Adobe (ADBE) 10-K risk factor changes: FY2024 vs FY2023

We may be unsuccessful at innovating in response to rapid technological [added: or industry] changes to meet customer needs, which could cause our operating results to suffer.

We operate in rapidly evolving [removed: markets] [added: industries] and expect the pace of innovation to continue to accelerate.

Developing new [removed: products] [added: products, services and solutions] is [removed: complex] [added: complex, requires significant investment] and [added: operational costs and] may not be profitable, and our investments in new technologies are speculative and may not yield the expected business or financial benefits.

If we fail to anticipate or identify [removed: technological] [added: technological, creative or marketing] trends or fail to devote appropriate resources to adapt to such trends, our business could be harmed.

For example, generative artificial intelligence technologies [added: enable users of all skill levels to create and] provide new ways of marketing, creating content and interacting with [removed: documents that] [added: documents, which] could [added: significantly] disrupt industries in which we [removed: operate,] [added: operate] and our [added: existing products, services and solutions and our] business may be harmed if we fail to invest or adapt.

While we have released new generative artificial intelligence products, such as Adobe Firefly, and are focused on enhancing the artificial intelligence (“AI”) capabilities of [removed: such] [added: our] products and incorporating AI [removed: into] [added: across] existing products, services and solutions, there can be no assurance that our [added: new or enhanced] products [added: and AI innovations] will be [removed: successful] [added: successful, adopted] or [added: monetizable or] that we will innovate effectively to keep pace with the rapid evolution of AI across our [removed: Creative Cloud, Document Cloud and Experience Cloud.][added: offerings.]

If we do not successfully innovate, adapt to rapid technological [added: or industry] changes and meet customer needs, our business and our financial results may be harmed.

[removed: Social and] [added: Social,] ethical [added: and operational] issues relating to the use of AI, including generative AI, in our offerings may result in reputational harm, liability and additional costs.

We are increasingly incorporating AI [removed: technologies] [added: technologies, developed by us and by third parties,] into many of our offerings.

[removed: The] [added: These regulations and the] evolving AI regulatory environment [removed: may] [added: may, among other impacts, result in inconsistencies among AI regulations and frameworks across jurisdictions,] increase our [added: compliance, governance and] research and development costs, increase our [added: exposure to claims related to our AI models and increase] liability related to the use of AI by our customers or users that are beyond our [removed: control and result in inconsistencies in evolving legal frameworks across jurisdictions.][added: control.]

While we have taken a responsible approach to the development and use of [removed: AI] [added: AI, such as] in our [added: Adobe Firefly] offerings, there can be no guarantee that future AI regulations will not adversely impact us or conflict with our approach to AI, including affecting our ability to make our AI offerings available without costly changes, [added: delaying or halting development of AI offerings,] requiring us to change our AI development practices, monetization strategies and/or indemnity protections and subjecting us to additional compliance requirements, regulatory action, competitive [added: harm, reputational] harm [removed: or] [added: and/or] legal [added: liability.]

In addition, new competition [removed: regulation] [added: regulations] on AI development and deployment could impose new requirements on our markets that could impact our business and financial results.

Uncertainty around new and evolving AI [removed: use, including generative AI,] [added: uses] may require [added: significant,] additional investment to develop [removed: responsible use frameworks, develop or license proprietary datasets and machine learning] models and [removed: develop] [added: proprietary datasets, responsible-use frameworks and] new approaches and processes to attribute or compensate content [removed: creators, which could be costly.][added: creators.]

Developing, testing and deploying AI systems may also increase the cost of our offerings, including due to the nature of the computing costs [removed: involved in such systems.]

These costs could adversely impact our margins as we continue to [added: make significant investments in AI development,] add AI capabilities to our offerings and scale our AI offerings without assurance that our customers and users will adopt them.

New AI offerings and technologies could [removed: disrupt] [added: modify] workforce needs, result in negative publicity about AI and [removed: have the potential to affect] [added: decrease] demand for our existing products, services and solutions, all of which could adversely impact our business.

Our ability to acquire other businesses or technologies, make strategic investments or integrate acquired businesses effectively may also be impaired by adverse economic and political events, including trade tensions, and increased global scrutiny [removed: of] [added: and evolving regulatory expectations relating to] acquisitions and strategic investments.

Our [added: numerous] competitors range in size from diversified global companies with significant sales and research and development resources, broad brand awareness, long operating histories or access to large customer bases to [removed: small, specialized] [added: small] companies whose [removed: narrow] [added: specialized] focuses may allow them to [removed: be] more [removed: effective in deploying] [added: easily and effectively deploy] technical, marketing and financial resources.

Our competitors may develop [added: or acquire] products, services or solutions that are similar to ours or that achieve greater [added: or faster] acceptance, may undertake more far-reaching and successful product development efforts or marketing [removed: campaigns,] [added: campaigns] or may adopt more aggressive pricing policies.

New industry standards, evolving distribution models, limited barriers to entry, short product life cycles, customer price sensitivity, global market conditions and the frequent entry of new products or competitors may [removed: create] [added: increase] downward pressure on pricing and gross margins and adversely affect our renewal, upsell and cross-sell rates as well as our ability to attract new customers.

In addition, we expect to face more competition as AI continues to [added: advance and] be integrated into the markets in which we compete.

Our competitors or other third parties may incorporate AI into their offerings more successfully [added: and efficiently] than we do and achieve greater and faster adoption, which could impair our ability to compete effectively and adversely affect our business and financial results.

Further, we expect [removed: the markets for standalone] AI offerings to be highly competitive and rapidly evolving.

For example, we face increasing competition from companies offering [removed: text-to-image] generative AI [removed: technology] [added: capabilities, including text-to-image, text-to-video and multi-modal offerings] that [removed: may] compete directly with our [removed: own] creative offerings.

[removed: *For] [added: *[For] additional information regarding our competition and the risks arising out of the competitive environment in which we operate, see the section titled “Competition” contained in Part I, Item 1 of this [removed: report.*][added: report.](#i74cf9d38730645a2be94739e148c270a_25)*]

[removed: There are numerous ways that our reputation or brands could be damaged, including,] [added: We have experienced, and may in the future experience, reputational harm from,] among other things, [added: the] introduction of new products, [removed: features] [added: features, services,] or [removed: services] [added: terms] that do not meet customer [removed: expectations,] [added: expectations;] our position on or approach to new and evolving technologies, [added: including AI;] backlash from customers, [added: the creative community,] government entities or other stakeholders that disagree with our product offering decisions or public [removed: policy positions,] [added: policy, ethical or political positions;] significant litigation or regulatory actions that negatively reflect on our business [removed: practices, our action] [added: practices; data security breaches] or [removed: inaction] [added: compliance failures; and public scrutiny] or [added: negative publicity, including being the target of media and social media campaigns, criticizing our] actual or perceived [removed: failure to meet our commitments on environmental, social and governance, ethical] [added: actions] or [removed: political issues, public scrutiny regarding our] [added: inactions, policies, terms, agreements,] handling of user privacy, data practices or [removed: content, data security breaches or compliance failures, or our approach to AI.][added: content.]

If we fail to maintain, enhance or protect our brands, or if we incur excessive expenses in our efforts to do so, our [added: users’ trust in us and purchasing decisions and our] business and financial results may be adversely affected.

Much of our business, including our online store at adobe.com and our [removed: Creative Cloud, Document Cloud and Experience Cloud] [added: cloud] solutions, relies on hardware and services that are hosted, managed and controlled directly by us or third-party service providers to be available to [added: our] customers and users without disruption.

Failure of our systems or those of our third-party service providers could [added: cause large, system-wide failures,] disrupt our business operations and those of our customers, subject us to reputational harm, require costly and time-intensive notifications, and cause us to lose customers, users and future business.

Security incidents, improper access to or disclosure of our customers’ data or other [removed: cyber] [added: cybersecurity] incidents may harm our reputation and materially and adversely affect our business.

Such products, services and solutions as well as our technologies, systems and networks have been subject to, and may in the future be subject to, cyberattacks, computer viruses, ransomware or other malware, fraud, worms, social engineering, denial-of-service attacks, malicious software programs, insider threats and other cybersecurity incidents that have in the past, and may in the future, result in the unauthorized access, disclosure, acquisition, use, loss or destruction of sensitive personal or business data belonging to [removed: us] [added: us, our employees] and our customers.

Such risks may be elevated in connection with geopolitical tensions, including the Russia-Ukraine [removed: war.][added: war and the conflict in the Middle East.]

[removed: Further, malicious] [added: Malicious] third parties have in the [removed: past attempted,] [added: past,] and may in the [removed: future attempt, to] [added: future,] fraudulently induce our employees or users of our products, services or solutions to disclose sensitive, personal or confidential information via illegal electronic spamming, [removed: phishing] [added: phishing, social engineering] or other tactics, and this risk is heightened in our current hybrid model working environment.

Malicious actors may [added: also] engage in fraudulent or abusive activities through our products, services and solutions, including unauthorized use of accounts through stolen credentials, use of stolen credit cards or other payment vehicles, failure to pay for services accessed, or other activities that [removed: violate our terms of service.]

Further, unauthorized parties may also gain physical access to our facilities and infiltrate our information systems or attempt to gain [added: logical access to our products, services or information systems to access content and data and may result in computer viruses, worms, ransomware or other malware.]

We devote significant resources to address security vulnerabilities through [added: various methods, including, but not limited to,] engineering more secure products, enhancing security and reliability features in our products and systems, [removed: code hardening, conducting rigorous penetration tests, deploying updates to address security vulnerabilities,] regularly reviewing our service providers’ security controls, [removed: reviewing] and [removed: auditing our products, services and solutions against information security control frameworks, providing resources, such as security training, to our workforce, and] continually assessing and improving, as appropriate, our incident response process.

The costs to prevent, eliminate, mitigate or remediate cybersecurity or other security problems and vulnerabilities are significant and may reduce our [removed: operating] margins.

Further, our efforts to address these problems, including notifying affected third parties when appropriate, have in the past been, and may in the future be, unsuccessful or delayed, which could result in business interruptions, cessation of [removed: service and] [added: service,] loss of existing or potential [removed: customers.][added: customers and reputational harm.]

Breaches of our security measures and the accidental loss, inadvertent disclosure or unauthorized dissemination of proprietary information or sensitive, personal or confidential data about us, our employees, our customers or their end users, including the potential loss or disclosure of such information or data [added: have in the past, and] could [added: in the future,] expose us, our employees, our customers or other individuals affected to a risk of loss or misuse of this information.

Actual or perceived security vulnerabilities or incidents [added: have resulted in, and] may result in [added: additional,] claims or litigation and liability or [removed: fines (and have in the past led to such claims),] [added: fines,] costly and time-intensive notice requirements, governmental inquiry or oversight or a loss of customer confidence, any of which could harm our business and damage our brand and reputation.

Jurisdictions around the world are developing and passing new regulations that apply specifically to the use of AI.

For example, the EU AI Act was adopted in 2024 and will be implemented in phases through 2030, and other jurisdictions are considering similarly focused legislation.

To the extent we rely on third-party AI models in our products, services and solutions, we will face risks inherent in how those models have been developed and deployed, including situations in which the third party may lack a proper license or consent for the training data used for their model.

We have experienced, and may in the future experience, challenges accessing AI models, datasets or hardware.

involved in such systems.

Other companies have, or in the future may obtain, proprietary rights that would prevent, limit or interfere with our ability to make, use or sell our AI offerings.

We may not be able to complete acquisitions or other strategic transactions to realize the anticipated benefits of such acquisitions or transactions on favorable terms, or at all, including as a result of challenges in obtaining regulatory approvals, and may incur additional costs.

For example, we have experienced difficulties in obtaining regulatory approvals, resulting in the termination of a previously announced acquisition and the incurrence of additional costs.

Any of these factors may adversely affect our financial condition or results of operations.

violate our terms of service.

However, it is impossible to accurately predict the extent, frequency or impact cybersecurity issues may have on us, and our security measures do not provide full effective protection from all such events.

We rely on a number of third-party distributors and sales partners to distribute our products, services and solutions.

The successful management of such third-party relationships is a complex, global process.

experience service interruptions.

For our enterprise customers, the

We are increasingly offering end-to-end solutions that include cross-cloud and generative AI capabilities, which have in the past, and may in the future, increase the complexity of technical or contractual assurances or requirements that we or our customers require as part of the contracting process, leading to extended sales cycles.

We are, and may in the future become, subject to various legal proceedings (including class action lawsuits), claims, negotiations and regulatory inquiries and additional claims, enforcement actions and inquiries may arise in the future, such as those relating to antitrust, data privacy and security, consumer protection, product liability and the validity or alleged infringement of third-party intellectual property rights, including patent rights, among others.

Such activity has increased over time with evolving regulatory landscapes and as our products, services and solutions have become more available to, and used by, more enterprises and consumers.

For example, there is an increase in enforcement activity in connection with federal and state consumer protection laws, including some suits which seek civil penalties.

indemnification commitments with our customers, including contractual provisions under various license arrangements and service agreements.

to material cybersecurity incidents and the reasonably likely impact of such an incident on Form 8-K.

Laws, regulations and policies relating to environmental, social, and governance are expanding globally.

Compliance with such regulations, investments in our environmental, social and governance commitments, may involve significant costs and negatively impact our business, financial condition and results of operations.

Additionally, we may experience reputational harm from our actual or perceived failure to meet our environmental, social and governance commitments.

Around the world, AI regulation is in the nascent stages of development.

liability.

A number of countries, including the United States and countries in Europe and the Asia-Pacific region, are considering or have adopted more stringent restrictions or guidelines for such transactions.

Governments may continue to adopt or tighten restrictions of this nature, and such restrictions or government actions could negatively impact our business and financial results.

Further, if we are not able to complete an announced acquisition or investment, or we do not achieve the financial and strategic goals of an acquisition or investment, we may not realize the anticipated benefits of such acquisition or investment or we may incur additional costs, which may negatively impact our business and financial results.

logical access to our products, services or information systems to access content and data.

The loss of or unauthorized access to data, such as resulting from computer viruses, worms, ransomware or other malware may harm our systems, expose us to litigation or regulatory investigation and subject us to costly and time-intensive notification requirements.

Despite our preventative efforts, there is no assurance that our security measures will provide full effective protection from such events.

It is impossible to predict the extent, frequency or impact cybersecurity issues may have on us.

We contract with a number of software distributors and other third parties to distribute our products, services and solutions, none of which are individually responsible for a material amount of our total net revenue in any recent period.

Successfully managing our distribution channels and sales partners to reach various customers for our products, services and solutions is a complex and global process.

We face an increasingly difficult challenge to attract and retain highly qualified security personnel to assist us in combating security threats.

Transferring personal information across international borders is complex and subject to legal and regulatory requirements as well as active litigation and enforcement in a number of jurisdictions around the world, each of which could have an adverse impact on our ability to process and transfer personal data as part of our business operations.

The suitability of Standard Contractual Clauses for data transfer in some scenarios has recently been the subject of legal challenge, and while the United States and the European Union reached agreement on the EU - US Data Privacy Framework, there are legal challenges to that data transfer mechanism as well.

We continue to closely monitor for developments related to valid transfer mechanisms available for transferring personal data outside the European Economic Area (including the EU - US Data Privacy Framework) and other countries that have similar trans-border data flow requirements and adjust our practices accordingly.

