Cash Flow Statement

Operating Cash Flow

+28%

+75%

10Y

Currency: USD

	Mar-2002	May-2002	Aug-2002	Nov-2002	Feb-2003	May-2003	Aug-2003	Nov-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Aug-2007	Nov-2007	Feb-2008	May-2008	Aug-2008	Nov-2008	Feb-2009	May-2009	Aug-2009	Nov-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Aug-2012	Nov-2012	Mar-2013	May-2013	Aug-2013	Nov-2013	Feb-2014	May-2014	Aug-2014	Nov-2014	Feb-2015	May-2015	Aug-2015	Nov-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Aug-2018	Nov-2018	Mar-2019	May-2019	Aug-2019	Nov-2019	Feb-2020	May-2020	Aug-2020	Nov-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	May-2024	Aug-2024	Nov-2024	Feb-2025	May-2025	Aug-2025	Nov-2025
Operating Cash Flow
Net Income	186	179	186	191	196	206	223	266	335	380	420	450	479	520	560	603	556	529	479	506	545	574	685	724	799	862	848	872	809	720	664	387	357	380	474	775	882	963	928	833	783	778	784	833	713	565	447	290	272	284	246	268	306	365	495	630	799	896	992	1 169	1 313	1 443	1 592	1 694	1 879	2 167	2 414	2 591	2 682	2 651	2 778	2 951	3 232	3 700	3 862	5 260	5 566	5 582	5 839	4 822	4 827	4 889	4 813	4 756	4 737	4 854	5 121	5 428	4 801	5 079	5 360	5 560	6 751	6 869	6 957	7 130
Depreciation & Amortization	56	58	61	63	62	58	53	49	50	53	56	82	83	84	87	83	146	211	267	308	298	305	313	315	316	298	281	270	270	266	265	282	282	292	302	293	290	282	273	270	274	284	294	300	307	310	318	321	322	319	317	314	316	324	331	339	341	340	336	332	331	328	327	326	322	316	321	346	415	484	548	737	780	822	863	757	765	771	773	788	805	823	846	856	855	863	865	872	872	866	861	857	862	857	852	818
Change in Deffered Taxes	(18)	(16)	(9)	(5)	(2)	9	30	36	54	67	68	46	(33)	(47)	(42)	(7)	89	82	41	(4)	(43)	(22)	(33)	58	93	112	113	47	37	(3)	35	50	(135)	(148)	(150)	(172)	14	35	55	51	86	81	83	89	41	50	48	30	11	16	(19)	(26)	(18)	(56)	(66)	(70)	(18)	7	22	24	28	26	28	52	(440)	(401)	(414)	(469)	(56)	(80)	(53)	3	(71)	(252)	(280)	(1 501)	(1 291)	(1 026)	(1 097)	183	195	170	345	328	150	(37)	(230)	(426)	(493)	(496)	(491)	(341)	(394)	(391)	(391)	0
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	171	32	70	109	150	160	170	178	172	175	168	161	168	186	206	216	231	238	252	268	286	287	283	298	299	311	319	320	329	328	332	334	334	335	337	340	336	344	345	343	349	355	386	422	454	492	521	560	610	659	718	755	788	820	843	879	909	952	985	1 033	1 069	1 131	1 223	1 321	1 440	1 534	1 615	1 679	1 718	1 753	1 787	1 819	1 833	1 857	1 871	1 894	1 942
