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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Adobe Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2019-11-29), 10-Q (reporting date: 2019-08-30), 10-Q (reporting date: 2019-05-31), 10-Q (reporting date: 2019-03-01).
- Net Income
- The net income exhibited fluctuations over the periods with an overall increasing trend until the end of 2023, reaching a peak of 1,483 million USD in December 2023. However, there was a significant dip to 620 million USD in March 2024 before rebounding to 1,772 million USD by August 2025, indicating variability possibly due to extraordinary events or market conditions.
- Depreciation, Amortization, and Accretion
- These expense components remained relatively stable across the periods, oscillating narrowly between approximately 145 million to 222 million USD, suggesting consistent investment in fixed assets and intangible asset amortization.
- Stock-based Compensation
- Stock-based compensation demonstrated a steady increase, rising from 185 million USD in early 2019 to 497 million USD by August 2025, reflecting increasing employee compensation expense or equity incentives.
- Operating Lease Right-of-Use Assets Reduction and Lease-related Asset Impairments
- Reductions in operating lease right-of-use assets were present intermittently from early 2020 onward with minor fluctuations around 15 to 23 million USD, while lease-related impairments appeared isolated, notably with a 78 million USD charge in August 2024, indicating occasional adjustments in lease asset valuation.
- Deferred Income Taxes
- Deferred income taxes showed high volatility, with both positive and negative values, including a notable large negative figure of -1,217 million USD in November 2019. This suggests complex tax timing differences and potential impacts from tax legislation or accounting changes.
- Unrealized Gains and Losses on Investments, Net
- Fluctuations were relatively minor, with values mostly ranging between -13 million and 17 million USD, representing minor periodic adjustments in investment valuation without significant impact.
- Other Non-Cash Items
- These items exhibited inconsistency throughout the periods with values varying between -5 million and 21 million USD, indicating varying non-recurring or miscellaneous adjustments.
- Working Capital Components (Trade Receivables, Prepaid Expenses, Trade Payables, Accrued Expenses, Income Taxes Payable, Deferred Revenue)
- Trade receivables and prepaid expenses showed volatility with sharp changes including negative and positive swings, indicative of fluctuating collections and prepayments. Trade payables and accrued expenses also demonstrated irregular movements with both positive and negative changes, suggesting fluctuating obligations management. Income taxes payable showed notable fluctuations, including large positive values (e.g., 328 million USD in September 2023) followed by steep negative values, highlighting variations in tax liabilities timing. Deferred revenue values presented sharp positive and negative changes, indicating variable recognition of unearned revenue potentially linked to product or service releases.
- Operating Assets and Liabilities Adjustments
- Net changes in operating assets and liabilities were highly volatile, fluctuating between negative and positive extremes, reflecting changes in the company's operating cycle and cash flow timing.
- Adjustments to Reconcile Net Income to Operating Cash Flows
- These adjustments varied widely, with some quarters showing substantial increases (up to 1,238 million USD), implying fluctuations in non-cash expenses and working capital changes affecting cash from operations.
- Net Cash Provided by Operating Activities
- Operating cash flow generally trended upward, rising from 1,013 million USD in early 2019 to peaks exceeding 2,900 million USD in late 2024, reflecting strong operational cash generation despite periodic fluctuations.
- Investing Activities
- The company had significant variations in cash flows from investing activities, with major negative cash uses including acquisitions (notably -1,470 million USD in November 2020 and -1,212 million USD in December 2021) and property and equipment purchases. Short-term investment purchases and maturities fluctuated while purchases of long-term assets were modest. Overall, investing cash flows ranged widely with notable large negative outflows in quarters involving substantial acquisitions.
- Financing Activities
- Repurchases of common stock increased substantially, reaching a zenith of -3,500 million USD by mid-2024, indicating aggressive share buyback programs. Proceeds from treasury stock reissuance and debt issuances appeared intermittently, with debt issuance spikes (up to 3,144 million USD) balanced by repayments of similar magnitude. Taxes paid relating to equity awards and other financing activities also fluctuated, contributing to overall volatile financing cash flows, with net cash used in financing activities generally negative and sizable.
- Cash and Cash Equivalents Changes
- The net changes in cash and equivalents fluctuated markedly, with positive surges such as 1,384 million USD in June 2023 contrasted by substantial negative movements including -1,827 million USD in May 2024. These swings mirror the combined effects of operating performance, investing outlays, and financing activities.
- Overall Summary
- The company demonstrated strong operating cash flow growth amid fluctuating net income with periodic volatility affected by unusual items and acquisitions. Investment activities were characterized by significant acquisition-driven cash outflows and capital expenditure investments, while financing activities reflected sustained stock repurchases and active debt management. The variability in working capital components and deferred tax positions signifies complex operational and tax environments, requiring careful ongoing management to optimize cash flows and balance sheet strength.