Common-Size Income Statement
Quarterly Data
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- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
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Adobe Inc., common-size consolidated income statement (quarterly data)
Based on: 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).
- Subscription Revenue
- The subscription revenue consistently increased as a percentage of total revenue over the analyzed periods, starting at approximately 88.62% and gradually rising to over 96% towards the end. This indicates a growing reliance on subscription-based income, which suggests a strong and stable recurring revenue model.
- Product Revenue
- Product revenue as a percentage of total revenue exhibited a declining trend, decreasing from around 6.56% to below 2% over time. This reduction reflects a steady shift away from product sales, possibly due to market changes or strategic focus toward subscription services.
- Services and Other Revenue
- The contribution of services and other revenue declined moderately from about 4.82% to around 2.45% of total revenue. This trend further highlights a strategic prioritization of subscription services within the overall revenue mix.
- Cost of Revenue
- Cost of revenue as a percentage of total revenue decreased from approximately 15.27% to near 10.86%. This improvement suggests enhanced operational efficiency or cost management in the delivery of goods and services.
- Gross Profit
- Gross profit margin exhibited a positive trend, increasing from roughly 84.73% to around 89.14%. This aligns with the reduction in cost of revenue and the emphasis on subscription services with higher margins.
- Operating Expenses
- Operating expenses as a portion of revenue showed modest fluctuations but generally hovered between 50% and 54%. Research and development expenses slightly increased over the periods, approaching nearly 18% of revenue in some quarters, indicating sustained investment in innovation.
- Research and Development
- R&D expenses fluctuated between approximately 15.88% and 18.9% of revenue, signifying ongoing commitment to product and service development despite margin pressures.
- Sales and Marketing
- Sales and marketing expenses maintained a range from about 26% to 31%, showing moderate adjustments but overall stability in company efforts to promote products and subscriptions.
- General and Administrative Expenses
- G&A expenses slightly declined from over 8% to around 6.4%, indicating efficiency gains in administrative functions over the periods covered.
- Operating Income
- Operating income margins improved from approximately 27% to peaks near 37%, reflecting the combined effects of higher gross profit margins and disciplined operating expenses.
- Interest Expense
- Interest expenses as a percentage of revenue consistently decreased from about 1.56% to around 0.7-1.1%, indicating potential debt reduction or favorable financing conditions, although some variability occurred late in the timeline.
- Investment Gains/Losses
- Investment gains/losses showed minor fluctuations, generally near zero with slight positive or negative spikes, reflecting limited impact on overall profitability.
- Other Income/Expense
- Other income/net expenses experienced a gradual increase, reaching nearly 1.7% of revenue in later quarters, contributing positively to non-operating income.
- Non-operating Income/Expense
- Non-operating income displayed variability, initially negative but improving to positive contributions near 1.3%, highlighting better ancillary income trends over time.
- Income Before Income Taxes
- Income before taxes rose steadily from approximately 27% up to peaks over 38%, largely impacted by higher operating income and controlled expenses.
- Provision for Income Taxes
- The tax provision was volatile, with some periods showing benefits and others showing significant charges. This variability affected net income margins and may be linked to changes in tax strategy or one-time tax-related events.
- Net Income
- Net income margins generally increased from near 26% to around 32%, except for a notable dip to approximately 12% during one period, possibly due to exceptional items or tax impacts. Overall, profitability demonstrated solid growth supported by rising subscription revenue and operational efficiencies.