• FY2024 Net New Digital Media ARR exceeds $2.0 billion
• FY2024 Digital Experience revenue exceeds $5.3 billion
• Record Q4 operating cash flows of $2.92 billion
• Record RPO of $19.96 billion, 16 percent year-over-year growth

SAN JOSE, Calif. — (BUSINESS WIRE) — December 11, 2024 — Adobe (Nasdaq: ADBE) today reported financial results for its fourth quarter and fiscal year 2024 ended Nov. 29, 2024.

“Adobe delivered record FY24 revenue, demonstrating strong demand and the mission-critical role Creative Cloud, Document Cloud and Experience Cloud play in fueling the AI economy,” said Shantanu Narayen, chair and CEO, Adobe. “Our highly differentiated technology platforms, rapid pace of innovation, diversified go-to-market and the integration of our clouds position us for a great year ahead.”

“Adobe drove FY24 records of $21.51 billion in revenue, $8.06 billion in cash flows from operations and $19.96 billion in RPO,” said Dan Durn, executive vice president and CFO, Adobe. “Adobe’s strategy, AI innovation and massive cross-cloud opportunity position us well for 2025 and beyond.”

Fourth Quarter Fiscal Year 2024 Financial Highlights

• Adobe achieved revenue of $5.61 billion in its fourth quarter of fiscal year 2024, which represents 11 percent year-over-year growth as reported and in constant currency. Diluted earnings per share was $3.79 on a GAAP basis and $4.81 on a non-GAAP basis.

• GAAP operating income in the fourth quarter was $1.96 billion and non-GAAP operating income was $2.60 billion. GAAP net income was $1.68 billion and non-GAAP net income was $2.13 billion.

• Record cash flows from operations were $2.92 billion.

• Remaining Performance Obligations (“RPO”) exiting the quarter were $19.96 billion.

• Adobe repurchased approximately 4.6 million shares during the quarter.

Fourth Quarter Fiscal Year 2024 Business Segment Highlights

• Digital Media segment revenue was $4.15 billion, which represents 12 percent year-over-year growth as reported and in constant currency. Document Cloud revenue was $843 million, representing 17 percent year-over-year growth as reported and in constant currency. Creative revenue grew to $3.30 billion, representing 10 percent year-over-year growth or 11 percent in constant currency.

• Net new Digital Media Annualized Recurring Revenue (“ARR”) was $578 million, exiting the quarter with Digital Media ARR of $17.33 billion. Document Cloud ARR grew to $3.48 billion and Creative ARR grew to $13.85 billion.

• Digital Experience segment revenue was $1.40 billion, representing 10 percent year-over-year growth as reported and in constant currency. Digital Experience subscription revenue was $1.27 billion, representing 13 percent year-over-year growth or 12 percent in constant currency.

Fiscal Year 2024 Financial Highlights

• Adobe achieved revenue of $21.51 billion in fiscal year 2024, which represents 11 percent year-over-year growth as reported and in constant currency. Diluted earnings per share was $12.36 on a GAAP basis and $18.42 on a non-GAAP basis.

• GAAP operating income was $6.74 billion and non-GAAP operating income was $10.02 billion. GAAP net income was $5.56 billion and non-GAAP net income was $8.28 billion.

• Adobe generated $8.06 billion in operating cash flows during the year.

• Adobe repurchased approximately 17.5 million shares during the year.

Fiscal Year 2024 Business Segment Highlights

• Digital Media segment revenue was $15.86 billion, which represents 12 percent year-over-year growth as reported and in constant currency. Net new Digital Media ARR was $2.00 billion during the fiscal year.

• Document Cloud revenue was $3.18 billion, representing 18 percent year-over-year growth as reported and in constant currency.

• Creative revenue grew to $12.68 billion, representing 10 percent year-over-year growth or 11 percent in constant currency.

• Digital Experience segment revenue was $5.37 billion, representing 10 percent year-over-year growth as reported and in constant currency. Digital Experience subscription revenue was $4.86 billion, representing 12 percent year-over-year growth as reported and in constant currency.

Financial Targets

We measure ARR on a constant currency basis during the fiscal year and revalue ending ARR at year-end. Foreign exchange rate changes between the end of fiscal year 2023 and the end of fiscal year 2024 have resulted in a $117 million decrease to the Digital Media ARR balance entering fiscal year 2025, from $17.33 billion to $17.22 billion and is reflected in our investor data sheet. We expect an approximate $200 million headwind to fiscal year 2025 revenue, as a result of the effect of foreign exchange and a smaller impact of the continued move to subscriptions from perpetual offerings.

The following table summarizes Adobe’s fiscal year 2025 targets¹: