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Side-by-side financial comparison of Adobe Inc. (ADBE) and CarMax (KMX). Click either name above to swap in a different company.
Adobe Inc. is the larger business by last-quarter revenue ($6.4B vs $5.8B, roughly 1.1× CarMax). Adobe Inc. runs the higher net margin — 29.5% vs 1.1%, a 28.5% gap on every dollar of revenue. On growth, Adobe Inc. posted the faster year-over-year revenue change (12.0% vs -6.9%). Adobe Inc. produced more free cash flow last quarter ($2.9B vs $1.1B). Over the past eight quarters, Adobe Inc.'s revenue compounded faster (9.8% CAGR vs 1.5%).
Adobe Inc., formerly Adobe Systems Incorporated, is an American multinational computer software company based in San Jose, California. It offers a wide range of programs from web design tools, photo manipulation, and vector creation to video and audio editing, mobile app development, print layout, and animation software.
CarMax, Inc. is a used vehicle retailer based in the United States. It operates two business segments: CarMax Sales Operations and CarMax Auto Finance. The company began as a side business of Circuit City Corporation, Inc., opening its first location in September 1993 in Richmond, Virginia. As of January 2025, CarMax operates 253 locations.
ADBE vs KMX — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $6.4B | $5.8B |
| Net Profit | $1.9B | $62.2M |
| Gross Margin | 89.6% | 10.2% |
| Operating Margin | 37.8% | — |
| Net Margin | 29.5% | 1.1% |
| Revenue YoY | 12.0% | -6.9% |
| Net Profit YoY | 4.3% | -50.4% |
| EPS (diluted) | $4.60 | $0.43 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $6.4B | — | ||
| Q4 25 | $6.2B | $5.8B | ||
| Q3 25 | $6.0B | $6.6B | ||
| Q2 25 | $5.9B | $7.5B | ||
| Q1 25 | $5.7B | $6.0B | ||
| Q4 24 | $5.6B | $6.2B | ||
| Q3 24 | $5.4B | $7.0B | ||
| Q2 24 | $5.3B | $7.1B |
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.9B | $62.2M | ||
| Q3 25 | $1.8B | $95.4M | ||
| Q2 25 | $1.7B | $210.4M | ||
| Q1 25 | $1.8B | $89.9M | ||
| Q4 24 | $1.7B | $125.4M | ||
| Q3 24 | $1.7B | $132.8M | ||
| Q2 24 | $1.6B | $152.4M |
| Q1 26 | 89.6% | — | ||
| Q4 25 | 89.5% | 10.2% | ||
| Q3 25 | 89.3% | 10.9% | ||
| Q2 25 | 89.1% | 11.8% | ||
| Q1 25 | 89.1% | 11.1% | ||
| Q4 24 | 89.0% | 10.9% | ||
| Q3 24 | 89.8% | 10.8% | ||
| Q2 24 | 88.7% | 11.1% |
| Q1 26 | 37.8% | — | ||
| Q4 25 | 36.5% | — | ||
| Q3 25 | 36.3% | — | ||
| Q2 25 | 35.9% | — | ||
| Q1 25 | 37.9% | 2.0% | ||
| Q4 24 | 34.9% | 2.7% | ||
| Q3 24 | 36.8% | 2.5% | ||
| Q2 24 | 35.5% | 2.9% |
| Q1 26 | 29.5% | — | ||
| Q4 25 | 30.0% | 1.1% | ||
| Q3 25 | 29.6% | 1.4% | ||
| Q2 25 | 28.8% | 2.8% | ||
| Q1 25 | 31.7% | 1.5% | ||
| Q4 24 | 30.0% | 2.0% | ||
| Q3 24 | 31.1% | 1.9% | ||
| Q2 24 | 29.6% | 2.1% |
| Q1 26 | $4.60 | — | ||
| Q4 25 | $4.44 | $0.43 | ||
| Q3 25 | $4.18 | $0.64 | ||
| Q2 25 | $3.94 | $1.38 | ||
| Q1 25 | $4.14 | $0.58 | ||
| Q4 24 | $3.75 | $0.81 | ||
| Q3 24 | $3.76 | $0.85 | ||
| Q2 24 | $3.49 | $0.97 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $6.9B | $204.9M |
| Total DebtLower is stronger | $5.4B | $16.6B |
| Stockholders' EquityBook value | $11.4B | $6.1B |
| Total Assets | $29.7B | $25.6B |
