ADBE · 10-Q · 2026Q3 · Full report

Liquidity and Debt Position

ADOBE INC. · 2026-09-22 · Importance 65 · Surprise 48 · Contradicted

Cash and cash equivalents declined to $4.36 billion as of August 28, 2026 from $5.43 billion at November 28, 2025, while short-term investments increased to $1.28 billion from $1.16 billion. Adobe generated $7.65 billion of operating cash flow during the first nine months, but financing cash use of $6.81 billion and investing cash use of $1.91 billion reduced cash by $1.07 billion. The company had no borrowings under its $1.5 billion senior unsecured revolving credit facility, leaving the full facility available. Adobe had $6.15 billion of senior notes outstanding, including $1.35 billion classified as current debt and intended to be refinanced by maturity.

Key facts

• Our commercial paper program allows unsecured commercial paper up to $3 billion outstanding at any time; as of August 28, 2026, the carrying value of our commercial paper was $248 million net of discount. source
• We have a $1.5 billion senior unsecured revolving credit agreement that provides loans through June 30, 2027; as of August 28, 2026 there were no outstanding borrowings and the entire $1.5 billion credit line remained available. source
• As of August 28, 2026, cash and cash equivalents were $4,359 million and short-term investments were $1,280 million. source
• We have $6.15 billion of senior notes outstanding; as of August 28, 2026 the carrying value of our senior notes was $6.12 billion, net of fair value of the interest rate swaps and unamortized discount and debt issuance costs. source
• Cash and cash equivalents decreased from $5,431 million as of November 28, 2025 to $4,359 million as of August 28, 2026. source
• Working capital was $(2,730) million as of August 28, 2026. source

Impact estimates