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.

Adobe Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	May 30, 2025	Feb 28, 2025	Nov 29, 2024	Aug 30, 2024	May 31, 2024	Mar 1, 2024	Dec 1, 2023	Sep 1, 2023	Jun 2, 2023	Mar 3, 2023	Dec 2, 2022	Sep 2, 2022	Jun 3, 2022	Mar 4, 2022	Dec 3, 2021	Sep 3, 2021	Jun 4, 2021	Mar 5, 2021	Nov 27, 2020	Aug 28, 2020	May 29, 2020	Feb 28, 2020	Nov 29, 2019	Aug 30, 2019	May 31, 2019	Mar 1, 2019
Subscription	5,641)	5,483)	5,365)	5,180)	5,060)	4,916)	4,763)	4,631)	4,517)	4,373)	4,232)	4,128)	4,070)	3,958)	3,812)	3,657)	3,520)	3,584)	3,115)	2,948)	2,831)	2,732)	2,687)	2,547)	2,456)	2,305)
Product	88)	95)	81)	82)	104)	119)	114)	96)	130)	120)	115)	126)	146)	145)	128)	119)	153)	155)	127)	109)	128)	143)	167)	157)	153)	171)
Services and other	144)	136)	160)	146)	145)	147)	171)	163)	169)	162)	178)	179)	170)	159)	170)	159)	162)	166)	182)	168)	169)	216)	138)	130)	135)	125)
Revenue	5,873)	5,714)	5,606)	5,408)	5,309)	5,182)	5,048)	4,890)	4,816)	4,655)	4,525)	4,433)	4,386)	4,262)	4,110)	3,935)	3,835)	3,905)	3,424)	3,225)	3,128)	3,091)	2,992)	2,834)	2,744)	2,601)
Subscription	(505)	(490)	(475)	(413)	(456)	(455)	(505)	(447)	(436)	(434)	(430)	(413)	(410)	(393)	(378)	(344)	(328)	(324)	(283)	(282)	(269)	(274)	(334)	(304)	(296)	(288)
Product	(6)	(6)	(6)	(6)	(8)	(5)	(6)	(7)	(8)	(8)	(8)	(8)	(9)	(10)	(12)	(10)	(9)	(10)	(10)	(10)	(9)	(7)	(9)	(9)	(9)	(12)
Services and other	(127)	(126)	(135)	(135)	(134)	(130)	(123)	(126)	(128)	(126)	(130)	(125)	(120)	(109)	(117)	(113)	(107)	(113)	(135)	(135)	(137)	(171)	(109)	(103)	(102)	(97)
Cost of revenue	(638)	(622)	(616)	(554)	(598)	(590)	(634)	(580)	(572)	(568)	(568)	(546)	(539)	(512)	(507)	(467)	(444)	(447)	(428)	(427)	(415)	(452)	(452)	(416)	(407)	(397)
Gross profit	5,235)	5,092)	4,990)	4,854)	4,711)	4,592)	4,414)	4,310)	4,244)	4,087)	3,957)	3,887)	3,847)	3,750)	3,603)	3,468)	3,391)	3,458)	2,996)	2,798)	2,713)	2,639)	2,540)	2,418)	2,337)	2,204)
Research and development	(1,082)	(1,026)	(999)	(1,022)	(984)	(939)	(889)	(881)	(876)	(827)	(773)	(775)	(738)	(701)	(657)	(651)	(612)	(620)	(558)	(566)	(532)	(532)	(500)	(490)	(476)	(465)
Sales and marketing	(1,626)	(1,495)	(1,536)	(1,431)	(1,445)	(1,352)	(1,368)	(1,337)	(1,345)	(1,301)	(1,297)	(1,266)	(1,247)	(1,158)	(1,131)	(1,068)	(1,073)	(1,049)	(941)	(892)	(901)	(857)	(802)	(812)	(849)	(782)
General and administrative	(377)	(367)	(456)	(366)	(355)	(352)	(372)	(353)	(357)	(331)	(340)	(319)	(291)	(269)	(274)	(265)	(256)	(290)	(243)	(230)	(224)	(271)	(226)	(219)	(219)	(216)
Acquisition termination fee	—)	—)	—)	—)	—)	(1,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Amortization of intangibles	(41)	(41)	(42)	(43)	(42)	(42)	(42)	(42)	(42)	(42)	(42)	(43)	(42)	(42)	(40)	(43)	(44)	(45)	(39)	(41)	(40)	(42)	(43)	(43)	(43)	(47)
Operating expenses	(3,126)	(2,929)	(3,033)	(2,862)	(2,826)	(3,685)	(2,671)	(2,613)	(2,620)	(2,501)	(2,452)	(2,403)	(2,318)	(2,170)	(2,102)	(2,027)	(1,985)	(2,004)	(1,781)	(1,729)	(1,697)	(1,702)	(1,570)	(1,564)	(1,587)	(1,509)
Operating income	2,109)	2,163)	1,957)	1,992)	1,885)	907)	1,743)	1,697)	1,624)	1,586)	1,505)	1,484)	1,529)	1,580)	1,501)	1,441)	1,406)	1,454)	1,215)	1,069)	1,016)	937)	970)	854)	750)	695)
Interest expense	(68)	(62)	(50)	(51)	(41)	(27)	(28)	(27)	(26)	(32)	(28)	(28)	(28)	(28)	(28)	(27)	(28)	(30)	(27)	(28)	(28)	(33)	(37)	(40)	(41)	(41)
Investment gains (losses), net	2)	6)	14)	12)	4)	18)	4)	6)	5)	1)	4)	(6)	(8)	(9)	(4)	7)	8)	5)	6)	10)	—)	(3)	5)	4)	(1)	44)
Other income (expense), net	58)	75)	70)	89)	82)	70)	89)	67)	47)	43)	36)	6)	(1)	—)	(1)	(3)	—)	4)	3)	9)	12)	18)	19)	17)	3)	4)
Non-operating income (expense), net	(8)	19)	34)	50)	45)	61)	65)	46)	26)	12)	12)	(28)	(37)	(37)	(33)	(23)	(20)	(21)	(18)	(9)	(16)	(18)	(13)	(19)	(39)	8)
Income before income taxes	2,101)	2,182)	1,991)	2,042)	1,930)	968)	1,808)	1,743)	1,650)	1,598)	1,517)	1,456)	1,492)	1,543)	1,468)	1,418)	1,386)	1,433)	1,197)	1,060)	1,000)	919)	957)	834)	711)	702)
(Provision for) benefit from income taxes	(410)	(371)	(308)	(358)	(357)	(348)	(325)	(340)	(355)	(351)	(341)	(320)	(314)	(277)	(235)	(206)	(270)	(172)	1,053)	(105)	100)	36)	(105)	(42)	(78)	(28)
Net income	1,691)	1,811)	1,683)	1,684)	1,573)	620)	1,483)	1,403)	1,295)	1,247)	1,176)	1,136)	1,178)	1,266)	1,233)	1,212)	1,116)	1,261)	2,250)	955)	1,100)	955)	852)	793)	633)	674)

