Adobe Inc. (ADBE) Releases Q4 2025 Earnings: Top-Line Growth, EPS Miss and Falling Cash

Adobe Inc. (ADBE) — Q4 2025 Results

Adobe reported total revenue of $6.2 billion, up 10.49% year‑over‑year, with continued margin expansion and higher operating profitability. Gross profit rose to $5.5 billion (+11.12% YoY) and operating profit increased to $2.3 billion (+15.53% YoY).

Total revenue: $6.2 billion (+10.49% YoY) vs. consensus estimate of $6.23 billion.

Gross profit: $5.5 billion (+11.12% YoY).

Operating profit: $2.3 billion (+15.53% YoY).

Net income attributable to common shareholders: $1.9 billion (+10.28% YoY).

Diluted earnings per share: $4.45 (+17.72% YoY) — below the EPS estimate of $5.50.

Cash from operating activities: $3.2 billion (+8.18% YoY), supporting cash generation.

Purchases of property, plant and equipment (capex): cash outflow of $34 million (down 29.17% YoY), indicating lower investment spending this quarter.

Cash and cash equivalents: $5.4 billion (down 28.66% YoY), a notable decline in the cash balance.

Cost of sales: $649 million (+5.36% YoY).

Total liabilities: $17.9 billion (+10.84% YoY), reflecting an increase in obligations year‑over‑year.

In summary, Adobe (ADBE) delivered solid top‑line growth and improved operating profitability, while diluted EPS and revenue came in slightly below street expectations. Operating cash flow remained healthy and capital expenditures declined, but the company reported a materially lower cash balance and higher total liabilities — items investors will likely watch alongside management's commentary on guidance and capital allocation.

Adobe Inc. Insider Trading Activity

Adobe Inc. insiders have traded $ADBE stock on the open market 1 times in the past 6 months. Of those trades, 0 have been purchases and 1 have been sales.

Here’s a breakdown of recent trading of $ADBE stock by insiders over the last 6 months:

JILLIAN FORUSZ (SVP & CAO) sold 149 shares for an estimated $50,344

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

Adobe Inc. Hedge Fund Activity

We have seen 1,069 institutional investors add shares of Adobe Inc. stock to their portfolio, and 1,598 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

UBS AM, A DISTINCT BUSINESS UNIT OF UBS ASSET MANAGEMENT AMERICAS LLC added 4,152,252 shares (+67.1%) to their portfolio in Q3 2025, for an estimated $1,464,706,893
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP added 1,952,994 shares (+53.3%) to their portfolio in Q3 2025, for an estimated $688,918,633
CAPITAL WORLD INVESTORS removed 1,820,992 shares (-38.1%) from their portfolio in Q3 2025, for an estimated $642,354,928
D. E. SHAW & CO., INC. added 1,784,062 shares (+367.5%) to their portfolio in Q3 2025, for an estimated $629,327,870
DODGE & COX added 1,573,849 shares (+8006.6%) to their portfolio in Q3 2025, for an estimated $555,175,234
POLEN CAPITAL MANAGEMENT LLC removed 1,499,583 shares (-44.7%) from their portfolio in Q3 2025, for an estimated $528,977,903
ASSENAGON ASSET MANAGEMENT S.A. removed 1,156,742 shares (-37.2%) from their portfolio in Q3 2025, for an estimated $408,040,740

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

Adobe Inc. Government Contracts

We have seen $41,009 of award payments to $ADBE over the last year.

Here are some of the awards which we have have seen pay out the most over the last year:

SOPFTWARE: $31,290
SOFTWARE: $9,718

To track government contracts to publicy traded companies, check out Quiver Quantitative's government contracts dashboard.

Adobe Inc. Congressional Stock Trading

Members of Congress have traded $ADBE stock 8 times in the past 6 months. Of those trades, 4 have been purchases and 4 have been sales.

Here’s a breakdown of recent trading of $ADBE stock by members of Congress over the last 6 months:

REPRESENTATIVE MARJORIE TAYLOR GREENE has traded it 2 times. They made 2 purchases worth up to $30,000 on 10/15, 09/11 and 0 sales.
SENATOR MARKWAYNE MULLIN sold up to $50,000 on 09/24.
SENATOR JOHN BOOZMAN purchased up to $15,000 on 09/04.
REPRESENTATIVE GILBERT RAY CISNEROS, JR. sold up to $15,000 on 08/05.
REPRESENTATIVE THOMAS H. KEAN, JR. sold up to $15,000 on 07/29.
REPRESENTATIVE LISA C. MCCLAIN has traded it 2 times. They made 1 purchase worth up to $15,000 on 06/23 and 1 sale worth up to $15,000 on 07/10.

To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard.

Adobe Inc. Analyst Ratings

Wall Street analysts have issued reports on $ADBE in the last several months. We have seen 10 firms issue buy ratings on the stock, and 1 firms issue sell ratings.

Here are some recent analyst ratings:

Stifel issued a "Buy" rating on 12/09/2025
Wells Fargo issued a "Overweight" rating on 11/20/2025
BMO Capital issued a "Outperform" rating on 09/12/2025
Evercore ISI Group issued a "Outperform" rating on 09/12/2025
RBC Capital issued a "Outperform" rating on 09/12/2025
DA Davidson issued a "Buy" rating on 09/12/2025
Piper Sandler issued a "Overweight" rating on 09/12/2025

To track analyst ratings and price targets for Adobe Inc., check out Quiver Quantitative's $ADBE forecast page.

Adobe Inc. Price Targets

Multiple analysts have issued price targets for $ADBE recently. We have seen 16 analysts offer price targets for $ADBE in the last 6 months, with a median target of $427.5.

Here are some recent targets:

Parker Lane from Stifel set a target price of $450.0 on 12/09/2025
Tyler Radke from Citigroup set a target price of $366.0 on 12/04/2025
Gil Luria from DA Davidson set a target price of $600.0 on 11/20/2025
Gregg Moskowitz from Mizuho set a target price of $390.0 on 11/20/2025
Michael Turrin from Wells Fargo set a target price of $420.0 on 11/20/2025
Keith Weiss from Morgan Stanley set a target price of $450.0 on 09/24/2025
Matthew Swanson from RBC Capital set a target price of $430.0 on 09/12/2025