Adobe Inc. (ADBE) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|
| Cash from Operations | 2.51B | 2.96B | 3.16B | 2.2B | 2.19B | 2.48B | 2.92B | 2.02B | 1.94B | 1.17B | 1.6B | 1.87B | 2.14B | 1.69B | 2.33B | 1.7B | 2.04B | 1.77B | 2.07B | 1.42B |
| Operating CF Margin % | 37.96% | 46.23% | 51.02% | 36.71% | 37.31% | 43.44% | 52.1% | 37.37% | 36.54% | 22.66% | 31.64% | 38.3% | 44.41% | 36.37% | 51.38% | 38.44% | 46.51% | 41.51% | 50.27% | 35.96% |
| Operating CF Growth % | 14.65% | 19.18% | 8.18% | 8.76% | 12.94% | 111.41% | 82.91% | 7.9% | -9.3% | -30.66% | -31.31% | 9.92% | 4.85% | -4.3% | 12.54% | 20.42% | 2.62% | -0.17% | 15.94% | -1.46% |
| Net Income | 1.71B | 1.89B | 1.86B | 1.77B | 1.69B | 1.81B | 1.68B | 1.68B | 1.57B | 620M | 1.48B | 1.4B | 1.29B | 1.25B | 1.18B | 1.14B | 1.18B | 1.27B | 1.23B | 1.21B |
| Depreciation & Amortization | 193M | 174M | 184M | 208M | 209M | 217M | 218M | 213M | 214M | 212M | 222M | 218M | 220M | 212M | 215M | 216M | 212M | 213M | 205M | 193M |
| Stock-Based Compensation | 534M | 509M | 489M | 497M | 481M | 475M | 441M | 474M | 467M | 451M | 427M | 442M | 433M | 416M | 388M | 378M | 352M | 322M | 269M | 280M |
| Deferred Taxes | 47M | 64M | -121M | -103M | -119M | -169M | -127M | -103M | -122M | -116M | -3M | -5M | -5M | -49M | 46M | 85M | 68M | 129M | 63M | -90M |
| Other Non-Cash Items | 126M | 46M | 11M | 2M | 18M | 17M | 89M | 12M | 23M | 6M | -129M | -87M | -102M | 19M | 18M | 33M | 30M | 41M | 31M | 14M |
| Working Capital Changes | -100M | 276M | 741M | -178M | -89M | 131M | 617M | -259M | -215M | 1M | -403M | -98M | 298M | -152M | 482M | -144M | 200M | -202M | 265M | -194M |
| Change in Receivables | 620M | 252M | -250M | -359M | 237M | 97M | -271M | -190M | 438M | 166M | -376M | -168M | 116M | 269M | -344M | -141M | 96M | 191M | -325M | -66M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 378M | 186M | -142M | 0 | 0 | 0 | 0 | 0 | 0 | 47M |
| Change in Payables | 12M | 3M | 87M | -30M | 35M | -28M | 42M | -43M | 57M | -12M | -2M | -18M | 26M | -55M | 55M | -49M | 54M | 6M | -38M | 19M |
| Cash from Investing | -1.77B | 474M | -146M | -279M | -278M | -484M | 19M | -47M | 111M | 66M | 153M | 145M | 322M | 156M | -69M | -103M | -138M | -260M | -1.74B | -133M |
| Capital Expenditures | -58M | -37M | -34M | -72M | -47M | -26M | -48M | -8M | -41M | -37M | -47M | -91M | -121M | -101M | -91M | -125M | -126M | -100M | -99M | -95M |
| CapEx % of Revenue | 0.88% | 0.58% | 0.55% | 1.2% | 0.8% | 0.46% | 0.86% | 0.15% | 0.77% | 0.71% | 0.93% | 1.86% | 2.51% | 2.17% | 2.01% | 2.82% | 2.87% | 2.35% | 2.41% | 2.41% |
