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Side-by-side financial comparison of Adobe Inc. (ADBE) and NetEase, Inc. (NTES). Click either name above to swap in a different company.
Adobe Inc. is the larger business by last-quarter revenue ($6.4B vs $4.0B, roughly 1.6× NetEase, Inc.). NetEase, Inc. runs the higher net margin — 31.0% vs 29.5%, a 1.5% gap on every dollar of revenue. Adobe Inc. produced more free cash flow last quarter ($2.9B vs $1.8B). Over the past eight quarters, Adobe Inc.'s revenue compounded faster (9.8% CAGR vs 9.7%).
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.
NetEase, Inc. is a Chinese developer and publisher of online PC and mobile games, advertising services, email services, and e-commerce platforms. It is one of the largest Internet and video game companies in the world and was founded by Ding Lei in June 1997.
ADBE vs NTES — Head-to-Head
Income Statement — Q1 2026 vs Q3 2025
| Metric | | |
|---|---|---|
| Revenue | $6.4B | $4.0B |
| Net Profit | $1.9B | $1.2B |
| Gross Margin | 89.6% | 64.1% |
| Operating Margin | 37.8% | 28.3% |
| Net Margin | 29.5% | 31.0% |
| Revenue YoY | 12.0% | — |
| Net Profit YoY | 4.3% | — |
| EPS (diluted) | $4.60 | — |
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 | — | ||
| Q3 25 | $6.0B | $4.0B | ||
| Q2 25 | $5.9B | $3.9B | ||
| Q1 25 | $5.7B | $4.0B | ||
| Q4 24 | $5.6B | — | ||
| Q3 24 | $5.4B | $3.7B | ||
| Q2 24 | $5.3B | $3.5B |
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.8B | $1.2B | ||
| Q2 25 | $1.7B | $1.3B | ||
| Q1 25 | $1.8B | $1.5B | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.7B | $955.7M | ||
| Q2 24 | $1.6B | $939.6M |
| Q1 26 | 89.6% | — | ||
| Q4 25 | 89.5% | — | ||
| Q3 25 | 89.3% | 64.1% | ||
| Q2 25 | 89.1% | 64.7% | ||
| Q1 25 | 89.1% | 64.1% | ||
| Q4 24 | 89.0% | — | ||
| Q3 24 | 89.8% | 62.9% | ||
| Q2 24 | 88.7% | 62.9% |
| Q1 26 | 37.8% | — | ||
| Q4 25 | 36.5% | — | ||
| Q3 25 | 36.3% | 28.3% | ||
| Q2 25 | 35.9% | 32.5% | ||
| Q1 25 | 37.9% | 36.2% | ||
| Q4 24 | 34.9% | — | ||
| Q3 24 | 36.8% | 27.3% | ||
| Q2 24 | 35.5% | 27.4% |
| Q1 26 | 29.5% | — | ||
| Q4 25 | 30.0% | — | ||
| Q3 25 | 29.6% | 31.0% | ||
| Q2 25 | 28.8% | 32.6% | ||
| Q1 25 | 31.7% | 36.6% | ||
| Q4 24 | 30.0% | — | ||
| Q3 24 | 31.1% | 25.6% | ||
| Q2 24 | 29.6% | 26.8% |
| Q1 26 | $4.60 | — | ||
| Q4 25 | $4.44 | — | ||
| Q3 25 | $4.18 | — | ||
| Q2 25 | $3.94 | — | ||
| Q1 25 | $4.14 | — | ||
| Q4 24 | $3.75 | — | ||
| Q3 24 | $3.76 | — | ||
| Q2 24 | $3.49 | — |
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 | $31.3B |
| Total DebtLower is stronger | $5.4B | — |
| Stockholders' EquityBook value | $11.4B | $160.8B |
| Total Assets | $29.7B | $214.5B |