The open judicial questions and regulatory interpretations related to the validity of transfers using Standard Contractual Clauses have resulted in some changes in the obligations required to provide our services in the European Union and could expose us to potential sanctions and fines for non-compliance.

localization (such as where personal data must remain stored in the country).

We are subject to various legal proceedings (including class action lawsuits), claims and regulatory inquiries that are not yet resolved and additional claims, enforcement actions and inquiries may arise in the future.

Additionally, we are currently, and may in the future be subject to claims, negotiations and complex, protracted litigation relating to disputes regarding the validity or alleged infringement of third-party intellectual property rights, including patent rights.

These countries, governmental bodies, such as the European Commission of the European Union, and intergovernmental economic

emerging market volatility, and associated uncertainty have caused, and may in the future cause, currencies to fluctuate.

Subsequent to December 1, 2023, the delayed draw term loan agreement was terminated.

A catastrophic event, particularly one that may

Discussion regarding our financial condition and results of operations for fiscal [removed: 2022] [added: 2023] as compared to fiscal [removed: 2021] [added: 2022] is included in Item 7 of our Annual Report on Form 10-K for the fiscal year ended December [removed: 2, 2022,] [added: 1, 2023,] filed with the SEC on January 17, [removed: 2023.*][added: 2024.*]

In preparing our Consolidated Financial Statements in accordance with [removed: GAAP] [added: generally accepted accounting principles in the United States (“GAAP”)] and pursuant to the rules and regulations of the SEC, we make assumptions, judgments and estimates that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosures of contingent assets and liabilities.

In addition, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for [removed: operating] [added: tax] loss and [removed: tax] credit carryforwards.

*[See Note 1 of [removed: our Notes to] [added: our](#i74cf9d38730645a2be94739e148c270a_136) [Notes](#i74cf9d38730645a2be94739e148c270a_136) [to] Consolidated Financial Statements for information regarding recent accounting pronouncements that are of [removed: significance](#id2fffb105edb44a29625d93e58bf85a1_136) [or] [added: significance or] potential [removed: significance](#id2fffb105edb44a29625d93e58bf85a1_136) [to us.](#id2fffb105edb44a29625d93e58bf85a1_136)*][added: significance to us.](#i74cf9d38730645a2be94739e148c270a_136)*]

For our fiscal [removed: 2023,] [added: 2024,] we experienced strong demand across our Digital Media and Digital Experience offerings, driven by our innovative product roadmap.

As we execute on our long-term growth [removed: initiatives and deliver] [added: initiatives, with focus on delivering] product [removed: innovation,] [added: innovation and driving adoption and usage of our AI-powered solutions,] we have continued to experience growth in software-based subscription revenue across our portfolio of offerings.

In our Digital Media segment, we are a market leader with Creative Cloud, our subscription-based offering which provides desktop tools, mobile [removed: apps] [added: applications (“apps”)] and cloud-based services for designing, creating and publishing rich content and immersive 3D experiences.

[removed: Creative Cloud includes] [added: In addition,] Adobe [removed: Express, a] [added: Express is our] web and mobile app designed to enable a broad spectrum of users, including novice content creators, communicators and creative professionals, to create, edit and customize content quickly and easily with content-first, task-based solutions.

[removed: In September 2023, we released] [added: Creative Cloud also includes] Adobe Firefly, a group of creative generative AI models designed to generate high quality images and text effects.

We expect Creative Cloud will drive sustained long-term revenue growth through a continued expansion of our customer base by attracting new users with new features and products like Adobe Express and Adobe Firefly that make creative tools accessible to first-time creators and communicators, and delivering new features and technologies to existing customers with our latest releases such as [removed: share for review and] generative AI capabilities.

Document Cloud, which enhances the way people manage critical documents at home, in the office and across devices, includes [added: subscriptions to] Adobe [removed: Acrobat,] [added: Acrobat Pro and Standard,] Adobe Acrobat Sign and Adobe Scan.

[added: Our reported ARR results in the] current fiscal year are based on currency rates set at the beginning of the year and held constant throughout the year for measurement purposes.

Creative ARR exiting fiscal [removed: 2023] [added: 2024] was [removed: $12.37] [added: $13.85] billion, up from [removed: $10.98] [added: $12.49] billion at the end of fiscal [removed: 2022.][added: 2023.]

Document Cloud ARR exiting fiscal [removed: 2023] [added: 2024] was [removed: $2.81] [added: $3.48] billion, up from [removed: $2.28] [added: $2.84] billion at the end of fiscal [removed: 2022.][added: 2023.]

Total Digital Media ARR grew to [removed: $15.17] [added: $17.33] billion at the end of fiscal [removed: 2023,] [added: 2024,] up from [removed: $13.26] [added: $15.33] billion at the end of fiscal [removed: 2022.][added: 2023.]

Revaluing our ending ARR for fiscal [removed: 2023] [added: 2024] using currency rates determined at the beginning of fiscal [removed: 2024,] [added: 2025,] our Digital Media ARR at the end of fiscal [removed: 2023] [added: 2024] would be [removed: $15.33] [added: $17.22] billion or approximately [removed: $160] [added: $117] million [removed: higher] [added: lower] than the ARR reported above.

Creative revenue in fiscal [removed: 2023] [added: 2024] was [removed: $11.52] [added: $12.68] billion, up from [removed: $10.46] [added: $11.52] billion in fiscal [removed: 2022 and] [added: 2023,] representing 10% year-over-year growth.

Document Cloud revenue in fiscal [removed: 2023] [added: 2024] was [removed: $2.70] [added: $3.18] billion, up from [removed: $2.38] [added: $2.70] billion in fiscal [removed: 2022 and] [added: 2023,] representing [removed: 13%] [added: 18%] year-over-year growth.

Total Digital Media segment revenue grew to [removed: $14.22] [added: $15.86] billion in fiscal [removed: 2023,] [added: 2024,] up from [removed: $12.84] [added: $14.22] billion in fiscal [removed: 2022 and] [added: 2023,] representing [removed: 11%] [added: 12%] year-over-year [removed: growth driven by strong net new user] growth.

Our differentiation and competitive advantage are strengthened by our ability to use the Adobe Experience Platform to integrate our comprehensive set of [removed: solutions.][added: solutions and our ability to embed AI into our product portfolio, such as with our new Adobe Experience Platform AI Assistant, a generative AI-powered conversational interface designed to help customers automate workflows and generate new audiences and journeys.]

Our [removed: products, including Adobe Analytics, Customer Journey Analytics, Adobe Product Analytics, and our Real-time Customer Data Platform,] [added: products] deliver actionable data [added: to our customers] in real time to [removed: provide] [added: enable] highly tailored and adaptive experiences across [removed: platforms.][added: platforms through Adobe Analytics, Adobe Customer Journey Analytics, Adobe Product Analytics, Adobe Mix Modeler, and Adobe Real-time Customer Data Platform.]

- [removed: *Content] [added: *Content, commerce] and [removed: commerce*.][added: workflows*.]

Our products help [added: our] customers manage, deliver, [removed: monetize,] [added: personalize,] and optimize content delivery through Adobe Experience [removed: Manager and] [added: Manager;] build multi-channel commerce experiences for B2B and B2C customers [added: with Adobe Commerce; strategically plan, manage, collaborate and execute] on [removed: a single platform] [added: workflows for marketing campaigns and other projects at speed and scale] with [added: our enterprise work management App,] Adobe [removed: Commerce.][added: Workfront; and leverage self-serve capabilities to deliver on-brand content powered by generative AI in Adobe GenStudio for Performance Marketing.]

[removed: By combining the creativity of our Digital Media business] with the science of our Digital Experience business, such as with our [removed: new] Adobe GenStudio solution, we help our customers to more efficiently and effectively make, manage, measure and monetize their content across every channel with an end-to-end workflow and feedback loop.

Digital Experience revenue was [removed: $4.89] [added: $5.37] billion in fiscal [removed: 2023,] [added: 2024,] up from [removed: $4.42] [added: $4.89] billion in fiscal [removed: 2022 which represents 11%] [added: 2023, representing 10%] year-over-year growth.

[removed: Driving this growth was the increase in subscription revenue, which] [added: Subscription revenue] grew to [removed: $4.33] [added: $4.86] billion in fiscal [removed: 2023] [added: 2024, up] from [removed: $3.88] [added: $4.33] billion in fiscal [removed: 2022,] [added: 2023,] representing 12% year-over-year growth.

*[See the section titled “Risk Factors” in Part I, Item 1A of this report for further discussion of the possible impact of these macroeconomic issues on our [removed: business.](#id2fffb105edb44a29625d93e58bf85a1_49)*][added: business.](#i74cf9d38730645a2be94739e148c270a_49)*]

*Financial Performance Summary for Fiscal [removed: 2023*][added: 2024*]

- Total Digital Media ARR of approximately [removed: $15.17] [added: $17.33] billion as of [removed: December 1, 2023] [added: November 29, 2024] increased by [removed: $1.91] [added: $2.00] billion, or [removed: 14%,] [added: 13%,] from [removed: $13.26] [added: $15.33] billion as of December [removed: 2, 2022.][added: 1, 2023.]

- Creative revenue of [removed: $11.52] [added: $12.68] billion [added: during fiscal 2024] increased by [removed: $1.06] [added: $1.17] billion, or 10%, [removed: during fiscal 2023,] from [removed: $10.46] [added: $11.52] billion in fiscal [removed: 2022.][added: 2023.]

Document Cloud revenue of [removed: $2.70] [added: $3.18] billion [added: during fiscal 2024] increased by [removed: $316] [added: $483] million, or [removed: 13%, during fiscal 2023,] [added: 18%,] from [removed: $2.38] [added: $2.70] billion in fiscal [removed: 2022.][added: 2023.]

- Digital Experience revenue of [removed: $4.89] [added: $5.37] billion [added: during fiscal 2024] increased by [removed: $471] [added: $473] million, or [removed: 11%, during fiscal 2023,] [added: 10%,] from [removed: $4.42] [added: $4.89] billion in fiscal [removed: 2022.][added: 2023.]

- Remaining performance obligations of [removed: $17.22] [added: $19.96] billion as of [removed: December 1, 2023] [added: November 29, 2024] increased by [removed: $2.02] [added: $2.75] billion, or [removed: 13%,] [added: 16%,] from [removed: $15.19] [added: $17.22] billion as of December [removed: 2, 2022.][added: 1, 2023.]

- Net income of [removed: $5.43] [added: $5.56] billion [added: during fiscal 2024] increased by [removed: $672] [added: $132] million, or [removed: 14%, during fiscal 2023,] [added: 2%,] from [removed: $4.76] [added: $5.43] billion in fiscal [removed: 2022.][added: 2023.]

- Cash flows from operations of [removed: $7.30] [added: $8.06] billion during fiscal [removed: 2023 decreased] [added: 2024 increased] by [removed: $536] [added: $754] million, or [removed: 7%,] [added: 10%,] from [removed: $7.84] [added: $7.30] billion in fiscal [removed: 2022.][added: 2023.]

| *(dollars in millions)* | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | % Change [removed: 2023-2022] [added: 2024-2023] | | | | | | | | |

| Subscription | | | | | | $ | [removed: 18,284] [added: 20,521] | | | | | $ | [removed: 16,388] [added: 18,284] | | | | | $ | [removed: 14,573] [added: 16,388] | | | | | 12 | | % | | | | | | |

| Percentage of total revenue | | | | | | [removed: 94] [added: 95] | | % | | | | [removed: 93] [added: 94] | | % | | | | [removed: 92] [added: 93] | | % | | | | | | | | | | | | |

| Product | | | | | | [removed: 460] [added: 386] | | | | | | [removed: 532] [added: 460] | | | | | | [removed: 555] [added: 532] | | | | | | [removed: (14)] [added: (16)] | | % | | | | | | |

| Percentage of total revenue | | | | | | [removed: 2] [added: 3] | | % | | | | [removed: 3] [added: 4] | | % | | | | 4 | | % | | | | | | | | | | | | |

Overview of 2024

Creative Cloud offers Adobe Acrobat Pro, our comprehensive PDF solution, integral to creative workflows and used by creators worldwide as part of our Creative Cloud All Apps subscription and on a standalone basis.

Certain Adobe Acrobat products are also offered as perpetual licenses which are immaterial to our business.

In April 2024, we introduced Acrobat AI Assistant, a generative AI-powered product designed to deliver insights and enhance productivity through interactive document experiences, which is available as an add-on subscription to our Adobe Acrobat Pro and Standard and Adobe Acrobat Reader products.

By combining the creativity of our Digital Media business

- Cost of revenue of $2.36 billion during fiscal 2024 remained relatively flat compared to fiscal 2023.

- Operating expenses of $12.41 billion during fiscal 2024 increased by $2.00 billion, or 19%, from $10.41 billion in fiscal 2023 primarily due to the $1 billion Figma termination fee incurred in fiscal 2024.

experiences that span from analytics to commerce.

| Total revenue | | | | | | $ | 21,505 | | | | | $ | 19,409 | | | | | $ | 17,606 | | | | | 11 | | % | | | | | | |

| *(dollars in millions)* | | | | | | 2024 | | | | | | 2023 | | | | | | 2022 | | | | | | % Change 2024-2023 | | |

Revenue from Digital Experience increased $473 million during fiscal 2024 as compared to fiscal 2023 driven by subscription revenue growth across our offerings.

| *(dollars in millions)* | | | | | | 2024 | | | | | | 2023 | | | | | | 2022 | | | | | | % Change 2024-2023 | | | | | | | | |

| Total revenue | | | | | | $ | 21,505 | | | | | $ | 19,409 | | | | | $ | 17,606 | | | | | 11 | | % | | | | | | |

| *(dollars in millions)* | | | | | | 2024 | | | | | | 2023 | | | | | | 2022 | | | | | | % Change 2024-2023 | | | | | | | | |

| *(dollars in millions)* | | | | | | 2024 | | | | | | 2023 | | | | | | 2022 | | | | | | % Change 2024-2023 | | | | | | | | |

| Acquisition termination fee | | | | | | 1,000 | | | | | | — | | | | | | — | | | | | | | | | | | | | | |

| | | | Components of % Change 2024-2023 | | | | | | | | |

| Compensation costs | | | 7 | | % | | | | | | |

| | | | Components of % Change 2024-2023 | | | | | | | | |

| Compensation costs | | | 4 | | % | | | | | | |

| Marketing spend related to campaigns, events and overall marketing efforts | | | 2 | | | | | | | | |

| | | | Components of % Change 2024-2023 | | | | | | | | |

| Lease-related asset impairments and other charges | | | 7 | | % | | | | | | |

| Compensation costs | | | 4 | | | | | | | | |

| | | | | | | | | | | | |

| | | | | | | | | | | | |

| Various individually insignificant items | | | 2 | | | | | | | | |

| Total change | | | 8 | | % | | | | | | |

General and administrative expenses during fiscal 2024 included costs associated with the optimization of our leased facilities, primarily consisting of impairment charges for certain operating lease right-of-use assets and leasehold improvements.

*Acquisition Termination Fee*

During fiscal 2024, we incurred a $1 billion termination fee which resulted from termination of the Figma transaction.

| *(dollars in millions)* | | | | | | 2024 | | | | | | 2023 | | | | | | 2022 | | | | | | % Change 2024-2023 | | | | | | | | |

_________________________________________

(*) Percentage is less than 1%.

() Percentage is not meaningful.

Interest expense increased during fiscal 2024 as compared to fiscal 2023 due to the senior notes issued in April 2024.

