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Side-by-side financial comparison of Adobe Inc. (ADBE) and PayPal (PYPL). Click either name above to swap in a different company.
PayPal is the larger business by last-quarter revenue ($8.7B vs $6.4B, roughly 1.4× Adobe Inc.). Adobe Inc. runs the higher net margin — 29.5% vs 16.6%, a 13.0% gap on every dollar of revenue. On growth, Adobe Inc. posted the faster year-over-year revenue change (12.0% vs 3.7%). Adobe Inc. produced more free cash flow last quarter ($2.9B vs $2.2B). Over the past eight quarters, Adobe Inc.'s revenue compounded faster (9.8% CAGR vs 6.2%).
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.
PayPalPYPLEarnings & Financial Report
PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers; it serves as an electronic alternative to traditional paper methods such as checks and money orders. The company operates as a payment processor for online vendors, auction sites and many other commercial and company users.
ADBE vs PYPL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $6.4B | $8.7B |
| Net Profit | $1.9B | $1.4B |
| Gross Margin | 89.6% | — |
| Operating Margin | 37.8% | 17.4% |
| Net Margin | 29.5% | 16.6% |
| Revenue YoY | 12.0% | 3.7% |
| Net Profit YoY | 4.3% | 28.2% |
| EPS (diluted) | $4.60 | $1.53 |
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 | $8.7B | ||
| Q3 25 | $6.0B | $8.4B | ||
| Q2 25 | $5.9B | $8.3B | ||
| Q1 25 | $5.7B | $7.8B | ||
| Q4 24 | $5.6B | $8.4B | ||
| Q3 24 | $5.4B | $7.8B | ||
| Q2 24 | $5.3B | $7.9B |
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.9B | $1.4B | ||
| Q3 25 | $1.8B | $1.2B | ||
| Q2 25 | $1.7B | $1.3B | ||
| Q1 25 | $1.8B | $1.3B | ||
| Q4 24 | $1.7B | $1.1B | ||
| Q3 24 | $1.7B | $1.0B | ||
| Q2 24 | $1.6B | $1.1B |
| Q1 26 | 89.6% | — | ||
| Q4 25 | 89.5% | — | ||
| Q3 25 | 89.3% | — | ||
| Q2 25 | 89.1% | — | ||
| Q1 25 | 89.1% | — | ||
| Q4 24 | 89.0% | — | ||
| Q3 24 | 89.8% | — | ||
| Q2 24 | 88.7% | — |
| Q1 26 | 37.8% | — | ||
| Q4 25 | 36.5% | 17.4% | ||
| Q3 25 | 36.3% | 18.1% | ||
| Q2 25 | 35.9% | 18.1% | ||
| Q1 25 | 37.9% | 19.6% | ||
| Q4 24 | 34.9% | 17.2% | ||
| Q3 24 | 36.8% | 17.7% | ||
| Q2 24 | 35.5% | 16.8% |
| Q1 26 | 29.5% | — | ||
| Q4 25 | 30.0% | 16.6% | ||
| Q3 25 | 29.6% | 14.8% | ||
| Q2 25 | 28.8% | 15.2% | ||
| Q1 25 | 31.7% | 16.5% | ||
| Q4 24 | 30.0% | 13.4% | ||
| Q3 24 | 31.1% | 12.9% | ||
| Q2 24 | 29.6% | 14.3% |
| Q1 26 | $4.60 | — | ||
| Q4 25 | $4.44 | $1.53 | ||
| Q3 25 | $4.18 | $1.30 | ||
| Q2 25 | $3.94 | $1.29 | ||
| Q1 25 | $4.14 | $1.29 | ||
| Q4 24 | $3.75 | $1.09 | ||
| Q3 24 | $3.76 | $0.99 | ||
