Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Adobe Inc. (NASDAQ:ADBE)

Income Statement

Beginner level

The income statement presents information on the financial results of a company’s business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Adobe Inc., consolidated income statement

US$ in millions

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12 months ended: Nov 27, 2020 Nov 29, 2019 Nov 30, 2018 Dec 1, 2017 Dec 2, 2016 Nov 27, 2015
Subscription 11,626  9,994  7,922  6,134  4,585  3,224 
Product 507  648  622  707  800  1,125 
Services and other 735  529  486  461  469  446 
Revenue 12,868  11,171  9,030  7,302  5,854  4,796 
Subscription (1,108) (1,223) (807) (623) (462) (409)
Product (36) (40) (46) (57) (69) (90)
Services and other (578) (411) (342) (330) (289) (245)
Cost of revenue (1,722) (1,673) (1,195) (1,010) (820) (744)
Gross profit 11,146  9,499  7,835  6,291  5,035  4,051 
Research and development (2,188) (1,930) (1,538) (1,224) (976) (863)
Sales and marketing (3,591) (3,244) (2,621) (2,198) (1,910) (1,683)
General and administrative (968) (881) (745) (625) (576) (533)
Amortization of intangibles (162) (175) (91) (77) (79) (69)
Operating expenses (6,909) (6,230) (4,995) (4,123) (3,541) (3,148)
Operating income 4,237  3,268  2,840  2,168  1,494  903 
Interest expense (116) (157) (89) (74) (70) (64)
Realized investment gains 46 
Realized investment losses (1) —  —  —  (7) — 
Unrealized investment gains (losses), net (3) —  (2)
Investment gains (losses), net 13  52  (2)
Interest income 43  68  93  66  47  29 
Foreign exchange gains (losses) (2) (26) (43) (31) (36) (20)
Realized gains on fixed income investments — 
Realized losses on fixed income investments —  —  (11) (1) (1) — 
Other —  —  —  —  —  22 
Other income (expense), net 42  42  40  36  14  34 
Non-operating income (expense), net (61) (63) (46) (30) (58) (29)
Income before income taxes 4,176  3,205  2,794  2,138  1,435  874 
(Provision for) benefit from income taxes 1,084  (253) (203) (444) (266) (244)
Net income 5,260  2,951  2,591  1,694  1,169  630 

Based on: 10-K (filing date: 2021-01-15), 10-K (filing date: 2020-01-21), 10-K (filing date: 2019-01-25), 10-K (filing date: 2018-01-22), 10-K (filing date: 2017-01-20), 10-K (filing date: 2016-01-19).

Income statement item Description The company
Revenue Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Adobe Inc.’s revenue increased from 2018 to 2019 and from 2019 to 2020.
Operating income The net result for the period of deducting operating expenses from operating revenues. Adobe Inc.’s operating income increased from 2018 to 2019 and from 2019 to 2020.
Income before income taxes Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Adobe Inc.’s income before income taxes increased from 2018 to 2019 and from 2019 to 2020.
Net income The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Adobe Inc.’s net income increased from 2018 to 2019 and from 2019 to 2020.