| Debt / EquityLower = less leverage | 0.47× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $6.9B | — | ||
| Q4 25 | $6.6B | — | ||
| Q3 25 | $5.9B | $31.3B | ||
| Q2 25 | $5.7B | $54.4B | ||
| Q1 25 | $7.4B | $41.7B | ||
| Q4 24 | $7.9B | — | ||
| Q3 24 | $7.5B | $20.2B | ||
| Q2 24 | $8.1B | $19.0B |
| Q1 26 | $5.4B | — | ||
| Q4 25 | $6.2B | — | ||
| Q3 25 | $6.2B | — | ||
| Q2 25 | $6.2B | — | ||
| Q1 25 | $6.2B | — | ||
| Q4 24 | $4.1B | — | ||
| Q3 24 | $4.1B | — | ||
| Q2 24 | $4.1B | — |
| Q1 26 | $11.4B | — | ||
| Q4 25 | $11.6B | — | ||
| Q3 25 | $11.8B | $160.8B | ||
| Q2 25 | $11.4B | $154.0B | ||
| Q1 25 | $13.1B | $147.8B | ||
| Q4 24 | $14.1B | — | ||
| Q3 24 | $14.5B | $135.6B | ||
| Q2 24 | $14.8B | $134.2B |
| Q1 26 | $29.7B | — | ||
| Q4 25 | $29.5B | — | ||
| Q3 25 | $28.8B | $214.5B | ||
| Q2 25 | $28.1B | $208.5B | ||
| Q1 25 | $30.0B | $200.9B | ||
| Q4 24 | $30.2B | — | ||
| Q3 24 | $29.8B | $184.9B | ||
| Q2 24 | $30.0B | $183.3B |
| Q1 26 | 0.47× | — | ||
| Q4 25 | 0.53× | — | ||
| Q3 25 | 0.53× | — | ||
| Q2 25 | 0.54× | — | ||
| Q1 25 | 0.47× | — | ||
| Q4 24 | 0.29× | — | ||
| Q3 24 | 0.28× | — | ||
| Q2 24 | 0.28× | — |
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 | $1.8B |
| Free Cash FlowOCF − Capex | $2.9B | $1.8B |
| FCF MarginFCF / Revenue | 45.7% | 44.7% |
| Capex IntensityCapex / Revenue | 0.6% | 1.0% |
| Cash ConversionOCF / Net Profit | 1.57× | 1.47× |
| TTM Free Cash FlowTrailing 4 quarters | $10.3B | $6.3B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $3.0B | — | ||
| Q4 25 | $3.2B | — | ||
| Q3 25 | $2.2B | $1.8B | ||
| Q2 25 | $2.2B | $1.5B | ||
| Q1 25 | $2.5B | $1.7B | ||
| Q4 24 | — | — | ||
| Q3 24 | $2.0B | $1.5B | ||
| Q2 24 | $1.9B | $898.8M |
| Q1 26 | $2.9B | — | ||
| Q4 25 | $3.1B | — | ||
| Q3 25 | $2.1B | $1.8B | ||
| Q2 25 | $2.1B | $1.5B | ||
| Q1 25 | $2.5B | $1.6B | ||
| Q4 24 | — | — | ||
| Q3 24 | $2.0B | $1.5B | ||
| Q2 24 | $1.9B | $875.6M |
| Q1 26 | 45.7% | — | ||
| Q4 25 | 50.5% | — | ||
| Q3 25 | 35.5% | 44.7% | ||
| Q2 25 | 36.5% | 38.3% | ||
| Q1 25 | 43.0% | 40.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | 36.3% | 38.9% | ||
| Q2 24 | 35.8% | 25.0% |
| Q1 26 | 0.6% | — | ||
| Q4 25 | 0.5% | — | ||
| Q3 25 | 1.2% | 1.0% | ||
| Q2 25 | 0.8% | 0.7% | ||
| Q1 25 | 0.5% | 1.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.1% | 1.4% | ||
| Q2 24 | 0.8% | 0.7% |
| Q1 26 | 1.57× | — | ||
| Q4 25 | 1.70× | — | ||
| Q3 25 | 1.24× | 1.47× | ||
| Q2 25 | 1.30× | 1.20× | ||
| Q1 25 | 1.37× | 1.15× | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.20× | 1.58× | ||
| Q2 24 | 1.23× | 0.96× |
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% |
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
