NASDAQ : TXN
Texas Instruments Incorporated — Financial statements
Technology · Semiconductors · United States
Last price 300.84 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 274.90B
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Financial statements
Texas Instruments Incorporated (TXN) reported revenue of 20.77B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 20.77B | 17.68B | 15.64B | 17.52B | 20.03B | 18.34B |
| Cost of Revenue | 8.26B | 7.60B | 6.55B | 6.50B | 6.26B | 5.97B |
| Gross Profit | 12.51B | 10.08B | 9.09B | 11.02B | 13.77B | 12.38B |
| Selling, General & Admin | 1.88B | 1.87B | 1.78B | 1.84B | 1.61B | 1.66B |
| Research & Development | 2.10B | 2.08B | 1.96B | 1.86B | 1.67B | 1.55B |
| Amortization of Goodwill & Intangibles | 142.00M | |||||
| Operating Expenses | 3.98B | 3.96B | 3.74B | 3.70B | 3.28B | 3.35B |
| Operating Income | 8.53B | 6.13B | 5.35B | 7.32B | 10.49B | 9.02B |
| Interest Expense | -564.00M | -543.00M | -508.00M | -353.00M | -214.00M | -184.00M |
| Other Non Operating Income (Expenses) | 233.00M | 244.00M | 487.00M | 456.00M | 16.00M | 135.00M |
| EBT Excluding Unusual Items | 8.20B | 5.83B | 5.33B | 7.42B | 10.29B | 8.97B |
| Merger & Restructuring Charges | -41.00M | -85.00M | -8.00M | -257.00M | -104.00M | |
| Impairment of Goodwill | -32.00M | -32.00M | ||||
| Gain (Loss) on Sale of Assets | 132.00M | 50.00M | ||||
| Pretax Income | 8.13B | 5.71B | 5.45B | 7.42B | 10.03B | 8.92B |
| Income Tax Expense | 1.02B | 709.00M | 654.00M | 908.00M | 1.28B | 1.15B |
| Net Income | 7.11B | 5.00B | 4.80B | 6.51B | 8.75B | 7.77B |
| Preferred Dividends & Other Adjustments | 41.00M | 28.00M | 24.00M | 34.00M | 40.00M | 33.00M |
| Net Income to Common | 7.07B | 4.97B | 4.78B | 6.48B | 8.71B | 7.74B |
| Shares Outstanding (Basic) | 911.25M | 909.00M | 912.00M | 908.00M | 916.00M | 923.00M |
| Shares Outstanding (Diluted) | 916.00M | 913.00M | 919.00M | 916.00M | 926.00M | 936.00M |
| EPS (Basic) | 7.76 | 5.47 | 5.24 | 7.13 | 9.51 | 8.38 |
| EPS (Diluted) | 7.72 | 5.45 | 5.20 | 7.07 | 9.41 | 8.26 |
| Free Cash Flow | 7.32B | 2.60B | 1.50B | 1.35B | 5.92B | 6.29B |
| Free Cash Flow Per Share | 7.99 | 2.85 | 1.63 | 1.47 | 6.40 | 6.72 |
| Dividend Per Share | 5.68 | 5.50 | 5.26 | 5.02 | 4.69 | 4.21 |
| Gross Margin | 60.24% | 57.02% | 58.14% | 62.90% | 68.76% | 67.47% |
| Operating Margin | 41.09% | 34.64% | 34.21% | 41.75% | 52.36% | 49.18% |
| Profit Margin | 34.06% | 28.12% | 30.53% | 36.97% | 43.48% | 42.17% |
| Free Cash Flow Margin | 35.24% | 14.72% | 9.58% | 7.70% | 29.57% | 34.31% |
| EBITDA | 10.71B | 8.04B | 6.86B | 8.49B | 11.41B | 9.92B |
| EBITDA Margin | 51.59% | 45.49% | 43.85% | 48.46% | 56.98% | 54.07% |
| D&A For EBITDA | 2.18B | 1.92B | 1.51B | 1.18B | 925.00M | 897.00M |
| EBIT | 8.53B | 6.13B | 5.35B | 7.32B | 10.49B | 9.02B |
| EBIT Margin | 41.09% | 34.64% | 34.21% | 41.75% | 52.36% | 49.18% |
