Dollar Amounts
USD (Millions)
Balance sheet data in USD (millions)
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Across the five-year period Adobe’s total assets were broadly stable, rising from $27,241m in 2021 to $29,496m in 2025 (≈+8.3% net). Assets dipped slightly in 2022, then jumped in 2023 (+9.6%) before little change in 2024 and a modest pullback in 2025. That pattern suggests modest balance-sheet growth rather than an aggressive asset-accumulation strategy. By contrast, liabilities climbed materially — from $12,444m in 2021 to $17,873m in 2025 (+43.6%), with the largest increases in 2024–2025. Stockholders’ equity peaked at $16,518m in 2023 but then declined sharply to $11,623m by 2025 (≈–29.6% from the peak and –21.4% vs. 2021). The combination of rising liabilities and falling equity has pushed leverage up (liabilities/assets ~45.7% in 2021 → ~60.6% in 2025; liabilities/equity ~0.84 → ~1.54), implying higher financial leverage. In a mature SaaS company like Adobe this pattern can reflect large share repurchases and shareholder returns or incremental debt/lease obligations rather than operating distress; however, it does raise the company’s sensitivity to interest-rate and refinancing risk despite typically stable recurring revenues.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.