Analysis of Geographic Areas
Adobe Inc. operates in 3 regions: Americas; Europe, Middle East and Africa (EMEA); and Asia-Pacific (APAC).
Area Asset Turnover
Adobe Inc., asset turnover by geographic area
| Nov 28, 2025 | Nov 29, 2024 | Dec 1, 2023 | Dec 2, 2022 | Dec 3, 2021 | Nov 27, 2020 | |
|---|---|---|---|---|---|---|
| Americas | 8.87 | 7.80 | 6.69 | 6.06 | 6.07 | 5.60 |
| Europe, Middle East and Africa (EMEA) | 62.27 | 64.58 | 56.10 | 66.57 | 67.49 | 53.13 |
| Asia-Pacific (APAC) | 18.67 | 15.45 | 14.23 | 18.66 | 19.67 | 16.37 |
Based on: 10-K (reporting date: 2025-11-28), 10-K (reporting date: 2024-11-29), 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27).
Asset turnover ratios across the reported geographic areas demonstrate varying performance trends over the analyzed period. The Americas region exhibits a consistent upward trajectory, while EMEA shows more volatility and APAC displays a fluctuating pattern with a recent positive shift.
- Americas
- The Americas region demonstrates a steady increase in asset turnover. Beginning at 5.60 in 2020, the ratio rose to 6.07 in 2021 and 6.06 in 2022. Further gains were observed in 2023 (6.69), 2024 (7.80), and continued into 2025, reaching 8.87. This indicates increasing efficiency in utilizing assets to generate revenue within this region.
- Europe, Middle East and Africa (EMEA)
- The EMEA region’s asset turnover ratio experienced significant fluctuation. It increased substantially from 53.13 in 2020 to 67.49 in 2021, followed by a slight decrease to 66.57 in 2022. A notable decline occurred in 2023, with the ratio falling to 56.10. A partial recovery was seen in 2024 (64.58), and this trend continued with a value of 62.27 in 2025. The higher absolute values suggest a fundamentally different asset intensity or revenue generation model compared to the Americas and APAC regions, but the volatility warrants further investigation.
- Asia-Pacific (APAC)
- The APAC region’s asset turnover ratio showed a more erratic pattern. It increased from 16.37 in 2020 to 19.67 in 2021, then decreased to 18.66 in 2022. A significant drop was recorded in 2023 (14.23), followed by a modest increase to 15.45 in 2024. The ratio then increased again in 2025, reaching 18.67, returning to levels observed in 2022. This suggests potential instability in asset utilization or revenue generation within the APAC region.
Overall, the Americas region consistently improved its asset turnover, while EMEA experienced considerable variation. APAC demonstrated a fluctuating pattern, with a recent recovery towards prior levels. These differences may be attributable to varying market conditions, competitive landscapes, or internal operational strategies within each geographic area.
Area Asset Turnover: Americas
Adobe Inc.; Americas; area asset turnover calculation
| Nov 28, 2025 | Nov 29, 2024 | Dec 1, 2023 | Dec 2, 2022 | Dec 3, 2021 | Nov 27, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | 14,120) | 12,891) | 11,654) | 10,251) | 8,996) | 7,454) |
| Property and equipment, net | 1,592) | 1,652) | 1,741) | 1,691) | 1,481) | 1,330) |
| Area Activity Ratio | ||||||
| Area asset turnover1 | 8.87 | 7.80 | 6.69 | 6.06 | 6.07 | 5.60 |
Based on: 10-K (reporting date: 2025-11-28), 10-K (reporting date: 2024-11-29), 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27).
1 2025 Calculation
Area asset turnover = Revenue ÷ Property and equipment, net
= 14,120 ÷ 1,592 = 8.87
The Americas region demonstrates a consistent upward trend in revenue between November 2020 and November 2025. Simultaneously, property and equipment, net, experienced initial growth followed by a slight decline in the most recent periods. This combination significantly impacts the area asset turnover ratio, which exhibits a strong positive trajectory.