| Debt / EquityLower = less leverage | 0.47× | 2.74× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $6.9B | — | ||
| Q4 25 | $6.6B | $204.9M | ||
| Q3 25 | $5.9B | $540.4M | ||
| Q2 25 | $5.7B | $262.8M | ||
| Q1 25 | $7.4B | $247.0M | ||
| Q4 24 | $7.9B | $271.9M | ||
| Q3 24 | $7.5B | $524.7M | ||
| Q2 24 | $8.1B | $218.9M |
| Q1 26 | $5.4B | — | ||
| Q4 25 | $6.2B | $16.6B | ||
| Q3 25 | $6.2B | $17.8B | ||
| Q2 25 | $6.2B | $18.0B | ||
| Q1 25 | $6.2B | $18.1B | ||
| Q4 24 | $4.1B | $18.1B | ||
| Q3 24 | $4.1B | $18.1B | ||
| Q2 24 | $4.1B | $18.2B |
| Q1 26 | $11.4B | — | ||
| Q4 25 | $11.6B | $6.1B | ||
| Q3 25 | $11.8B | $6.2B | ||
| Q2 25 | $11.4B | $6.3B | ||
| Q1 25 | $13.1B | $6.2B | ||
| Q4 24 | $14.1B | $6.2B | ||
| Q3 24 | $14.5B | $6.2B | ||
| Q2 24 | $14.8B | $6.2B |
| Q1 26 | $29.7B | — | ||
| Q4 25 | $29.5B | $25.6B | ||
| Q3 25 | $28.8B | $27.1B | ||
| Q2 25 | $28.1B | $27.4B | ||
| Q1 25 | $30.0B | $27.4B | ||
| Q4 24 | $30.2B | $27.3B | ||
| Q3 24 | $29.8B | $27.3B | ||
| Q2 24 | $30.0B | $27.2B |
| Q1 26 | 0.47× | — | ||
| Q4 25 | 0.53× | 2.74× | ||
| Q3 25 | 0.53× | 2.87× | ||
| Q2 25 | 0.54× | 2.86× | ||
| Q1 25 | 0.47× | 2.91× | ||
| Q4 24 | 0.29× | 2.92× | ||
| Q3 24 | 0.28× | 2.93× | ||
| Q2 24 | 0.28× | 2.95× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $3.0B | $1.3B |
| Free Cash FlowOCF − Capex | $2.9B | $1.1B |
| FCF MarginFCF / Revenue | 45.7% | 19.2% |
| Capex IntensityCapex / Revenue | 0.6% | 2.4% |
| Cash ConversionOCF / Net Profit | 1.57× | 20.14× |
| TTM Free Cash FlowTrailing 4 quarters | $10.3B | $1.9B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $3.0B | — | ||
| Q4 25 | $3.2B | $1.3B | ||
| Q3 25 | $2.2B | $785.5M | ||
| Q2 25 | $2.2B | $299.5M | ||
| Q1 25 | $2.5B | $146.4M | ||
| Q4 24 | — | $-23.4M | ||
| Q3 24 | $2.0B | $619.1M | ||
| Q2 24 | $1.9B | $-117.7M |
| Q1 26 | $2.9B | — | ||
| Q4 25 | $3.1B | $1.1B | ||
| Q3 25 | $2.1B | $654.0M | ||
| Q2 25 | $2.1B | $162.8M | ||
| Q1 25 | $2.5B | $18.8M | ||
| Q4 24 | — | $-150.6M | ||
| Q3 24 | $2.0B | $509.9M | ||
| Q2 24 | $1.9B | $-221.6M |
| Q1 26 | 45.7% | — | ||
| Q4 25 | 50.5% | 19.2% | ||
| Q3 25 | 35.5% | 9.9% | ||
| Q2 25 | 36.5% | 2.2% | ||
| Q1 25 | 43.0% | 0.3% | ||
| Q4 24 | — | -2.4% | ||
| Q3 24 | 36.3% | 7.3% | ||
| Q2 24 | 35.8% | -3.1% |
| Q1 26 | 0.6% | — | ||
| Q4 25 | 0.5% | 2.4% | ||
| Q3 25 | 1.2% | 2.0% | ||
| Q2 25 | 0.8% | 1.8% | ||
| Q1 25 | 0.5% | 2.1% | ||
| Q4 24 | — | 2.0% | ||
| Q3 24 | 1.1% | 1.6% | ||
| Q2 24 | 0.8% | 1.5% |
| Q1 26 | 1.57× | — | ||
| Q4 25 | 1.70× | 20.14× | ||
| Q3 25 | 1.24× | 8.24× | ||
| Q2 25 | 1.30× | 1.42× | ||
| Q1 25 | 1.37× | 1.63× | ||
| Q4 24 | — | -0.19× | ||
| Q3 24 | 1.20× | 4.66× | ||
| Q2 24 | 1.23× | -0.77× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADBE
| Subscription Revenue | $6.2B | 97% |
| Service Other | $110.0M | 2% |
| Products | $90.0M | 1% |
KMX
| Used Vehicles | $4.5B | 78% |
| Wholesale Vehicles | $1.1B | 19% |
| Other | $150.6M | 3% |
| Extendedprotectionplan Domain | $96.6M | 2% |
| Advertising Subscription Revenues Domain | $35.1M | 1% |
| Service Domain | $18.5M | 0% |
| Thirdpartyfinancefees Domain | $3.0M | 0% |
