ADBE 10-Q report for 2025-08-29

Adobe Inc.

ADBE 10-Q report for 2025-08-29 adbe-20250829 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended August 29, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 0-15175 ADOBE INC. (Exact name of registrant as specified in its charter) ________________________________ Delaware 77-0019522 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 345 Park Avenue , San Jose , California 95110-2704 (Address of principal executive offices and zip code) ( 408 )  536-6000 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registered Common Stock, $0.0001 par value per share ADBE NASDAQ ________________________________ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  ☒  No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  ☒  No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐ No ☒ As of September 19, 2025, 418.6 million shares of the registrant’s common stock, $0.0001 par value per share, were issued and outstanding. ADOBE INC. FORM 10-Q TABLE OF CONTENTS Page No. PART I—FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements: 3 Condensed Consolidated Balance Sheets August 29, 2025 and November 29, 2024 3 Condensed Consolidated Statements of Income Three and Nine Months Ended August 29, 2025 and August 30, 2024 4 Condensed Consolidated Statements of Comprehensive Income Three and Nine Months Ended August 29, 2025 and August 30, 2024 5 Condensed Consolidated Statements of Stockholders’ Equity Three and Nine Months Ended August 29, 2025 and August 30, 2024 6 Condensed Consolidated Statements of Cash Flows Nine Months Ended August 29, 2025 and August 30, 2024 8 Notes to Condensed Consolidated Financial Statements 9 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3. Quantitative and Qualitative Disclosures about Market Risk 37 Item 4. Controls and Procedures 37  PART II—OTHER INFORMATION Item 1. Legal Proceedings 38 Item 1A. Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50 Item 5. Other Information 50 Item 6. Exhibits 51 Signature 52 Summary of Trademarks 53 2 Table of Contents PART I—FINANCIAL INFORMATION ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ADOBE INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except par value) August 29, 2025 November 29, 2024 (Unaudited) (*) ASSETS Current assets: Cash and cash equivalents $ 4,982 $ 7,613 Short-term investments 958 273 Trade receivables, net of allowances for doubtful accounts of $ 14 for both periods 2,093 2,072 Prepaid expenses and other current assets 1,379 1,274 Total current assets 9,412 11,232 Property and equipment, net 1,908 1,936 Operating lease right-of-use assets, net 307 281 Goodwill 12,862 12,788 Other intangibles, net 555 782 Deferred income taxes 2,092 1,657 Other assets 1,618 1,554 Total assets $ 28,754 $ 30,230 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Trade payables $ 337 $ 361 Accrued expenses and other current liabilities 2,289 2,336 Debt — 1,499 Deferred revenue 6,385 6,131 Income taxes payable 154 119 Operating lease liabilities 74 75 Total current liabilities 9,239 10,521 L Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3. Quantitative and Qualitative Disclosures about Market Risk 37 Item 4. Controls and Procedures 37  PART II—OTHER INFORMATION Item 1. Legal Proceedings 38 Item 1A. Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50 Item 5. Other Information 50 Item 6. Exhibits 51 Signature 52 Summary of Trademarks 53 2 Table of Contents PART I—FINANCIAL INFORMATION ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ADOBE INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except par value) August 29, 2025 November 29, 2024 (Unaudited) (*) ASSETS Current assets: Cash and cash equivalents $ 4,982 $ 7,613 Short-term investments 958 273 Trade receivables, net of allowances for doubtful accounts of $ 14 for both periods 2,093 2,072 Prepaid expenses and other current assets 1,379 1,274 Total current assets 9,412 11,232 Property and equipment, net 1,908 1,936 Operating lease right-of-use assets, net 307 281 Goodwill 12,862 12,788 Other intangibles, net 555 782 Deferred income taxes 2,092 1,657 Other assets 1,618 1,554 Total assets $ 28,754 $ 30,230 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Trade payables $ 337 $ 361 Accrued expenses and other current liabilities 2,289 2,336 Debt — 1,499 Deferred revenue 6,385 6,131 Income taxes payable 154 119 Operating lease liabilities 74 75 Total current liabilities 9,239 10,521 Long-term liabilities: Debt 6,200 4,129 Deferred revenue 149 128 Income taxes payable 502 548 Operating lease liabilities 362 353 Other liabilities 532 446 Total liabilities 16,984 16,125 Stockholders’ equity: Preferred stock, $ 0.0001 par value; 2 shares authorized; none issued — — Common stock, $ 0.0001 par value; 900 shares authorized; 601 shares issued;  420 and 441 shares outstanding, respectively — — Additional paid-in capital 14,968 13,419 Retained earnings 43,516 38,470 Accumulated other comprehensive income (loss) ( 341 ) ( 201 ) Treasury stock, at cost ( 181 and 160 shares, respectively) ( 46,373 ) ( 37,583 ) Total stockholders’ equity 11,770 14,105 Total liabilities and stockholders’ equity $ 28,754 $ 30,230 _________________________________________ ( * ) The condensed consolidated balance sheet as of November 29, 2024 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. See accompanying notes to condensed consolidated financial statements. 3 Table of Contents ADOBE INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share data) (Unaudited) Three Months Ended Nine Months Ended August 29, 2025 August 30, 2024 August 29, 2025 August 30, 2024 Revenue: Subscription $ 5,791 $ 5,180 $ 16,915 $ 15,156 Product 68 82 251 305 Services and other 129 146 409 438 Total revenue 5,988 5,408 17,575 15,899 Cost of revenue: Subscription 510 413 1,505 1,324 Product 5 6 17 19 Services and other 127 135 380 399 Total cost of revenue 642 554 1,902 1,742 Gross profit 5,346 4,854 15,673 14,157 Operating expenses: Research and development 1,088 1,022 3,196 2,945 Sales and marketing 1,639 1,431 4,760 4,228 General and administrative 408 366 1,152 1,073 Acquisition termination fee — — — 1,000 Amortization of intangibles 38 43 120 127 Total operating expenses 3,173 2,862 9,228 9,373  Operating income 2,173 1,992 6,445 4,784 Non-operating income (expense): Interest expense ( 67 ) ( 51 ) ( 197 ) ( 119 ) Investment gains (losses), net 23 12 31 34 Other income (expense), net 58 89 191 241 Total non-operating income (expense), net 14 50 25 156 Income before income taxes 2,187 2,042 6,470 4,940 Provision for income taxes 415 358 1,196 1,063 Net income $ 1,772 $ 1,684 $ 5,274 $ 3,877 Basic net income per share $ 4.18 $ 3.78 $ 12.28 $ 8.63 Shares used to compute basic net income per share 423 445 429 449 Diluted net income per share $ 4.18 $ 3.76 $ 12.26 $ 8.58 Shares used to compute diluted net income per share 424 448 430 452 See accompanying notes to condensed consolidated financial statements. 4 Table of Contents ADOBE INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) (Unaudited) Three Months Ended Nine Months Ended August 29, 2025 August 30, 2024 August 29, 2025 August 30, 2024 Increase/(Decrease) Increase/(Decrease) Net income $ 1,772 $ 1,684 $ 5,274 $ 3,877 Other comprehensive income (loss), net of taxes: Available-for-sale securities: Unrealized gains / losses on available-for-sale securities — 3 1 10 Derivatives designated as hedging instruments: Unrealized gains / losses on derivative instruments ( 44 ) ( 60 ) ( 231 ) ( 59 ) Reclassification adjustment for realized gains / losses on derivative instruments 15 1 ( 8 ) 9 Net increase (decrease) from derivatives designated as hedging instruments ( 29 ) ( 59 ) ( 239 ) ( 50 ) Foreign currency translation adjustments 21 23 98 16 Other comprehensive income (loss), net of taxes ( 8 ) ( 33 ) ( 140 ) ( 24 ) Total comprehensive income, net of taxes $ 1,764 $ 1,651 $ 5,134 $ 3,853 See accompanying notes to condensed consolidated financial statements. 