- Revenue
- Revenue in the Americas increased from US$7,454 million in November 2020 to US$14,120 million in November 2025. This represents a substantial growth rate over the five-year period, indicating increasing sales and market penetration within the region. The growth appears relatively consistent year-over-year, with no significant decelerations or accelerations apparent.
- Property and Equipment, Net
- Property and equipment, net, increased from US$1,330 million in November 2020 to US$1,741 million in December 2023. However, a slight decrease is observed in the subsequent periods, falling to US$1,592 million by November 2025. This suggests a potential optimization of asset utilization or a shift in investment strategy, as revenue continues to grow while net property and equipment declines.
- Area Asset Turnover
- The area asset turnover ratio increased steadily from 5.60 in November 2020 to 8.87 in November 2025. This indicates a growing efficiency in utilizing assets to generate revenue within the Americas region. The ratio’s increase is particularly pronounced in the later years, accelerating from 6.69 in December 2023 to 8.87 in November 2025. This suggests that the region is becoming increasingly effective at converting its investments in property and equipment into sales.
The observed trends suggest that the Americas region is successfully leveraging its asset base to drive revenue growth. The slight decline in property and equipment, net, coupled with continued revenue increases, is a positive indicator of improved operational efficiency and asset management.
Area Asset Turnover: Europe, Middle East and Africa (EMEA)
Adobe Inc.; Europe, Middle East and Africa (EMEA); area asset turnover calculation
| Nov 28, 2025 | Nov 29, 2024 | Dec 1, 2023 | Dec 2, 2022 | Dec 3, 2021 | Nov 27, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | 6,289) | 5,554) | 4,881) | 4,593) | 4,252) | 3,400) |
| Property and equipment, net | 101) | 86) | 87) | 69) | 63) | 64) |
| Area Activity Ratio | ||||||
| Area asset turnover1 | 62.27 | 64.58 | 56.10 | 66.57 | 67.49 | 53.13 |
Based on: 10-K (reporting date: 2025-11-28), 10-K (reporting date: 2024-11-29), 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27).
1 2025 Calculation
Area asset turnover = Revenue ÷ Property and equipment, net
= 6,289 ÷ 101 = 62.27
The financial performance of the specified geographic area demonstrates a generally positive trend in revenue alongside fluctuating asset levels, resulting in a relatively stable asset turnover ratio over the analyzed period. Revenue consistently increased from 2020 to the projected value in 2025, while property and equipment, net, experienced more moderate growth with some year-over-year fluctuations.
- Revenue
- Revenue exhibited a consistent upward trajectory, increasing from US$3,400 million in 2020 to a projected US$6,289 million in 2025. The largest year-over-year increase occurred between 2020 and 2021, with a growth of approximately 25.06%. Subsequent annual increases were more moderate, ranging from approximately 7.5% to 13.7%.
- Property and Equipment, Net
- Property and equipment, net, showed a less pronounced trend. It remained relatively stable between 2020 and 2022, fluctuating around US$64-69 million. A more substantial increase was observed in 2023, reaching US$87 million, followed by a slight decrease to US$86 million in 2024, and a further increase to a projected US$101 million in 2025. This suggests potential investment in fixed assets during the latter part of the period.
- Area Asset Turnover
- The area asset turnover ratio, calculated as revenue divided by property and equipment, net, generally remained within a range of 53.13 to 67.49 over the period. The ratio peaked in 2021 at 67.49, coinciding with the largest revenue increase. A decrease was observed in 2023 to 56.10, potentially due to the significant increase in property and equipment. The ratio recovered somewhat in 2024 and 2025, stabilizing around 62-64. This indicates that the area effectively utilizes its assets to generate revenue, with a slight dip in efficiency in 2023 that appears to have been partially corrected.
Overall, the area demonstrates strong revenue growth and a consistent ability to generate sales relative to its fixed asset base. The fluctuations in the asset turnover ratio warrant continued monitoring, particularly in relation to capital expenditure decisions and their impact on asset values.
