Stock Analysis on Net
Stock Analysis on Net
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Adobe Inc. (NASDAQ:ADBE)

Income Statement
Quarterly Data

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 (quarterly data)

US$ in millions

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3 months ended: May 29, 2020 Feb 28, 2020 Nov 29, 2019 Aug 30, 2019 May 31, 2019 Mar 1, 2019 Nov 30, 2018 Aug 31, 2018 Jun 1, 2018 Mar 2, 2018 Dec 1, 2017 Sep 1, 2017 Jun 2, 2017 Mar 3, 2017 Dec 2, 2016 Sep 2, 2016 Jun 3, 2016 Mar 4, 2016 Nov 27, 2015 Aug 28, 2015 May 29, 2015 Feb 27, 2015 Nov 28, 2014 Aug 29, 2014 May 30, 2014 Feb 28, 2014
Subscription 2,874  2,825  2,687  2,547  2,456  2,305  2,184  2,022  1,923  1,793  1,696  1,570  1,484  1,384  1,262  1,169  1,084  1,070  907  829  774  713  629  547  477  424 
Product 128  143  167  157  153  171  150  149  151  172  193  159  172  183  222  181  197  201  284  275  275  291  328  349  479  471 
Services and support 126  123  138  130  135  125  130  120  121  114  118  112  117  114  124  114  119  112  114  113  114  105  116  109  112  105 
Revenue 3,128  3,091  2,992  2,834  2,744  2,601  2,465  2,291  2,195  2,079  2,007  1,841  1,772  1,682  1,608  1,464  1,399  1,383  1,306  1,218  1,162  1,109  1,073  1,005  1,068  1,000 
Subscription (317) (355) (334) (304) (296) (288) (257) (199) (186) (165) (170) (169) (143) (141) (122) (117) (115) (107) (106) (104) (104) (96) (88) (87) (84) (77)
Product (9) (7) (9) (9) (9) (12) (11) (11) (11) (13) (16) (12) (15) (14) (17) (15) (16) (20) (24) (25) (21) (20) (22) (23) (24) (27)
Services and support (89) (90) (109) (103) (102) (97) (91) (85) (84) (81) (85) (82) (81) (82) (77) (70) (71) (71) (71) (63) (60) (52) (51) (48) (46) (44)
Cost of revenue (415) (452) (452) (416) (407) (397) (359) (295) (281) (259) (271) (263) (239) (237) (217) (203) (202) (199) (201) (191) (185) (167) (161) (158) (155) (149)
Gross profit 2,713  2,639  2,540  2,418  2,337  2,204  2,105  1,996  1,914  1,820  1,736  1,578  1,533  1,444  1,392  1,261  1,197  1,185  1,105  1,027  977  942  912  848  913  852 
Research and development (532) (532) (500) (490) (476) (465) (416) (399) (374) (349) (324) (316) (299) (285) (258) (248) (232) (237) (221) (219) (208) (216) (214) (212) (209) (210)
Sales and marketing (901) (857) (802) (812) (849) (782) (724) (670) (646) (581) (574) (550) (553) (520) (495) (477) (463) (475) (441) (422) (427) (393) (409) (406) (427) (410)
General and administrative (224) (271) (226) (219) (219) (216) (212) (184) (178) (170) (170) (147) (157) (151) (148) (143) (138) (147) (135) (122) (130) (147) (153) (142) (129) (140)
Amortization of intangibles (40) (42) (43) (43) (43) (47) (33) (24) (17) (17) (19) (19) (19) (19) (19) (23) (19) (18) (18) (18) (18) (14) (12) (13) (13) (14)
Operating expenses (1,697) (1,702) (1,570) (1,564) (1,587) (1,509) (1,385) (1,277) (1,216) (1,117) (1,086) (1,032) (1,029) (975) (920) (892) (852) (877) (815) (781) (783) (769) (788) (774) (778) (773)
Operating income 1,016  937  970  854  750  695  721  719  698  703  649  546  504  469  472  369  344  308  290  246  194  173  125  74  135  79 
Interest expense (28) (33) (37) (40) (41) (41) (28) (21) (20) (20) (19) (19) (18) (18) (18) (17) (17) (18) (17) (17) (17) (15) (13) (13) (17) (17)
Investment gains (losses), net —  (3) (1) 44  (3) (3) (1) (1) —  —  — 
Other income (expense), net 12  18  19  17  10  12  17  10  14  22  — 
Non-operating income (expense), net (16) (18) (13) (19) (39) (21) (17) (8) —  (6) (4) (11) (8) (16) (13) (14) (15) (13) (13) (10) (12) (11) (14) (14)
Income before income taxes 1,000  919  957  834  711  702  699  701  691  703  643  541  493  461  457  356  330  292  297  233  181  163  112  63  121  65 
(Provision for) benefit from income taxes 100  36  (105) (42) (78) (28) (21) (35) (28) (119) (141) (122) (118) (62) (57) (86) (86) (38) (74) (58) (33) (78) (24) (18) (33) (18)
Net income 1,100  955  852  793  633  674  678  666  663  583  502  420  374  398  400  271  244  254  223  174  147  85  88  45  89  47 

Based on: 10-Q (filing date: 2020-06-24), 10-Q (filing date: 2020-03-25), 10-K (filing date: 2020-01-21), 10-Q (filing date: 2019-09-26), 10-Q (filing date: 2019-06-26), 10-Q (filing date: 2019-03-27), 10-K (filing date: 2019-01-25), 10-Q (filing date: 2018-09-26), 10-Q (filing date: 2018-06-27), 10-Q (filing date: 2018-03-28), 10-K (filing date: 2018-01-22), 10-Q (filing date: 2017-09-27), 10-Q (filing date: 2017-06-28), 10-Q (filing date: 2017-03-29), 10-K (filing date: 2017-01-20), 10-Q (filing date: 2016-09-27), 10-Q (filing date: 2016-06-29), 10-Q (filing date: 2016-03-30), 10-K (filing date: 2016-01-19), 10-Q (filing date: 2015-09-23), 10-Q (filing date: 2015-06-24), 10-Q (filing date: 2015-03-25), 10-K (filing date: 2015-01-20), 10-Q (filing date: 2014-09-25), 10-Q (filing date: 2014-06-25), 10-Q (filing date: 2014-03-28).

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 Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.
Operating income The net result for the period of deducting operating expenses from operating revenues. Adobe Inc.’s operating income decreased from Q4 2019 to Q1 2020 but then increased from Q1 2020 to Q2 2020 exceeding Q4 2019 level.
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 decreased from Q4 2019 to Q1 2020 but then increased from Q1 2020 to Q2 2020 exceeding Q4 2019 level.
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 Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.