Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Adobe Inc., consolidated income statement

US$ in millions

12 months ended:	Dec 1, 2023	Dec 2, 2022	Dec 3, 2021	Nov 27, 2020	Nov 29, 2019	Nov 30, 2018
Subscription	18,284)	16,388)	14,573)	11,626)	9,994)	7,922)
Product	460)	532)	555)	507)	648)	622)
Services and other	665)	686)	657)	735)	529)	486)
Revenue	19,409)	17,606)	15,785)	12,868)	11,171)	9,030)
Subscription	(1,822)	(1,646)	(1,374)	(1,108)	(1,223)	(807)
Product	(29)	(35)	(41)	(36)	(40)	(46)
Services and other	(503)	(484)	(450)	(578)	(411)	(342)
Cost of revenue	(2,354)	(2,165)	(1,865)	(1,722)	(1,673)	(1,195)
Gross profit	17,055)	15,441)	13,920)	11,146)	9,499)	7,835)
Research and development	(3,473)	(2,987)	(2,540)	(2,188)	(1,930)	(1,538)
Sales and marketing	(5,351)	(4,968)	(4,321)	(3,591)	(3,244)	(2,621)
General and administrative	(1,413)	(1,219)	(1,085)	(968)	(881)	(745)
Amortization of intangibles	(168)	(169)	(172)	(162)	(175)	(91)
Operating expenses	(10,405)	(9,343)	(8,118)	(6,909)	(6,230)	(4,995)
Operating income	6,650)	6,098)	5,802)	4,237)	3,268)	2,840)
Interest expense	(113)	(112)	(113)	(116)	(157)	(89)
Realized investment gains	6)	11)	9)	5)	46)	6)
Realized investment losses	—)	(1)	—)	(1)	—)	—)
Unrealized investment gains (losses), net	10)	(29)	7)	9)	6)	(3)
Investment gains (losses), net	16)	(19)	16)	13)	52)	3)
Interest income	269)	61)	17)	43)	68)	93)
Foreign exchange gains (losses)	(17)	(21)	(17)	(2)	(26)	(43)
Realized gains on fixed income investments	—)	—)	—)	1)	—)	1)
Realized losses on fixed income investments	(7)	—)	—)	—)	—)	(11)
Other	1)	1)	—)	—)	—)	—)
Other income (expense), net	246)	41)	—)	42)	42)	40)
Non-operating income (expense), net	149)	(90)	(97)	(61)	(63)	(46)
Income before income taxes	6,799)	6,008)	5,705)	4,176)	3,205)	2,794)
(Provision for) benefit from income taxes	(1,371)	(1,252)	(883)	1,084)	(253)	(203)
Net income	5,428)	4,756)	4,822)	5,260)	2,951)	2,591)

Based on: 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), 10-K (reporting date: 2019-11-29), 10-K (reporting date: 2018-11-30).

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Income statement item	Description	The company
Revenue	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Adobe Inc. revenue increased from 2021 to 2022 and from 2022 to 2023.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Adobe Inc. operating income increased from 2021 to 2022 and from 2022 to 2023.
Income before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Adobe Inc. income before income taxes increased from 2021 to 2022 and from 2022 to 2023.
Net income	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Adobe Inc. net income decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Adobe Inc. (NASDAQ:ADBE)

Income Statement