| Effective Tax Rate | 12.50% | 12.42% | 11.99% | 12.24% | 12.79% | 12.89% |
| Advertising Expenses | 29.00M | 30.00M | 28.00M | 27.00M | 27.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 4.21B | 3.23B | 3.20B | 2.96B | 3.05B | 4.63B |
| Short-Term Investments | 3.93B | 1.66B | 4.38B | 5.61B | 6.02B | 5.11B |
| Cash & Short-Term Investments | 8.14B | 4.88B | 7.58B | 8.57B | 9.07B | 9.74B |
| Accounts Receivable | 2.62B | 1.96B | 1.72B | 1.79B | 1.90B | 1.70B |
| Other Receivables | 1.10B | 1.71B | 904.00M | 497.00M | ||
| Receivables | 3.72B | 3.67B | 2.62B | 2.28B | 1.90B | 1.70B |
| Inventory | 4.67B | 4.80B | 4.53B | 4.00B | 2.76B | 1.91B |
| Prepaid Expenses | 302.00M | 335.00M | ||||
| Other Current Assets | 346.00M | 393.00M | 296.00M | 264.00M | ||
| Total Current Assets | 16.88B | 13.75B | 15.03B | 15.12B | 14.02B | 13.69B |
| Property, Plant & Equipment | 11.83B | 12.32B | 11.35B | 10.00B | 7.31B | 5.61B |
| Goodwill | 4.33B | 4.33B | 4.36B | 4.36B | 4.36B | 4.36B |
| Other Intangible Assets | 301.00M | 238.00M | 257.00M | 223.00M | 152.00M | 85.00M |
| Long-Term Deferred Tax Assets | 1.05B | 967.00M | 936.00M | 757.00M | 473.00M | 263.00M |
| Other Long-Term Assets | 2.44B | 2.98B | 3.58B | 1.89B | 892.00M | 675.00M |
| Total Assets | 36.84B | 34.59B | 35.51B | 32.35B | 27.21B | 24.68B |
| Accounts Payable | 837.00M | 756.00M | 820.00M | 802.00M | 851.00M | 571.00M |
| Accrued Expenses | 1.47B | 829.00M | 839.00M | 836.00M | 1.37B | 1.29B |
| Current Portion of Long-Term Debt | 650.00M | 500.00M | 750.00M | 599.00M | 500.00M | 500.00M |
| Current Portion of Leases | 119.00M | 118.00M | 88.00M | 75.00M | 82.00M | |
| Current Income Taxes Payable | 60.00M | 67.00M | 159.00M | 172.00M | 189.00M | 121.00M |
| Other Current Liabilities | 888.00M | 957.00M | 823.00M | |||
| Total Current Liabilities | 3.02B | 3.16B | 3.64B | 3.32B | 2.98B | 2.57B |
| Long-Term Debt | 12.90B | 13.55B | 12.85B | 10.62B | 8.23B | 7.24B |
| Long-Term Leases | 612.00M | 663.00M | 478.00M | 344.00M | 383.00M | |
| Long-Term Unearned Revenue | 95.00M | |||||
| Pension & Post-Retirement Benefits | 118.00M | 124.00M | 110.00M | 108.00M | 118.00M | 79.00M |
| Long-Term Deferred Tax Liabilities | 62.00M | 66.00M | 53.00M | 63.00M | 66.00M | 87.00M |
| Other Long-Term Liabilities | 1.55B | 708.00M | 1.29B | 858.00M | 882.00M | 984.00M |
| Total Liabilities | 17.65B | 18.31B | 18.61B | 15.45B | 12.63B | 11.34B |
| Common Stock | 1.74B | 1.74B | 1.74B | 1.74B | 1.74B | 1.74B |
| Additional Paid-In Capital | 5.20B | 4.51B | 3.94B | 3.36B | 2.95B | 2.63B |
| Retained Earnings | 54.28B | 52.24B | 52.26B | 52.28B | 50.35B | 45.92B |
| Treasury Stock | -41.95B | -42.13B | -40.90B | -40.28B | -40.21B | -36.80B |
| Comprehensive Income & Other | -85.00M | -85.00M | -140.00M | -205.00M | -254.00M | -157.00M |
| Shareholders' Equity | 19.18B | 16.27B | 16.90B | 16.90B | 14.58B | 13.33B |
