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 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 cash flow statement (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).
The financial information reveals a complex pattern of cash flows over the analyzed period. Operating activities consistently generate positive cash flow, though with significant fluctuations. Investing activities generally represent a cash outflow, with notable exceptions in certain periods, while financing activities demonstrate substantial variability, often resulting in net cash outflows.
- Operating Activities
- Net cash provided by operating activities generally remained positive throughout the period, ranging from approximately US$1.325 billion to US$3.160 billion. A significant peak is observed in the November 2025 period. However, there are noticeable quarterly variations, with dips in the March 2021 and December 2023 periods. Adjustments to reconcile net income to net cash provided by operating activities consistently contribute a substantial amount, indicating the importance of non-cash items in the overall cash generation from operations. Trade receivables and prepaid expenses exhibit considerable volatility, impacting the net cash flow from operations.
- Investing Activities
- Investing activities predominantly involve cash outflows, primarily due to purchases of property and equipment, short-term investments, and long-term assets. A substantial outflow is noted in the March 2021 period, largely attributable to acquisitions. Maturities of short-term investments frequently offset some of the cash used in purchases. The December 2023 period shows a positive cash flow from investing activities, driven by proceeds from the issuance of debt. Overall, the pattern suggests a consistent level of investment in the business, with occasional large acquisitions.
- Financing Activities
- Financing activities are characterized by significant volatility. Repurchases of common stock consistently represent a major cash outflow, often exceeding US$1 billion per quarter. Proceeds from the issuance of debt provide inflows in specific periods, notably May 2024 and September 2023, but are often offset by debt repayments. Taxes paid related to net share settlement of equity awards also contribute to substantial cash outflows. The net effect is frequently a significant cash outflow, indicating a focus on returning capital to shareholders and managing the capital structure.
- Net Income & Non-Cash Adjustments
- Net income demonstrates a general upward trend, particularly from the March 2022 period onwards, with a notable decrease in the March 2024 period. Stock-based compensation consistently represents a significant non-cash addition to net income. Depreciation, amortization, and accretion also contribute consistently to the adjustments. Deferred income taxes show considerable fluctuation, sometimes adding to and sometimes subtracting from net income. These non-cash adjustments play a crucial role in bridging the gap between net income and actual cash flow from operations.
- Working Capital
- Changes in trade receivables, prepaid expenses, trade payables, and accrued expenses demonstrate substantial quarterly fluctuations. These fluctuations significantly impact the net cash flow from operating activities. Deferred revenue also exhibits variability, contributing to the overall changes in operating assets and liabilities. The net effect of these working capital changes is a significant driver of the quarterly variations observed in operating cash flow.
The overall pattern suggests a company generating substantial cash from operations, investing in its future through capital expenditures and acquisitions, and actively returning capital to shareholders through stock repurchases. The financing activities are strategically managed to support these operations and capital allocation decisions.