5 Table of Contents ADOBE INC. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In millions) (Unaudited) Three Months Ended August 29, 2025 Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock Shares Amount Shares Amount Total Balances at May 30, 2025 601 $ — $ 14,375 $ 41,744 $ ( 333 ) ( 174 ) $ ( 44,338 ) $ 11,448 Net income —  —  —  1,772 —  —  —  1,772 Other comprehensive income (loss), net of taxes —  —  —  —  ( 8 ) —  —  ( 8 ) Re-issuance of treasury stock under stock compensation plans —  —  96 —  —  1 46 142 Repurchases of common stock —  —  —  —  —  ( 8 ) ( 2,081 ) ( 2,081 ) Stock-based compensation —  —  497 — —  —  —  497 Balances at August 29, 2025 601 $ — $ 14,968 $ 43,516 $ ( 341 ) ( 181 ) $ ( 46,373 ) $ 11,770 Three Months Ended August 30, 2024 Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock Shares Amount Shares Amount Total Balances at May 31, 2024 601 $ — $ 12,504 $ 35,227 $ ( 276 ) ( 152 ) $ ( 32,612 ) $ 14,843 Net income —  —  —  1,684 —  —  —  1,684 Other comprehensive income (loss), net of taxes —  —  —  —  ( 33 ) —  —  ( 33 ) Re-issuance of treasury stock under stock compensation plans —  —  48 —  —  1 48 96 Repurchases of common stock —  —  —  —  —  ( 5 ) ( 2,519 ) ( 2,519 ) Stock-based compensation —  —  474 —  —  —  —  474 Balances at August 30, 2024 601 $ — $ 13,026 $ 36,911 $ ( 309 ) ( 156 ) $ ( 35,083 ) $ 14,545 6 Table of Contents ADOBE INC. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In millions) (Unaudited) Nine Months Ended August 29, 2025 Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock Shares Amount Shares Amount Total Balances at November 29, 2024 601 $ — $ 13,419 $ 38,470 $ ( 201 ) ( 160 ) $ ( 37,583 ) $ 14,105 Net income —  —  —  5,274 —  —  —  5,274 Other comprehensive income (loss), net of taxes —  —  —  —  ( 140 ) —  —  ( 140 ) Re-issuance of treasury stock under stock compensation plans —  —  96 ( 228 ) —  3 99 ( 33 ) Repurchases of common stock —  —  —  —  —  ( 24 ) ( 8,889 ) ( 8,889 ) Stock-based compensation —  —  1,453 —  —  —  —  1,453 Balances at August 29, 2025 601 $ — $ 14,968 $ 43,516 $ ( 341 ) ( 181 ) $ ( 46,373 ) $ 11,770 Nine Months Ended August 30, 2024 Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock Shares Amount Shares Amount Total Balances at December 1, 2023 601 $ — $ 11,586 $ 33,346 $ ( 285 ) ( 146 ) $ ( 28,129 ) $ 16,518 Net income —  —  —  3,877 —  —  —  3,877 Other comprehensive income (loss), net of taxes —  —  —  —  ( 24 ) —  —  ( 24 ) Re-issuance of treasury stock under stock compensation plans —  —  48 ( 312 ) —  3 100 ( 164 ) Repurchases of common stock —  —  —  —  —  ( 13 ) ( 7,053 ) ( 7,053 ) Stock-based compensation —  —  1,392 —  —  —  —  1,392 Value of shares in deferred compensation plan —  —  —  —  —  —  ( 1 ) ( 1 ) Balances at August 30, 2024 601 $ — $ 13,026 $ 36,911 $ ( 309 ) ( 156 ) $ ( 35,083 ) $ 14,545 See accompanying notes to condensed consolidated financial statements. 