Common-Size Income Statement
Quarterly Data
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- Income Statement
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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Adobe Inc., common-size consolidated income statement (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).
- Revenue Composition Trends
- The largest portion of revenue consistently derives from subscriptions, increasing gradually from approximately 88.62% in early 2019 to 96.71% by mid-2025, indicating a strategic shift toward subscription-based offerings. Product revenue shows a steady decline, dropping from 6.56% to just above 1% over the same period, highlighting reduced reliance on product sales. The "Services and other" category also trends downward, though less sharply, diminishing from 4.82% to around 2.15%.
- Cost of Revenue and Gross Profit
- The cost of revenue as a percentage of total revenue decreased from about 15.27% in early 2019 to approximately 10.72% by mid-2025, reflecting improved cost efficiency or economies of scale. Correspondingly, gross profit margins expanded from roughly 84.73% to nearly 89.28% over the period, signifying strengthened profitability in core operations.
- Operating Expenses and Income
- Operating expenses, taken as a percentage of revenue, showed a declining trend until around late 2024, fluctuating mostly between 55% and 52%, suggesting controlled spending. An anomalous spike to 71.11% appears in early 2024, likely linked to an acquisition termination fee disclosed only in that quarter, which greatly impacted operating expenses temporarily. Excluding this, operating expenses remained stable, supporting sustained operating income growth. Operating income increased from about 26.7% of revenue to a range around 36%, demonstrating an improving operational profitability profile.
- Research and Development Expenses
- Research and development costs maintained relative stability, ranging mostly from about 17.9% to 18.5% of revenue through recent periods, indicating consistent investment in innovation despite minor fluctuations.
- Sales and Marketing Expenses
- These expenses generally hovered between 26% and 30% of revenue, reflecting a steady commitment to market expansion and customer acquisition. Slight decreases toward the later period suggest incremental efficiency gains or changes in marketing strategy.
- General and Administrative Expenses
- General and administrative costs exhibited moderate variability, generally within the 6% to 8% range of revenue. A notable rise to over 8% occurred coinciding with the acquisition termination fee event, but otherwise these expenses showed stable management.
- Non-Operating Items
- Interest expense as a percentage of revenue decreased steadily over time, from approximately 1.56% to under 1%, indicating improved debt management or lower borrowing costs. Investment gains and other incomes showed intermittent modest contributions without displaying a strong trend, while non-operating income had occasional positive spikes in the last two years, contributing positively to overall profitability.
- Income Before Taxes and Tax Provision
- Income before income taxes generally increased from around 27% to near 38% of revenue, showing strengthened earnings power. The provision for income taxes fluctuated significantly, with some quarters reflecting negative tax provisions and others showing marked increases in tax expenses. This volatility may indicate changing tax strategies or the impact of one-time tax events.
- Net Income Trends
- Net income as a percentage of revenue showed overall growth from approximately 25.9% in early 2019 to over 29% in the middle of the examined period. There was an unusual spike to 65.71% in late 2020, likely driven by a non-recurring item or tax benefit, after which levels normalized to a range of around 25% to 32%. The most recent data suggests stability in net profitability.