| Total Liabilities & Equity | 36.84B | 34.59B | 35.51B | 32.35B | 27.21B | 24.68B |
| Total Debt | 13.55B | 14.78B | 14.38B | 11.79B | 9.15B | 8.21B |
| Net Cash (Debt) | -5.41B | -9.90B | -6.80B | -3.21B | -87.00M | 1.53B |
| Net Cash Per Share | -5.91 | -10.84 | -7.40 | -3.51 | -0.09 | 1.64 |
| Filing Date Shares Outstanding | 913.77M | 907.55M | 910.33M | 909.29M | 906.21M | 923.55M |
| Total Common Shares Outstanding | 914.00M | 907.00M | 911.00M | 909.00M | 906.00M | 924.00M |
| Working Capital | 13.86B | 10.59B | 11.38B | 11.80B | 11.04B | 11.12B |
| Book Value Per Share | 20.99 | 17.94 | 18.55 | 18.59 | 16.09 | 14.43 |
| Tangible Book Value | 14.55B | 11.71B | 12.28B | 12.31B | 10.06B | 8.89B |
| Tangible Book Value Per Share | 15.92 | 12.91 | 13.48 | 13.54 | 11.11 | 9.62 |
| Land | 162.00M | 113.00M | 150.00M | 132.00M | 132.00M | |
| Buildings | 6.83B | 6.42B | 5.55B | 4.15B | 3.49B | |
| Machinery | 10.69B | 8.72B | 7.57B | 5.66B | 4.24B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 7.11B | 5.00B | 4.80B | 6.51B | 8.75B | 7.77B |
| Depreciation & Amortization | 2.18B | 1.92B | 1.51B | 1.18B | 925.00M | 897.00M |
| Other Amortization | 83.00M | 81.00M | 72.00M | 63.00M | 54.00M | 57.00M |
| Loss (Gain) From Sale of Assets | -11.00M | 2.00M | -127.00M | -3.00M | -57.00M | |
| Stock-Based Compensation | 412.00M | 419.00M | 387.00M | 362.00M | 289.00M | 230.00M |
| Other Operating Activities | 38.00M | 3.00M | -578.00M | -591.00M | -481.00M | 25.00M |
| Change in Accounts Receivable | -558.00M | -244.00M | 68.00M | 108.00M | -194.00M | -287.00M |
| Change in Inventory | 157.00M | -277.00M | -528.00M | -1.24B | -847.00M | 45.00M |
| Change in Accounts Payable | 71.00M | 77.00M | 125.00M | -33.00M | 106.00M | 33.00M |
| Change in Income Taxes | 458.00M | 191.00M | 597.00M | -7.00M | 94.00M | -20.00M |
| Change in Other Net Operating Assets | -47.00M | -18.00M | -5.00M | 75.00M | 28.00M | 64.00M |
| Operating Cash Flow | 9.90B | 7.15B | 6.32B | 6.42B | 8.72B | 8.76B |
| Capital Expenditures | -2.58B | -4.55B | -4.82B | -5.07B | -2.80B | -2.46B |
| Sale of Property, Plant & Equipment | 37.00M | 1.00M | 195.00M | 3.00M | 3.00M | 75.00M |
| Investment in Securities | -2.00B | 2.78B | 1.47B | 682.00M | -826.00M | -1.65B |
| Other Investing Activities | 1.13B | 326.00M | -48.00M | 24.00M | 37.00M | -62.00M |
| Investing Cash Flow | -3.41B | -1.44B | -3.20B | -4.36B | -3.58B | -4.09B |
| Long-Term Debt Issued | 1.20B | 2.98B | 3.00B | 1.49B | 1.50B | |
| Long-Term Debt Repaid | -750.00M | -600.00M | -500.00M | -500.00M | -550.00M | |
| Net Debt Issued (Repaid) | -500.00M | 449.00M | 2.38B | 2.50B | 994.00M | 945.00M |
| Issuance of Common Stock | 812.00M | 400.00M | 517.00M | 263.00M | 241.00M | 377.00M |
| Repurchase of Common Stock | -636.00M | -1.48B | -929.00M | -293.00M | -3.62B | -527.00M |
