← Research LibraryADBEADOBE INC. · FY2025 10-K · figures checked against SEC

Margins and cash flow improved as the product story reset around Firefly and AI workflows.

AnalystBook Intelligence · FY2025 10-K✓ Figures checked against SEC

Growth — +11% revenue to $23.8BOK
Profitability — $8.7B operating income; 36.6% marginOK
Cash quality — $9.9B FCF on $179M capexOK
Balance sheet — $6.6B cash+STI vs $6.2B long-term debtOK
Accounting — Distress-safe · no manipulation flag · clean auditOK
AI transition — Firefly, Acrobat AI, and GenStudio are now core product languageNote

Business

Adobe sells creative, document, and digital-experience software, mostly through subscription and cloud models. Digital Media includes Creative Cloud, Acrobat, Express, and Firefly; Digital Experience includes Experience Platform, GenStudio, Workfront, Commerce, and Journey Optimizer.

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✦ What changed🔒
Insider signal🔒
Growth quality🔒
Margins & accounting🔒
Capital allocation🔒
Real risks🔒
The long arc🔒
✦ Company history🔒
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Every figure in the brief links to the filing paragraph it came from, and a brief whose figures don't match SEC data is rejected before publication.

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