v3.26.1
DEBT
 3 Months Ended
Feb. 27, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
The carrying value of our borrowings as of February 27, 2026 and November 28, 2025 were as follows:
(dollars in millions)Issuance DateDue DateEffective Interest Rate20262025
2.15% 2027 Notes
February 2020February 20272.26%$850 $850 
4.85% 2027 Notes
April 2024April 20275.03%500 500 
4.75% 2028 Notes
January 2025January 20284.93%800 800 
4.80% 2029 Notes
April 2024April 20294.93%750 750 
4.95% 2030 Notes
January 2025January 20305.09%700 700 
2.30% 2030 Notes
February 2020February 20302.69%1,300 1,300 
4.95% 2034 Notes
April 2024April 20345.03%750 750 
5.30% 2035 Notes
January 2025January 20355.40%500 500 
Total debt outstanding, at par$6,150 $6,150 
Less: Current portion of debt, at par
(850)— 
Fair value of interest rate swaps
102 86 
Unamortized discount and debt issuance costs(23)(26)
Carrying value of long-term debt$5,379 $6,210 
Current portion of debt, at par
$850 $— 
Unamortized discount and debt issuance costs(1)— 
Carrying value of current debt$849 $— 
Senior Notes
Our senior notes rank equally with our other unsecured and unsubordinated indebtedness, and do not contain financial covenants. We may redeem the notes at any time, subject to a make-whole premium.
We have entered into interest rate swaps related to certain of our senior notes. The interest rate swaps effectively convert the fixed interest rates on the notes to floating interest rates based on the SOFR OIS. The fair value of the interest rate swaps is included in the carrying value of our debt in the condensed consolidated balance sheets. See Note 5 for further details regarding our interest rate swap derivatives.
Discounts and issuance costs on our senior notes are amortized to interest expense over the terms of the respective notes using the effective interest method. Interest on the notes issued in February 2020 is payable semi-annually, in arrears, on February 1 and August 1. Interest on the notes issued in April 2024 is payable semi-annually, in arrears, on April 4 and October 4. Interest on the notes issued in January 2025 is payable semi-annually, in arrears, on January 17 and July 17.
During the first quarter of fiscal 2026, we reclassified the senior notes due February 1, 2027 as current debt in our condensed consolidated balance sheets.
For the senior notes issued in February 2020, upon the occurrence of certain change of control triggering events, we may be required to repurchase the notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest to the date of repurchase. In addition, these notes include covenants that limit our ability to grant liens on assets and to enter into sale and leaseback transactions, subject to significant allowances.
Revolving Credit Agreement
In June 2022, we entered into a credit agreement (the “Revolving Credit Agreement”), providing for a five-year $1.5 billion senior unsecured revolving credit facility. The Revolving Credit Agreement provides for loans to Adobe and certain of its subsidiaries that may be designated from time to time as additional borrowers. Pursuant to the terms of the Revolving Credit Agreement, we may, subject to the agreement of lenders to provide additional commitments, obtain up to an additional $500 million in commitments, for a maximum aggregate commitment of $2 billion. As of February 27, 2026, there were no outstanding borrowings under this Revolving Credit Agreement.
Commercial Paper Program
In September 2023, we established a commercial paper program under which we may issue unsecured commercial paper up to a total of $3 billion outstanding at any time, with maturities of up to 397 days from the date of issue. The net proceeds from the issuance of commercial paper are expected to be used for general corporate purposes, which may include working capital, capital expenditures, acquisitions, stock repurchases, refinancing indebtedness or any other general corporate purposes. As of February 27, 2026, there were no outstanding borrowings under the commercial paper program.