Common-Size Balance Sheet: Assets
Quarterly Data
Adobe Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 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), 10-K (reporting date: 2019-11-29), 10-Q (reporting date: 2019-08-30), 10-Q (reporting date: 2019-05-31), 10-Q (reporting date: 2019-03-01).
The analysis of the quarterly financial data reveals several notable trends in the asset structure over the observed periods.
- Cash and Cash Equivalents
- The proportion of cash and cash equivalents relative to total assets showed an overall increasing trend, rising from 8.91% in early 2019 to a peak above 25% in late 2024. This indicates a strengthening liquidity position over time, with some fluctuations observed during 2021 and 2022.
- Short-term Investments
- Short-term investments gradually declined as a percentage of total assets, falling from about 7.63% in early 2019 to below 1% by early 2025. There was a minor uptick towards the last quarters of the data, but the general trend indicates a reduction in short-term investment holdings relative to other asset categories.
- Trade Receivables, Net
- The share of trade receivables experienced mild fluctuations around the 6%-7% range throughout the period. Notably, there was a temporary decline around mid-2023 followed by a recovery towards the later periods, showing some volatility but no clear long-term trend direction.
- Prepaid Expenses and Other Current Assets
- This category fluctuated slightly but showed a modest increase from below 3% at the beginning to around 4.8% by mid-2025, reflecting either increased prepayments or other current asset components growing relative to total assets.
- Current Assets
- Current assets as a whole increased from roughly 26% to above 37% of total assets, indicating a consistent buildup in short-term resource availability. This supports the observed increase in cash and some current asset categories over the years.
- Property and Equipment, Net
- The allocation to property and equipment remained relatively stable, ranging between approximately 5.6% and 7.4%, with no significant upward or downward trend. This suggests steady capital investment levels relative to total assets.
- Operating Lease Right-of-Use Assets, Net
- Starting with no data, this category appeared in early 2020 at just above 2%, declining gradually thereafter to under 1% by the end of the period. This downward trend may reflect adjustments in lease usage or accounting changes affecting right-of-use assets.
- Goodwill
- Goodwill represented the largest single asset component throughout the period but demonstrated a gradual decline from nearly 55% in early 2019 to around 42% by mid-2025. This reduction could indicate impairment charges or restructuring activities affecting intangible assets.
- Other Intangibles, Net
- Other intangible assets consistently decreased from over 10% to below 2% over the analyzed timeframe, highlighting a significant diminishment in intangible asset values outside goodwill.
- Deferred Income Taxes
- This asset category was absent initially but became progressively significant from early 2020 onward, growing from about 1% to more than 7% by mid-2025. The increase suggests growing deferred tax asset balances, potentially linked to timing differences or tax loss carryforwards.
- Other Assets
- Other assets remained a small but gradually increasing portion of total assets, moving from under 3% to over 5% by the end of the period, implying a diversification or growth in miscellaneous long-term asset segments.
- Long-term Assets
- The overall share of long-term assets declined from nearly 74% to about 67%, indicating a slightly diminished emphasis on long-term holdings relative to total assets. This shift corresponds with the growth in current assets and cash holdings.
- Total Assets
- As expected, total assets are normalized at 100% for all periods, serving as the reference for relative asset composition analyses.
In summary, the data show a clear shift toward higher liquidity with increasing cash and current assets, alongside reduced emphasis on intangible assets such as goodwill and other intangibles. The rising deferred income tax assets and stable property and equipment levels further characterize the asset composition changes over time.