*[See Note 1](#i74cf9d38730645a2be94739e148c270a_193)[7](#i74cf9d38730645a2be94739e148c270a_193) [for further details regarding our debt.](#i74cf9d38730645a2be94739e148c270a_193)*

| *(dollars in millions)* | | | | | | 2024 | | | | | | 2023 | | | | | | 2022 | | | | | | % Change 2024-2023 | | | | | | | | |

| Percentage of total revenue | | | | | | 6 | | % | | | | 7 | | % | | | | 7 | | % | | | | | | | | | | | | |

_________________________________________

Overview of 2023

Adobe Acrobat is offered both through subscription and perpetual licenses, and is also included in our Creative Cloud All Apps subscription offering.

Our reported ARR results in the

- *Marketing planning and workflow*.

Our products help businesses intelligently measure, optimize, and plan marketing investments through the Adobe Mix Modeler, and allow businesses to strategically plan, manage, collaborate, and execute on workflows for marketing campaigns and other projects at speed and scale with our enterprise work management app, Adobe Workfront.

For example, foreign currency exchange rate fluctuations have negatively impacted our revenue and earnings during fiscal 2023, and may continue to negatively impact our financial results in fiscal 2024.

- Cost of revenue of $2.35 billion increased by $189 million, or 9%, during fiscal 2023, from $2.17 billion in fiscal 2022.

- Operating expenses of $10.41 billion increased by $1.06 billion, or 11%, during fiscal 2023, from $9.34 billion in fiscal 2022.

Revenue for fiscal 2021 benefited from an extra week in the first quarter of fiscal 2021 due to our 52/53 week financial calendar whereby fiscal 2021 was a 53-week year compared with fiscal 2023 and 2022 which were 52-week years.

and game developers; communicators, including content creators, students, marketers and knowledge workers; and consumers.

Revenue from Digital Experience increased $471 million during fiscal 2023 as compared to fiscal 2022 primarily due to net new additions across our subscription offerings, partially offset by the impact of foreign currency exchange rate fluctuations.

| Royalty costs | | | 2 | | | | | | | | |

| Incentive compensation, cash and stock-based | | | 6 | | % | | | | | | |

| Base compensation and related benefits | | | 6 | | | | | | | | |

| Base compensation and related benefits | | | 3 | | % | | | | | | |

| Incentive compensation, cash and stock-based | | | 3 | | | | | | | | |

| Base compensation and related benefits | | | 5 | | | | | | | | |

Professional and consulting fees increased from fiscal 2023 as compared to fiscal 2022 primarily due to transaction costs associated with our intended acquisition of Figma.

Our effective tax rate decreased by approximately one percentage point during fiscal 2023 as compared to fiscal 2022, primarily due to an increase in the net tax benefit from effects of non-U.S. operations in fiscal 2023.

Beginning in 2023, under the provisions introduced by the U.S. Tax Act, we are required to capitalize and amortize research and development costs.

This had an adverse impact on our effective rate for income taxes paid and, consequently, on our cash flows from operations.

In addition, the primary working capital uses of cash were increases in prepaid expenses attributable to the timing of billings.

These impacts were partially offset by working capital sources of cash driven by increases in deferred revenue from our Digital Media and Digital Experience offerings.

These uses of cash were offset in part by proceeds from re-issuance of treasury stock mainly for our employee stock purchase plan.

On September 15, 2022, we entered into a definitive merger agreement under which we intended to acquire Figma, Inc. (“Figma”) for approximately $20 billion, comprised of approximately half cash and half stock.

On December 17, 2023, we entered into a mutual termination agreement with Figma to terminate the proposed merger.

In accordance with the terms of the termination agreement, on December 20, 2023, we paid Figma a termination fee of $1 billion using cash on hand.

*Term Loan Credit Agreement*

In January 2023, we entered into a delayed draw credit agreement, providing for a senior unsecured term loan (the “Term Loan”) of up to $3.5 billion for the purpose of partially funding the purchase price and related fees for our acquisition of Figma.

Subsequent to December 1, 2023, following execution of the mutual termination agreement with Figma discussed above, the delayed draw term loan agreement was terminated.

As of December 1, 2023, there were no outstanding borrowings under the commercial paper program.

Subsequent to December 1, 2023, we executed agreements associated with certain of our long-term supplier commitments that increased our minimum purchase obligations by $2.3 billion through December 2028.

*Other*

If the rule is not modified, there will continue to be an adverse impact to our effective rates for income taxes paid, which is partially offset by a benefit from the increase in the foreign-derived intangible income deduction.

During fiscal 2023, we repurchased a total of 11.5 million shares, including approximately 7.5 million shares at an average price of $429.65 through structured repurchase agreements, as well as 4.0 million shares at an average purchase price of $348.46 through an accelerated share repurchase agreement.

As of December 1, 2023, $354 million of prepayment remained under our outstanding structured stock repurchase agreement.

Subsequent to December 1, 2023, as part of the December 2020 stock repurchase authority, we entered into an accelerated share repurchase agreement with a large financial institution whereupon we provided them with a prepayment of $2 billion and received an initial delivery of 2.5 million shares, which represents approximately 75% of our prepayment.

Upon completion of the $2 billion accelerated share repurchase agreement, $150 million remains under our December 2020 authority.

We may use foreign exchange [removed: option] [added: forward] contracts and [removed: forward] [added: option] contracts to hedge a portion of our forecasted foreign currency denominated revenue and expenses.

Our significant foreign currency revenue exposures for fiscal [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021] [added: 2022] were as follows:

| *(in millions)* | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| Euro | | | € | [removed: 2,842] [added: 3,149] | | | | | € | [removed: 2,487] [added: 2,842] | | | | | € | [removed: 2,209] [added: 2,487] | |

| Japanese Yen | | | ¥ | [removed: 129,127] [added: 144,800] | | | | | ¥ | [removed: 118,456] [added: 129,127] | | | | | ¥ | [removed: 104,829] [added: 118,456] | |

| British Pounds | | | £ | [removed: 818] [added: 887] | | | | | £ | [removed: 737] [added: 818] | | | | | £ | [removed: 669] [added: 737] | |

| Australian Dollars | | | $ | [removed: 973] [added: 1,064] | | | | | $ | [removed: 876] [added: 973] | | | | | $ | [removed: 768] [added: 876] | |

As of [removed: December 1, 2023,] [added: November 29, 2024,] the total notional amounts of all outstanding foreign exchange [removed: contracts, including options and forwards,] [added: contracts] were [removed: $3.83] [added: $5.89] billion, which included the notional equivalent of [removed: $1.52] [added: $2.73] billion in Euros, [removed: $773] [added: $791] million in [removed: Indian Rupees, $634] [added: Japanese Yen, $714] million in British Pounds, [removed: $409] [added: $609] million in [removed: Japanese Yen, $350] [added: Indian Rupees, $585] million in Australian [removed: Dollars] [added: Dollars, $386 million in Canadian dollars] and [removed: $135] [added: $76] million in other foreign currencies.

As of [removed: December 1, 2023,] [added: November 29, 2024,] all contracts were set to expire at various dates through [removed: November 2024.][added: September 2026.]

A sensitivity analysis was performed on all of our foreign exchange derivatives as of [removed: December 1, 2023.][added: November 29, 2024.]

A 10% increase in the value of the U.S. Dollar and a corresponding decrease in the value of the hedged foreign currency asset would lead to an increase in the fair value of our financial hedging instruments by [removed: $142] [added: $434] million.

A 10% decrease in the value of the U.S. Dollar would lead to a decrease in the fair value of these financial instruments by [removed: $1] [added: $434] million.

As of [removed: December 1, 2023] [added: November 29, 2024] and December [removed: 2, 2022,] [added: 1, 2023,] this long-term investment exposure totaled an absolute notional equivalent of [removed: $1.03] [added: $1.19] billion and [removed: $770 million,] [added: $1.03 billion,] respectively.

We may use foreign exchange purchased [removed: options or] forward contracts [added: or option contracts] to hedge foreign currency revenue denominated in Euros, [added: Japanese Yen,] British Pounds, [removed: Japanese Yen and] Australian [added: Dollars and Canadian] Dollars, or foreign currency expenses in Indian Rupees.

These foreign exchange contracts, carried at fair value, have maturities of up to [removed: twelve] [added: 24] months.

When the forecasted transaction affects earnings, we reclassify the related gain or loss on the cash flow hedge to revenue or [added: operating expenses, as applicable.]

[removed: In the event the underlying forecasted transaction does not occur, or] it [removed: becomes probable that it] will not occur, we reclassify the gain or loss on the related cash flow hedge from accumulated other comprehensive income (loss) to revenue or operating expenses, as applicable.

For the fiscal year ended [removed: December 1, 2023,] [added: November 29, 2024,] there were no net gains or losses recognized in revenue or operating expenses relating to hedges of forecasted transactions that did not occur.

At [removed: December 1, 2023,] [added: November 29, 2024,] the outstanding balance sheet hedging derivatives had maturities of 180 days or less.

*[See Note 6 of our Notes to Consolidated Financial Statements for information regarding our derivative financial [removed: instruments.](#id2fffb105edb44a29625d93e58bf85a1_154)*][added: instruments.](#i74cf9d38730645a2be94739e148c270a_154)*]

At [removed: December 1, 2023,] [added: November 29, 2024,] we had debt securities classified as short-term investments of [removed: $701] [added: $273] million.

A sensitivity analysis was performed on our short-term investment portfolio as of [removed: December 1, 2023,] [added: November 29, 2024,] based on an estimate of the hypothetical changes in market value of the portfolio that would result from an immediate parallel shift in the yield curve.

A 150 basis point increase in interest rates would lead to a [removed: $6] [added: $1] million decrease in the market value of our short-term investments.

Conversely, a 150 basis point decrease in interest rates would lead to a [removed: $6] [added: $1] million increase in the market value of our short-term investments.

As of [removed: December 1, 2023,] [added: November 29, 2024,] we had [removed: $3.65] [added: $5.65] billion of senior notes outstanding which bear interest at fixed rates, and therefore do not subject us to financial statement risk associated with changes in interest rates.

As of [removed: December 1, 2023,] [added: November 29, 2024,] the total carrying amount of our senior notes was [removed: $3.63] [added: $5.63] billion and the related fair value based on observable market prices in less active markets was [removed: $3.39] [added: $5.51] billion.

*[See Note 17 of our Notes to Consolidated Financial Statements for information regarding our senior [removed: notes.](#id2fffb105edb44a29625d93e58bf85a1_193)*][added: notes.](#i74cf9d38730645a2be94739e148c270a_193)*]

In the event the underlying forecasted transaction does not occur, or it becomes probable that

For option contracts, the Black-Scholes option pricing model was used.

operating expenses, as applicable.

Digital Media. We provide products, services and solutions that enable individuals, teams, [removed: businesses] [added: businesses, enterprises, institutions,] and [removed: enterprises] [added: governments] to create, publish and promote their content anywhere, and accelerate their productivity by transforming how they view, share, engage with and collaborate on documents and content creation.

Our Digital Media segment is centered around Adobe Creative Cloud and Adobe Document Cloud, which include Adobe [removed: Express, Adobe Firefly,] Photoshop, [added: Adobe] Illustrator, [added: Adobe] Lightroom, [added: Adobe] Premiere Pro, [added: Adobe] Acrobat, [added: Adobe] Acrobat [removed: Sign] [added: Sign, Adobe Express, Adobe Firefly] and many more products, offering a variety of tools for creative professionals (like photographers, [added: graphic designers,] video editors and game developers), communicators and other consumers.

Digital Experience. We provide an integrated platform and set of products, services and solutions through Adobe Experience Cloud that enable businesses to create, manage, execute, measure, monetize and optimize customer [removed: experiences spanning from analytics to commerce.][added: experiences.]

The foundation of our offering is Adobe Experience Platform, which provides businesses [removed: and brands] with an open and extensible system for customer experience management that transforms customer data into robust customer profiles that update in real time and uses insights to deliver personalized digital experiences across various channels.

We offer a comprehensive suite of products, services and solutions to our customers [removed: and users] in our Digital Media business and Digital Experience business.

We believe we are [added: well] positioned to [removed: compete well] [added: deliver value] in both the Digital Media and Digital Experience strategic areas where our mission to change the world through personalized digital experiences has never been more relevant as people seek new ways to create, collaborate and communicate and businesses continue to invest in digital transformation.

This overview provides an explanation of our markets and a discussion of strategic opportunities in fiscal [removed: 2024] [added: 2025] and beyond for each of our segments.

*See the section titled [removed: “Results] [added: [“Results] of Operations” in Part II, Item 7 titled “Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations”] [added: Operations”](#i74cf9d38730645a2be94739e148c270a_85)] and [removed: Note] [added: [Note] 2 of our Notes to Consolidated Financial [removed: Statements] [added: Statement](#i74cf9d38730645a2be94739e148c270a_139)[s](#i74cf9d38730645a2be94739e148c270a_139)] of this report for further segment information.*

At the same time, creativity is increasingly a team [removed: sport] [added: effort] that is redefining productivity, making quick and easy collaboration even more critical to every company’s success.

Adobe is driving [removed: the] innovation to shape these trends, democratize creativity, empower individuals to create wherever inspiration strikes and enable more effective collaboration between creators and stakeholders.

The flagship of our Digital Media business is Adobe Creative Cloud, a subscription service that allows subscribers to use our creative products [added: and applications (“Apps”)] integrated with cloud-delivered services across various surfaces and platforms.

Our customers rely on our products for content creation, photo editing, design, video and animation production, mobile [removed: application (“app”)] [added: App] and gaming development, and more.

[removed: Customers] [added: Our customers] can choose between [added: products optimized for different platforms and capabilities, from] the speed and ease of [added: use offered by] Adobe Express, our [removed: AI- and template-first,] [added: AI-first,] task-based web and mobile [removed: app, or] [added: App, to] the greater power and precision of our flagship Creative Cloud [removed: apps.][added: Apps.]

We believe we have significant opportunities to grow our Digital Media business by advancing every creative category across all surfaces; expanding content-first, task-based creativity with Adobe Express; enabling seamless collaboration across all stakeholders; inspiring the creative community through sharing and monetization; and expanding the user base of our tools through the infusion of AI into our products, services and solutions to enable users of any skill level to easily and efficiently create [removed: content using tools like Adobe Express while also enhancing the power and AI capabilities of our flagship apps for creative professionals.][added: content.]

Our Digital Media segment includes our Adobe Document Cloud business, a unified, cloud-based document services platform that integrates Adobe’s pioneering PDF technology with our [removed: Acrobat] [added: Adobe Acrobat, Adobe Scan] and [added: Adobe] Acrobat Sign [removed: apps] [added: Apps] to deliver fully digital document workflows across all surfaces.

There are hundreds of millions of users who engage with PDF files on a daily basis in industries such as legal, financial services, and publishing, as well as a broad array of [added: communicators and Adobe Acrobat Reader customers who use the expanded capabilities provided by our Acrobat Apps and the document services platform in Adobe Document Cloud.]

We aim to achieve this goal by using data-driven customer engagement, driving product-led growth to allow our customers to create content and interact with documents in ways that are more frictionless, efficient and accessible, and meeting [removed: customer] [added: our customers’] needs holistically to increase the value they derive from our services.

We are redefining the creative process with [added: Adobe] Creative Cloud to unleash everyone’s ability to imagine and express ideas.

