Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Cash Flow Statement
- Analysis of Liquidity Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Debt
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Adobe Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (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 financial data reveals several notable trends in liabilities and stockholders’ equity components over the analyzed periods.
- Trade Payables
- This item maintained a relatively stable ratio across periods, fluctuating around 1%, with slight increases noted in mid-2022 and mid-2025, suggesting consistent short-term creditor relations relative to total financing.
- Accrued Expenses and Other Current Liabilities
- These liabilities demonstrated modest volatility, generally oscillating between 5% and 7.7% of total liabilities and stockholders’ equity. Peaks occurred late in 2024 and mid-2025, indicating periods of higher accrued obligations or deferred costs.
- Debt, Current Portion
- Current portion of debt showed a significant spike in early 2019, reaching 16%, followed by missing data for a prolonged period. Upon resumption in 2021, it stabilized near 2%, with an uptick exceeding 5% in early 2025, implying changes in short-term debt obligations or repayment schedules.
- Deferred Revenue
- Deferred revenue consistently represented a notable share of total liabilities, hovering mostly between 15% and 22%. A gradual upward trend from 2019 through 2025 indicates growing customer prepayments or unearned income, reflective of expanding subscription or prepaid service models.
- Income Taxes Payable
- Current income taxes payable was generally low, fluctuating under 1%, but experienced notable peaks around 2023 and 2024. Non-current income taxes payable declined from over 3% in early 2019 to under 2% in recent periods, suggesting shifts in tax liabilities or payment structuring.
- Operating Lease Liabilities
- Both current and long-term operating lease liabilities declined over time, with current lease liabilities decreasing from 0.4% to about 0.25%, and long-term liabilities dropping from 2.4% to roughly 1.2%. This trend may suggest lease renegotiations, expirations, or a strategic move away from leased assets.
- Current Liabilities
- The portion of current liabilities experienced volatility, peaking near 39% in mid-2019 and early 2024, with a general range of about 22% to 35%. Spikes in 2019 and late 2024 coincide with increases in certain accrued liabilities and short-term debts, reflecting possibly varying operational financing needs.
- Debt, Excluding Current Portion
- Long-term debt showed a notable spike in early 2020 reaching above 19%, followed by a steady decline to approximately 12%-14% during 2021-2024, then increasing again markedly to above 20% in 2025. These fluctuations suggest varied debt issuance or repayment activities impacting the long-term capital structure.
- Other Liabilities
- These liabilities remained relatively low and stable, generally near 1%, with a slight upward trend towards 1.9% by mid-2025, indicating minor growth in miscellaneous obligations.
- Total Liabilities
- Total liabilities hovered close to 45%-50% initially, but gradually increased to nearly 60% by mid-2025, indicating a rising reliance on external financing over time.
- Stockholders’ Equity Components
- Additional paid-in capital steadily increased from approximately 30% to over 52%, showing continual equity infusion or retained premium on shares issued.
- Retained earnings showed strong growth, nearly doubling from 64.5% to over 151%, indicating robust accumulated profits were retained within the company, underpinning financial strength.
- Accumulated other comprehensive loss remained negative but relatively minor, fluctuating between -0.5% and -1.2%, reflecting limited impact from unrealized gains/losses in other comprehensive income.
- Treasury stock, recorded as a negative percentage, increased substantially in magnitude from -43% to beyond -161%, evidencing aggressive share repurchase activities over the period.
- Total Stockholders’ Equity
- Overall equity remained within the 40%-55% range but showed a declining trend after peaking around early 2021, dropping to approximately 41% by mid-2025. This decline is consistent with the increasing leverage observed in total liabilities.
In summary, the company’s financial structure reflects increasing leverage with rising total liabilities relative to equity, significant growth in retained earnings complemented by substantial treasury stock repurchases, and upward trends in deferred revenues indicative of business model growth. The volatility in current and long-term debt portions suggests active management of debt maturity profiles, while declining lease liabilities point to possible strategic shifts in asset utilization.