Adobe delivered a robust QQ4 2024 performance characterized by double-digit earnings expansion and substantial free cash flow generation. Reported revenue of $5.606 billion for the quarter, up 8.18% YoY and 3.66% QoQ, with gross margins near 89% and operating margin just under 35%, underscoring the high-margin profile of its subscription-based software model. Net income of $1.683 billion and a diluted EPS of $3.80 reflect strong profitability, supported by a sizable cash flow runway: operating cash flow of $2.921 billion and free cash flow of $2.873 billion, yielding a Free Cash Flow per share of $6.43. Adobe also maintains a solid balance sheet with a net cash position (net debt) of approximately -$1.56 billion and a healthy liquidity profile (current ratio ~1.07, cash balance of ~$7.61 billion). As of QQ4 2024, the market appears to value Adobe on high growth, premium margins, and the strategic potential of Creative Cloud and Digital Experience offerings, balanced by rich multiples (P/S ~41x, P/E ~34x, EV/Revenue ~101x). The absence of formal forward guidance in the provided data means the outlook hinges on continued demand for Adobe’s subscription software, AI-enabled product iterations, and restrained capex intensity relative to cash flow generation.