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Adobe

NASDAQ: ADBE · USD

Adobe returns on capital

Annual and trailing 12-month returns on invested capital, equity and assets.

%
Default 9.3% · Software · System & Application proxy

ROIC

% · Annual / TTM

57.84%
May 29, 2009 through Aug 28, 2026

ROCE

% · Annual / TTM

49.3%

ROIIC

% · Annual / TTM

—

Unavailable for FY 2026 Q3.

ROE

% · Annual / TTM

61.9%

ROA

% · Annual / TTM

24.8%

ROIC − WACC

Percentage points · Scenario

48.5 pp

Quarterly data

Adobe returns history. Each metric has its own unit. A dash means inputs are missing or the calculation is undefined.
Fiscal periodEndedROIC%ROCE%ROIIC%ROE%ROA%ROIC − WACCPercentage points
FY 2026 Q3Aug 28, 202657.84%49.3%—61.9%24.8%48.5 pp
FY 2026 Q2May 29, 202659.89%49.24%—62.95%24.91%50.6 pp
FY 2026 Q1Feb 27, 202662.66%45.83%—58.77%24.16%53.4 pp
FY 2025 Q4Nov 28, 202561.74%44.64%95.43%55.43%23.88%52.4 pp
FY 2025 Q3Aug 29, 202556.47%42.33%114.33%52.87%23.75%47.2 pp
FY 2025 Q2May 30, 202556.6%41.52%137.1%52.25%23.64%47.3 pp
FY 2025 Q1Feb 28, 202555.62%39.98%172.6%47.28%23%46.3 pp
FY 2024 Q4Nov 29, 202445.76%32.69%—36.31%18.53%36.5 pp
FY 2024 Q3Aug 30, 202442.69%31.88%—35.36%18.19%33.4 pp
FY 2024 Q2May 31, 202440.36%30.89%—34.22%17.56%31.1 pp
FY 2024 Q1Mar 1, 202437.02%31.06%—32.37%17.33%27.7 pp
FY 2023 Q4Dec 1, 202340.14%32.79%—35.51%19.06%30.8 pp
FY 2023 Q3Sep 1, 202337.46%32.01%—33.97%18.34%28.2 pp
FY 2023 Q2Jun 2, 202335.49%31.99%—33.68%17.92%26.2 pp
FY 2023 Q1Mar 3, 202333.55%32.12%—33.86%18%24.3 pp
FY 2022 Q4Dec 2, 202233.85%31%—32.97%17.48%24.6 pp
FY 2022 Q3Sep 2, 202235.1%31.05%—33.44%18.2%25.8 pp
FY 2022 Q2Jun 3, 202235.73%31.53%—35.13%18.84%26.4 pp
FY 2022 Q1Mar 4, 202234.08%31.23%—35.34%18.94%24.8 pp
FY 2021 Q4Dec 3, 202135.05%29.69%—34.37%18.72%25.8 pp
FY 2021 Q3Sep 3, 2021—29.63%—44.7%24.05%—
FY 2021 Q2Jun 4, 2021—28.68%—45.14%23.66%—
FY 2021 Q1Mar 5, 2021—27.04%—46.36%24.1%—
FY 2020 Q4Nov 27, 2020—27.04%—44.21%23.35%—
FY 2020 Q3Aug 28, 202037.15%27.03%35.23%35.18%18.19%27.9 pp
FY 2020 Q2May 29, 202036.23%26.58%33.66%35.55%17.93%26.9 pp
FY 2020 Q1Feb 28, 202028.51%23.26%114.7%31.79%15.88%19.2 pp
FY 2019 Q4Nov 29, 201925.23%24.17%215.98%29.67%14.93%15.9 pp
FY 2019 Q3Aug 30, 201931.6%25.31%1,234.06%29.08%15.67%22.3 pp
FY 2019 Q2May 31, 201933.08%24.63%42.91%28.45%15.22%23.8 pp
FY 2019 Q1Mar 1, 201928.31%22.1%23.33%28.99%15.56%19 pp
FY 2018 Q4Nov 30, 201826.5%22.3%24.04%29.07%15.56%17.2 pp
FY 2018 Q3Aug 31, 201828.27%24.84%116.06%28.35%16.48%19 pp