7 Table of Contents ADOBE INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Nine Months Ended August 29, 2025 August 30, 2024 Cash flows from operating activities: Net income $ 5,274 $ 3,877 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and accretion 634 639 Stock-based compensation 1,453 1,392 Deferred income taxes ( 391 ) ( 341 ) Other non-cash items 37 41 Changes in operating assets and liabilities, net of acquired assets and assumed liabilities: Trade receivables, net ( 25 ) 414 Prepaid expenses and other assets ( 157 ) ( 799 ) Trade payables ( 23 ) 2 Accrued expenses and other liabilities ( 195 ) ( 162 ) Income taxes payable ( 11 ) 116 Deferred revenue 275 ( 44 ) Net cash provided by operating activities 6,871 5,135 Cash flows from investing activities: Purchases of short-term investments ( 1,351 ) — Maturities of short-term investments 681 379 Proceeds from sales of short-term investments 4 9 Acquisitions, net of cash acquired ( 17 ) — Purchases of property and equipment ( 145 ) ( 135 ) Purchases of long-term investments, intangibles and other assets ( 216 ) ( 125 ) Proceeds from sale of long-term investments and other assets 3 2 Net cash provided by (used for) investing activities ( 1,041 ) 130 Cash flows from financing activities: Repurchases of common stock ( 8,807 ) ( 7,000 ) Proceeds from re-issuance of treasury stock 348 361 Taxes paid related to net share settlement of equity awards ( 381 ) ( 525 ) Proceeds from issuance of debt 1,997 1,997 Repayment of debt ( 1,500 ) — Other financing activities, net ( 162 ) ( 56 ) Net cash used for financing activities ( 8,505 ) ( 5,223 ) Effect of foreign currency exchange rates on cash and cash equivalents 44 10 Net change in cash and cash equivalents ( 2,631 ) 52 Cash and cash equivalents at beginning of period 7,613 7,141 Cash and cash equivalents at end of period $ 4,982 $ 7,193 Supplemental disclosures: Cash paid for income taxes, net of refunds $ 1,705 $ 1,389 Cash paid for interest $ 196 $ 94 See accompanying notes to condensed consolidated financial statements. 8 Table of Contents ADOBE INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) NOTE 1.   BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES We have prepared the accompanying unaudited condensed consolidated financial statements pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). Pursuant to these rules and regulations, we have condensed or omitted certain information and footnote disclosures we normally include in our annual consolidated financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). In management’s opinion, we have made all adjustments (consisting only of normal, recurring adjustments, except as otherwise indicated) necessary to fairly present our financial position, results of operations and cash flows. Our interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. These financial statements and accompanying notes should be read in conjunction with the consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the fiscal year ended November 29, 2024 on file with the SEC (our “Annual Report”). Use of Estimates In preparing the condensed consolidated financial statements and related disclosures in conformity with GAAP and pursuant to the rules and regulations of the SEC, we must make estimates and judgments that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results may differ materially from these estimates. Reclassifications Certain prior year amounts, which are not material, have been reclassified to conform to current year presentation in the notes to condensed consolidated financial statements. Significant Accounting Policies There have been no material changes to our significant accounting policies as compared to the significant accounting policies described in our Annual Report. Recent Accounting Pronouncements Not Yet Effective In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting, which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. We will adopt the updated standard for annual periods beginning in fiscal 2025 and interim periods beginning in the first quarter of fiscal 2026 on a retrospective basis. While we are continuing to assess the potential impacts of the standard, we do not expect it to have a material impact on our financial statement disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes, which prescribes standardized categories and disaggregation of information in the reconciliation of provision for income taxes, requires disclosure of disaggregated income taxes paid, and modifies other income tax-related disclosure requirements. The updated Item 1A. Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50 Item 5. Other Information 50 Item 6. Exhibits 51 Signature 52 Summary of Trademarks 53 2 Table of Contents PART I—FINANCIAL INFORMATION ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ADOBE INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except par value) August 29, 2025 November 29, 2024 (Unaudited) (*) ASSETS Current assets: Cash and cash equivalents $ 4,982 $ 7,613 Short-term investments 958 273 Trade receivables, net of allowances for doubtful accounts of $ 14 for both periods 2,093 2,072 Prepaid expenses and other current assets 1,379 1,274 Total current assets 9,412 11,232 Property and equipment, net 1,908 1,936 Operating lease right-of-use assets, net 307 281 Goodwill 12,862 12,788 Other intangibles, net 555 782 Deferred income taxes 2,092 1,657 Other assets 1,618 1,554 Total assets $ 28,754 $ 30,230 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Trade payables $ 337 $ 361 Accrued expenses and other current liabilities 2,289 2,336 Debt — 1,499 Deferred revenue 6,385 6,131 Income taxes payable 154 119 Operating lease liabilities 74 75 Total current liabilities 9,239 10,521 Long-term liabilities: Debt 6,200 4,129 Deferred revenue 149 128 Income taxes payable 502 548 Operating lease liabilities 362 353 Other liabilities 532 446 Total liabilities 16,984 16,125 Stockholders’ equity: Preferred stock, $ 0.0001 par value; 2 shares authorized; none issued — — Common stock, $ 0.0001 par value; 900 shares authorized; 601 shares issued;  420 and 441 shares outstanding, respectively — — Additional paid-in capital 14,968 13,419 Retained earnings 43,516 38,470 Accumulated other comprehensive income (loss) ( 341 ) ( 201 ) Treasury stock, at cost ( 181 and 160 shares, respectively) ( 46,373 ) ( 37,583 ) Total stockholders’ equity 11,770 14,105 Total liabilities and stockholders’ equity $ 28,754 $ 30,230 _________________________________________ ( * ) The condensed consolidated balance sheet as of November 29, 2024 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. See accompanying notes to condensed consolidated financial statements. 3 Table of Contents ADOBE INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share data) (Unaudited) Three Months Ended Nine Months Ended August 29, 2025 August 30, 2024 August 29, 2025 August 30, 2024 Revenue: Subscription $ 5,791 $ 5,180 $ 16,915 $ 15,156 Product 68 82 251 305 Services and other 129 146 409 438 Total revenue 5,988 5,408 17,575 15,899 Cost of revenue: Subscription 510 413 1,505 1,324 Product 5 6 17 19 Services and other 127 135 380 399 Total cost of revenue 642 554 1,902 1,742 Gross profit 5,346 4,854 15,673 14,157 Operating expenses: Research and development 1,088 1,022 3,196 2,945 Sales and marketing 1,639 1,431 4,760 4,228 General and administrative 408 366 1,152 1,073 Acquisition termination fee — — — 1,000 Amortization of intangibles 38 43 120 127 Total operating expenses 3,173 2,862 9,228 9,373  Operating income 2,173 1,992 6,445 4,784 Non-operating income (expense): Interest expense ( 67 ) ( 51 ) ( 197 ) ( 119 ) Investment gains (losses), net 23 12 31 34 Other income (expense), net 58 89 191 241 Total non-operating income (expense), net 14 50 25 156 Income before income taxes 2,187 2,042 6,470 4,940 Provision for income taxes 415 358 1,196 1,063 Net income $ 1,772 $ 1,684 $ 5,274 $ 3,877 Basic net income per share $ 4.18 $ 3.78 $ 12.28 $ 8.63 Shares used to compute basic net income per share 423 445 429 449 Diluted net income per share $ 4.18 $ 3.76 $ 12.26 $ 8.58 Shares used to compute diluted net income per share 424 448 430 452 See accompanying notes to condensed consolidated financial statements. 