DEBT (Tables)

6 Months Ended

May 29, 2026

The carrying value of our senior notes as of May 29, 2026 and November 28, 2025 were as follows:


(dollars in millions)	Issuance Date	Due Date	Effective Interest Rate	2026		2025
2.15% 2027 Notes	February 2020	February 2027	2.26%	$	850	$	850
4.85% 2027 Notes	April 2024	April 2027	5.03%	500		500
4.75% 2028 Notes	January 2025	January 2028	4.93%	800		800
4.80% 2029 Notes	April 2024	April 2029	4.93%	750		750
4.95% 2030 Notes	January 2025	January 2030	5.09%	700		700
2.30% 2030 Notes	February 2020	February 2030	2.69%	1,300		1,300
4.95% 2034 Notes	April 2024	April 2034	5.03%	750		750
5.30% 2035 Notes	January 2025	January 2035	5.40%	500		500


Total senior notes outstanding, at par				$	6,150	$	6,150
Less: Current portion of senior notes, at par				(1,350)		—
Fair value of interest rate swaps				23		86
Unamortized discount and debt issuance costs				(21)		(26)
Carrying value of long-term senior notes				$	4,802	$	6,210

Current portion of senior notes, at par				$	1,350	$	—
Unamortized discount and debt issuance costs				(1)		—

Carrying value of current senior notes				$	1,349	$	—

ADOBE INC. 10-Q