarily driven by a significant increase in cash and cash equivalents, which rose from 12.67% to a high of 25.53% by May 2024. Conversely, short-term investments saw a precipitous decline, falling from approximately 7% in 2020 to a low of 0.90% in November 2024, suggesting a preference for immediate liquidity over short-term marketable securities during that period.
- Intangible Assets and Goodwill
- Goodwill represents the largest single component of total assets, consistently remaining above 42%. Although it experienced a period of contraction from a peak of 50.40% in February 2020 to 42.30% in November 2024, it recovered to 46.82% by August 2026. Other intangible assets demonstrated a steady and persistent decline, dropping from 7.66% in 2020 to 1.53% by February 2026, which is indicative of systematic amortization over time.
- Non-Current Asset Dynamics
- Deferred income taxes showed a marked increase in relative importance, growing from 1.07% in May 2020 to a peak of 7.41% in November 2025. Property and equipment remained highly stable, fluctuating narrowly between 6.23% and 7.38%. Operating lease right-of-use assets exhibited a continuous downward trajectory, decreasing from 2.38% to 0.95% over the analyzed period, reflecting a reduction in the relative scale of leased obligations.
- Overall Asset Structure Evolution
- The balance between current and long-term assets shifted dynamically. Long-term assets, which initially comprised 69.57% of the total, reached a low of 62.78% in December 2023 before returning to 69.45% by August 2026. This cyclicality suggests periods of aggressive liquidity accumulation followed by a return to a structure dominated by long-term strategic valuations and goodwill.
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