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Adobe (ADBE) Q4 FY25 earnings results (fourth quarter fiscal 2025)
10-K filed Jan 15, 2026
Adobe (ADBE) reported revenue of $6.2B for the fourth quarter fiscal 2025 (Q4 FY25), +10% from a year earlier and +3% from the quarter before. Operating margin was 36.5%, net earnings $1.9B (30.0% of revenue).
Adobe, Q4 FY25: revenue $6.2B (+10% year over year), operating margin 36.5%, net earnings $1.9B, operating cash flow $3.2B. The chart follows the revenue to costs, profit and cash.
| Q4 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.2B | +3% | +10% |
| Gross profit | $5.5B | +4% | +11% |
| Operating profit | $2.3B | +4% | +16% |
| Net earnings | $1.9B | +5% | +10% |
| Operating cash flow | $3.2B | +44% | +8% |
| Free cash flow | $3.1B | +47% | +9% |
What changed
Revenue was $6.2B in Q4 FY25, up 10% year over year and up 3% from the previous quarter. Subscription was the largest line at 97% of revenue.
Gross margin was 89.5%, up 0.5 points from Q4 FY24. Operating profit was $2.3B, a 36.5% margin (up 1.6 points year over year). Of the extra revenue versus Q4 FY24, 52% reached operating profit, above the 35% margin then. Operating expenses grew 8% against revenue growth of 10%. The fastest-growing cost line was Sales & marketing (+12%). Net earnings were $1.9B, up 10% year over year. The effective tax rate was 18.0%.
Operating cash flow was $3.2B (up 8% year over year), 170% of net earnings. Non-cash charges added back $0.18B of depreciation and amortization and $0.49B of share-based compensation. Working capital and other items added $0.63B. Capital expenditures of $0.03B left free cash flow of $3.1B.
Questions
What was Adobe's revenue in the fourth quarter fiscal 2025?
Adobe (ADBE) reported revenue of $6.2B for the fourth quarter fiscal 2025 (Q4 FY25), +10% from a year earlier and +3% from the quarter before.
Was Adobe profitable in the fourth quarter fiscal 2025?
Operating profit was $2.3B (36.5% of revenue) and net earnings $1.9B.
Source: Adobe 10-K on SEC EDGAR.