Adobe (ADBE) stock
Information Technology · Application Software
Adobe (ADBE) is an Application Software company in the Information Technology sector, headquartered in San Jose, California. As of October 23, 2026, ADBE closed at $263.82, a market capitalization of $102.68 billion, the 117th largest company in the S&P 500. Over the last twelve months it generated $25.97 billion in revenue (+13% year over year) and $10.59 billion in free cash flow. The stock trades at 14.7x trailing earnings and 9.6x forward earnings.
- 1-year total return: -25.5% (dividends reinvested)
- 5-year return: -16.3% a year
- 52-week range: $190.12 – $363.70
- Gross margin 89.3%, operating margin 34.8%
- FI Handbook report card: A- across 10 metrics
- 32nd largest of 75 Information Technology stocks in the S&P 500
ADBE price chart
1Y price change: -25.5% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| ADBE | +9.6% | -24.6% | -25.5% | -21.3% | -16.3% | +9.2% | +19.6% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1986.
ADBE key statistics
- Market cap
- $102.7B
- #117 in S&P 500
- P/E (TTM)
- 14.7x
- Forward P/E
- 9.6x
- EPS (TTM)
- $17.91
- Revenue (TTM)
- $26.0B
- +13%
- Free cash flow
- $10.6B
- Gross margin
- 89.3%
- Operating margin
- 34.8%
- Return on equity
- 61.9%
- Dividend yield
- None
- 52-week range
- $190.12 – $363.70
- Beta
- 1.42
- Price / sales
- 4.0x
- EV / EBITDA
- 10.5x
- Debt / equity
- 0.58x
- Employees
- 31,360
ADBE report card
A-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth12.9%B
- Gross margin89.3%A
- Operating margin34.8%A
- FCF margin40.8%A
- Return on equity61.9%A
- Net debt / EBITDA0.1xB
- Forward P/E9.6xA
- PEG ratio0.6xA
- Shareholder yield11.0%A
- Share count change / yr-2.5%A
Adobe financials
Revenue went from $5.9B in fiscal 2016 to $23.8B in fiscal 2025, growing 16.8% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.9B | $7.3B | $9.0B | $11.2B | $12.9B | $15.8B | $17.6B | $19.4B | $21.5B | $23.8B |
| Gross profit | $5.0B | $6.3B | $7.8B | $9.5B | $11.1B | $13.9B | $15.4B | $17.1B | $19.1B | $21.2B |
| Operating income | $1.5B | $2.2B | $2.8B | $3.3B | $4.2B | $5.8B | $6.1B | $6.7B | $6.7B | $8.7B |
| Net income | $1.2B | $1.7B | $2.6B | $3.0B | $5.3B | $4.8B | $4.8B | $5.4B | $5.6B | $7.1B |
| EPS (diluted) | $2.32 | $3.38 | $5.20 | $6.00 | $10.83 | $10.02 | $10.10 | $11.82 | $12.36 | $16.70 |
| Free cash flow | $2.0B | $2.7B | $3.8B | $4.0B | $5.3B | $6.9B | $7.4B | $6.9B | $7.9B | $9.9B |
| Buybacks | $1.1B | $1.1B | $2.0B | $2.8B | $3.0B | $4.0B | $6.5B | $4.4B | $9.5B | $11.3B |
| Diluted shares | 504.3M | 501.1M | 497.8M | 491.6M | 485.5M | 481.0M | 470.9M | 459.1M | 449.7M | 427.0M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into ADBE?
A reverse DCF asks what growth the current price requires. With an enterprise value of $103.8B and $10.6B of trailing free cash flow, Adobe needs to grow free cash flow about -6.7% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 13.2% a year over the last five years.
P/E ratio history
Current 15.8x vs. median 44.1x (10th–90th percentile 18.8x–107.9x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
ADBE analyst price targets
32 analysts' average 12-month target is $272.31 (+3% vs. $263.82). Targets range from $195.00 to $373.00. 23% rate it a buy.
ADBE earnings
Next report: December 9, 2026. Adobe has beaten EPS estimates 8 quarters in a row. Last quarter's revenue was $6.8B (+13% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Sep 10, 2026 | $6.09 | $6.13 | +0.7% |
| Jun 11, 2026 | $5.81 | $5.96 | +2.5% |
| Mar 12, 2026 | $5.87 | $6.06 | +3.2% |
| Dec 10, 2025 | $5.40 | $5.50 | +1.9% |
| Sep 11, 2025 | $5.18 | $5.31 | +2.5% |
| Jun 12, 2025 | $4.97 | $5.06 | +1.7% |
| Mar 12, 2025 | $4.97 | $5.08 | +2.2% |
| Dec 11, 2024 | $4.67 | $4.81 | +3.0% |
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ADBE news
- Adobe Stock Looks Different After Record Quarter And Raised Guidance · Oct 25, 2026
- Adobe (ADBE) Lands 2027 AI Fan Experience Partnership In Global Sports · Oct 25, 2026
- Adobe Systems (ADBE) Dips More Than Broader Market: What You Should Know · Oct 23, 2026
- Adobe Stock Has Been Under Pressure. Here’s What Could Spark a Turnaround · Oct 23, 2026
- Adobe vs. Salesforce: Which Technology Stock Is a Better Buy in 2026? · Oct 23, 2026
ADBE stock FAQ
What is ADBE's market cap?
Adobe's market capitalization is $102.68 billion as of October 23, 2026, ranking 117th in the S&P 500.
What is ADBE's P/E ratio?
ADBE trades at a trailing price-to-earnings ratio of 14.7x and a forward P/E of 9.6x. Its median P/E over the period we track is 44.1x.
Does ADBE pay a dividend?
No. Adobe does not currently pay a regular cash dividend.
How much has ADBE stock returned?
Including reinvested dividends, ADBE returned -25.5% over one year, -16.3% a year over five years, +9.2% a year over ten years through October 23, 2026.
Is ADBE stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Adobe must grow free cash flow about -7% a year for the next decade. Its free cash flow grew 13% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the ADBE price target?
32 analysts cover ADBE with an average 12-month price target of $272.31, +3% from the current price. 23% of them rate it a buy.
When does ADBE report earnings?
Adobe is expected to report earnings on December 9, 2026. It has beaten EPS estimates 8 quarters in a row.
How many employees does Adobe have?
Adobe has about 31,360 full-time employees, or $828,125 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology