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Adobe Inc. (ADBE-2.39%) has submitted its Form 10-K filing for the fiscal year ended November 29, 2024.
The filing details Adobe's performance across its three main segments: Digital Media, Digital Experience, and Publishing and Advertising. Digital Media, which includes Creative Cloud and Document Cloud, reported revenue of $15.86 billion, a 12% increase from the previous year. Digital Experience revenue was $5.37 billion, up 10% from the prior year.
Adobe's total revenue for the fiscal year 2024 was $21.51 billion, representing an 11% increase from the previous year. Subscription revenue accounted for 95% of total revenue, reaching $20.52 billion.
The company reported a net income of $5.56 billion, a 2% increase from the previous fiscal year. Operating expenses increased by 19% to $12.41 billion, primarily due to a $1 billion termination fee related to the Figma acquisition.
Adobe's cash flow from operations was $8.06 billion, a 10% increase from the previous year. The company ended the fiscal year with $7.61 billion in cash and cash equivalents.
The filing also highlights Adobe's focus on innovation, particularly in artificial intelligence, with the launch of Adobe Firefly and enhancements to its AI capabilities across its product offerings.
Adobe's Board of Directors authorized a new stock repurchase program of up to $25 billion, replacing the previous $15 billion program which was fully utilized.
The company continues to face legal proceedings, including a civil complaint filed by the Department of Justice regarding subscription cancellation practices, which could result in significant monetary costs or penalties.
Adobe's management assessed the effectiveness of its internal control over financial reporting and concluded that it was effective as of November 29, 2024.
The company anticipates no cash dividend payments to common stockholders in the foreseeable future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Adobe Inc. annual 10-K report dated January 13, 2025. To report an error, please email earnings@qz.com.