Area Asset Turnover: Asia-Pacific (APAC)
Adobe Inc.; Asia-Pacific (APAC); area asset turnover calculation
| Nov 28, 2025 | Nov 29, 2024 | Dec 1, 2023 | Dec 2, 2022 | Dec 3, 2021 | Nov 27, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | 3,360) | 3,060) | 2,874) | 2,762) | 2,537) | 2,014) |
| Property and equipment, net | 180) | 198) | 202) | 148) | 129) | 123) |
| Area Activity Ratio | ||||||
| Area asset turnover1 | 18.67 | 15.45 | 14.23 | 18.66 | 19.67 | 16.37 |
Based on: 10-K (reporting date: 2025-11-28), 10-K (reporting date: 2024-11-29), 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27).
1 2025 Calculation
Area asset turnover = Revenue ÷ Property and equipment, net
= 3,360 ÷ 180 = 18.67
Analysis of the provided financial information reveals fluctuating performance in the Asia-Pacific region between 2020 and 2025. Revenue consistently increased over the period, while net property and equipment exhibited a more complex pattern. The area asset turnover ratio, a key indicator of asset utilization efficiency, demonstrated corresponding variability.
- Revenue
- Revenue in the Asia-Pacific region experienced consistent growth throughout the analyzed period, increasing from US$2,014 million in 2020 to US$3,360 million in 2025. This represents a substantial overall increase, indicating expanding market presence and sales within the region.
- Property and Equipment, Net
- Net property and equipment initially increased from US$123 million in 2020 to US$202 million in 2023. However, a slight decrease to US$198 million was observed in 2024, followed by a further reduction to US$180 million in 2025. This suggests potential asset disposals or depreciation exceeding new investments in the latter years of the period.
- Area Asset Turnover
- The area asset turnover ratio initially rose from 16.37 in 2020 to 19.67 in 2021, indicating improved efficiency in generating revenue from assets. A subsequent decline to 14.23 in 2023 suggests a decrease in asset utilization efficiency. The ratio partially recovered to 15.45 in 2024 before increasing significantly to 18.67 in 2025. This final increase aligns with the continued revenue growth and the reduction in net property and equipment, suggesting improved asset efficiency in the most recent year.
The interplay between revenue and net property and equipment significantly influences the area asset turnover ratio. While revenue growth is positive, the fluctuations in asset turnover highlight the importance of monitoring asset utilization efficiency within the Asia-Pacific region. The recent improvement in the ratio in 2025 is a positive sign, but continued monitoring is recommended to ensure sustained efficient asset management.
Revenue
Adobe Inc., revenue by geographic area
US$ in millions
| Nov 28, 2025 | Nov 29, 2024 | Dec 1, 2023 | Dec 2, 2022 | Dec 3, 2021 | Nov 27, 2020 | |
|---|---|---|---|---|---|---|
| United States | 12,529) | 11,499) | 10,460) | 9,217) | 8,104) | 6,746) |
| Other | 1,591) | 1,392) | 1,194) | 1,034) | 892) | 708) |
| Americas | 14,120) | 12,891) | 11,654) | 10,251) | 8,996) | 7,454) |
| Europe, Middle East and Africa (EMEA) | 6,289) | 5,554) | 4,881) | 4,593) | 4,252) | 3,400) |
| Asia-Pacific (APAC) | 3,360) | 3,060) | 2,874) | 2,762) | 2,537) | 2,014) |
| Total | 23,769) | 21,505) | 19,409) | 17,606) | 15,785) | 12,868) |
Based on: 10-K (reporting date: 2025-11-28), 10-K (reporting date: 2024-11-29), 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27).
Revenue exhibited consistent growth across all reported geographic areas between November 2020 and November 2025. The United States consistently represents the largest single revenue contributor, followed by the Americas region as a whole. While all regions demonstrate positive trajectories, the rate of growth varies considerably.
- United States
- Revenue from the United States increased steadily from US$6,746 million in November 2020 to US$12,529 million in November 2025, representing a substantial overall increase. The growth rate appears relatively consistent year-over-year within this period.
- Other
- The ‘Other’ category also shows consistent growth, rising from US$708 million to US$1,591 million over the same timeframe. While smaller in absolute terms than other regions, the percentage growth from 2020 to 2025 is significant.
- Americas
- Revenue from the Americas region increased from US$7,454 million in November 2020 to US$14,120 million in November 2025. This region’s growth mirrors that of the United States, indicating a strong performance across North and South America.
