ADOBE INC.
For the period ended Nov 28, 2025. Filed Jan 15, 2026.
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FY2025 · Filed Jan 15, 2026
ADBE$236.70-0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
| Years Ended | |||
|---|---|---|---|
| November 28,2025 | November 29,2024 | December 1,2023 | |
| Cash flows from operating activities: | |||
| Net income | $7,130 | $5,560 | $5,428 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation, amortization and accretion | 818 | 857 | 872 |
| Stock-based compensation | 1,942 | 1,833 | 1,718 |
| Lease-related asset impairments | — | 78 | — |
| Deferred income taxes | (512) | (468) | (426) |
| Other non-cash items | 48 | 52 | 65 |
| Changes in operating assets and liabilities, net of acquired assets and assumed liabilities: | |||
| Trade receivables, net | (275) | 143 | (159) |
| Prepaid expenses and other assets | (90) | (616) | (818) |
| Trade payables | 64 | 44 | (49) |
| Accrued expenses and other liabilities | 180 | 196 | 146 |
| Income taxes payable | (45) | 68 | (11) |
| Deferred revenue | 771 | 309 | 536 |
| Net cash provided by operating activities | 10,031 | 8,056 | 7,302 |
| Cash flows from investing activities: | |||
| Purchases of short-term investments | (2,034) | (59) | — |
| Maturities of short-term investments | 1,168 | 486 | 965 |
| Proceeds from sales of short-term investments | 6 | 11 | 223 |
| Acquisitions, net of cash acquired | (17) | — | — |
| Purchases of property and equipment | (179) | (183) | (360) |
| Purchases of long-term investments, intangibles and other assets | (134) | (108) | (53) |
| Other investing activities, net | 3 | 2 | 1 |
| Net cash provided by (used for) investing activities | (1,187) | 149 | 776 |
| Cash flows from financing activities: | |||
| Repurchases of common stock | (11,281) | (9,500) | (4,400) |
| Proceeds from re-issuance of treasury stock | 348 | 361 | 314 |
| Taxes paid related to net share settlement of equity awards | (475) | (677) | (589) |
| Proceeds from issuance of debt | 1,997 | 1,997 | — |
| Repayment of debt | (1,500) | — | (500) |
| Other financing activities, net | (149) | 95 | (7) |
| Net cash used for financing activities | (11,060) | (7,724) | (5,182) |
| Effect of foreign currency exchange rates on cash and cash equivalents | 34 | (9) | 9 |
| Net change in cash and cash equivalents | (2,182) | 472 | 2,905 |
| Cash and cash equivalents at beginning of year | 7,613 | 7,141 | 4,236 |
| Cash and cash equivalents at end of year | $5,431 | $7,613 | $7,141 |
| Supplemental disclosures: | |||
| Cash paid for income taxes, net of refunds | $2,219 | $1,727 | $1,854 |
| Cash paid for interest | $246 | $143 | $106 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.