| Q2 24 | $3.49 | $1.08 |
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 | $10.4B |
| Total DebtLower is stronger | $5.4B | — |
| Stockholders' EquityBook value | $11.4B | $20.3B |
| Total Assets | $29.7B | $80.2B |
| Debt / EquityLower = less leverage | 0.47× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $6.9B | — | ||
| Q4 25 | $6.6B | $10.4B | ||
| Q3 25 | $5.9B | $10.8B | ||
| Q2 25 | $5.7B | $10.0B | ||
| Q1 25 | $7.4B | $11.2B | ||
| Q4 24 | $7.9B | $10.8B | ||
| Q3 24 | $7.5B | $11.9B | ||
| Q2 24 | $8.1B | $13.6B |
| 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 | $20.3B | ||
| Q3 25 | $11.8B | $20.2B | ||
| Q2 25 | $11.4B | $20.2B | ||
| Q1 25 | $13.1B | $20.3B | ||
| Q4 24 | $14.1B | $20.4B | ||
| Q3 24 | $14.5B | $20.2B | ||
| Q2 24 | $14.8B | $20.6B |
| Q1 26 | $29.7B | — | ||
| Q4 25 | $29.5B | $80.2B | ||
| Q3 25 | $28.8B | $79.8B | ||
| Q2 25 | $28.1B | $79.8B | ||
| Q1 25 | $30.0B | $81.3B | ||
| Q4 24 | $30.2B | $81.6B | ||
| Q3 24 | $29.8B | $83.5B | ||
| Q2 24 | $30.0B | $84.0B |
| 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 | $2.4B |
| Free Cash FlowOCF − Capex | $2.9B | $2.2B |
| FCF MarginFCF / Revenue | 45.7% | 25.2% |
| Capex IntensityCapex / Revenue | 0.6% | 2.2% |
| Cash ConversionOCF / Net Profit | 1.57× | 1.66× |
| TTM Free Cash FlowTrailing 4 quarters | $10.3B | $5.6B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $3.0B | — | ||
| Q4 25 | $3.2B | $2.4B | ||
| Q3 25 | $2.2B | $2.0B | ||
| Q2 25 | $2.2B | $898.0M | ||
| Q1 25 | $2.5B | $1.2B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | $2.0B | $1.6B | ||
| Q2 24 | $1.9B | $1.5B |
| Q1 26 | $2.9B | — | ||
| Q4 25 | $3.1B | $2.2B | ||
| Q3 25 | $2.1B | $1.7B | ||
| Q2 25 | $2.1B | $692.0M | ||
| Q1 25 | $2.5B | $964.0M | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | $2.0B | $1.4B | ||
| Q2 24 | $1.9B | $1.4B |
| Q1 26 | 45.7% | — | ||
| Q4 25 | 50.5% | 25.2% | ||
| Q3 25 | 35.5% | 20.4% | ||
| Q2 25 | 36.5% | 8.3% | ||
| Q1 25 | 43.0% | 12.4% | ||
| Q4 24 | — | 26.2% | ||
| Q3 24 | 36.3% | 18.4% | ||
| Q2 24 | 35.8% | 17.3% |
| Q1 26 | 0.6% | — | ||
| Q4 25 | 0.5% | 2.2% | ||
| Q3 25 | 1.2% | 3.0% | ||
| Q2 25 | 0.8% | 2.5% | ||
| Q1 25 | 0.5% | 2.5% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | 1.1% | 2.2% | ||
| Q2 24 | 0.8% | 2.0% |
| Q1 26 | 1.57× | — | ||
| Q4 25 | 1.70× | 1.66× | ||
| Q3 25 | 1.24× | 1.58× | ||
| Q2 25 | 1.30× | 0.71× | ||
| Q1 25 | 1.37× | 0.90× | ||
| Q4 24 | — | 2.14× | ||
| Q3 24 | 1.20× | 1.60× | ||
| Q2 24 | 1.23× | 1.35× |
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% |
PYPL
| US | $4.9B | 57% |
| Non Us | $3.7B | 43% |
