Adobe Inc.

ADBENASDAQTechnology● Active

$251.44

$-7.01(-2.71%)

Market Cap$101.6B

P/E Ratio—

52W High$421.48

52W Low$224.13

Avg Volume5.6M

Open$259.28

Beta1.40

Overview

Adobe Inc. (ADBE) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

ADBE · free cash flow · updated Jun 8, 2026

Core FCF metrics

ADBE · FCF · TTM · margin & CAGR

Free cash flow was $9.85B for FY2025 (fiscal year ending 2025-11-28), up 25.9% year-over-year The FCF margin was 41.5%. Five-year CAGR stands at +13.2%.

FY2025 Free Cash Flow$9.85B▲ +25.9% YoY

Trailing 12M (TTM)$10.32Btrailing 4 quarters sum

FCF Margin41.5%$9.85B ÷ revenue

3-Year CAGR+10.0%FY2022 → FY2025

5-Year CAGR+13.2%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

ADBE · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$10.03B(179M)$9.85B▲ +25.9%41.5%

FY2024$8.06B(232M)$7.82B▲ +12.7%36.4%

FY2023$7.30B(360M)$6.94B▼ 6.1%35.8%

FY2022$7.84B(442M)$7.40B▲ +7.3%42.0%

FY2021$7.23B(330M)$6.89B▲ +29.9%43.7%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

ADBE · P/FCF · FCF yield · FCF per share

Adobe Inc. (ADBE) trades at a FCF yield of 10.15% and a price-to-free-cash-flow ratio of 10.4x. FCF per share stands at $24.22, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

10.15%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$24.22

TTM FCF ÷ Shares Outstanding

Price / FCF

x10.4

Share Price ÷ FCF per Share

EV / FCF (TTM)

x9.9

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-11-28

Cash flow statement summary

ADBE · cash flow statement · operating / investing / financing

For FY2025, Adobe Inc. generated $10.03B in operating cash flow and spent 179M in capital expenditures, yielding $9.85B in free cash flow.

Operating Activities

+$10.03B

Cash from core business operations

2025-11-28

Investing Activities

−$1.19B

CapEx, acquisitions & investments

2025-11-28

Financing Activities

−$11.06B

Buybacks, dividends & debt

2025-11-28

FCF FormulaOperating CF ($10.03B) − |CapEx| (179M) = FCF ($9.85B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Technology)

ADBE vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Adobe Inc.YOU

ADBE

$9.85B+25.9%41.4%

Taiwan Semiconductor Manufacturing Company Limited

Microsoft Corporation

Technology · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Adobe Inc. (ADBE) reported free cash flow of $9.85B for FY2025 (fiscal year ending 2025-11-28), up 25.9% year-over-year. The FCF margin was 41.5%.

Based on available data, Adobe Inc. has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $9.85B in FY2025. The 5-year CAGR stands at +13.2%.

Adobe Inc.'s FCF yield is 10.15% and price-to-FCF ratio is 10.4x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

ADBE free cash flow · 8 questions

Adobe Inc. free cash flow was $9.85B for FY2025, up 25.9% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $10.32B.

ADBE free cash flowADBE FCFADBE FCF 2025ADBE free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Adobe Inc. · Adobe Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026