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Arphra AIPlain-English read on Adobe Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $15.79B | $17.61B | $19.41B | $21.51B | $23.77B | $26.06B | $28.37B | $30.88B | $33.63B |
| Cost of revenue | $1.87B | $2.17B | $2.35B | $2.36B | $2.71B | $3.01B | $3.28B | $3.64B | $3.76B |
| Gross profit | $13.92B | $15.44B | $17.06B | $19.15B | $21.06B | $22.81B | $25.48B | $28.05B | $29.3B |
| Gross margin | +88.18% | +87.70% | +87.87% | +89.04% | +88.61% | +87.51% | +89.80% | +90.85% | +87.12% |
| Operating | |||||||||
| Research & development | $2.54B | $2.99B | $3.47B | $3.94B | $4.29B | $4.75B | $5.07B | $5.72B | $5.95B |
| Selling, general & administrative | $5.41B | $6.19B | $6.76B | $7.29B | $8.06B | $8.81B | $9.55B | $10.43B | $11.3B |
| Total operating expenses | $8.12B | $9.34B | $10.41B | $12.41B | $12.36B | $14.23B | $15.65B | $17.14B | $18.01B |
| Operating income | $5.8B | $6.1B | $6.65B | $6.74B | $8.71B | $9B | $9.95B | $10.42B | $11.65B |
| Operating margin | +36.76% | +34.64% | +34.26% | +31.35% | +36.63% | +34.54% | +35.07% | +33.76% | +34.65% |
| EBITDA | $6.68B | $7.06B | $7.78B | $7.96B | $9.75B | $10.43B | $10.84B | $12.35B | $13.42B |
| EBIT | $5.81B | $6.1B | $6.91B | $7.1B | $8.93B | $9.37B | $10.27B | $10.93B | $12.01B |
| Below the line | |||||||||
| Interest expense | $113M | $112M | $113M | $164M | $263M | $213.72M | $238.71M | $251M | $282.79M |
| Interest income | $17M | $61M | $269M | $341M | $0 | $262.68M | $276.51M | $307.16M | $340.8M |
| Other income / expense | -$97M | -$90M | $149M | $190M | $28M | — | — | — | — |
| Pre-tax income | $5.71B | $6.01B | $6.8B | $6.93B | $8.73B | $8.86B | $9.57B | $10.91B | $11.76B |
| Income tax expense | $883M | $1.25B | $1.37B | $1.37B | $1.6B | $1.77B | $1.93B | $2.13B | $2.29B |
| Earnings | |||||||||
| Net income | $4.82B | $4.76B | $5.43B | $5.56B | $7.13B | $7.19B | $8.05B | $8.67B | $9.2B |
| Net income · continuing ops | $4.82B | $4.76B | $5.43B | $5.56B | $7.13B | $7.19B | $7.94B | $8.79B | $9.22B |
| Net margin | +30.55% | +27.01% | +27.97% | +25.85% | +30.00% | +27.59% | +28.39% | +28.09% | +27.35% |
| EPS · basic | $10.10 | $10.13 | $11.88 | $12.44 | $16.73 | $23.91 | $26.57 | $29.71 | $31.38 |
| EPS · diluted | $10.02 | $10.10 | $11.83 | $12.36 | $16.70 | $23.53 | $26.42 | $29.70 | $30.88 |
| EPS · low estimate | — | — | — | — | — | $23.34 | $25.48 | $27.26 | $30.06 |
| EPS · high estimate | — | — | — | — | — | $24.03 | $27.79 | $34.00 | $32.74 |
| Shares · basic | 477M | 470M | 457M | 447.1M | 426M | 423.1M | 426.08M | 423.83M | 424.75M |
| Shares · diluted | 481M | 471M | 459M | 450M | 427M | 426.95M | 429.93M | 428.62M | 429.54M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 29 | 29 | 16 | 8 |
| Analysts (EPS) | — | — | — | — | — | 22 | 23 | 8 | 3 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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