4 Table of Contents ADOBE INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) (Unaudited) Three Months Ended Nine Months Ended August 29, 2025 August 30, 2024 August 29, 2025 August 30, 2024 Increase/(Decrease) Increase/(Decrease) Net income $ 1,772 $ 1,684 $ 5,274 $ 3,877 Other comprehensive income (loss), net of taxes: Available-for-sale securities: Unrealized gains / losses on available-for-sale securities — 3 1 10 Derivatives designated as hedging instruments: Unrealized gains / losses on derivative instruments ( 44 ) ( 60 ) ( 231 ) ( 59 ) Reclassification adjustment for realized gains / losses on derivative instruments 15 1 ( 8 ) 9 Net increase (decrease) from derivatives designated as hedging instruments ( 29 ) ( 59 ) ( 239 ) ( 50 ) Foreign currency translation adjustments 21 23 98 16 Other comprehensive income (loss), net of taxes ( 8 ) ( 33 ) ( 140 ) ( 24 ) Total comprehensive income, net of taxes $ 1,764 $ 1,651 $ 5,134 $ 3,853 See accompanying notes to condensed consolidated financial statements. 5 Table of Contents ADOBE INC. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In millions) (Unaudited) Three Months Ended August 29, 2025 Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock Shares Amount Shares Amount Total Balances at May 30, 2025 601 $ — $ 14,375 $ 41,744 $ ( 333 ) ( 174 ) $ ( 44,338 ) $ 11,448 Net income —  —  —  1,772 —  —  —  1,772 Other comprehensive income (loss), net of taxes —  —  —  —  ( 8 ) —  —  ( 8 ) Re-issuance of treasury stock under stock compensation plans —  —  96 —  —  1 46 142 Repurchases of common stock —  —  —  —  —  ( 8 ) ( 2,081 ) ( 2,081 ) Stock-based compensation —  —  497 — —  —  —  497 Balances at August 29, 2025 601 $ — $ 14,968 $ 43,516 $ ( 341 ) ( 181 ) $ ( 46,373 ) $ 11,770 Three Months Ended August 30, 2024 Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock Shares Amount Shares Amount Total Balances at May 31, 2024 601 $ — $ 12,504 $ 35,227 $ ( 276 ) ( 152 ) $ ( 32,612 ) $ 14,843 Net income —  —  —  1,684 —  —  —  1,684 Other comprehensive income (loss), net of taxes —  —  —  —  ( 33 ) —  —  ( 33 ) Re-issuance of treasury stock under stock compensation plans —  —  48 —  —  1 48 96 Repurchases of common stock —  —  —  —  —  ( 5 ) ( 2,519 ) ( 2,519 ) Stock-based compensation —  —  474 —  —  —  —  474 Balances at August 30, 2024 601 $ — $ 13,026 $ 36,911 $ ( 309 ) ( 156 ) $ ( 35,083 ) $ 14,545 6 Table of Contents ADOBE INC. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In millions) (Unaudited) Nine Months Ended August 29, 2025 Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock Shares Amount Shares Amount Total Balances at November 29, 2024 601 $ — $ 13,419 $ 38,470 $ ( 201 ) ( 160 ) $ ( 37,583 ) $ 14,105 Net income —  —  —  5,274 —  —  —  5,274 Other comprehensive income (loss), net of taxes —  —  —  —  ( 140 ) —  —  ( 140 ) Re-issuance of treasury stock under stock compensation plans —  —  96 ( 228 ) —  3 99 ( 33 ) Repurchases of common stock —  —  —  —  —  ( 24 ) ( 8,889 ) ( 8,889 ) Stock-based compensation —  —  1,453 —  —  —  —  1,453 Balances at August 29, 2025 601 $ — $ 14,968 $ 43,516 $ ( 341 ) ( 181 ) $ ( 46,373 ) $ 11,770 Nine Months Ended August 30, 2024 Common Stock Additional Paid-In Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock Shares Amount Shares Amount Total Balances at December 1, 2023 601 $ — $ 11,586 $ 33,346 $ ( 285 ) ( 146 ) $ ( 28,129 ) $ 16,518 Net income —  —  —  3,877 —  —  —  3,877 Other comprehensive income (loss), net of taxes —  —  —  —  ( 24 ) — Results of Operations 26 Item 3. Quantitative and Qualitative Disclosures about Market Risk 37 Item 4. Controls and Procedures 37  PART II—OTHER INFORMATION Item 1. Legal Proceedings 38 Item 1A. Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50 Item 5. Other Information 50 Item 6. Exhibits 51 Signature 52 Summary of Trademarks 53 2 Table of Contents PART I—FINANCIAL INFORMATION ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ADOBE INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except par value) August 29, 2025 November 29, 2024 (Unaudited) (*) ASSETS Current assets: Cash and cash equivalents $ 4,982 $ 7,613 Short-term investments 958 273 Trade receivables, net of allowances for doubtful accounts of $ 14 for both periods 2,093 2,072 Prepaid expenses and other current assets 1,379 1,274 Total current assets 9,412 11,232 Property and equipment, net 1,908 1,936 Operating lease right-of-use assets, net 307 281 Goodwill 12,862 12,788 Other intangibles, net 555 782 Deferred income taxes 2,092 1,657 Other assets 1,618 1,554 Total assets $ 28,754 $ 30,230 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Trade payables $ 337 $ 361 Accrued expenses and other current liabilities 2,289 2,336 Debt — 1,499 Deferred revenue 6,385 6,131 Income taxes payable 154 119 Operating lease liabilities 74 75 Total current liabilities 9,239 10,521 Long-term liabilities: Debt 6,200 4,129 Deferred revenue 149 128 Income taxes payable 502 548 Operating lease liabilities 362 353 Other liabilities 532 446 Total liabilities 16,984 16,125 Stockholders’ equity: Preferred stock, $ 0.0001 par value; 2 shares authorized; none issued — — Common stock, $ 0.0001 par value; 900 shares authorized; 601 shares issued;  420 and 441 shares outstanding, respectively — — Additional paid-in capital 14,968 13,419 Retained earnings 43,516 38,470 Accumulated other comprehensive income (loss) ( 341 ) ( 201 ) Treasury stock, at cost ( 181 and 160 shares, respectively) ( 46,373 ) ( 37,583 ) Total stockholders’ equity 11,770 14,105 Total liabilities and stockholders’ equity $ 28,754 $ 30,230 _________________________________________ ( * ) The condensed consolidated balance sheet as of November 29, 2024 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. See accompanying notes to condensed consolidated financial statements. 3 Table of Contents ADOBE INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In millions, except per share data) (Unaudited) Three Months Ended Nine Months Ended August 29, 2025 August 30, 2024 August 29, 2025 August 30, 2024 Revenue: Subscription $ 5,791 $ 5,180 $ 16,915 $ 15,156 Product 68 82 251 305 Services and other 129 146 409 438 Total revenue 5,988 5,408 17,575 15,899 Cost of revenue: Subscription 510 413 1,505 1,324 Product 5 6 17 19 Services and other 127 135 380 399 Total cost of revenue 642 554 1,902 1,742 Gross profit 5,346 4,854 15,673 14,157 Operating expenses: Research and development 1,088 1,022 3,196 2,945 Sales and marketing 1,639 1,431 4,760 4,228 General and administrative 408 366 1,152 1,073 Acquisition termination fee — — — 1,000 Amortization of intangibles 38 43 120 127 Total operating expenses 3,173 2,862 9,228 9,373  Operating income 2,173 1,992 6,445 4,784 Non-operating income (expense): Interest expense ( 67 ) ( 51 ) ( 197 ) ( 119 ) Investment gains (losses), net 23 12 31 34 Other income (expense), net 58 89 191 241 Total non-operating income (expense), net 14 50 25 156 Income before income taxes 2,187 2,042 6,470 4,940 Provision for income taxes 415 358 1,196 1,063 Net income $ 1,772 $ 1,684 $ 5,274 $ 3,877 Basic net income per share $ 4.18 $ 3.78 $ 12.28 $ 8.63 Shares used to compute basic net income per share 423 445 429 449 Diluted net income per share $ 4.18 $ 3.76 $ 12.26 $ 8.58 Shares used to compute diluted net income per share 424 448 430 452 See accompanying notes to condensed consolidated financial statements. 