We are empowering [removed: anyone, including novice content creators, communicators] [added: enterprises] and [added: users beyond] creative professionals, [added: such as novice content creators and communicators,] to create, edit, schedule and share content quickly and easily using Adobe Express, which [removed: employs] [added: makes select] capabilities from products like [added: Adobe] Photoshop, [added: Adobe] Premiere Pro and [removed: Acrobat to deliver the best of] Adobe [added: Acrobat easy] to [removed: customers] [added: use for users] at any level.

We [removed: are also infusing] [added: continue to add collaboration capabilities into our flagship products, Apps and workflows, and to infuse] AI into our creative [removed: apps as a co-pilot] [added: Apps] to help our customers and users work faster and smarter, with new models for images and vector graphics, and AI-powered video features natively integrated into our flagship [removed: products like Photoshop, Illustrator, and Premiere Pro.][added: products.]

We are building our own foundation models in areas where we have domain expertise and which we believe are most relevant to our [removed: customers.][added: customers, and partnering with third-party AI models and large language models to further expand the capabilities of our products.]

We [removed: are pursuing new] [added: continue to pursue] ways to inspire, empower and connect the creative [removed: community, such as through our Create Change series, our creative residency program,] [added: community] and [removed: supporting] [added: support] live, interactive tutorials with [removed: creators on Behance.][added: creators.]

In our Creative Cloud business, we employ our product-led growth strategy to minimize the friction of customer interactions and drive positive product experiences, which results in increasing [removed: customer] adoption, usage, conversion, expansion and loyalty.

We also continue to employ a pricing strategy, as appropriate, to migrate our customers to higher-value offerings as well as attract past customers and potential [removed: users] [added: customers] to try out our products and ultimately subscribe.

To better serve our current users and potential users, we offer free and premium levels for certain [removed: apps, such as Adobe Firefly and Adobe Express,] [added: Apps] and targeted packages and [removed: suites, such as our Photography Plan and Substance 3D Collection.][added: suites.]

[removed: Our] [added: Further, our] generative AI capabilities are increasing the value of our existing subscription products, expanding our potential customer base and increasing engagement and retention through Generative Credits—credits that provide users and subscribers the ability to generate content with [added: Adobe] Firefly.

The collaboration features across many of our [removed: products, such as in Photoshop on the web and Frame.io,] [added: products] help us to further expand our universe of customers beyond creative professionals to other stakeholders who use our products for review and approval, copywriting, social media marketing or other social content creation.

Overall, our strategy with Creative Cloud is designed to enable us to [added: deliver customer value,] increase our revenue with existing customers, attract new customers and grow a recurring and predictable revenue stream that is recognized ratably.

In our Adobe Document Cloud business, we expect to drive sustained long-term revenue growth through an expansion of our customer base by continuing to employ our product-led growth [removed: strategy,] [added: strategy;] deliver the best PDF experience on and across every [removed: platform,] [added: platform;] improve Acrobat web’s functionality and ease of [removed: use,] [added: use;] and expand the number of digital document and workflow-based actions in Acrobat.

We are driving innovation with [added: Acrobat AI Assistant, our generative AI-powered tool in] Adobe [added: Acrobat Pro, Acrobat Standard and Acrobat Reader, that allows users to better and more quickly understand their documents with quick answers and generative AI summaries, and Adobe] Sensei, our cross-platform AI and machine learning [removed: technology,] [added: technology] to make documents more intelligent and responsive.

We are unlocking business workflows through PDF and [added: Adobe] Acrobat Sign Application Programming Interfaces [removed: (“APIs”),] [added: (“APIs”);] accelerating Document Cloud adoption through digital and [removed: direct sales, and deploying diversified go-to-market motions to reach all industries and businesses of all sizes.]

[added: With over 100 million] online searches for PDF-related actions per month, we intend to harness that demand and attract new users and customers to our Document Cloud services through Acrobat web, which allows anyone to quickly access tools to create, edit, convert, sign and compress PDFs through their web browser.

As with our Creative Cloud strategy, we utilize a data-driven operating model to market our Document Cloud solutions and optimize our subscription-based pricing for individuals as well as small and medium businesses, large enterprises, [added: students] and [added: education users, and] government institutions around the world.

Acrobat Reader is available on [removed: mobile,] [added: mobile devices,] and features AI-powered “Liquid Mode” to automatically reformat PDFs for quick navigation and easier consumption on smaller screens.

[added: Adobe] Acrobat is available on the web, delivering quick results for common PDF actions with a single click.

[added: Adobe] Acrobat Sign [removed: also] provides a green alternative to costly, paper-based solutions and offers a convenient solution for [added: our] customers to digitally manage their documents, automate processes and contract workflows, and is integrated into Acrobat across all surfaces.

[removed: By using Adobe Sensei to enhance customer experiences] [added: With features offered by AI Assistant] and [removed: adding] [added: Adobe Firefly as well as] new capabilities to Acrobat, Adobe Scan and Acrobat Sign, we help our customers and users continue to migrate away from paper-based processes and adopt our solutions for personalized, digital document experiences, growing our revenue with this business in the process.

[removed: Business customers] [added: Businesses] increasingly have the same expectations, driving business-to-business (“B2B”) companies to deliver equally engaging and seamless experiences as business-to-consumer (“B2C”) companies.

Delivering the best, personalized experience [removed: to a consumer] at a given moment requires the right combination of data, insights and content across multiple channels in real time and at scale.

We have a strategic opportunity to provide solutions that enable real-time personalization at scale and accelerate our customers’ content supply chain, with a streamlined and coordinated process from content ideation through [removed: deployment and] [added: deployment,] measurement and optimization.

With Adobe GenStudio, our cross-cloud, end-to-end solution that packages offerings across Digital Experience and Digital Media, enterprises can automate, optimize and accelerate their content supply chains for

marketing campaigns and personalized customer experiences.

We expanded Adobe Firefly with the launch of Adobe Firefly Services, which help organizations automate content production; Custom Models, which enable enterprises to train and customize models to support brand consistency amongst creative and marketing teams; Firefly Video Model (public beta), which enables generative text-to-video and image-to-video; and Firefly Image 3 Foundation Model, which allows for faster and higher-quality image generations.

Additionally, with Adobe GenStudio and Adobe GenStudio for Performance Marketing, a generative AI-first product that natively integrates Digital Media and Digital Experience offerings, we help enterprises to quickly create on-brand content variations and accelerate their marketing workflows.

Additionally, with the integration of Adobe Firefly in Acrobat, our customers can easily generate and edit visuals directly in PDFs.

direct sales; and deploying diversified go-to-market motions to reach all industries and businesses of all sizes.

Users can ask questions using voice commands with Acrobat AI Assistant on mobile devices.

manage, collaborate and execute on workflows for marketing campaigns and other projects at speed and scale; and leverage self-serve capabilities to deliver on-brand content.

In our Adobe Experience Cloud, we believe our innovations, natively embedded AI services, and end-to-end content supply chain solutions enhance the delivery and personalization of digital experiences by allowing our customers to gain insights and understand their data, simulate outcomes, automate tasks, generate audiences, create content, optimize marketing campaigns and enable the delivery of more relevant and personalized customer journeys.

product life cycles.

Our Digital Media segment faces competition from large, established companies and smaller, more recent entrants.

- productivity and presentation tools;

- the availability, usability and accessibility of our products, services and solutions;

- demonstrable cost-effective benefits to our customers;

Additionally, certain Creative Cloud Apps, such as Adobe Express, are available in Adobe GenStudio for Performance Marketing, allowing users to quickly use assets and Creative Cloud tools to create on-brand content.

Features include Adobe Firefly-powered Generative Recolor, which enables users to generate different color palettes using text prompts and apply them to their illustrations; Objects on Path to empower users to quickly attach, arrange and move an object along any path of their art board; and Enhanced Image Trace to make it easier and faster to convert images to vectors.

Adobe Express is our all-in-one AI content creation App for users of any level, such as novice content creators and communicators, to easily create video, marketing, and social content.

Also available in Adobe GenStudio and Adobe GenStudio for Performance Marketing, Adobe Express allows marketers to quickly resize and reformat assets to create content variations for any channel.

Adobe Express is available on mobile devices and the web.

*Adobe Firefly, Adobe Firefly Services and Custom Models*

powered workflows.

Also available for enterprises are Adobe Firefly Services and Custom Models.

Firefly Services provides enterprises with APIs, tools and services for content generation, editing and assembly, to automate the production of content while maintaining quality and control.

Custom Models enable enterprises to train generative AI models based on their intellectual property, product and brand styles across a wide variety of use cases such as localization or merchandising for e-commerce, maintaining and propagating brand consistency at scale across their organizations.

Adobe Firefly-generated content is designed to be commercially safe.

The Firefly generative AI model is trained on data Adobe has the rights to use.

Frame.io includes support for video beyond post-production workflows including casting, location scouting, footage reviews, and marketing campaign management, as well as still images, design files and PDFs.

Frame.io, along with Adobe Express and Adobe Firefly Services, are available in Adobe GenStudio to enable content production at scale.

The Acrobat Pro plan, available through both our Creative Cloud and Document Cloud businesses, offers additional advanced PDF features.

Acrobat AI Assistant, our generative AI-powered conversational engine, gives our users the power to work more productively with their documents with its ability to summarize and answer questions about documents, provide intelligent citations and quickly generate and format content for sharing.

Acrobat AI Assistant is offered as an add-on to Acrobat Pro, Acrobat Standard and Acrobat Reader.

Federated Audience Composition allows our customers of Adobe Real-Time Customer Data Platform and Adobe Journey Optimizer to use data from their data partners directly to enrich existing high-value audiences and attributes all in one system.

Adobe

Adobe Experience Platform AI Assistant is a generative AI-powered conversational interface that answers technical questions, automates tasks, simulates outcomes and generates new audiences and journeys across applications such as Adobe Real-Time Customer Data Platform, Adobe Journey Optimizer and Adobe Customer Journey Analytics.

Adobe Experience Platform AI Assistant uses a collection of experience models designed to address the context of each use case and allows for quick data navigation as needed.

Real-Time Customer Data Platform utilizes an open and extensible architecture that

Adobe Experience Manager is also available in GenStudio for Performance Marketing, allowing marketers to retrieve generated assets and associated metadata for generating campaign assets.

Adobe Experience Manager Screens allows our customers to connect online and in-venue experiences through digital signage.

Adobe Workfront Planning, offered within Adobe Workfront, streamlines enterprise planning by delivering a comprehensive view of all marketing activities in an organization and enabling teams to be more strategic in planning and execution with full visibility into day-to-day marketing operations.

*Adobe GenStudio for Performance Marketing*

In addition, our Adobe GenStudio solution bundles together certain Digital Media

and Digital Experience products across Creative Cloud and Adobe Experience Cloud, allowing businesses to simplify their content supply chain process with generative AI capabilities and intelligent automation.

communicators and Acrobat Reader customers who use the expanded capabilities provided by our Acrobat apps and the document services platform in Document Cloud.

We continue to integrate collaboration capabilities into our apps and workflows such as our native integration of Frame.io’s review and approval capabilities into Premiere Pro, After Effects, Adobe Illustrator and Adobe InDesign.

We are expanding the capabilities of Creative Cloud on the web with the launch of Adobe Firefly and Photoshop on the web.

In fiscal 2023, we introduced other innovations, such as new Adobe Firefly models, Text-Based Editing in Premiere Pro, Generative Fill and Generative Expand in Photoshop, Generative Recolor in Illustrator and Text to Image and Text Effects in Adobe Express.

We also offer a range of other creative products and services, including libraries of creative assets, such as Adobe Stock and Adobe Fonts, mobile-first apps, such as Lightroom Mobile, and Creative Cloud Libraries, a central place for users to store their assets.

With over 50 million

- *Marketing planning and workflow*.

Our products help businesses intelligently measure, optimize, and plan marketing investments through the Adobe Mix Modeler, and allow businesses to strategically plan, manage, collaborate, and execute on workflows for marketing campaigns and other projects at speed and scale with our enterprise work management app, Adobe Workfront.

We believe innovations like Adobe Sensei and Adobe Sensei GenAI—our collection of natively embedded AI services in Adobe Experience Cloud that enable the delivery of more relevant and personalized customer journeys—enhance the delivery and personalization of digital experiences.

We are also building generative AI into our Adobe Experience Cloud product offerings, such as the updated Adobe Experience Manager.

- usability and accessibility across surfaces and platforms;

The Creative Cloud All Apps subscription offering includes Adobe Acrobat for creating, converting and editing PDFs, which is also available as a standalone product on Adobe.com.

Many of our apps are also available as a point product subscription.

Features introduced in fiscal 2023 include Generative Recolor, which enables users to generate different color palettes using text prompts and apply them to their illustrations.

Adobe Express is our all-in-one creativity app with an array of AI-first capabilities directed towards first-time creators and communicators that enables easy-to-use video, marketing, and social content creation.

Adobe Express includes both free and premium features.

*Adobe Firefly*

month.

The content that Adobe Firefly generates is designed to be commercially safe because the Adobe Firefly generative AI model is trained on licensed content, such as Adobe Stock, and public domain content for which copyright has expired.

Content Credentials are verifiable details that serve as a digital “nutrition label” and can show information including an asset’s name, creation date, tools used for creation and any edits made.

management and predictive intelligence to enable engaging shopping experiences across B2C, B2B and direct-to-consumer.

Marketing Planning and Workflow

goals.

Beginning in late 2023, we offer subscriptions with Generative Credits for generative AI creation with Firefly.

our extensive engagements with leading marketers and brands.

obligate us to pay a flat license fee or royalties, typically based on a dollar amount per unit or a percentage of the revenue generated by those programs.

We provide emotional and mental wellbeing services through our Employee Assistance Program and a variety of interactive apps.

Our wellness reimbursement of up to $600 per year for each eligible employee, lifestyle coaching, global wellbeing speaker series and ergonomic programs help to support employees’ physical and emotional wellbeing.

In addition, our financial education and financial wellness coaches offer employees tools and resources to reach their personal financial goals.

To build community, we bring together our employees

through onsite events, discussion groups, messaging forums and our Employee Networks to share stories and engage with one another.

Our employees are given the opportunity to drive their own career development.

The Global Talent Development team creates programs to support leaders, managers and employees in their career growth and personal development.

We have continued to develop and invest in our partnerships with Historically Black Colleges and Universities and Hispanic-Serving Institutions.

We collaborate with industry peers to advance diversity across multiple dimensions, including through our participation in the CEO Action for Diversity & Inclusion, The Valuable 500, the Ascend 5-Point Action Agenda and ParityPledge.

In fiscal 2023, we expanded our Equity and Advancement Initiative, a multi-faceted grantmaking program to support non-profit organizations, and we continued to invest in our Supplier Diversity Program to help ensure that Adobe’s purchasing strategy includes businesses that are certified as majority-owned and operated by entrepreneurs from underrepresented groups.

We use these

| Dana Rao | | | | | | 54 | | | | | | Executive Vice President, General Counsel & Chief Trust Officer and Corporate Secretary Mr. Rao currently serves as our Executive Vice President, General Counsel & Chief Trust Officer and Corporate Secretary. He joined Adobe in April 2012 and served as our Vice President, Intellectual Property and Litigation where he spearheaded strategic initiatives including the Company’s litigation efforts, and its patent, trademark and copyright portfolio strategies until June 2018. Prior to joining Adobe, Mr. Rao was with Microsoft Corporation, a multinational technology company, for 11 years, serving in a variety of roles including Associate General Counsel of Intellectual Property and Licensing. From 1997 until March 2001, he served as a patent attorney at Fenwick & West, a law firm. He holds a B.S. in Electrical Engineering from Villanova University and a JD from George Washington University. | | |

The material set forth in the section titled “Legal Proceedings” in [removed: Note] [added: [Note] 16 of our Notes to Consolidated Financial [removed: Statements] [added: Statements](#i74cf9d38730645a2be94739e148c270a_190)] is incorporated herein by reference.

