Adobe Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Nov 2025, Subscription was 96% and Services and other was 2% of revenue; Subscription rose from 94% in the fiscal year to Nov 2023.

In the fiscal year to Nov 2025, United States was 53% and EMEA was 26% of revenue.

Quarters: Adobe Inc.'s SEC filings, named by the month they end. Fiscal years: Adobe Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $30.0 ends up as net income. Net margin rose from 27.0% to 30.0% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: Adobe Inc.'s annual reports to the SEC; quarters: SEC filings.

Growth and margins together

Rule of 40 score 53.7 (growth 12.9% + FCF margin 40.8%): strong, clears the 40 line. Stock pay is 8.0% of revenue; counted as a cost, it brings the FCF margin down to 32.8%.

Adobe trades at 3.6× revenue on 12.9% growth. SNOW grows fastest of its peers, 35.1%, and costs 19.4×.

Growth: revenue in the quarter ended Aug 2026 against the quarter ended Aug 2025. FCF margin: operating cash flow minus capex, over revenue, for the 4 quarters ended Aug 2026. From SEC filings.

Customers and suppliers

1 company names Adobe in its latest annual report.

Named in other companies’ filings

IBM IBMcalls it a partner · Strategic partnership delivering client solutions

Named in other companies' filings: those whose own latest annual report or an 8-K since names Adobe. Hover a name for the filing's own words.

Is it expensive?

EV/revenue of 3.6x, below the peer median of 7.0x.

EV/revenue below the peer median of 7.0x: cheaper than its peers.

Compared on enterprise value (market cap plus debt minus cash) per $1 of revenue: for companies that reinvest what they earn or borrow to grow (software, AI data centers), P/E can mislead.

What analysts expect

The average analyst price target is $267, 12% above the current price; 23% of 39 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 9 analysts (23%). Sell or Strong Sell: 7.

Over the past year the average of the analysts' latest price targets went from $436.18 to $259.23 (−41%), while ADBE went from $333.60 to $238.54 (−28%). In the past three months targets were raised 13 times and cut 6 times. 1 upgrade and 16 downgrades over the year; the latest: Citigroup moved it to Sell from Neutral on Nov 4, 2026.

The day after each of these reports the stock moved +1.8% (Nov 2025, beat); −8.9% (Feb 2026, beat); −12.6% (May 2026, beat); −1.0% (Aug 2026, beat).

For the quarter ending Nov 2026 (Adobe reports on Dec 9, 2026), analysts expect adjusted earnings of $6.33 a share, 15% more than the $5.50 of a year earlier, and revenue of $6.8B, up 10% on a year earlier. For the fiscal year ending Nov 2027, they expect adjusted earnings of $27.41 a share, 12% more than the year before's estimate of $24.48, and revenue of $29.0B, up 9% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $10.6B in free cash flow over the year, of which $9.3B went back to shareholders (dividends plus buybacks), leaving $1.3B in the company.

Adobe had 396M diluted shares in the quarter ended Aug 2026, 6.7% fewer than a year earlier, and 3.2% fewer each year on average since May 2020. It spent $9.3B on buybacks over the last four quarters. Over the last four quarters its earnings per share rose 11.7% and its net income rose 4.7%: fewer shares added about 7 points.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 1.0, short-term debt coverage is tight; debt-to-equity 0.5, debt is moderate.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 1 member of Congress and 8 funds whose copy leaves ADBE out (on the exchange, not in the app yet): Patient Capital Management, Rob Bresnahan, Swiss National Bank, Canada Pension Plan Investment Board, Mirae Asset Global Investments, Norges Bank and 3 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 16 held ADBE at the end of their latest quarter (for most, Q2 2026). Over that quarter 7 added shares, 7 cut, 2 bought new and 3 sold all. The largest of them is Norges Bank, 4.97M shares worth $1.0B at Jun 30, 2026, 23.5% fewer than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of ADBE at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors bought $1.9M and sold $50.7M of ADBE on the open market in the 12 months to Nov 10, 2026. The largest was Shantanu Narayen (Chair and CEO; director), who sold $49.6M in 15 sales.

From the Form 4s filed with the SEC about Adobe Inc. (64 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 261 other transactions (option exercises, shares withheld for tax and gifts).