Adobe vs Salesforce
Salesforce reported revenue of $41.5 billion in fiscal 2026, 1.7 times Adobe's $23.8 billion in fiscal 2025. Adobe's revenue grew 10.5% in its latest year, and Salesforce's grew 9.6%. Adobe had an operating margin of 36.6%, against 20.1% at Salesforce. Free cash flow was $9.9 billion at Adobe and $14.4 billion at Salesforce. Their fiscal years end in different months (November 28 and January 31), so the periods don't line up exactly.
Side by side
| Adobe | Salesforce | |
|---|---|---|
| Latest fiscal year | FY2025, Nov 28, 2025 | FY2026, Jan 31, 2026 |
| Revenue | $23.8B | $41.5B |
| Revenue growth | 10.5% | 9.6% |
| Revenue growth a year, last 5 years | 13.1% | 14.3% |
| Gross margin | 89.3% | 77.7% |
| Operating margin | 36.6% | 20.1% |
| Net margin | 30.0% | 18.0% |
| Free cash flow | $9.9B | $14.4B |
| Free cash flow margin | 41.5% | 34.7% |
| Return on capital | 65.8% | 10.8% |
| Net debt to EBITDA | −0.0x | 0.6x |
| Dividends and buybacks | $11.3B | $14.2B |
| Change in diluted share count | −5.0% | −1.9% |
| Last close | $258.62 | $247.61 |
| P/E at the last close | 14.4× | 22.6× |
| Insider trades, last 12 months | bought $1.9 million, sold $50.8 million | bought $27.5 million, sold $36.6 million |
| Piotroski F-score | 7 of 9 | 7 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
AdobeSalesforce
Operating margin
Percent of revenue
AdobeSalesforce
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
AdobeSalesforce
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Adobe and Salesforce pages.