For the fiscal year ended [removed: December 1, 2023][added: November 29, 2024]

The aggregate market value of the registrant’s common stock, $0.0001 par value per share, held by non-affiliates of the registrant on [removed: June 2, 2023,] [added: May 31, 2024,] the last business day of the registrant’s most recently completed second fiscal quarter, was [removed: $165.53] [added: $164.65] billion (based on the closing sales price of the registrant’s common stock on that date).

As of January [removed: 5, 2024, 452.0] [added: 3, 2025, 435.3] million shares of the registrant’s common stock, $0.0001 par value per share, were issued and outstanding.

Portions of the Proxy Statement for the registrant’s [removed: 2024] [added: 2025] Annual Meeting of Stockholders (the “Proxy Statement”), to be filed within 120 days of the end of the fiscal year ended [removed: December 1, 2023,] [added: November 29, 2024,] are incorporated by reference in Part III hereof.

| Item 1. | | | [removed: [Business](#id2fffb105edb44a29625d93e58bf85a1_13)] [added: [Business](#i74cf9d38730645a2be94739e148c270a_13)] | | | [removed: [3](#id2fffb105edb44a29625d93e58bf85a1_13)] [added: [3](#i74cf9d38730645a2be94739e148c270a_13)] | | |

| Item 1A. | | | [Risk [removed: Factors](#id2fffb105edb44a29625d93e58bf85a1_49)] [added: Factors](#i74cf9d38730645a2be94739e148c270a_49)] | | | [removed: [22](#id2fffb105edb44a29625d93e58bf85a1_49)] [added: [23](#i74cf9d38730645a2be94739e148c270a_49)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#id2fffb105edb44a29625d93e58bf85a1_52)] [added: Comments](#i74cf9d38730645a2be94739e148c270a_52)] | | | [removed: [34](#id2fffb105edb44a29625d93e58bf85a1_52)] [added: [34](#i74cf9d38730645a2be94739e148c270a_52)] | | |

| Item 2. | | | [removed: [Properties](#id2fffb105edb44a29625d93e58bf85a1_55)] [added: [Properties](#i74cf9d38730645a2be94739e148c270a_58)] | | | [removed: [34](#id2fffb105edb44a29625d93e58bf85a1_55)] [added: [36](#i74cf9d38730645a2be94739e148c270a_58)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#id2fffb105edb44a29625d93e58bf85a1_61)] [added: Proceedings](#i74cf9d38730645a2be94739e148c270a_61)] | | | [removed: [34](#id2fffb105edb44a29625d93e58bf85a1_61)] [added: [36](#i74cf9d38730645a2be94739e148c270a_61)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#id2fffb105edb44a29625d93e58bf85a1_64)] [added: Disclosures](#i74cf9d38730645a2be94739e148c270a_64)] | | | [removed: [34](#id2fffb105edb44a29625d93e58bf85a1_64)] [added: [36](#i74cf9d38730645a2be94739e148c270a_64)] | | |

| Item 5. | | | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases [removed: of Equity Securities](#id2fffb105edb44a29625d93e58bf85a1_70)] [added: of](#i74cf9d38730645a2be94739e148c270a_70) [](#i74cf9d38730645a2be94739e148c270a_70)[Equity Securities](#i74cf9d38730645a2be94739e148c270a_70)] | | | [removed: [35](#id2fffb105edb44a29625d93e58bf85a1_70)] [added: [37](#i74cf9d38730645a2be94739e148c270a_70)] | | |

| Item [removed: 6] [added: 6.] | | | [removed: [\[Reserved\]](#id2fffb105edb44a29625d93e58bf85a1_73)] [added: [\[Reserved\]](#i74cf9d38730645a2be94739e148c270a_73)] | | | [removed: [35](#id2fffb105edb44a29625d93e58bf85a1_73)] [added: [37](#i74cf9d38730645a2be94739e148c270a_73)] | | |

| Item 7. | | | [Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#id2fffb105edb44a29625d93e58bf85a1_76)] [added: Operations](#i74cf9d38730645a2be94739e148c270a_76)] | | | [removed: [36](#id2fffb105edb44a29625d93e58bf85a1_76)] [added: [38](#i74cf9d38730645a2be94739e148c270a_76)] | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#id2fffb105edb44a29625d93e58bf85a1_112)] [added: Risk](#i74cf9d38730645a2be94739e148c270a_112)] | | | [removed: [49](#id2fffb105edb44a29625d93e58bf85a1_112)] [added: [51](#i74cf9d38730645a2be94739e148c270a_112)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#id2fffb105edb44a29625d93e58bf85a1_115)] [added: Data](#i74cf9d38730645a2be94739e148c270a_115)] | | | [removed: [51](#id2fffb105edb44a29625d93e58bf85a1_115)] [added: [53](#i74cf9d38730645a2be94739e148c270a_115)] | | |

| Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#id2fffb105edb44a29625d93e58bf85a1_208)] [added: Disclosure](#i74cf9d38730645a2be94739e148c270a_208)] | | | [removed: [92](#id2fffb105edb44a29625d93e58bf85a1_208)] [added: [93](#i74cf9d38730645a2be94739e148c270a_208)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#id2fffb105edb44a29625d93e58bf85a1_211)] [added: Procedures](#i74cf9d38730645a2be94739e148c270a_211)] | | | [removed: [92](#id2fffb105edb44a29625d93e58bf85a1_211)] [added: [93](#i74cf9d38730645a2be94739e148c270a_211)] | | |

| Item 9B. | | | [Other [removed: Information](#id2fffb105edb44a29625d93e58bf85a1_214)] [added: Information](#i74cf9d38730645a2be94739e148c270a_214)] | | | [removed: [92](#id2fffb105edb44a29625d93e58bf85a1_214)] [added: [93](#i74cf9d38730645a2be94739e148c270a_214)] | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions That Prevent [removed: Inspections](#id2fffb105edb44a29625d93e58bf85a1_217)] [added: Inspections](#i74cf9d38730645a2be94739e148c270a_217)] | | | [removed: [92](#id2fffb105edb44a29625d93e58bf85a1_217)] [added: [93](#i74cf9d38730645a2be94739e148c270a_217)] | | |

| Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#id2fffb105edb44a29625d93e58bf85a1_223)] [added: Governance](#i74cf9d38730645a2be94739e148c270a_223)] | | | [removed: [93](#id2fffb105edb44a29625d93e58bf85a1_223)] [added: [94](#i74cf9d38730645a2be94739e148c270a_223)] | | |

| Item 11. | | | [Executive [removed: Compensation](#id2fffb105edb44a29625d93e58bf85a1_226)] [added: Compensation](#i74cf9d38730645a2be94739e148c270a_226)] | | | [removed: [93](#id2fffb105edb44a29625d93e58bf85a1_226)] [added: [94](#i74cf9d38730645a2be94739e148c270a_226)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#id2fffb105edb44a29625d93e58bf85a1_229)] [added: Matters](#i74cf9d38730645a2be94739e148c270a_229)] | | | [removed: [93](#id2fffb105edb44a29625d93e58bf85a1_229)] [added: [94](#i74cf9d38730645a2be94739e148c270a_229)] | | |

| Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#id2fffb105edb44a29625d93e58bf85a1_232)] [added: Independence](#i74cf9d38730645a2be94739e148c270a_232)] | | | [removed: [93](#id2fffb105edb44a29625d93e58bf85a1_232)] [added: [94](#i74cf9d38730645a2be94739e148c270a_232)] | | |

| Item 14. | | | [Principal [removed: Account](#id2fffb105edb44a29625d93e58bf85a1_235)[ant](#id2fffb105edb44a29625d93e58bf85a1_235) [Fees] [added: Accountant Fees] and [removed: Services](#id2fffb105edb44a29625d93e58bf85a1_235)] [added: Services](#i74cf9d38730645a2be94739e148c270a_235)] | | | [removed: [93](#id2fffb105edb44a29625d93e58bf85a1_235)] [added: [94](#i74cf9d38730645a2be94739e148c270a_235)] | | |

| Item 15. | | | [Exhibits, Financial Statement [removed: Schedules](#id2fffb105edb44a29625d93e58bf85a1_241)] [added: Schedules](#i74cf9d38730645a2be94739e148c270a_241)] | | | [removed: [94](#id2fffb105edb44a29625d93e58bf85a1_241)] [added: [95](#i74cf9d38730645a2be94739e148c270a_241)] | | |

| Item 16. | | | [Form 10-K [removed: Summary](#id2fffb105edb44a29625d93e58bf85a1_247)] [added: Summary](#i74cf9d38730645a2be94739e148c270a_247)] | | | [removed: [96](#id2fffb105edb44a29625d93e58bf85a1_247)] [added: [97](#i74cf9d38730645a2be94739e148c270a_247)] | | |

| [removed: [Signatures](#id2fffb105edb44a29625d93e58bf85a1_250)] [added: [Signatures](#i74cf9d38730645a2be94739e148c270a_250)] | | | | | | [removed: [97](#id2fffb105edb44a29625d93e58bf85a1_250)] [added: [98](#i74cf9d38730645a2be94739e148c270a_250)] | | |

| [Summary of [removed: Trademarks](#id2fffb105edb44a29625d93e58bf85a1_253)] [added: Trademarks](#i74cf9d38730645a2be94739e148c270a_253)] | | | | | | [removed: [99](#id2fffb105edb44a29625d93e58bf85a1_253)] [added: [100](#i74cf9d38730645a2be94739e148c270a_253)] | | |

*In addition to historical information, this Annual Report on Form 10-K contains “forward-looking [removed: statements,”] [added: statements”] within the meaning of applicable securities laws, including statements related to [added: our] product development plans and new or enhanced offerings; our business, artificial intelligence and innovation momentum; our [removed: vision for the digital world, innovation and AI; our] [added: strategy,] market opportunity and future [removed: growth,] [added: growth;] market [removed: and AI trends,] [added: trends; current macroeconomic conditions; fluctuations in foreign currency exchange rates;] strategic investments; [removed: revenue, operating margin, operating efficiencies and annualized recurring revenue;] industry positioning; and customer acquisition and retention.

Each of the forward-looking statements we make in this report [removed: are based on information available to us as of the date of this report and] involves risks, uncertainties and assumptions based on information available to us as of the date of this report.

The risks described herein and in Adobe’s other filings with the U.S. Securities and Exchange Commission (the “SEC”), including our Quarterly Reports on Form 10-Q to be filed in fiscal [removed: 2024,] [added: 2025,] should be carefully reviewed.

Undue reliance should not be placed on the financial information set forth in this report, which reflects estimates based on information available [removed: at] [added: as of the date of] this [removed: time.][added: report.]

| Item 1C. | | | [Cybersecurity](#i74cf9d38730645a2be94739e148c270a_55) | | | [35](#i74cf9d38730645a2be94739e148c270a_55) | | |

| Item 1C. | | | [Cybersecu](#id2fffb105edb44a29625d93e58bf85a1_2085)[rity](#id2fffb105edb44a29625d93e58bf85a1_2085) | | | [34](#id2fffb105edb44a29625d93e58bf85a1_2085) | | |

Risk Management and Strategy

Adobe has certain security processes, infrastructure, systems, policies and practices for assessing, identifying and managing risks from cybersecurity threats.

We maintain an information security risk management framework for managing cybersecurity risks, priorities and projects for our products, services, infrastructure and corporate resources.

As part of our framework, a cybersecurity risk steering committee meets regularly to review newly identified risks and progress on remediating existing risks.

We conduct regular security reviews, simulations and testing, including internal and external penetration testing, vulnerability assessments and regular scans on our hosts and network devices.

We review available threat intelligence, including information from industry groups and our security vendor.

We consult with third parties, including cybersecurity consultants, as part of our cybersecurity threat and risk management strategy.

Depending on the environment, our risk mitigation strategies include a variety of technical, physical and operational measures designed to manage and mitigate material risks from cybersecurity threats to our systems and data.

We require employees annually to complete a general security awareness training, and additional engineering and security specific training may also be required for certain positions.

Further, we maintain a vendor security review program, which is designed to provide an assessment of the security practices of those third-party vendors that process Adobe non-public data or connect to our networks.

We maintain an information security incident response plan designed to monitor, analyze, address, escalate and report cybersecurity incidents, and escalate certain cybersecurity incidents to members of management depending on the circumstances, including our Chief Security Officer (“CSO”), Chief Cybersecurity Legal and Privacy Officer (“CCPO”), Chief Financial Officer, Chief People Officer, President of Digital Media, President of Digital Experience, General Counsel and Chief Executive Officer.

For a description of the risks from cybersecurity threats that may materially affect us, see the risks described in the section titled [“Risk Factors” contained in Part](#i74cf9d38730645a2be94739e148c270a_49) [I](#i74cf9d38730645a2be94739e148c270a_49)[, Item IA](#i74cf9d38730645a2be94739e148c270a_49) of this report, including under the headings “Security incidents, improper access to or disclosure of our customers’ data or other cybersecurity incidents may harm our reputation and materially and adversely affect our business.”

Governance

Our Board of Directors (the “Board”) addresses cybersecurity risk management as part of its general oversight function.

The Audit Committee of the Board (the “Audit Committee”) has oversight of enterprise risks, including risks related to cybersecurity.

In this regard, the Audit Committee reviews and discusses with management the adequacy and effectiveness of our information security, technology and privacy policies and the internal controls regarding these areas.

Our Audit Committee receives regular cybersecurity updates about general cybersecurity risks from our CSO and updates about the prevention, detection, mitigation and remediation of cybersecurity incidents from our CSO and CCPO.

Cybersecurity updates presented to the Audit Committee are reported to the Board by the Audit Committee Chair.

We also have a Cyber Disclosure Committee, comprised of cross-functional leaders including finance, risk, operations and investor relations and led by the CSO and CCPO, that meets to assess certain incidents and makes determinations regarding materiality.

Additionally, our CSO and CCPO identify certain cybersecurity risks that are reviewed as part of the enterprise risk management framework and presented to the Board and the Audit Committee on an annual basis.

Our cybersecurity risk assessment and management processes are implemented and maintained by certain management members, including our CSO and CCPO, whom each has extensive cybersecurity experience in their respective areas of responsibility and expertise.

Our CSO, who reports to the Chief Financial Officer, has primary responsibility for hiring appropriate information security personnel and managing workloads of information security personnel, engaging and overseeing third-party cybersecurity consultants, approving budgets and cybersecurity processes, preparing for incident response, reviewing security assessments and other security-related reports, communicating key priorities to relevant personnel, including the security incident response team, assessing and managing Adobe’s overall cybersecurity strategy, standards, risk management (in consultation with the cybersecurity risk steering committee) and processes.

Our CCPO, who reports to the General Counsel, has primary responsibility for the legal aspects of the cybersecurity program, including assessing and providing advice on our cybersecurity strategy, standards, risk management, policies, processes and legal obligations.

Our CSO and CCPO are supported by a cybersecurity team comprised of cybersecurity, information security, information technology, operations and legal executives and professionals.

Not applicable.

We [added: operate under a hybrid work model and] believe our existing facilities, both owned and leased, are in good operating condition and suitable for the conduct of our business.