- EMEA
- The Europe, Middle East and Africa (EMEA) region experienced growth from US$3,400 million to US$6,289 million. While positive, the rate of growth appears to have slowed slightly between 2022 and 2023, before resuming a more robust pace in 2024 and 2025.
- APAC
- Asia-Pacific (APAC) revenue increased from US$2,014 million to US$3,360 million. This region demonstrates the slowest rate of growth among the reported areas, although it remains positive. The incremental revenue gains are smaller compared to other regions.
Total revenue increased from US$12,868 million in November 2020 to US$23,769 million in November 2025, demonstrating a consistent upward trend. The Americas and the United States contribute the most significantly to this overall growth. The relative contribution of each geographic area to total revenue remains broadly stable over the period, with the United States consistently accounting for a substantial portion.
Property and equipment, net
Adobe Inc., property and equipment, net by geographic area
US$ in millions
| Nov 28, 2025 | Nov 29, 2024 | Dec 1, 2023 | Dec 2, 2022 | Dec 3, 2021 | Nov 27, 2020 | |
|---|---|---|---|---|---|---|
| United States | 1,591) | 1,651) | 1,740) | 1,690) | 1,480) | 1,328) |
| Other | 1) | 1) | 1) | 1) | 1) | 2) |
| Americas | 1,592) | 1,652) | 1,741) | 1,691) | 1,481) | 1,330) |
| Europe, Middle East and Africa (EMEA) | 101) | 86) | 87) | 69) | 63) | 64) |
| Asia-Pacific (APAC) | 180) | 198) | 202) | 148) | 129) | 123) |
| Total | 1,873) | 1,936) | 2,030) | 1,908) | 1,673) | 1,517) |
Based on: 10-K (reporting date: 2025-11-28), 10-K (reporting date: 2024-11-29), 10-K (reporting date: 2023-12-01), 10-K (reporting date: 2022-12-02), 10-K (reporting date: 2021-12-03), 10-K (reporting date: 2020-11-27).
The geographic distribution of property and equipment, net, demonstrates a clear concentration within the Americas, specifically the United States, over the analyzed period. While total property and equipment, net, increased from 2020 to 2023, a slight decrease is observed in the most recent two years, 2024 and the projected 2025.
- United States
- The United States consistently represents the largest portion of property and equipment, net. Values increased from US$1,328 million in 2020 to US$1,740 million in 2023, representing a cumulative growth of approximately 31%. However, a subsequent decline is noted, with values decreasing to US$1,651 million in 2024 and a projected US$1,591 million in 2025. This suggests a potential stabilization or reduction in capital expenditure within the United States.
- Americas (Total)
- The Americas region, encompassing the United States and “Other” Americas locations, mirrors the trend observed in the United States. Growth occurred between 2020 and 2023, followed by a decrease in 2024 and a projected decrease in 2025. The “Other” Americas consistently represents a negligible portion of the total, remaining at US$1-2 million annually.
- EMEA
- Europe, the Middle East, and Africa (EMEA) exhibited a more moderate, but consistent, growth pattern. Property and equipment, net, increased from US$64 million in 2020 to US$87 million in 2023, representing a growth of approximately 36%. This growth continued into 2024 (US$86 million) and is projected to reach US$101 million in 2025, indicating ongoing investment in this region.
- APAC
- The Asia-Pacific (APAC) region demonstrated the most significant proportional growth. Starting at US$123 million in 2020, property and equipment, net, increased to US$202 million in 2023, a growth of over 64%. While a slight decrease to US$198 million is projected for 2024, the region is still expected to maintain a substantial level of investment, with a projected value of US$180 million in 2025. This suggests a strategic focus on expansion within the APAC region.
Overall, the trend indicates a shift in investment focus. While the Americas remain the dominant region for property and equipment, net, the EMEA and APAC regions are experiencing growth, potentially reflecting a strategy to diversify geographic presence and capitalize on emerging markets. The recent decline in the Americas, coupled with continued growth in other regions, warrants further investigation to understand the underlying drivers and potential implications for future capital allocation.