Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
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Adobe Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2026-05-29), 10-Q (reporting date: 2026-02-27), 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 overall capital structure exhibits a gradual shift toward higher leverage, with total liabilities increasing from 50.67% of total liabilities and stockholders’ equity in February 2020 to 61.52% by May 2026. Conversely, stockholders’ equity as a proportion of the total balance sheet has declined from 49.33% to 38.48% over the same period.
- Current Liability Trends
- A significant increase in current liabilities is observed, rising from 24.64% to 40.35%. This trend is primarily driven by the growth of deferred revenue, which climbed from 16.45% to 23.89%, suggesting an expansion of prepaid subscription-based revenue streams.
- Debt Profile and Maturity
- Long-term debt, excluding the current portion, showed a general downward trend from 19.39% in early 2020 to 12.20% by December 2023, before experiencing a resurgence to 21.94% in early 2025. Additionally, current debt obligations appeared intermittently, with a notable increase reaching 6.16% by May 2026, indicating shifts in debt maturity profiles or new short-term financing activities.
- Equity Component Dynamics
- The equity section is characterized by divergent trends between retained earnings and treasury stock. Retained earnings as a percentage of total assets grew substantially from 72.55% to 162.92%. This growth was aggressively offset by treasury stock acquisitions, which expanded from -53.74% to -178.46%, signaling a robust and consistent share repurchase program that has effectively reduced the overall equity base relative to total assets.
- Other Liability Observations
- Operating lease liabilities, both current and long-term, have remained relatively stable or showed a slight declining trend, suggesting that lease obligations are not a primary driver of the changing balance sheet structure. Income taxes payable exhibit quarterly volatility without a definitive long-term directional trend.