*[See Note 18 of our Notes to Consolidated Financial Statements for further information regarding our lease [removed: obligations.](#id2fffb105edb44a29625d93e58bf85a1_196)*][added: obligations.](#i74cf9d38730645a2be94739e148c270a_196)*]

During fiscal 2023, we continued to operate under a hybrid work model.

According to the records of our transfer agent, there were [removed: 905] [added: 856] holders of record of our common stock on January [removed: 5, 2024.][added: 3, 2025.]

Below is a summary of stock repurchases for the three months ended [removed: December 1, 2023.][added: November 29, 2024.]

*[See Note 14 of our Notes to Consolidated Financial Statements for information regarding our stock repurchase [removed: programs.](#id2fffb105edb44a29625d93e58bf85a1_184)*][added: programs.](#i74cf9d38730645a2be94739e148c270a_184)*]

| Period | | | | | | Total Number of Shares Repurchased | | | | | | Average Price Paid Per Share | | | | | | Total Number of Shares Purchased as Part of Publicly Announced Plans | | | | | | [removed: Approximate Dollar Value that May Yet be Purchased Under the Plans] [added: Approximate Dollar Value that May Yet be Purchased Under the Plans] (1) | | | | | |

| Beginning repurchase authority | | | | | | | | | | | | | | | | | | | | | | | | $ | [removed: 3,483] [added: 20,150] | | | | |

| Shares repurchased | | | | | | [removed: 0.6] [added: —] | | | | | | $ | [removed: 538.26] [added: —] | | | | | [removed: 0.6] [added: —] | | | | | | $ | [removed: (333)] [added: —] | | | | |

| September [removed: 30 — October 27, 2023] [added: 28—October 25, 2024] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Shares repurchased | | | | | | [removed: 0.6] [added: —] | | | | | | $ | [removed: 521.39] [added: —] | | | | | [removed: 0.6] [added: —] | | | | | | $ | [removed: (328)] [added: —] | | [removed: (2)] | | |

(1)In [removed: December 2020, the] [added: March 2024, our] Board of Directors granted authority to repurchase up to [removed: $15] [added: $25] billion in our common stock through [removed: the end of fiscal 2024.][added: March 14, 2028.]

| August 31—September 27, 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Accelerated share repurchases (2),(3) | | | | | | 4.6 | | | | | | $ | — | | | | | 4.6 | | | | | | $ | (2,500) | | (3) | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| October 26—November 29, 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Total | | | | | | 4.6 | | | | | | | | | | | | 4.6 | | | | | | $ | 17,650 | | | | |

(2)In June 2024, we entered into an accelerated share repurchase agreement (“ASR”) with a large financial institution whereupon we provided them with a prepayment of $2.5 billion and received an initial delivery of shares at contract inception representing a portion of the prepayment.

Upon final settlement of this ASR in September 2024, we received an incremental delivery of 1.0 million shares of our common stock.

Under this ASR, we repurchased a total of 4.6 million shares at an average price of $546.30.

(3)In September 2024, we entered into an ASR with a large financial institution whereupon we provided them with a prepayment of $2.5 billion and received an initial delivery of 3.6 million shares of our common stock at contract inception, representing a portion of the prepayment.

Subsequent to November 29, 2024, this ASR was settled which resulted in total repurchases of 5.0 million shares at an average price of $501.37.

| September 2 — September 29, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| October 28 — December 1, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Shares repurchased | | | | | | 0.6 | | | | | | $ | 536.94 | | | | | 0.6 | | | | | | $ | (318) | | (2) | | |

| Total | | | | | | 1.8 | | | | | | | | | | | | 1.8 | | | | | | $ | 2,504 | | | | |

(2)In September 2023, we entered into a structured stock repurchase agreement with a large financial institution whereupon we provided them with a prepayment of $1 billion.

As of December 1, 2023, approximately $354 million of the prepayment remained under this agreement.

| [Consolidated Balance [removed: Sheets](#id2fffb105edb44a29625d93e58bf85a1_118)] [added: Sheets](#i74cf9d38730645a2be94739e148c270a_118)] | | | [removed: [52](#id2fffb105edb44a29625d93e58bf85a1_118)] [added: [54](#i74cf9d38730645a2be94739e148c270a_118)] | | |

| [Consolidated Statements of [removed: Income](#id2fffb105edb44a29625d93e58bf85a1_121)] [added: Income](#i74cf9d38730645a2be94739e148c270a_121)] | | | [removed: [53](#id2fffb105edb44a29625d93e58bf85a1_121)] [added: [55](#i74cf9d38730645a2be94739e148c270a_121)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#id2fffb105edb44a29625d93e58bf85a1_124)] [added: Income](#i74cf9d38730645a2be94739e148c270a_124)] | | | [removed: [54](#id2fffb105edb44a29625d93e58bf85a1_124)] [added: [56](#i74cf9d38730645a2be94739e148c270a_124)] | | |

| [Consolidated Statements of Stockholders' [removed: Equity](#id2fffb105edb44a29625d93e58bf85a1_127)] [added: Equity](#i74cf9d38730645a2be94739e148c270a_127)] | | | [removed: [55](#id2fffb105edb44a29625d93e58bf85a1_127)] [added: [57](#i74cf9d38730645a2be94739e148c270a_127)] | | |

| [Consolidated Statements of Cash [removed: Flows](#id2fffb105edb44a29625d93e58bf85a1_130)] [added: Flows](#i74cf9d38730645a2be94739e148c270a_130)] | | | [removed: [56](#id2fffb105edb44a29625d93e58bf85a1_130)] [added: [58](#i74cf9d38730645a2be94739e148c270a_130)] | | |

| [Notes to Consolidated Financial [removed: Statements](#id2fffb105edb44a29625d93e58bf85a1_133)] [added: Statements](#i74cf9d38730645a2be94739e148c270a_133)] | | | [removed: [57](#id2fffb105edb44a29625d93e58bf85a1_133)] [added: [59](#i74cf9d38730645a2be94739e148c270a_133)] | | |

| [Report of Independent Registered Public Accounting [removed: Firm](#id2fffb105edb44a29625d93e58bf85a1_205)] [added: Firm](#i74cf9d38730645a2be94739e148c270a_205)] (KPMG [removed: LLP[,](#id2fffb105edb44a29625d93e58bf85a1_205)] [added: LLP[,](#i74cf9d38730645a2be94739e148c270a_205)] Santa Clara, [removed: California[,](#id2fffb105edb44a29625d93e58bf85a1_205)] [added: California[,](#i74cf9d38730645a2be94739e148c270a_205)] PCAOB ID 185) | | | [removed: [90](#id2fffb105edb44a29625d93e58bf85a1_205)] [added: [91](#i74cf9d38730645a2be94739e148c270a_205)] | | |

| | | | [added: November 29, 2024 | | | | | |] December 1, 2023 | | | | | | December 2, 2022 | | |

| Cash and cash equivalents | | | $ | [removed: 7,141] [added: 7,613] | | | | | $ | [removed: 4,236] [added: 7,141] | |

| Short-term investments | | | [removed: 701] [added: 273] | | | | | | [removed: 1,860] [added: 701] | | |

| Trade receivables, net of allowances for doubtful accounts of [removed: $16] [added: $14] and of [removed: $23,] [added: $16,] respectively | | | [removed: 2,224] [added: 2,072] | | | | | | [removed: 2,065] [added: 2,224] | | |

| Prepaid expenses and other current assets | | | [removed: 1,018] [added: 1,274] | | | | | | [removed: 835] [added: 1,018] | | |

| Total current assets | | | [removed: 11,084] [added: 11,232] | | | | | | [removed: 8,996] [added: 11,084] | | |

| Property and equipment, net | | | [removed: 2,030] [added: 1,936] | | | | | | [removed: 1,908] [added: 2,030] | | |

| Operating lease right-of-use assets, net | | | [removed: 358] [added: 281] | | | | | | [removed: 407] [added: 358] | | |

| Goodwill | | | [removed: 12,805] [added: 12,788] | | | | | | [removed: 12,787] [added: 12,805] | | |

| Other intangibles, net | | | [removed: 1,088] [added: 782] | | | | | | [removed: 1,449] [added: 1,088] | | |

| Deferred income taxes | | | [removed: 1,191] [added: 1,657] | | | | | | [removed: 777] [added: 1,191] | | |

| Other assets | | | [removed: 1,223] [added: 1,554] | | | | | | [removed: 841] [added: 1,223] | | |

| Total assets | | | $ | [removed: 29,779] [added: 30,230] | | | | | $ | [removed: 27,165] [added: 29,779] | |

| Trade payables | | | $ | [removed: 314] [added: 361] | | | | | $ | [removed: 379] [added: 314] | |

| Accrued expenses | | | [removed: 1,942] [added: 2,336] | | | | | | [removed: 1,790] [added: 1,942] | | |

| [removed: Debt] [added: Repayment of debt] | | | — | | | | | | [removed: 500] [added: (500)] | | | [added: | | | — | | |]

| Deferred revenue | | | [removed: 5,837] [added: 6,131] | | | | | | [removed: 5,297] [added: 5,837] | | |

| Income taxes payable | | | [removed: 85] [added: 68] | | | | | | [removed: 75] [added: (11)] | | | [added: | | | 19 | | |]

| Operating lease liabilities | | | [removed: 73] [added: 75] | | | | | | [removed: 87] [added: 73] | | |

| Total current liabilities | | | [removed: 8,251] [added: 10,521] | | | | | | [removed: 8,128] [added: 8,251] | | |

| Debt | | | [removed: 3,634] [added: 4,129] | | | | | | [removed: 3,629] [added: 3,634] | | |

| Deferred revenue | | | [removed: 113] [added: 128] | | | | | | [removed: 117] [added: 113] | | |

| Income taxes payable | | | [removed: 514] [added: 548] | | | | | | [removed: 530] [added: 514] | | |

| Operating lease liabilities | | | [removed: 373] [added: 353] | | | | | | [removed: 417] [added: 373] | | |

| Other liabilities | | | [removed: 376] [added: 446] | | | | | | [removed: 293] [added: 376] | | |

| Total liabilities | | | [removed: 13,261] [added: 16,125] | | | | | | [removed: 13,114] [added: 13,261] | | |

| Common stock, $0.0001 par value; 900 shares authorized; 601 shares issued; [removed: 455] [added: 441] and [removed: 462] [added: 455] shares outstanding, respectively | | | — | | | | | | — | | |

| Additional [removed: paid-in-capital] [added: paid-in capital] | | | [removed: 11,586] [added: 13,419] | | | | | | [removed: 9,868] [added: 11,586] | | |

| Retained earnings | | | [removed: 33,346] [added: 38,470] | | | | | | [removed: 28,319] [added: 33,346] | | |

| Accumulated other comprehensive income (loss) | | | [removed: (285)] [added: (201)] | | | | | | [removed: (293)] [added: (285)] | | |

| Treasury stock, at cost [removed: (146] [added: (160] and [removed: 139] [added: 146] shares, respectively) | | | [removed: (28,129)] [added: (37,583)] | | | | | | [removed: (23,843)] [added: (28,129)] | | |

| Total stockholders’ equity | | | [removed: 16,518] [added: 14,105] | | | | | | [removed: 14,051] [added: 16,518] | | |

| Total liabilities and stockholders’ equity | | | $ | [removed: 29,779] [added: 30,230] | | | | | $ | [removed: 27,165] [added: 29,779] | |

| | | | November 29, 2024 | | | | | | December 1, 2023 | | |

| Debt | | | 1,499 | | | | | | — | | |

| Acquisition termination fee | | | 1,000 | | | | | | — | | | | | | — | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Balances at November 29, 2024 | | | | | | 601 | | | | | | $ | — | | | | | $ | 13,419 | | | | | $ | 38,470 | | | | | $ | (201) | | | | | (160) | | | | | | $ | (37,583) | | | | | $ | 14,105 | |

| | | | November 29, 2024 | | | | | | December 1, 2023 | | | | | | December 2, 2022 | | |

| Net income | | | $ | 5,560 | | | | | $ | 5,428 | | | | | $ | 4,756 | |

| Lease-related asset impairments | | | 78 | | | | | | — | | | | | | — | | |

| Proceeds from issuance of debt | | | 1,997 | | | | | | — | | | | | | — | | |

Fiscal years 2024, 2023 and 2022 were 52-week years.

*Reclassifications*

Certain prior year amounts, which are not material, have been reclassified to conform to current year presentation in the Notes to Consolidated Financial Statements.

In reaching this conclusion, we considered the nature of our

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 standard is effective for us beginning with our fiscal year 2026 annual reporting period.

Early adoption is permitted.

We are currently evaluating the impact that the updated standard will have on our financial statement disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, which requires additional disclosure of certain costs and expenses within the notes to the financial statements.

The updated standard is effective for our annual periods beginning in fiscal 2028 and interim periods beginning in the first quarter of fiscal 2029.

Early adoption is permitted.

We are currently evaluating the impact that the updated standard will have on our financial statement disclosures.

| Revenue | | | $ | 15,864 | | | | | $ | 5,366 | | | | | $ | 275 | | | | | $ | 21,505 | |

| Cost of revenue | | | 680 | | | | | | 1,589 | | | | | | 89 | | | | | | 2,358 | | |

| Gross profit | | | $ | 15,184 | | | | | $ | 3,777 | | | | | $ | 186 | | | | | $ | 19,147 | |

The termination fee was recorded in operating expenses in our Consolidated Statements of Income during fiscal 2024, and was not tax-deductible for financial statement purposes.

| Cash | | | $ | 787 | | | | | $ | — | | | | | $ | — | | | | | $ | 787 | |

| U.S. Treasury securities | | | 139 | | | | | | — | | | | | | (1) | | | | | | 138 | | |

| Total | | | | | | | | | $ | 273 | |

| U.S. Treasury securities | | | 138 | | | | | | — | | | | | | 138 | | | | | | — | | |

| Foreign currency derivatives | | | 105 | | | | | | — | | | | | | 105 | | | | | | — | | |

| Total assets | | | $ | 7,511 | | | | | $ | 7,066 | | | | | $ | 445 | | | | | $ | — | |

| Foreign currency derivatives | | | 2 | | | | | | — | | | | | | 2 | | | | | | — | | |

| Total liabilities | | | $ | 11 | | | | | $ | — | | | | | $ | 11 | | | | | $ | — | |

*[See Note 17 for further details regarding our debt.](#i74cf9d38730645a2be94739e148c270a_193)*

| *(in millions)* | | | 2024 | | | | | | | | | | | | 2023 | | | | | | | | |

| *(in millions)* | | | | | | 2024 | | | | | | 2023 | | |

| *(in millions)* | | | | | | 2024 | | | | | | 2023 | | | | | | | | |

| Balances at November 29, 2024 | | | $ | 3,889 | | | | | $ | 8,501 | | | | | $ | 398 | | | | | $ | 12,788 | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | |

| --- | --- | --- | --- | --- | --- |

ADOBE INC.

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Balances at November 27, 2020 | | | | | | 601 | | | | | | $ | — | | | | | $ | 7,357 | | | | | $ | 19,611 | | | | | $ | (158) | | | | | (122) | | | | | | $ | (13,546) | | | | | $ | 13,264 | |

| Equity awards assumed for acquisition | | | | | | — | | | | | | — | | | | | | 2 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2 | | |

| Repayment of debt | | | (500) | | | | | | — | | | | | | — | | |

Our financial results for fiscal 2021 benefited from an extra week in the first quarter of fiscal 2021 due to our 52/53 week financial calendar whereby fiscal 2021 was a 53-week year compared with fiscal 2023 and 2022 which were 52-week years.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Periods of time after the right of

As of December 1, 2023, our leases had remaining lease terms of up to 8 years, some of which included options to extend the lease for up to 14 years and options to terminate the lease within approximately 1 year.

