Adobe vs Hitachi: Revenue, Profit and Business Model
Adobe reported $23.8B of revenue in FY2025 and $7.1B of net income. Hitachi reported ~$70.9B of revenue in FY2026 and ~$5.4B of net income.
Latest financial snapshot
Financial summary
Adobe
Revenue rose from $5.854 billion in fiscal 2016 to $23.769 billion in fiscal 2025. Fiscal 2025 net income was $7.130 billion, compared with $5.560 billion in fiscal 2024. Adobe's fiscal years in this series ended on the Friday closest to November 30 or, in some years, early December.
Hitachi
Hitachi posted a ~$5.27 billion (¥787.3 billion) net loss for fiscal 2008, then the largest ever by a Japanese manufacturer. Under Takashi Kawamura and Hiroaki Nakanishi it cut loss-making consumer businesses, and later leaders sold listed subsidiaries such as Hitachi Chemical (2020), Hitachi Metals (2023), and a controlling stake in Hitachi Construction Machinery (2022). Revenue dipped from ~$72.9 billion (¥10.88 trillion) in FY2022 to ~$65.2 billion (¥9.73 trillion) in FY2023 as those units left, then climbed back to ~$71 billion (¥10.59 trillion) in FY2025 on organic growth. FY2025 adjusted EBITA was a record ~$8.78 billion (¥1.31 trillion) (12.4% margin) and net income was ~$5.38 billion (¥802.3 billion), up about 30%. In Q1 FY2026 (April-June 2026) revenue rose 20% to ~$18.2 billion (¥2,709.6 billion), helped by currency, and management raised full-year guidance.
Revenue and profit by year
Adobe
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $23.8B | $7.1B | 30.0% | +10.5% | Source |
| FY2024 | $21.5B | $5.6B | 25.9% | +10.8% | Source |
| FY2023 | $19.4B | $5.4B | 28.0% | +10.2% | Source |
| FY2022 | $17.6B | $4.8B | 27.0% | +11.5% | Source |
| FY2021 | $15.8B | $4.8B | 30.5% | +22.7% | Source |
| FY2020 | $12.9B | $5.3B | 40.9% | +15.2% | Source |
| FY2019 | $11.2B | $3B | 26.4% | +23.7% | Source |
| FY2018 | $9B | $2.6B | 28.7% | +23.7% | Source |
| FY2017 | $7.3B | $1.7B | 23.2% | +24.7% | Source |
| FY2016 | $5.9B | $1.2B | 20.0% | — | Source |
Where the revenue comes from
Adobe
- Digital Media74.3%
Creative Cloud and Document Cloud generated $17.649 billion in fiscal 2025 revenue.
- Digital Experience24.7%
Customer-experience applications and services generated $5.864 billion in fiscal 2025 revenue.
- Publishing and Advertising1.1%
Publishing products and advertising offerings generated $256 million in fiscal 2025 revenue.
Hitachi
- Digital Systems & Services
Reported sector
Japanese IT systems for finance and government, GlobalLogic digital engineering, cloud and managed services, and Lumada solutions.
- Energy
Reported sector
Hitachi Energy grid infrastructure, HVDC, transformers, and related service contracts.
- Mobility
Reported sector
Hitachi Rail trains, signalling and train control (including former Thales GTS), and maintenance.
- Connective Industries
Reported sector
Building systems, industrial products and systems, Hitachi High-Tech, and, until its sale, home appliances.
Business model and strategy
Adobe
How it makes money
Adobe earns most of its revenue from subscriptions. In fiscal 2025, subscription revenue was $22.904 billion, or about 96% of total revenue. Digital Media includes Creative Cloud and Document Cloud, while Digital Experience includes applications and services for customer experience management. Adobe also reports a smaller Publishing and Advertising business.
Growth strategy
Adobe's stated strategy includes expanding Creative Cloud and Document Cloud, developing Firefly and other AI capabilities, and growing customer-experience applications. In 2026 Adobe also announced that Anil Chakravarthy, who leads Customer Experience Orchestration and worldwide field operations, will become CEO on December 1, 2026.
Competitive advantage
Adobe combines established creative applications, the PDF and Acrobat document workflow, and customer-experience software in subscription offerings. Its fiscal 2025 Form 10-K says its markets are competitive and subject to rapid technology change, so continued product development and customer retention remain important.
Hitachi
How it makes money
Hitachi is a B2B infrastructure and IT company. It sells long-lived physical assets (transformers, HVDC converter stations, trains, signalling, elevators, semiconductor metrology tools) and then earns recurring service, maintenance, and software revenue on that installed base. Lumada is the umbrella for the data, AI, and digital services layered on top, and Hitachi reports Lumada as a growing share of total revenue.
Growth strategy
Hitachi grows by attaching software and services to its installed base and by reshaping its portfolio. It is expanding Hitachi Energy factory capacity for transformers and HVDC, integrating Thales GTS into Hitachi Rail, and scaling Lumada through GlobalLogic and AI partnerships.
Competitive advantage
Hitachi's edge is owning both the operational technology and the IT. Hitachi Energy (built on ABB's former Power Grids business) is one of a handful of suppliers able to deliver HVDC links and large power transformers at scale, Hitachi Rail became a top-tier signalling supplier after buying Thales GTS in 2024, and GlobalLogic plus Hitachi's Japanese IT business supply the software.
Questions about Adobe vs Hitachi
Which company has higher revenue — Adobe Inc. or Hitachi, Ltd.?
Adobe Inc. reported $23.8B (FY2025), while Hitachi, Ltd. reported ~$70.9B (FY2026). By last reported revenue, Hitachi, Ltd. is the larger business, with Adobe Inc. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Adobe Inc. vs Hitachi, Ltd.?
Adobe Inc.'s market capitalisation stands at $93.0B, while Hitachi, Ltd.'s is $157.8B. Hitachi, Ltd. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Adobe Inc..
Which is more financially efficient — Adobe Inc. or Hitachi, Ltd.?
Adobe Inc. generates $758k / employee in revenue per employee, while Hitachi, Ltd. generates $246k / employee. Adobe Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Adobe Inc. and Hitachi, Ltd. make money?
Adobe Inc. and Hitachi, Ltd. generate revenue in fundamentally different ways. Adobe Inc.: Adobe earns most of its revenue from subscriptions. Hitachi, Ltd.: Hitachi is a B2B infrastructure and IT company.
Which company is valued higher relative to revenue — Adobe Inc. or Hitachi, Ltd.?
On a price-to-sales (P/S) basis, Adobe Inc. trades at 3.9x P/S and Hitachi, Ltd. at 2.2x P/S. Adobe Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Hitachi, Ltd.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Adobe Inc. bigger than Hitachi, Ltd.?
By last reported revenue, Hitachi, Ltd. (~$70.9B (FY2026)) is the larger company compared to Adobe Inc. ($23.8B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Adobe vs Hitachi overview