Other Non-Cash Items	133	121	68	61	67	51	45	55	49	47	55	96	120	131	135	86	108	128	165	242	256	304	344	113	102	65	55	218	231	218	171	215	243	273	280	241	216	220	248	296	283	266	261	266	286	331	342	345	349	330	335	336	326	328	332	306	326	331	326	355	360	386	420	451	484	514	561	618	631	692	720	754	856	910	984	1 025	1 060	1 069	1 096	1 145	1 227	1 339	1 456	1 562	1 634	1 697	1 744	1 783	1 805	1 850	1 878	1 836	1 871	1 880	1 893	1 479
Cash Taxes Paid	35	34	36	33	19	17	14	19	31	81	66	61	46	(2)	55	79	0	87	50	37	48	49	51	55	56	61	146	126	118	149	76	105	155	246	313	389	351	245	200	158	193	200	225	201	200	174	148	130	96	89	0	20	37	40	82	203	213	217	250	250	261	265	353	397	401	422	327	210	231	245	301	352	346	361	321	469	515	630	858	843	811	826	740	778	933	953	882	1 854	1 845	2 320	2 653	1 389	1 366	1 670	1 705	0
Cash Interest Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	5	2	10	10	6	9	2	4	3	34	35	64	64	64	64	66	66	66	66	64	65	65	65	65	64	62	69	54	61	56	56	65	66	65	66	65	66	68	69	71	73	71	81	106	122	144	152	139	112	115	88	100	100	100	100	100	100	101	103	108	109	105	106	98	98	97	94	95	161	196	0
Change in Working Capital	31	17	17	19	49	66	90	27	51	11	22	30	34	20	(20)	(6)	(128)	(110)	(93)	(151)	(62)	(63)	23	230	259	219	45	(126)	(99)	(24)	67	184	264	205	151	(23)	(218)	(176)	(147)	92	99	176	100	12	161	101	155	165	127	202	325	396	289	362	322	264	336	229	282	320	401	406	409	391	928	906	872	943	382	439	161	(23)	(63)	(372)	(108)	186	74	582	335	292	173	58	119	336	386	484	530	(355)	(202)	(715)	(876)	144	274	400	481	604
Cash from Operating Activities	388 N/A	358 -8%	322 -10%	329 +2%	371 +13%	390 +5%	440 +13%	433 -2%	539 +24%	558 +4%	622 +11%	705 +13%	683 -3%	707 +4%	720 +2%	758 +5%	772 +2%	841 +9%	859 +2%	900 +5%	994 +10%	1 099 +11%	1 332 +21%	1 441 +8%	1 569 +9%	1 556 -1%	1 342 -14%	1 281 -5%	1 247 -3%	1 177 -6%	1 202 +2%	1 118 -7%	1 012 -9%	1 001 -1%	1 056 +5%	1 113 +5%	1 185 +6%	1 323 +12%	1 357 +3%	1 543 +14%	1 526 -1%	1 584 +4%	1 523 -4%	1 500 -2%	1 507 +1%	1 358 -10%	1 310 -4%	1 152 -12%	1 081 -6%	1 150 +6%	1 203 +5%	1 287 +7%	1 219 -5%	1 323 +9%	1 415 +7%	1 470 +4%	1 784 +21%	1 801 +1%	1 959 +9%	2 200 +12%	2 433 +11%	2 589 +6%	2 775 +7%	2 913 +5%	3 172 +9%	3 504 +10%	3 755 +7%	4 029 +7%	4 053 +1%	4 186 +3%	4 153 -1%	4 422 +6%	4 733 +7%	4 808 +2%	5 321 +11%	5 727 +8%	6 174 +8%	6 978 +13%	6 946 0%	7 230 +4%	7 227 0%	7 279 +1%	7 579 +4%	7 838 +3%	7 762 -1%	7 861 +1%	8 030 +2%	7 302 -9%	6 783 -7%	6 584 -3%	6 732 +2%	8 056 +20%	9 364 +16%	9 615 +3%	9 792 +2%	10 031 +2%
Investing Cash Flow
Capital Expenditures	(39)	(31)	(29)	(32)	(33)	(38)	(38)	(39)	(46)	(47)	(54)	(63)	(60)	(57)	(60)	(49)	(49)	(60)	(61)	(83)	(120)	(124)	(137)	(132)	(110)	(109)	(117)	(112)	(101)	(89)	(108)	(120)	(129)	(169)	(149)	(170)	(177)	(164)	(191)	(210)	(229)	(252)	(264)	(271)	(280)	(266)	(235)	(188)	(158)	(139)	(147)	(148)	(154)	(163)	(157)	(185)	(196)	(214)	(220)	(204)	(189)	(190)	(189)	(178)	(242)	(232)	(242)	(267)	(237)	(337)	(363)	(394)	(423)	(374)	(410)	(419)	(384)	(383)	(352)	(348)	(389)	(420)	(450)	(442)	(443)	(438)	(404)	(360)	(296)	(216)	(182)	(183)	(172)	(178)	(193)	(179)
Other Items	(1)	(133)	(246)	(111)	(143)	(214)	(256)	(538)	(565)	(454)	(393)	(288)	(367)	(523)	(517)	(300)	215	447	509	278	(282)	(143)	(220)	214	831	609	406	(193)	(664)	(824)	(597)	(1 378)	(1 445)	(1 669)	(1 899)	(990)	(869)	(503)	(510)	(547)	(871)	(894)	(701)	(564)	(563)	(764)	(1 072)	(989)	(669)	(501)	(266)	(342)	(940)	(823)	(1 123)	(1 303)	(853)	(1 048)	(883)	(756)	(852)	(686)	(417)	(265)	45	190	(1 284)	(4 419)	(4 487)	(4 444)	(3 063)	(61)	52	72	(41)	5	(1 540)	(1 728)	(1 577)	(3 189)	(1 850)	(1 850)	(1 790)	(128)	289	744	958	1 136	982	691	465	332	(229)	(612)	(829)	(1 008)
Cash from Investing Activities	(40) N/A	(164) -310%	(275) -68%	(142) +48%	(176) -24%	(252) -43%	(294) -17%	(578) -96%	(612) -6%	(501) +18%	(447) +11%	(351) +21%	(428) -22%	(580) -36%	(577) +0%	(348) +40%	166 N/A	387 +133%	449 +16%	195 -56%	(402) N/A	(267) +34%	(357) -34%	82 N/A	721 +784%	500 -31%	290 -42%	(305) N/A	(765) -151%	(914) -19%	(705) +23%	(1 497) -112%	(1 574) -5%	(1 837) -17%	(2 048) -11%	(1 159) +43%	(1 046) +10%	(667) +36%	(701) -5%	(757) -8%	(1 100) -45%	(1 146) -4%	(965) +16%	(835) +13%	(843) -1%	(1 029) -22%	(1 307) -27%	(1 178) +10%	(826) +30%	(640) +23%	(413) +35%	(491) -19%	(1 095) -123%	(986) +10%	(1 280) -30%	(1 488) -16%	(1 049) +30%	(1 261) -20%	(1 103) +13%	(960) +13%	(1 040) -8%	(876) +16%	(606) +31%	(443) +27%	(198) +55%	(43) +78%	(1 526) -3 488%	(4 685) -207%	(4 723) -1%	(4 781) -1%	(3 426) +28%	(456) +87%	(372) +18%	(302) +19%	(451) -50%	(414) +8%	(1 924) -365%	(2 111) -10%	(1 929) +9%	(3 537) -83%	(2 239) +37%	(2 270) -1%	(2 240) +1%	(570) +75%	(154) +73%	306 N/A	554 +81%	776 +40%	686 -12%	475 -31%	283 -40%	149 -47%	(401) N/A	(790) -97%	(1 022) -29%	(1 187) -16%
Financing Cash Flow