We also have one land lease that expires in 2091.

companies in similar lines of businesses and the income approach based on estimated discounted future cash flows.

We determined, after performing a qualitative review of each reporting unit, that it is more likely than not that the fair value of each of our reporting units substantially exceeds the respective carrying amounts.

Accordingly, there was no indication of impairment and the quantitative goodwill impairment test was not performed.

Our intangible assets are amortized over their estimated useful lives ranging from 3 to 14 years.

The weighted average useful lives of our intangible assets were as follows:

| Purchased technology | | | 5 | | |

| Trademarks | | | 9 | | |

to exchange cash collateral when the net fair value of certain derivative instruments fluctuates from contractually established thresholds.

| Fiscal 2021 | | | | | | | | | | | | | | | | | | | | | | | |

| Revenue | | | $ | 11,520 | | | | | $ | 3,867 | | | | | $ | 398 | | | | | $ | 15,785 | |

| Gross profit | | | $ | 11,091 | | | | | $ | 2,546 | | | | | $ | 283 | | | | | $ | 13,920 | |

| | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

*Frame.io*

On October 7, 2021, we completed the acquisition of Frame.io, a privately held company that provides a cloud-based video collaboration platform, for approximately $1.24 billion, primarily in cash consideration.

The financial results of Frame.io have been included in our Consolidated Financial Statements since the date of the acquisition.

Frame.io is reported as part of our Digital Media reportable segment.

The table below represents the final purchase price allocation to total identifiable intangible assets acquired and net liabilities assumed based on their respective estimated fair values as of October 7, 2021.

| *(dollars in millions)* | | | Amount | | | | | | Weighted Average Useful Life (years) | | |

| Purchased technology | | | $ | 331 | | | | | 4 | | |

| Trademarks | | | 4 | | | | | | 3 | | |

| Customer contracts and relationships | | | 3 | | | | | | 10 | | |

| Total identifiable intangible assets | | | 357 | | | | | | | | |

| Net liabilities assumed | | | (36) | | | | | | N/A | | |

| Goodwill (2) | | | 915 | | | | | | N/A | | |

| Total purchase price | | | $ | 1,236 | | | | | | | |

_________________________________________

Our management has evaluated, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, the effectiveness of our disclosure controls and procedures as of [removed: December 1, 2023.][added: November 29, 2024.]

Based on their evaluation as of [removed: December 1, 2023,] [added: November 29, 2024,] our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) were effective at the reasonable assurance level to ensure that the information required to be disclosed by us in this Annual Report on Form 10-K was (i) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and regulations and (ii) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

Our management assessed the effectiveness of our internal control over financial reporting as of [removed: December 1, 2023.][added: November 29, 2024.]

Our management has concluded that, as of [removed: December 1, 2023,] [added: November 29, 2024,] our internal control over financial reporting is effective based on these criteria.

There were no changes in our internal control over financial reporting during the quarter ended [removed: December 1, 2023] [added: November 29, 2024] that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

On January 9, 2025, Brett Biggs notified the Board of Directors of the Company (the “Board”) that he has decided not to stand for re-election at the Company’s 2025 Annual Meeting of Stockholders (the “Annual Meeting”) but will serve out his term as a director until the Annual Meeting.

The Board expresses its gratitude for Mr. Biggs, and his decision was not due to any disagreement with the Company or any refusal to stand for re-election.

Trading Arrangements

The information required by this Item 10 of Form 10-K that is found in our [removed: 2024] [added: 2025] Proxy Statement to be filed with the SEC in connection with the solicitation of proxies for [removed: the Company’s 2024] [added: Adobe’s 2025] Annual Meeting of Stockholders [removed: (“2024] [added: (“2025] Proxy Statement”) is incorporated herein by reference to our [removed: 2024] [added: 2025] Proxy Statement.

The [removed: 2024] [added: 2025] Proxy Statement will be filed with the SEC within 120 days after the end of the fiscal year to which this report relates.

For information with respect to our executive officers, [see the section titled “Executive [removed: Officers”](#id2fffb105edb44a29625d93e58bf85a1_46)] [added: Officers”](#i74cf9d38730645a2be94739e148c270a_46)] in [Part I, Item [removed: 1](#id2fffb105edb44a29625d93e58bf85a1_46)] [added: 1](#i74cf9d38730645a2be94739e148c270a_46)] of this report.

Adobe has an insider trading policy governing the purchase, sale and other dispositions of Adobe’s securities that applies to all personnel of Adobe and its subsidiaries, including directors, officers and employees and other covered persons, as well as Adobe itself.

Adobe believes that its insider trading policy is reasonably designed to promote compliance with insider trading laws, rules and regulations, as well as applicable listing standards.

A copy of Adobe’s insider trading policy is filed as Exhibit 19.1 to this report.

The information required by this Item 11 of Form 10-K is incorporated herein by reference to our [removed: 2024] [added: 2025] Proxy Statement.

The information required by this Item 12 of Form 10-K is incorporated herein by reference to our [removed: 2024] [added: 2025] Proxy Statement.

The information required by this Item 13 of Form 10-K is incorporated herein by reference to our [removed: 2024] [added: 2025] Proxy Statement.

The information required by this Item 14 of Form 10-K is incorporated herein by reference to our [removed: 2024] [added: 2025] Proxy Statement.

[See Index to Consolidated Financial Statements in Part II, Item [removed: 8](#id2fffb105edb44a29625d93e58bf85a1_115)] [added: 8](#i74cf9d38730645a2be94739e148c270a_115)] of this Form 10-K.

| 3.1 | | | | | | [Restated Certificate of Incorporation of [removed: Adobe](http://www.sec.gov/Archives/edgar/data/796343/000110465911022472/a11-10827_1ex3d3.htm)] [added: Adobe](https://www.sec.gov/Archives/edgar/data/796343/000110465911022472/a11-10827_1ex3d3.htm)] | | | | | | 8-K | | | | | | 4/26/11 | | | | | | 3.3 | | | | | | 000-15175 | | | | | | | | |

| 3.2 | | | | | | [Certificate of Amendment to Restated Certificate of [removed: Adobe](http://www.sec.gov/Archives/edgar/data/796343/000079634318000168/exhibit31.htm)] [added: Adobe](https://www.sec.gov/Archives/edgar/data/796343/000079634318000168/exhibit31.htm)] | | | | | | 8-K | | | | | | 10/9/18 | | | | | | 3.1 | | | | | | 000-15175 | | | | | | | | |

| 3.3 | | | | | | [Amended and Restated [removed: Bylaws](http://www.sec.gov/Archives/edgar/data/0000796343/000079634322000027/adbeex31amendedandrestated.htm)] [added: Bylaws](https://www.sec.gov/Archives/edgar/data/0000796343/000079634322000027/adbeex31amendedandrestated.htm)] | | | | | | 8-K | | | | | | 1/18/22 | | | | | | 3.1 | | | | | | 000-15175 | | | | | | | | |

| 4.1 | | | | | | [Specimen Common Stock [removed: Certificate](http://www.sec.gov/Archives/edgar/data/796343/000079634319000019/adbeex41fy18.htm)] [added: Certificate](https://www.sec.gov/Archives/edgar/data/796343/000079634319000019/adbeex41fy18.htm)] | | | | | | 10-K | | | | | | 1/25/19 | | | | | | 4.1 | | | | | | 000-15175 | | | | | | | | |

| 4.2 | | | | | | [Form of Indenture dated as of January 25, 2010 by and between Adobe and Wells Fargo Bank, National Association, as [removed: trustee](http://www.sec.gov/Archives/edgar/data/796343/000079634316000263/adbeex41.htm)] [added: trustee](https://www.sec.gov/Archives/edgar/data/796343/000079634316000263/adbeex41.htm)] | | | | | | S-3 | | | | | | 2/26/16 | | | | | | 4.1 | | | | | | 333-209764 | | | | | | | | |

| 4.3 | | | | | | [Forms of Global Note for Adobe Inc.’s 1.700% Notes due 2023, 1.900% Notes due 2025, 2.150% Notes due 2027, and 2.300% Notes due 2030, together with an Officer’s Certificate setting forth the terms of the [removed: Notes](http://www.sec.gov/Archives/edgar/data/796343/000110465920009759/tm206424d1_ex4-1.htm)] [added: Notes](https://www.sec.gov/Archives/edgar/data/796343/000110465920009759/tm206424d1_ex4-1.htm)] | | | | | | 8-K | | | | | | 2/3/20 | | | | | | 4.1 | | | | | | 000-15175 | | | | | | | | |

| 4.4 | | | | | | [Form of Global Note for Adobe’s 3.250% Notes due 2025, together with Form of Officer’s Certificate setting forth the terms of the [removed: Note](http://www.sec.gov/Archives/edgar/data/796343/000110465915004448/a15-1977_4ex4d1.htm)] [added: Note](https://www.sec.gov/Archives/edgar/data/796343/000110465915004448/a15-1977_4ex4d1.htm)] | | | | | | 8-K | | | | | | 1/26/15 | | | | | | 4.1 | | | | | | 000-15175 | | | | | | | | |

| [removed: 4.5] [added: 4.6] | | | | | | [Description of [removed: Adobe’s Common Stock](https://www.sec.gov/Archives/edgar/data/796343/000079634324000006/adbeex45fy23.htm)] [added: Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934](https://www.sec.gov/Archives/edgar/data/796343/000079634324000006/adbeex45fy23.htm)] | | | | | | [added: 10-K] | | | | | | [added: 1/17/24] | | | | | | [added: 4.5] | | | | | | [added: 000-15175] | | | | | | [removed: X] | | |

| 10.1 | | | | | | [2020 Employee Stock Purchase Plan, as [removed: amended*](http://www.sec.gov/Archives/edgar/data/796343/000079634321000004/adbeex101fy20.htm)] [added: amended*](https://www.sec.gov/Archives/edgar/data/796343/000079634321000004/adbeex101fy20.htm)] | | | | | | 10-K | | | | | | 1/15/21 | | | | | | 10.1 | | | | | | 000-15175 | | | | | | | | |

| 10.2A | | | | | | [removed: [2003] [added: [2019] Equity Incentive Plan, as [removed: amended*](http://www.sec.gov/Archives/edgar/data/796343/000079634318000088/a2003equityincentiveplanas.htm)] [added: amended*](https://www.sec.gov/Archives/edgar/data/796343/000079634324000086/adbeex10141924.htm)] | | | | | | 8-K | | | | | | [removed: 4/13/18] [added: 4/19/24] | | | | | | [removed: 10.2] [added: 10.1] | | | | | | 000-15175 | | | | | | | | |

| [removed: 10.2B] [added: 10.2H] | | | | | | [Form of [removed: RSU] [added: Restricted Stock Unit] Grant Notice and Award Agreement pursuant to [removed: 2003] [added: 2019] Equity Incentive [removed: Plan*](http://www.sec.gov/Archives/edgar/data/796343/000079634318000039/adbeex1068-k126.htm)] [added: Plan, as amended*](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex102hfy24.htm)] | | | | | | [removed: 8-K] | | | | | | [removed: 1/26/18] | | | | | | [removed: 10.6] | | | | | | [removed: 000-15175] | | | | | | [added: X] | | |

| [removed: 10.2C] [added: 10.2I] | | | | | | [Form of [added: Non-Employee Director Grant] Restricted Stock Unit Grant Notice and Award Agreement pursuant to [removed: 2003] [added: 2019] Equity Incentive [removed: Plan*](http://www.sec.gov/Archives/edgar/data/796343/000079634319000024/adbeex1058-k128.htm)] [added: Plan, as amended](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex102ify24.htm)[*](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex102ify24.htm)] | | | | | | [removed: 8-K] | | | | | | [removed: 1/28/19] | | | | | | [removed: 10.5] | | | | | | [removed: 000-15175] | | | | | | [added: X] | | |

| [removed: 10.3A] [added: 10.8] | | | | | | [removed: [2019 Equity] [added: [202](https://www.sec.gov/Archives/edgar/data/796343/000079634324000024/adbeex10412624.htm)[4](https://www.sec.gov/Archives/edgar/data/796343/000079634324000024/adbeex10412624.htm) [Executive Annual] Incentive [removed: Plan, as amended*](https://www.sec.gov/Archives/edgar/data/796343/000079634323000084/adbeex1018-k42423.htm)] [added: Plan*](https://www.sec.gov/Archives/edgar/data/796343/000079634324000024/adbeex10412624.htm)] | | | | | | 8-K | | | | | | [removed: 4/24/23] [added: 1/26/24] | | | | | | [removed: 10.1] [added: 10.4] | | | | | | 000-15175 | | | | | | | | |

| [removed: 10.3C] [added: 10.2C] | | | | | | [Form of [removed: 2021] [added: 2022] Performance Share Award Grant Notice and Award Agreement pursuant to [removed: 2021] [added: 2022] Performance Share [removed: Program and 2019 Equity Incentive Plan*](http://www.sec.gov/Archives/edgar/data/796343/000079634321000028/adbeex1038-k.htm)] [added: Program](https://www.sec.gov/Archives/edgar/data/796343/000079634322000056/adbeex1038-k12722.htm)[*](https://www.sec.gov/Archives/edgar/data/796343/000079634322000056/adbeex1038-k12722.htm)] | | | | | | 8-K | | | | | | [removed: 1/27/21] [added: 1/27/22] | | | | | | 10.3 | | | | | | 000-15175 | | | | | | | | |

| [removed: 10.3D] [added: 10.2F] | | | | | | [removed: [2022] [added: [2024] Performance Share [removed: Program pursuant to the 2019 Equity Incentive Plan*](https://www.sec.gov/Archives/edgar/data/796343/000079634322000056/adbeex1028-k12722.htm)] [added: Program](https://www.sec.gov/Archives/edgar/data/796343/000079634324000024/adbeex10212624.htm)*] | | | | | | 8-K | | | | | | [removed: 1/27/22] [added: 1/26/24] | | | | | | 10.2 | | | | | | 000-15175 | | | | | | | | |

| [removed: 10.3E] [added: 10.2B] | | | | | | [removed: [2](https://www.sec.gov/Archives/edgar/data/796343/000079634323000011/adbe8-kex10412623.htm)[022] [added: [2022] Performance [removed: S](https://www.sec.gov/Archives/edgar/data/796343/000079634323000011/adbe8-kex10412623.htm)[hare Program](https://www.sec.gov/Archives/edgar/data/796343/000079634323000011/adbe8-kex10412623.htm) [pursuant to 2019 Equity Incentive Plan](https://www.sec.gov/Archives/edgar/data/796343/000079634323000011/adbe8-kex10412623.htm)[,] [added: Share Program](https://www.sec.gov/Archives/edgar/data/796343/000079634323000011/adbe8-kex10412623.htm)[,] as amended and [removed: restated](https://www.sec.gov/Archives/edgar/data/796343/000079634323000011/adbe8-kex10412623.htm)[*](https://www.sec.gov/Archives/edgar/data/796343/000079634323000011/adbe8-kex10412623.htm)] [added: restated*](https://www.sec.gov/Archives/edgar/data/796343/000079634323000011/adbe8-kex10412623.htm)] | | | | | | 8-K | | | | | | 1/26/23 | | | | | | 10.4 | | | | | | 000-15175 | | | | | | | | |