4 Table of Contents ADOBE INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) (Unaudited) Three Months Ended Nine Months Ended August 29, 2025 August 30, 2024 August 29, 2025 August 30, 2024 Increase/(Decrease) Increase/(Decrease) Net income $ 1,772 $ 1,684 $ 5,274 $ 3,877 Other comprehensive income (loss), net of taxes: Available-for-sale securities: Unrealized gains / losses on available-for-sale securities — 3 1 10 Derivatives designated as hedging instruments: Unrealized gains / losses on derivative instruments ( 44 ) ( 60 ) ( 231 ) ( 59 ) Reclassification adjustment for realized gains / losses on derivative instruments 15 1 ( 8 ) 9 Net i

The provided excerpt is only the Form 10‑Q cover page for GE Vernova Inc. (GEV) for quarter ended 2026‑06‑30, with no financial statements, MD&A, segment results, guidance, backlog, risks, or other performance details included. As-is, it contains almost no trade-relevant incremental information beyond confirming the filing/period and listing details.

This excerpt is only the cover page/header of Sleep Number’s Form 10-Q for the quarter ended April 4, 2026. It contains filing metadata (issuer, ticker, exchange, address) but no financial statements, MD&A, guidance, risks, or operational commentary. As a result, it is not directly actionable for trading beyond confirming the filing exists.

The provided excerpt is only the cover/filing header of SoundHound AI, Inc.’s 10‑Q for the quarter ended 2026‑03‑31. It contains listing/security identifiers (SOUN, SOUNW) but no financial statements, MD&A, guidance, risk updates, liquidity details, or material events. As a result, there is insufficient information to form high-confidence, actionable bullish/bearish theses beyond generic “company filed its 10‑Q” metadata.

The provided excerpt is only the boilerplate cover/filing-status section of Teucrium Commodity Trust’s Form 10‑Q for period ended 2026‑03‑31, with no portfolio holdings, performance, risk, or material updates included. As-is, it contains no actionable investment information beyond confirming the existence of the filing and the issuer/ticker identity (WEAT).

The provided text is only the cover/header portion of Archer Aviation’s Form 10‑Q for the quarter ended 2026‑03‑31 (issuer identity, exchange listing, and securities outstanding). It contains no operating/financial results, guidance, liquidity details, backlog, or risk-factor updates—so it is minimally actionable for trading beyond basic security identifiers and a generic dilution/optionality consideration from warrants.

This excerpt is essentially the cover page of CleanSpark, Inc.’s Form 10-Q for the quarter ended March 31, 2026. It contains identifiers (CIK/file no.), listing venue, and security descriptions (common stock and redeemable warrants with specific exercise terms), but no operating/financial results, guidance, risks, or MD&A detail. Actionability is therefore limited to capital-structure/dilution considerations around the listed warrant.

This excerpt of AST SpaceMobile’s 10‑Q is largely SEC cover-page/boilerplate (registrant info, exchange listing, filing compliance) and contains no financial results, guidance, liquidity, risk-factor updates, or operating metrics. As provided, it does not create a clear tradable catalyst beyond confirming continued reporting/listing status.

This excerpt only includes the cover page of Super Micro Computer, Inc.’s Form 10‑Q for the quarter ended March 31, 2026. It confirms the filing, issuer identity, listing (Nasdaq), and ticker (SMCI), but contains no financial results, guidance, risks, or MD&A content to support a directional investment view.