The financial data reveals consistent revenue growth driven predominantly by the subscription segment. Subscription revenues increased steadily over the periods, rising from $2,305 million to $5,641 million, nearly doubling, indicating strong and growing customer commitment to subscription services. Product revenues showed a declining trend, fluctuating but generally decreasing from $171 million to $88 million, suggesting reduced reliance or demand in this segment. The services and other category remained relatively stable with minor fluctuations around an average range, reflecting consistent but less dynamic performance.

Overall revenue mirrored the subscription trend, increasing from $2,601 million to $5,873 million, highlighting solid top-line expansion. Cost of revenue exhibited fluctuations but generally stayed proportional with revenue increases, leading to a sustained growth in gross profit from $2,204 million to $5,235 million. This indicates maintained operational efficiency relative to revenue growth.

Operating expenses increased over the periods, reflecting investments in business functions such as research and development (R&D), sales and marketing, and general and administrative costs. R&D expenditures rose considerably from $465 million to $1,082 million, underscoring a strong focus on innovation and product development. Sales and marketing expenses increased from $782 million to $1,626 million, consistent with efforts to capture market share and support subscription growth. General and administrative costs showed an upward trajectory as well, suggesting expanding corporate infrastructure and support functions aligned with business growth.

A notable outlier in the operating expenses is a significant acquisition termination fee of $1,000 million recorded in one period, substantially impacting that quarter’s expenses and operating income. Excluding this one-time item, operating income generally increased in line with revenue growth, moving from $695 million to $2,109 million, affirming strong operational profitability.

Interest expense remained relatively stable with minor fluctuations, mostly under $50 million per quarter, indicating manageable debt levels or financing costs. Investment gains and losses were modest and somewhat erratic, impacting net non-operating income marginally. Other income showed variability, sometimes contributing positively to income, particularly in later periods, which helped offset some costs.

Income before taxes grew overall in tandem with revenue growth, despite some intermittent volatility, finishing at $2,101 million from an initial $702 million. However, provision for income taxes demonstrated fluctuation and occasional negative values, including some substantial recoveries, which impacted the effective tax expense recognized in various quarters.

Net income showed a marked upward trend overall, increasing from $674 million to $1,691 million, despite periodic quarter-to-quarter fluctuations. The spike to $2,250 million in one quarter suggests a possible extraordinary gain or event during that period. Subsequent quarters showed stabilization at higher profit levels compared to the start of the timeline.

In summary, the analysis reflects a company experiencing strong growth primarily through its subscription business, investing significantly in R&D and marketing to sustain this momentum. Operational profitability improved steadily, supported by controlled costs relative to revenue increases. The presence of one-time items and tax-related variability creates some volatility but does not detract from the underlying positive financial trajectory.

Revenue Trends: Strong and consistent growth driven by subscription revenues doubling over time; product revenues declined.
Gross Profit: Increased steadily, reflecting effective cost management amid rising revenues.
Operating Expenses: Increased significantly due to rising R&D and marketing investments; one-time acquisition fee noted.
Operating Income: Improved overall, showing enhanced profitability despite increased expenses.
Net Income: Substantial growth with periodic volatility; reflects positive long-term earnings trajectory.
Cost Components: Cost of revenue stable relative to sales; interest costs manageable; other income and investment gains volatile but minor.
Tax Provisions: Variable and at times negative, contributing to fluctuations in net income.

Download chart

Adobe Inc. (NASDAQ:ADBE)

Income Statement Quarterly Data

Income Statement
Quarterly Data