| [removed: 10.3F] [added: 10.2G] | | | | | | [Form of [removed: 2022] [added: 2024] Performance Share Award Grant Notice and Award Agreement pursuant to [removed: 2022] [added: 2024] Performance Share [removed: Program and 2019 Equity Incentive Plan*](https://www.sec.gov/Archives/edgar/data/796343/000079634322000056/adbeex1038-k12722.htm)] [added: Program](https://www.sec.gov/Archives/edgar/data/796343/000079634324000024/adbeex10312624.htm)*] | | | | | | 8-K | | | | | | [removed: 1/27/22] [added: 1/26/24] | | | | | | 10.3 | | | | | | 000-15175 | | | | | | | | |

| [removed: 10.3H] [added: 10.2D] | | | | | | [2023 Performance Share [removed: Program pursuant to 2019](https://www.sec.gov/Archives/edgar/data/796343/000079634323000011/adbe8-kex10212623.htm) [Equity Incentive Plan*](https://www.sec.gov/Archives/edgar/data/796343/000079634323000011/adbe8-kex10212623.htm)] [added: Program](https://www.sec.gov/Archives/edgar/data/796343/000079634323000011/adbe8-kex10212623.htm)[*](https://www.sec.gov/Archives/edgar/data/796343/000079634323000011/adbe8-kex10212623.htm)] | | | | | | 8-K | | | | | | 1/26/23 | | | | | | 10.2 | | | | | | 000-15175 | | | | | | | | |

| [removed: 10.3I] [added: 10.2E] | | | | | | [removed: [F](https://www.sec.gov/Archives/edgar/data/796343/000079634323000011/adbe8-kex10312623.htm)[orm] [added: [Form] of 2023 Performance [removed: Share](https://www.sec.gov/Archives/edgar/data/796343/000079634323000011/adbe8-kex10312623.htm) [Award] [added: Share Award] Grant Notice and Award Agreement pursuant to 2023 Performance Share [removed: Program and 2019 Equity Incentive Plan](https://www.sec.gov/Archives/edgar/data/796343/000079634323000011/adbe8-kex10312623.htm)[*](https://www.sec.gov/Archives/edgar/data/796343/000079634323000011/adbe8-kex10312623.htm)] [added: Program](https://www.sec.gov/Archives/edgar/data/796343/000079634323000011/adbe8-kex10312623.htm)[*](https://www.sec.gov/Archives/edgar/data/796343/000079634323000011/adbe8-kex10312623.htm)] | | | | | | 8-K | | | | | | 1/26/23 | | | | | | 10.3 | | | | | | 000-15175 | | | | | | | | |

| [removed: 10.4] [added: 10.3] | | | | | | [Retention Agreement between Adobe and Shantanu Narayen, effective December 5, [removed: 2014](http://www.sec.gov/Archives/edgar/data/796343/000079634314000112/adbeex102ceoretentionagree.htm)*] [added: 2014](https://www.sec.gov/Archives/edgar/data/796343/000079634314000112/adbeex102ceoretentionagree.htm)*] | | | | | | 8-K | | | | | | 12/11/14 | | | | | | 10.2 | | | | | | 000-15175 | | | | | | | | |

| [removed: 10.5] [added: 10.4] | | | | | | [Form of Indemnity Agreement*](https://www.sec.gov/Archives/edgar/data/796343/000079634324000006/adbeex105fy23.htm) | | | | | | [added: 10-K] | | | | | | [added: 1/17/24] | | | | | | [added: 10.5] | | | | | | [added: 000-15175] | | | | | | [removed: X] | | |

| [removed: 10.6A] [added: 10.5A] | | | | | | [Adobe Deferred Compensation Plan, [removed: as Amended and Restated*](http://www.sec.gov/Archives/edgar/data/796343/000079634315000022/adbeex1019fy14.htm)] [added: as](https://www.sec.gov/Archives/edgar/data/796343/000079634315000022/adbeex1019fy14.htm) [a](https://www.sec.gov/Archives/edgar/data/796343/000079634315000022/adbeex1019fy14.htm)[mended and](https://www.sec.gov/Archives/edgar/data/796343/000079634315000022/adbeex1019fy14.htm) [r](https://www.sec.gov/Archives/edgar/data/796343/000079634315000022/adbeex1019fy14.htm)[estated*](https://www.sec.gov/Archives/edgar/data/796343/000079634315000022/adbeex1019fy14.htm)] | | | | | | 10-K | | | | | | 1/20/15 | | | | | | 10.19 | | | | | | 000-15175 | | | | | | | | |

| [removed: 10.6B] [added: 10.5B] | | | | | | [Amendment No. One to Adobe Deferred [removed: Compensation Plan*](http://www.sec.gov/Archives/edgar/data/796343/000079634320000013/adbeex106bfy19.htm)] [added: Compensation](https://www.sec.gov/Archives/edgar/data/796343/000079634320000013/adbeex106bfy19.htm) [Plan](https://www.sec.gov/Archives/edgar/data/796343/000079634320000013/adbeex106bfy19.htm)[, as amended and restated](https://www.sec.gov/Archives/edgar/data/796343/000079634320000013/adbeex106bfy19.htm)[*](https://www.sec.gov/Archives/edgar/data/796343/000079634320000013/adbeex106bfy19.htm)] | | | | | | 10-K | | | | | | 1/21/20 | | | | | | 10.6B | | | | | | 000-15175 | | | | | | | | |

| [removed: 10.7] [added: 10.6] | | | | | | [Credit Agreement, dated as of June 30, 2022, among the Company, certain subsidiaries of the Company party thereto, Bank of America, N.A. as Administrative Agent and the other lenders party thereto](https://www.sec.gov/Archives/edgar/data/796343/000119312522186450/d368091dex101.htm) | | | | | | 8-K | | | | | | 7/1/22 | | | | | | 10.1 | | | | | | 000-15175 | | | | | | | | |

| [removed: 10.8] [added: 10.7] | | | | | | [Adobe [removed: Inc.](https://www.sec.gov/Archives/edgar/data/796343/000079634323000252/adbeex101q423.htm) [2023](https://www.sec.gov/Archives/edgar/data/796343/000079634323000252/adbeex101q423.htm) [Executive] [added: Inc. 2023 Executive] Severance Plan in the Event of a Change of Control*](https://www.sec.gov/Archives/edgar/data/796343/000079634323000252/adbeex101q423.htm) | | | | | | 8-K | | | | | | 12/13/23 | | | | | | 10.1 | | | | | | 000-15175 | | | | | | | | |

| [removed: 10.10] [added: 10.9] | | | | | | [2023 and [removed: 2024](https://www.sec.gov/Archives/edgar/data/796343/000079634323000007/adbeex1011fy22.htm) [Non-Employee](https://www.sec.gov/Archives/edgar/data/796343/000079634323000007/adbeex1011fy22.htm) [Director Compensation](https://www.sec.gov/Archives/edgar/data/796343/000079634323000007/adbeex1011fy22.htm) [Policy](https://www.sec.gov/Archives/edgar/data/796343/000079634323000007/adbeex1011fy22.htm)[*](https://www.sec.gov/Archives/edgar/data/796343/000079634323000007/adbeex1011fy22.htm)] [added: 2024 Non-Employee Director Compensation Policy](https://www.sec.gov/Archives/edgar/data/796343/000079634323000007/adbeex1011fy22.htm)*] | | | | | | 10-K | | | | | | 1/17/23 | | | | | | 10.11 | | | | | | 000-15175 | | | | | | | | |

| [removed: 10.13] [added: 10.11] | | | | | | [Form of Commercial Paper Dealer Agreement between the Company, as issuer, and the applicable Dealer party thereto.](https://www.sec.gov/Archives/edgar/data/796343/000079634323000198/adbeex101q323.htm) | | | | | | 8-K | | | | | | 9/14/23 | | | | | | 10.1 | | | | | | 000-15175 | | | | | | | | |

| [removed: 10.14] [added: 10.12] | | | | | | [removed: [T](https://www.sec.gov/Archives/edgar/data/796343/000079634323000254/mutualterminationagreement.htm)[ermination] [added: [Termination] Agreement, dated as of December 17, 2023, by and among Adobe Inc., Saratoga Merger Sub I, [removed: Inc](https://www.sec.gov/Archives/edgar/data/796343/000079634323000254/mutualterminationagreement.htm)[.,](https://www.sec.gov/Archives/edgar/data/796343/000079634323000254/mutualterminationagreement.htm) [Saratoga] [added: Inc., Saratoga] Merger Sub [removed: II,](https://www.sec.gov/Archives/edgar/data/796343/000079634323000254/mutualterminationagreement.htm) [LLC] [added: II, LLC] and Figma, Inc.](https://www.sec.gov/Archives/edgar/data/796343/000079634323000254/mutualterminationagreement.htm) | | | | | | 8-K | | | | | | 12/18/23 | | | | | | 10.1 | | | | | | 000-15175 | | | | | | | | |

| [removed: 21] [added: 21.1] | | | | | | [Subsidiaries of the [removed: Registrant](https://www.sec.gov/Archives/edgar/data/796343/000079634324000006/adbeex21fy23.htm)] [added: Registrant](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex211fy24.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 23.1 | | | | | | [Consent of Independent Registered Public Accounting Firm, KPMG [removed: LLP](https://www.sec.gov/Archives/edgar/data/796343/000079634324000006/adbeex231fy23.htm)] [added: LLP](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex231fy24.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 24.1 | | | | | | [Power of Attorney (set forth on the signature page to this Annual Report on Form [removed: 10-K)](#id2fffb105edb44a29625d93e58bf85a1_250)] [added: 10-K)](#i74cf9d38730645a2be94739e148c270a_250)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 31.1 | | | | | | [Certification of Chief Executive Officer, as required by Rule 13a-14(a) of the Securities Exchange Act of [removed: 1934](https://www.sec.gov/Archives/edgar/data/796343/000079634324000006/adbeex311fy23.htm)] [added: 1934](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex311fy24.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 31.2 | | | | | | [Certification of Chief Financial Officer, as required by Rule 13a-14(a) of the Securities Exchange Act of [removed: 1934](https://www.sec.gov/Archives/edgar/data/796343/000079634324000006/adbeex312fy23.htm)] [added: 1934](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex312fy24.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 32.1 | | | | | | [Certification of Chief Executive Officer, as required by Rule 13a-14(b) of the Securities Exchange Act of [removed: 1934†](https://www.sec.gov/Archives/edgar/data/796343/000079634324000006/adbeex321fy23.htm)] [added: 1934†](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex321fy24.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 32.2 | | | | | | [Certification of Chief Financial Officer, as required by Rule 13a-14(b) of the Securities Exchange Act of [removed: 1934†](https://www.sec.gov/Archives/edgar/data/796343/000079634324000006/adbeex322fy23.htm)] [added: 1934†](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex322fy24.htm)] | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 97 | | | | | | [Adobe Inc. Incentive Compensation Recovery [removed: Policy](https://www.sec.gov/Archives/edgar/data/796343/000079634324000006/adbeex97fy23.htm)] [added: Policy](https://www.sec.gov/Archives/edgar/data/796343/000079634324000006/adbeex97fy23.htm)*] | | | | | | [added: 10-K] | | | | | | [added: 1/17/24] | | | | | | [added: 97] | | | | | | [added: 000-15175] | | | | | | [removed: X] | | |

| 4.5 | | | | | | [Forms of Global Note for Adobe Inc.](https://www.sec.gov/Archives/edgar/data/0000796343/000119312524087244/d771427dex41.htm)’[s 4.850% Notes due 2027, 4.800% Notes due 2029, and 4.950% Notes due 2034, together with an Officer’s Certificate setting forth the terms of the Notes](https://www.sec.gov/Archives/edgar/data/0000796343/000119312524087244/d771427dex41.htm) | | | | | | 8-K | | | | | | 4/4/24 | | | | | | 4.1 | | | | | | 000-15175 | | | | | | | | |

| 10.10 | | | | | | [202](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex1010fy24.htm)[5](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex1010fy24.htm) [and 202](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex1010fy24.htm)[6](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex1010fy24.htm) [Non-Employee Director Compensation Policy](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex1010fy24.htm)[*](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex1010fy24.htm) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 19.1 | | | | | | [A](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex191fy24.htm)[dobe Inc. Insider Trading Po](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex191fy24.htm)[licy](https://www.sec.gov/Archives/edgar/data/796343/000079634325000004/adbeex191fy24.htm) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 10.3B | | | | | | [2021 Performance Share Program pursuant to the 2019 Equity Incentive Plan*](http://www.sec.gov/Archives/edgar/data/796343/000079634321000028/adbeex1028-k.htm) | | | | | | 8-K | | | | | | 1/27/21 | | | | | | 10.2 | | | | | | 000-15175 | | | | | | | | |

| 10.3G | | | | | | [Form of Restricted Stock Unit Grant Notice and Award Agreement pursuant to 2019 Equity Incentive Plan (for awards granted prior to January 15, 2021)*](http://www.sec.gov/Archives/edgar/data/796343/000079634319000142/adbeex1035bq219.htm) | | | | | | 10-Q | | | | | | 6/26/19 | | | | | | 10.35B | | | | | | 000-15175 | | | | | | | | |

| 10.3J | | | | | | [Form of Restricted Stock Unit Grant Notice and Award Agreement pursuant to 2019 Equity Incentive Plan (for awards granted on or after January 15, 2021)*](http://www.sec.gov/Archives/edgar/data/796343/000079634321000004/adbeex103efy20.htm) | | | | | | 10-K | | | | | | 1/15/21 | | | | | | 10.3E | | | | | | 000-15175 | | | | | | | | |

| 10.3K | | | | | | [Form of](https://www.sec.gov/Archives/edgar/data/796343/000079634323000055/adbeex107q123.htm) [Non-Employee](https://www.sec.gov/Archives/edgar/data/796343/000079634323000055/adbeex107q123.htm) [Director Grant Restricted Stock Unit Grant Notice and Award Agreement pursuant to 2019 Equity Incentive Plan*](https://www.sec.gov/Archives/edgar/data/796343/000079634323000055/adbeex107q123.htm) | | | | | | 10-Q | | | | | | 3/29/23 | | | | | | 10.7 | | | | | | 000-15175 | | | | | | | | |

| 10.3L | | | | | | [F](https://www.sec.gov/Archives/edgar/data/796343/000079634323000055/adbeex106q123.htm)[orm](https://www.sec.gov/Archives/edgar/data/796343/000079634323000055/adbeex106q123.htm) [of Restricted Stock Unit Grant Notice and](https://www.sec.gov/Archives/edgar/data/796343/000079634323000055/adbeex106q123.htm) [Award Agreement pursuant to 2019 Equity Incentive P](https://www.sec.gov/Archives/edgar/data/796343/000079634323000055/adbeex106q123.htm)[lan](https://www.sec.gov/Archives/edgar/data/796343/000079634323000055/adbeex106q123.htm) [(for awards granted on or after January 24, 2](https://www.sec.gov/Archives/edgar/data/796343/000079634323000055/adbeex106q123.htm)[023)*](https://www.sec.gov/Archives/edgar/data/796343/000079634323000055/adbeex106q123.htm) | | | | | | 10-Q | | | | | | 3/29/23 | | | | | | 10.6 | | | | | | 000-15175 | | | | | | | | |