Net Issuance of Common Stock	(290)	(162)	(187)	(211)	(265)	(219)	(134)	129	145	44	(102)	(213)	(171)	(35)	171	(244)	(539)	(1 108)	(1 196)	(855)	(793)	(457)	(1 149)	(1 435)	(2 325)	(2 204)	(1 460)	(1 404)	(278)	(217)	(510)	(170)	(149)	(385)	(463)	(711)	(845)	(1 002)	(742)	(550)	(533)	(308)	(154)	(236)	(181)	(47)	(345)	(599)	(788)	(813)	(596)	(372)	(316)	(460)	(456)	(461)	(422)	(455)	(751)	(929)	(973)	(1 054)	(936)	(942)	(1 029)	(1 430)	(1 860)	(1 859)	(2 052)	(2 100)	(2 067)	(2 517)	(2 851)	(2 952)	(2 679)	(2 780)	(2 881)	(3 032)	(3 510)	(3 659)	(5 105)	(5 305)	(5 521)	(6 272)	(5 294)	(5 093)	(4 836)	(4 086)	(4 658)	(6 159)	(7 639)	(9 139)	(10 390)	(11 390)	(10 959)	(11 139)
Net Issuance of Debt	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	450	350	350	350	(100)	0	0	636	1 129	1 129	1 128	490	(6)	(7)	(10)	(10)	(10)	(11)	(6)	(7)	19	14	3	(0)	(28)	(24)	(17)	(15)	377	380	384	387	0	(0)	(0)	(0)	(0)	(1)	(1)	(2)	(2)	(2)	(2)	2 247	2 244	2 244	0	0	(6)	(6)	(6)	(6)	0	0	0	0	0	0	0	0	(500)	(500)	(500)	(500)	0	1 997	1 997	1 997	2 494	497	497	497
Cash Paid for Dividends	(12)	(12)	(12)	(12)	(12)	(12)	(12)	(12)	(12)	(12)	(12)	(12)	(12)	(9)	(6)	(3)	(0)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	19	48	76	108	90	97	86	85	83	57	54	32	32	23	8	12	9	10	11	6	9	17	15	10	10	4	5	8	7	4	3	40	(13)	(105)	(91)	(120)	(191)	(100)	(116)	(127)	(183)	(145)	(155)	(161)	(164)	(217)	(227)	(240)	(362)	(365)	(388)	(393)	(440)	(447)	(437)	(429)	(541)	(569)	(628)	(702)	(618)	(646)	(653)	(642)	(556)	(526)	(471)	(553)	(441)	(472)	(540)	(596)	(638)	(696)	(798)	(582)	(541)	(690)	(544)	(418)
Cash from Financing Activities	(302) N/A	(173) +43%	(199) -15%	(223) -12%	(277) -24%	(231) +17%	(145) +37%	117 N/A	133 +14%	32 -76%	(114) N/A	(225) -98%	(183) +18%	(44) +76%	165 N/A	(247) N/A	(520) -111%	(1 061) -104%	(1 120) -6%	(747) +33%	(702) +6%	(359) +49%	(1 063) -196%	(1 350) -27%	(1 791) -33%	(1 797) 0%	(1 055) +41%	(1 022) +3%	(346) +66%	(194) +44%	(502) -158%	478 N/A	989 +107%	754 -24%	676 -10%	(215) N/A	(842) -291%	(993) -18%	(736) +26%	(550) +25%	(532) +3%	(315) +41%	(155) +51%	(235) -52%	(155) +34%	(29) +81%	(339) -1 081%	(559) -65%	(829) -48%	(942) -14%	(704) +25%	(507) +28%	(130) +74%	(180) -39%	(189) -5%	(201) -6%	(604) -201%	(599) +1%	(905) -51%	(1 091) -20%	(1 138) -4%	(1 271) -12%	(1 165) +8%	(1 184) -2%	(1 394) -18%	(1 796) -29%	(2 250) -25%	(6) +100%	(248) -4 358%	(303) -22%	(256) +16%	(2 946) -1 052%	(3 395) -15%	(3 524) -4%	(3 314) +6%	(3 488) -5%	(3 499) 0%	(3 678) -5%	(4 163) -13%	(4 301) -3%	(5 661) -32%	(5 831) -3%	(5 992) -3%	(6 825) -14%	(6 235) +9%	(6 065) +3%	(5 876) +3%	(5 182) +12%	(5 296) -2%	(4 858) +8%	(6 440) -33%	(7 724) -20%	(8 437) -9%	(11 583) -37%	(11 006) +5%	(11 060) 0%
Change in Cash
