Income Statement
Quarterly Data
The income statement presents information on the financial results of a company 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.
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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Total Asset Turnover since 2005
- Analysis of Revenues
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Adobe Inc., consolidated income statement (quarterly data)
US$ in millions
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).
Revenue growth is characterized by a dominant and accelerating expansion in subscription-based income, which serves as the primary driver of the top line. While product and services revenue remained relatively flat or experienced marginal declines, the total revenue trajectory shows a consistent upward trend, increasing from 3,091 million US dollars in February 2020 to 6,618 million US dollars by May 2026.
- Revenue Composition and Mix
- Subscription revenue experienced a sustained increase, growing from 2,732 million US dollars to 6,416 million US dollars over the analyzed period. Conversely, product revenue trended downward from 143 million US dollars to 89 million US dollars, and services and other revenue decreased from 216 million US dollars to 113 million US dollars, signaling a comprehensive transition toward a subscription-centric business model.
- Gross Profitability and Cost Structure
- Gross profit followed the upward trajectory of total revenue, rising from 2,639 million US dollars to 5,903 million US dollars. Although the cost of revenue increased from 452 million US dollars to 715 million US dollars, the expansion of gross profit significantly outpaced the growth in costs, indicating high and stable gross margins.
- Operating Expenditure Analysis
- Operating expenses grew steadily, driven primarily by investments in Research and Development (R&D) and Sales and Marketing (S&M). R&D expenses rose from 532 million US dollars to 1,198 million US dollars, while S&M expenses more than doubled, increasing from 857 million US dollars to 1,884 million US dollars. General and administrative costs also exhibited an upward trend, growing from 271 million US dollars to 546 million US dollars.
- Operating Income and Non-Recurring Events
- Operating income generally increased from 937 million US dollars to 2,238 million US dollars. A significant deviation occurred in March 2024, where operating income fell to 907 million US dollars; this was attributed to a one-time acquisition termination fee of 1,000 million US dollars. Outside of this non-recurring item, operating income demonstrated a consistent positive growth pattern.
- Net Income and Tax Volatility
- Net income grew from 955 million US dollars in February 2020 to 1,712 million US dollars by May 2026. The path to this growth was marked by volatility in the provision for income taxes, which fluctuated between substantial tax benefits and significant provisions, impacting the net bottom line across various quarters.