Adobe reports record revenue (again and again)



This is my 10th blog post about Adobe reporting record revenue and I am sure I have missed a few: $17.61 billion in revenue for 2022, where $10.46 billion came from the Creative Cloud alone. The point is - Adone is doing great thanks to the monthly CC subscription. Here are the details:

Adobe Reports Record Q4 and Fiscal 2022 Revenue

Record Q4 Digital Media net new ARR and strong Adobe Experience Platform bookings drive business momentum

SAN JOSE, Calif.--(BUSINESS WIRE)-- Adobe (Nasdaq:ADBE) today reported financial results for its fourth quarter and fiscal year 2022 ended Dec. 2, 2022.

“Adobe drove record revenue and operating income in fiscal 2022,” said Shantanu Narayen, chairman and CEO, Adobe. “Our market opportunity, unparalleled innovation, operational rigor and exceptional talent position us well to drive our next decade of growth.”

“Adobe’s outstanding financial performance in fiscal 2022 drove record operating cash flows of $7.84 billion,” said Dan Durn, executive vice president and CFO, Adobe. “Strong demand for our offerings, industry-leading innovation and track record of top- and bottom-line growth set us up to capture the massive opportunities in 2023 and beyond.”

Fourth Quarter Fiscal Year 2022 Financial Highlights

  • Adobe achieved revenue of $4.53 billion in its fourth quarter of fiscal year 2022, which represents 10 percent year-over-year growth or 14 percent in constant currency. Diluted earnings per share was $2.53 on a GAAP basis and $3.60 on a non-GAAP basis.
  • GAAP operating income in the fourth quarter was $1.51 billion and non-GAAP operating income was $2.02 billion. GAAP net income was $1.18 billion and non-GAAP net income was $1.68 billion.
  • Record cash flows from operations were $2.33 billion.
  • Remaining Performance Obligations (“RPO”) exiting the quarter were $15.19 billion.
  • Adobe repurchased approximately 5.0 million shares during the quarter.

Fourth Quarter Fiscal Year 2022 Business Segment Highlights

  • Digital Media segment revenue was $3.30 billion, which represents 10 percent year-over-year growth or 14 percent in constant currency. Creative revenue grew to $2.68 billion, representing 8 percent year-over-year growth or 13 percent in constant currency. Document Cloud revenue was $619 million, representing 16 percent year-over-year growth or 19 percent in constant currency.
  • Net new Digital Media Annualized Recurring Revenue (“ARR”) was $576 million, exiting the quarter with Digital Media ARR of $13.97 billion. Creative ARR grew to $11.60 billion and Document Cloud ARR grew to $2.37 billion.
  • Digital Experience segment revenue was $1.15 billion, representing 14 percent year-over-year growth or 16 percent in constant currency. Digital Experience subscription revenue was $1.01 billion, representing 14 percent year-over-year growth or 16 percent in constant currency.

Fiscal Year 2022 Financial Highlights

  • Adobe achieved revenue of $17.61 billion in fiscal year 2022, which represents 12 percent year-over-year growth or 15 percent adjusted year-over-year growth1. Diluted earnings per share was $10.10 on a GAAP basis and $13.71 on a non-GAAP basis.
  • GAAP operating income was $6.10 billion and non-GAAP operating income was $7.95 billion. GAAP net income was $4.76 billion and non-GAAP net income was $6.46 billion.
  • Adobe generated a record $7.84 billion in operating cash flows during the year.
  • Adobe repurchased approximately 15.7 million shares during the year.

Fiscal Year 2022 Business Segment Highlights

  • Digital Media segment revenue was $12.84 billion, which represents 11 percent year-over-year growth or 16 percent adjusted year-over-year growth1. Net new Digital Media ARR was $1.91 billion during the fiscal year.
  • Creative revenue grew to $10.46 billion, representing 10 percent year-over-year growth or 14 percent adjusted year-over-year growth1.
  • Document Cloud revenue was $2.38 billion, representing 21 percent year-over-year growth or 24 percent adjusted year-over-year growth1.
  • Digital Experience segment revenue was $4.42 billion, representing 14 percent year-over-year growth or 17 percent adjusted year-over-year growth1. Digital Experience subscription revenue was $3.88 billion, representing 15 percent year-over-year growth or 18 percent adjusted year-over-year growth1.

The latest Adobe CC subscription plan rates can be found here. The different Adobe Creative Cloud options are described here. Additional information on Photoshop and Lightroom is available on this page.

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