Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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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 cash flow 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).
Analysis of the quarterly cash flow data reveals a strong capacity for generating liquidity from core operations, with net cash provided by operating activities consistently exceeding net income. The company demonstrates a pattern of high operational efficiency and aggressive capital return to shareholders.
- Operating Performance and Cash Generation
- Net income exhibits a general upward trend, rising from approximately 955 million in early 2020 to levels between 1.7 billion and 1.9 billion by 2025 and 2026. A notable exception occurs in March 2024, where net income dipped to 620 million. Net cash provided by operating activities has grown more aggressively, peaking at 3.16 billion in November 2025. This indicates a high quality of earnings, as cash flow from operations consistently outpaces accounting profits.
- Non-Cash Adjustment Patterns
- Stock-based compensation is a primary driver of the difference between net income and operating cash flow, showing a steady and significant increase from roughly 220 million per quarter in 2020 to over 500 million by 2026. Depreciation, amortization, and accretion have remained relatively stable, fluctuating within a narrow range around 200 million. Deferred income taxes show high volatility, shifting between significant sources and uses of cash depending on the quarter.
- Investment Strategy and Capital Expenditures
- Investing activities are characterized by periodic, large-scale acquisitions, most notably in March 2021 (1.47 billion), December 2021 (1.21 billion), and May 2026 (1.56 billion). Expenditures for property and equipment are modest and consistent, typically ranging between 40 million and 120 million per quarter. There is also evidence of active management of short-term investments, with frequent purchases and maturities to optimize liquidity.
- Financing Activities and Capital Allocation
- The company employs an aggressive shareholder return strategy, primarily through the repurchase of common stock. Buyback volume increased from approximately 850 million per quarter in 2020 to consistent expenditures between 2 billion and 3.5 billion per quarter from 2022 through 2026. Debt activities are intermittent; significant proceeds from debt issuance occurred in May 2024 and February 2025, totaling approximately 4 billion, which were partially offset by debt repayments.
- Liquidity and Net Cash Position
- The net change in cash and cash equivalents is highly volatile, driven by the timing of large acquisitions and the scale of share repurchases. Despite these large outflows, the robust operating cash flow provides the necessary funding for both strategic investments and substantial financing activities without compromising the overall liquidity position.