| Acquisitions | -1.56B | 0 | 0 | -17M | 0 | 0 | 0 | 0 | 0 | 0 | -200M | 0 | 0 | 0 | 0 | -22M | -20M | -106M | -1.21B | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -60M | 1M | 3M | -441M | -113M | 0 | -109M | -51M | 0 | 0 | 200M | 0 | -447M | 0 | 0 | 22M | 0 | 0 | 0 | -214M |
| Cash from Financing | -4.48B | -2.54B | -2.56B | -1.88B | -3.79B | -2.84B | -2.5B | -2.45B | -642M | -2.13B | -1.22B | -871M | -1.08B | -2.01B | -1.91B | -1.06B | -1.25B | -2.6B | -1.08B | -899M |
| Debt Issued (Net) | 493M | 0 | 0 | 0 | 0 | 497M | -2B | 0 | 2B | 0 | 0 | 0 | 0 | -500M | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -4.8B | -2.52B | -2.57B | -1.92B | -3.5B | -3.15B | -2.65B | -2.24B | -2.5B | -1.9B | -1B | -756M | -999M | -1.33B | -1.82B | -1.01B | -1.3B | -2.31B | -999M | -797M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -4.88B | -2.48B | -2.47B | -2.06B | -3.5B | -3.25B | -2.5B | -2.5B | -2.5B | -2B | -1B | -1B | -1B | -1.4B | -1.82B | -1.2B | -1.2B | -2.4B | -1B | -1B |
| Other Financing | -173M | -27M | 13M | 39M | -288M | -184M | 2.15B | -217M | -139M | -225M | -217M | -115M | -81M | -183M | -94M | -47M | 51M | -295M | -79M | -102M |
| Net Change in Cash | -3.74B | 901M | 449M | 51M | -1.83B | -855M | 420M | -467M | 1.41B | -887M | 540M | 1.15B | 1.38B | -164M | 366M | 505M | 626M | -1.1B | -779M | 373M |
| Free Cash Flow | 2.45B | 2.92B | 3.13B | 2.13B | 2.14B | 2.46B | 2.87B | 1.96B | 1.89B | 1.1B | 1.55B | 1.78B | 2.02B | 1.59B | 2.23B | 1.58B | 1.91B | 1.67B | 1.97B | 1.32B |
| FCF Margin % | 37.08% | 45.65% | 50.47% | 35.5% | 36.51% | 42.98% | 51.25% | 36.32% | 35.56% | 21.21% | 30.71% | 36.44% | 41.9% | 34.2% | 49.37% | 35.62% | 43.64% | 39.16% | 47.86% | 33.55% |
| FCF Growth % | 14.46% | 18.93% | 8.81% | 8.25% | 13.56% | 123.48% | 85.35% | 10.21% | -6.44% | -30.97% | -30.62% | 12.86% | 5.43% | -4.61% | 13.57% | 19.62% | 1.11% | -2.57% | 17.15% | 0.76% |
| FCF per Share | 6.10 | 7.11 | 7.50 | 4.94 | 4.95 | 5.61 | 6.49 | 4.38 | 4.19 | 2.41 | 3.38 | 3.88 | 4.40 | 3.46 | 4.79 | 3.37 | 4.05 | 3.51 | 4.10 | 2.74 |
| FCF Conversion (FCF/Net Income) | 1.47x | 1.57x | 1.70x | 1.24x | 1.30x | 1.37x | 1.74x | 1.20x | 1.23x | 1.89x | 1.08x | 1.33x | 1.65x | 1.36x | 1.98x | 1.50x | 1.73x | 1.40x | 1.68x | 1.17x |
| Interest Paid | 122M | 79M | 50M | 81M | 67M | 48M | 49M | 46M | 1M | 47M | 3M | 47M | 1M | 55M | 2M | 51M | 0 | 50M | 0 | 50M |
| Taxes Paid | 1.09B | 125M | 514M | 523M | 1B | 182M | 338M | 488M | 696M | 205M | 1.26B | 155M | 221M | 214M | 292M | 226M | 201M | 59M | 254M | 312M |