Adobe (NasdaqGS:ADBE) recently announced robust earnings for Q1 2025, with a notable rise in both revenue and net income. Despite this financial upswing, the company's share price fell 15.05% over the last week.

Q1 2025 Earnings Call Transcript March 12, 2025 Adobe Inc. beats earnings expectations. Reported EPS is $5.08, expectations were $4.97. Operator: Good day, and welcome to the Q1 FY 2025 Adobe Earnings Conference Call.

For context, this time last year, in fiscal Q1 2024, Adobe's balance sheet held $3.1 billion of net cash. Today, its net cash position stands at $1.2 billion. So, they've used more than 100% of their free cash flow to repurchase shares, and these shares are still falling in price.