Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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.
Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from 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: liabilities and stockholders’ equity (quarterly data)
US$ in millions
Based on: 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).
An examination of the balance sheet information reveals notable trends in liabilities and stockholders’ equity over the observed period. Total liabilities generally increased from February 2020 through November 2024, with a subsequent decrease observed in the final reporting periods. Stockholders’ equity exhibited a more consistent upward trajectory, though with some fluctuations, particularly in the latter half of the period.
- Current Liabilities
- Current liabilities demonstrated a general increasing trend from February 2020 to November 2024, rising from approximately $5.228 billion to $10.521 billion. This increase was particularly pronounced between December 2021 and November 2024. However, a decline in current liabilities was observed in the final reporting periods, falling to $9.163 billion in February 2025. Significant contributors to this total included accrued expenses and other current liabilities, and deferred revenue, both of which generally increased over the period.
- Deferred Revenue
- Deferred revenue consistently increased from $3.489 billion in February 2020 to $6.905 billion in November 2025. This suggests a growing trend in the company’s ability to secure revenue in advance of providing services or delivering products. The rate of increase appeared to accelerate between March 2021 and November 2025.
- Debt
- Current portion of debt was not reported for the majority of the period, becoming significant in March 2022, reaching $1.497 billion and remaining relatively stable through May 2024. Debt excluding the current portion decreased significantly from $4.113 billion in February 2020 to $2.138 billion in March 2024, before increasing again to $4.129 billion in May 2025. This suggests a shift in the company’s debt structure, potentially involving refinancing or repayment of long-term debt.
- Stockholders’ Equity
- Stockholders’ equity increased from $10.465 billion in February 2020 to $11.623 billion in November 2025, although with some volatility. Retained earnings were the primary driver of this increase, growing from $15.390 billion to $45.354 billion over the period. Accumulated other comprehensive loss consistently reduced stockholders’ equity, but its impact appeared to lessen in the later reporting periods. Treasury stock consistently represented a significant deduction from stockholders’ equity, increasing in absolute value throughout the period.
- Total Liabilities and Stockholders’ Equity
- The combined total of liabilities and stockholders’ equity increased from $21.214 billion in February 2020 to $29.496 billion in November 2025. The increase was largely driven by the growth in both total liabilities and stockholders’ equity, with a more pronounced increase in liabilities during the period from 2022 to 2024. The final reporting periods show a slight decrease in this total.
Overall, the company experienced growth in both its obligations to creditors and its ownership stake over the analyzed timeframe. The increasing deferred revenue suggests strong future revenue potential, while the fluctuations in debt levels indicate active debt management. The substantial growth in retained earnings demonstrates profitability and effective capital allocation.