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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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
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Adobe Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
US$ in millions
Based on: 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).
Over the analyzed period, spanning from February 2020 to November 2025, a general trend of increasing total liabilities and stockholders’ equity is observed, although with some fluctuations. A significant increase in both categories occurred between 2020 and 2022, followed by a period of relative stabilization and then further growth into 2025. Within this overall trend, specific liability and equity components exhibit distinct patterns.
- Current Liabilities
- Current liabilities demonstrate a consistent upward trajectory, increasing from approximately $5.228 billion in February 2020 to $10.521 billion in November 2024, before decreasing to $9.039 billion in November 2025. This growth is primarily driven by increases in accrued expenses and other current liabilities, and deferred revenue. Trade payables remained relatively stable, with some quarterly variations, while the current portion of debt was initially absent but increased substantially in March 2022, remaining high through November 2024 before decreasing significantly in November 2025. Income taxes payable show considerable volatility, peaking in June 2023 and again in February 2026.
- Long-Term Liabilities
- Long-term liabilities also generally increased over the period, rising from $5.521 billion in February 2020 to $7.673 billion in November 2025. The largest component, debt excluding the current portion, experienced a decrease between March 2022 and November 2024, before increasing again in November 2025. Long-term operating lease liabilities remained relatively stable, while other long-term liabilities showed moderate growth. Deferred revenue also contributed to the increase in long-term liabilities.
- Stockholders’ Equity
- Stockholders’ equity exhibited a notable increase from $10.465 billion in February 2020 to $11.623 billion in November 2025. This growth is largely attributable to increases in additional paid-in capital and retained earnings. Accumulated other comprehensive loss consistently reduced stockholders’ equity, with a more substantial impact observed towards the end of the period. Treasury stock consistently represents a significant deduction from stockholders’ equity, increasing in absolute value throughout the analyzed timeframe.
The substantial growth in deferred revenue suggests increasing pre-sales or subscription-based revenue models. The fluctuations in income taxes payable likely reflect timing differences related to tax payments and provisions. The increase in treasury stock indicates ongoing share repurchase programs. The overall increase in liabilities, coupled with the growth in equity, suggests the company is expanding its operations and funding this expansion through a combination of debt and retained earnings.
- Debt Composition
- The composition of debt shifted over the period. While long-term debt initially dominated, the introduction and subsequent increase in the current portion of debt in 2022 altered the debt structure. The decrease in long-term debt in late 2022 and 2023, combined with the high current portion, suggests a potential strategy of short-term financing. The subsequent decrease in the current portion of debt in November 2025 indicates a shift back towards longer-term financing.
In conclusion, the balance sheet reflects a company experiencing growth, characterized by increasing liabilities and equity. The specific trends within each component suggest a dynamic financial strategy involving both short-term and long-term financing, active share repurchase programs, and a growing deferred revenue base.