ADOBE INC. FY 2025 10-K, explained in plain English
Key financials — as reported
| Total revenue | $23.8B |
| Gross margin | 89.3% |
| Operating income | $8.7B |
| Net income | $7.1B |
| Diluted EPS | $16.70 |
| Cash & equivalents | $5.4B |
| Total assets | $29.5B |
| Long-term debt | $6.2B |
Key takeaway
Adobe reported total revenue of $23.8 billion with a strong 89.3% gross margin and 36.6% operating margin, generating $7.1 billion in net income and $16.70 diluted EPS.
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Beneath the surface
Net debt is negligible (cash plus short-term securities of $6.6B exceed long-term debt of $6.2B), but goodwill and finite intangibles of $13.4B represent 45% of total assets, concentrating impairment risk if AI product adoption or customer retention falls short of current execution.
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This is the free preview. The full analysis explains every line item above and includes 6 more findings — plus insider trades, activist stakes, and 8-K events for ADBE.
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