FY 2018 Q2Jun 1, 201827.34%23.87%—26.26%15.19%18 pp
FY 2018 Q1Mar 2, 201823.34%22.31%—23.16%13.41%14 pp
FY 2017 Q4Dec 1, 201721.03%20.74%—21.33%12.44%11.7 pp
FY 2017 Q3Sep 1, 201719.44%19.38%—20.61%12.12%10.1 pp
FY 2017 Q2Jun 2, 201717.81%18.01%589.17%19.18%11.28%8.5 pp
FY 2017 Q1Mar 3, 201716.35%16.75%223.29%17.9%10.53%7.1 pp
FY 2016 Q4Dec 2, 201614.89%15.39%206.87%16.2%9.57%5.6 pp
FY 2016 Q3Sep 2, 201612.49%13.59%95.31%14.05%8.31%3.2 pp
FY 2016 Q2Jun 3, 201611.67%12.47%72.92%12.92%7.66%2.4 pp
FY 2016 Q1Mar 4, 201610.37%10.99%125.56%11.69%6.98%1.1 pp
FY 2015 Q4Nov 27, 20158.56%10.14%40.05%9.14%5.59%-0.7 pp
FY 2015 Q3Aug 28, 20156.95%8.33%42.52%7.29%4.5%-2.4 pp
FY 2015 Q2May 29, 20155.34%6.5%29.13%5.51%3.39%-4 pp
FY 2015 Q1Feb 27, 20154.45%5.84%3.29%4.64%2.88%-4.8 pp
FY 2014 Q4Nov 28, 20144.21%4.81%—3.98%2.54%-5.1 pp
FY 2014 Q3Aug 29, 2014—4.56%—3.62%2.37%—
FY 2014 Q2May 30, 2014—4.98%—4.19%2.75%—
FY 2014 Q1Feb 28, 2014—4.73%—4.05%2.66%—
FY 2013 Q4Nov 29, 20134.86%4.82%-81.47%4.33%2.85%-4.4 pp
FY 2013 Q3Aug 30, 2013—7.23%—6.74%4.5%—
FY 2013 Q2May 31, 2013—9.29%—8.68%5.76%—
FY 2013 Q1Mar 1, 2013—11.7%—11.14%7.39%—
FY 2012 Q4Nov 30, 201213.46%14.35%-1.34%13.38%8.78%4.2 pp
FY 2012 Q3Aug 31, 2012—14.05%—13.07%8.65%—
FY 2012 Q2Jun 1, 2012—14.46%—13.54%8.79%—
FY 2012 Q1Mar 2, 2012—14.16%—13.73%8.98%—
FY 2011 Q4Dec 2, 201114.41%14.84%20.03%15.18%9.72%5.1 pp
FY 2011 Q3Sep 2, 201116.06%15.79%91.86%17.43%11.29%6.8 pp
FY 2011 Q2Jun 3, 2011—16.31%—18.22%11.78%—
FY 2011 Q1Mar 4, 2011—15.57%—16.65%10.85%—
FY 2010 Q4Dec 3, 201015.03%14.7%40.53%15.37%10.05%5.7 pp
FY 2010 Q3Sep 3, 2010—13.95%—9.69%6.81%—
FY 2010 Q2Jun 4, 2010—11.62%—7.61%5.4%—
FY 2010 Q1Mar 5, 2010——————
FY 2009 Q4Nov 27, 2009——————
FY 2009 Q3Aug 28, 2009——————
FY 2009 Q2May 29, 2009——————
Sources and calculations

Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.

Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.

Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 9.3%, rounded from the Software · System & Application benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.

Market prices: Yahoo Finance · ADBE, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.

ROIC
NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
ROCE
Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
ROIIC
Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
ROE
Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
ROA
Net income / average total assets × 100, using period end and one year earlier.
ROIC − WACC
ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.