Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
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Adobe Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 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 composition of liabilities and stockholders’ equity exhibited notable shifts over the observed period, spanning from February 2020 to November 2025. Overall, a gradual increase in the proportion of stockholders’ equity relative to total liabilities and a corresponding decrease in the proportion of total liabilities were observed, particularly in the later periods. Several specific liability accounts demonstrated consistent trends, while others experienced more pronounced fluctuations.
- Current Liabilities
- Current liabilities, as a percentage of the total, generally fluctuated between approximately 22% and 29% throughout the period. A slight upward trend is discernible from 2022 through 2024, peaking at nearly 35% before decreasing again in the final periods. Within current liabilities, accrued expenses and other current liabilities consistently represented the largest component, increasing from around 5.85% to almost 9% of the total by November 2025. Trade payables remained relatively stable, oscillating between 1% and 1.4% of the total. Deferred revenue also showed a consistent upward trend, rising from approximately 16.5% to over 23% by November 2025, indicating a growing obligation to deliver goods or services for which payment has been received.
- Long-Term Liabilities
- Long-term liabilities demonstrated a decreasing trend from approximately 26% of the total in early 2020 to around 21% by November 2025. This decline was primarily driven by a reduction in debt excluding the current portion, which fell from nearly 19.4% to approximately 12.2% over the period. Long-term operating lease liabilities also decreased steadily, though to a lesser extent. Other liabilities showed some volatility, increasing from around 1.1% to nearly 2% in the later periods.
- Stockholders’ Equity
- Stockholders’ equity exhibited a clear upward trend, increasing from approximately 49.3% of the total in February 2020 to around 39.4% in November 2025. This increase was largely attributable to substantial growth in retained earnings, which rose from 72.6% to 153.8% over the period, reflecting accumulated profits. However, this growth was partially offset by a significant increase in treasury stock, which became a substantial negative component of equity, moving from -53.7% to -165.6% by November 2025. Additional paid-in capital also increased, but to a lesser degree. Accumulated other comprehensive loss remained relatively small and negative throughout the period.
The increasing proportion of retained earnings suggests strong profitability and a commitment to reinvesting earnings. The substantial increase in treasury stock warrants further investigation to understand the company’s capital allocation strategy. The growing deferred revenue balance indicates increasing pre-sales or subscription activity, which could be a positive sign for future revenue recognition. The overall shift in the balance sheet composition towards a greater reliance on equity and a reduction in long-term debt suggests a strengthening financial position.