Balance Sheet: Assets
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
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Adobe Inc., consolidated balance sheet: assets
US$ in millions
Based on: 10-K (reporting date: 2025-11-28), 10-K (reporting date: 2024-11-29), 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27).
Total assets exhibited an overall increasing trend from 2020 to 2025, though with some fluctuation. Beginning at US$24.284 billion in 2020, total assets peaked at US$30.230 billion in 2024 before decreasing slightly to US$29.496 billion in 2025. The composition of these assets reveals notable shifts within current and long-term categories.
- Current Assets
- Current assets generally increased from US$8.146 billion in 2020 to a high of US$11.232 billion in 2024, before declining to US$10.163 billion in 2025. This growth was primarily driven by increases in trade receivables, prepaid expenses, and other current assets. Cash and cash equivalents experienced volatility, decreasing from 2020 to 2021, increasing significantly in 2023, and then decreasing again in 2025. Short-term investments also showed considerable fluctuation, peaking in 2021 and reaching a low in 2023 before a partial recovery in 2025.
- Long-Term Assets
- Long-term assets demonstrated a consistent upward trend from US$16.138 billion in 2020 to US$19.333 billion in 2025. Goodwill constituted the largest portion of long-term assets, remaining relatively stable around US$12.7-12.8 billion throughout the period. Other intangibles, net, experienced a decline from US$1.820 billion in 2021 to US$0.495 billion in 2025. Deferred income taxes increased substantially from US$1.085 billion in 2021 to US$2.186 billion in 2025. Property and equipment, net, showed modest growth, while operating lease right-of-use assets, net, decreased consistently over the period.
The increase in deferred income taxes in later years suggests potential changes in tax liabilities or the utilization of tax loss carryforwards. The decline in other intangibles may indicate amortization or impairment of those assets. The overall increase in long-term assets, despite the decrease in some components, suggests continued investment in the business and its long-term capabilities. The fluctuation in cash and short-term investments warrants further investigation to understand the company’s liquidity management strategies.
- Key Asset Composition Shifts
- The relative proportion of current assets to total assets decreased slightly from approximately 33.5% in 2020 to 33.3% in 2025, indicating a greater reliance on long-term assets. Within current assets, trade receivables became a more significant component, increasing as a percentage of total assets. Within long-term assets, deferred income taxes increased in prominence, while other intangibles decreased.