Effect of Foreign Exchange Rates	(1)	1	1	1	3	4	2	4	3	1	2	4	2	0	2	(2)	0	5	3	4	2	4	2	2	8	2	(2)	(14)	(20)	(5)	2	15	14	(7)	(2)	12	13	27	35	4	8	0	(10)	5	(4)	(5)	(7)	(5)	1	3	(1)	(7)	(15)	(18)	(20)	(21)	(13)	(10)	(12)	(14)	(16)	(11)	3	9	17	6	(6)	(2)	(10)	(7)	(10)	(13)	(17)	(21)	2	3	13	17	2	(26)	(40)	(63)	(100)	(51)	(40)	(11)	23	9	9	3	17	(9)	(22)	29	25	34
Net Change in Cash	44 N/A	22 -52%	(151) N/A	(35) +77%	(79) -125%	(89) -14%	3 N/A	(23) N/A	64 N/A	91 +42%	63 -30%	133 +109%	75 -44%	84 +13%	310 +268%	162 -48%	418 +158%	172 -59%	191 +11%	352 +85%	(109) N/A	476 N/A	(85) N/A	174 N/A	507 +191%	261 -49%	575 +120%	(60) N/A	116 N/A	64 -45%	(2) N/A	113 N/A	441 +290%	(89) N/A	(318) -257%	(250) +22%	(689) -176%	(310) +55%	(45) +86%	240 N/A	(99) N/A	124 N/A	393 +218%	436 +11%	505 +16%	295 -42%	(343) N/A	(590) -72%	(572) +3%	(429) +25%	84 N/A	283 +236%	(21) N/A	139 N/A	(74) N/A	(241) -225%	118 N/A	(70) N/A	(62) +12%	135 N/A	238 +77%	431 +81%	1 007 +134%	1 295 +29%	1 598 +23%	1 671 +5%	(27) N/A	(663) -2 320%	(928) -40%	(905) +2%	462 N/A	1 007 +118%	949 -6%	961 +1%	1 558 +62%	1 828 +17%	764 -58%	1 206 +58%	856 -29%	(634) N/A	(713) -12%	(885) -24%	(753) +15%	392 N/A	1 333 +240%	2 091 +57%	2 731 +31%	2 905 +6%	2 182 -25%	2 204 +1%	592 -73%	472 -20%	504 +7%	(2 729) N/A	(2 211) +19%	(2 182) +1%
Free Cash Flow
Free Cash Flow	350 N/A	327 -6%	293 -10%	298 +2%	337 +13%	352 +4%	402 +14%	394 -2%	493 +25%	511 +4%	568 +11%	642 +13%	623 -3%	650 +4%	660 +1%	710 +7%	723 +2%	781 +8%	798 +2%	817 +2%	874 +7%	975 +12%	1 195 +23%	1 309 +10%	1 459 +11%	1 447 -1%	1 226 -15%	1 169 -5%	1 146 -2%	1 088 -5%	1 094 +1%	998 -9%	883 -12%	833 -6%	907 +9%	943 +4%	1 009 +7%	1 159 +15%	1 166 +1%	1 333 +14%	1 297 -3%	1 332 +3%	1 258 -6%	1 229 -2%	1 227 0%	1 093 -11%	1 075 -2%	963 -10%	924 -4%	1 011 +9%	1 056 +4%	1 139 +8%	1 064 -7%	1 160 +9%	1 258 +8%	1 285 +2%	1 588 +24%	1 588 0%	1 739 +10%	1 996 +15%	2 244 +12%	2 399 +7%	2 586 +8%	2 735 +6%	2 930 +7%	3 271 +12%	3 513 +7%	3 763 +7%	3 816 +1%	3 849 +1%	3 790 -2%	4 027 +6%	4 310 +7%	4 434 +3%	4 911 +11%	5 308 +8%	5 790 +9%	6 595 +14%	6 594 0%	6 882 +4%	6 838 -1%	6 859 +0%	7 129 +4%	7 396 +4%	7 319 -1%	7 423 +1%	7 626 +3%	6 942 -9%	6 487 -7%	6 368 -2%	6 550 +3%	7 873 +20%	9 192 +17%	9 437 +3%	9 599 +2%	9 852 +3%

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Cash Flow Statement

Cash Flow Statement
Adobe Inc

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Cash Flow Statement

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Cash Flow Statement
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