| Common Dividends Paid | -5.17B | -5.00B | -4.79B | -4.56B | -4.30B | -3.89B |
| Other Financing Activities | -86.00M | -62.00M | -53.00M | -57.00M | -41.00M | -46.00M |
| Financing Cash Flow | -5.58B | -5.69B | -2.88B | -2.14B | -6.72B | -3.14B |
| Net Cash Flow | 900.00M | 25.00M | 236.00M | -86.00M | -1.58B | 1.52B |
| Free Cash Flow | 7.32B | 2.60B | 1.50B | 1.35B | 5.92B | 6.29B |
| Free Cash Flow Margin | 35.24% | 14.72% | 9.58% | 7.70% | 29.57% | 34.31% |
| Free Cash Flow Per Share | 7.99 | 2.85 | 1.63 | 1.47 | 6.40 | 6.72 |
| Levered Free Cash Flow | 4.78B | -300.62M | -583.75M | -489.75M | 4.31B | 4.19B |
| Unlevered Free Cash Flow | 5.13B | 38.75M | -266.25M | -269.12M | 4.44B | 4.30B |
| Cash Interest Paid | 542.00M | 542.00M | 473.00M | 321.00M | 198.00M | 181.00M |
| Cash Income Tax Paid | 296.00M | 296.00M | 451.00M | 1.35B | 1.48B | 1.20B |
| Change in Working Capital | 81.00M | -271.00M | 257.00M | -1.10B | -813.00M | -165.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 274.90B | 157.64B | 171.05B | 154.81B | 149.95B | 174.06B |
| Enterprise Value | 280.31B | 166.50B | 176.87B | 157.09B | 148.80B | 172.01B |
| Last Close Price | 300.84 | 169.79 | 177.74 | 157.10 | 147.64 | 163.79 |
| PE Ratio | 38.99 | 31.70 | 35.82 | 23.91 | 17.22 | 22.50 |
| Forward PE | 26.35 | 29.98 | 33.87 | 26.82 | 20.87 | 23.20 |
| PS Ratio | 13.24 | 8.91 | 10.94 | 8.84 | 7.49 | 9.49 |
| PB Ratio | 14.33 | 9.69 | 10.12 | 9.16 | 10.29 | 13.05 |
| P/TBV Ratio | 18.89 | 13.47 | 13.93 | 12.57 | 14.90 | 19.59 |
| P/FCF Ratio | 37.56 | 60.56 | 114.19 | 114.76 | 25.32 | 27.65 |
| P/OCF Ratio | 27.78 | 22.04 | 27.07 | 24.11 | 17.20 | 19.88 |
| PEG Ratio | 0.94 | 2.65 | 10.21 | 8.77 | 4.03 | 2.07 |
| EV/Sales Ratio | 13.50 | 9.42 | 11.31 | 8.97 | 7.43 | 9.38 |
| EV/EBITDA Ratio | 26.17 | 20.70 | 25.79 | 18.50 | 13.04 | 17.34 |
| EV/EBIT Ratio | 32.85 | 27.18 | 33.06 | 21.48 | 14.19 | 19.07 |
| EV/FCF Ratio | 38.30 | 63.96 | 118.07 | 116.45 | 25.12 | 27.33 |
| Debt / Equity Ratio | 0.71 | 0.91 | 0.85 | 0.70 | 0.63 | 0.61 |
| Debt / EBITDA Ratio | 1.26 | 1.82 | 2.08 | 1.38 | 0.80 | 0.82 |
| Debt / FCF Ratio | 1.85 | 5.68 | 9.60 | 8.74 | 1.55 | 1.30 |
| Net Debt / Equity Ratio | 0.28 | 0.61 | 0.40 | 0.19 | 0.01 | -0.12 |
| Net Debt / EBITDA Ratio | 0.51 | 1.23 | 0.99 | 0.38 | 0.01 | -0.15 |
| Net Debt / FCF Ratio | 0.74 | 3.80 | 4.54 | 2.38 | 0.01 | -0.24 |
| Asset Turnover | 0.58 | 0.51 | 0.46 | 0.59 | 0.77 | 0.83 |
| Inventory Turnover | 1.74 | 1.63 | 1.54 | 1.92 | 2.68 | 3.09 |
| Quick Ratio | 3.93 | 2.71 | 2.80 | 3.27 | 3.67 | 4.45 |
| Current Ratio | 5.59 | 4.35 | 4.12 | 4.55 | 4.70 | 5.33 |
| Return on Equity (ROE) | 39.72% | 30.15% | 28.40% | 41.37% | 62.69% | 69.00% |
| Return on Assets (ROA) | 14.85% | 10.93% | 9.86% | 15.35% | 25.27% | 25.61% |
| Return on Invested Capital (ROIC) | 30.07% | 21.52% | 21.49% | 36.92% | 69.12% | 72.97% |
| Return on Capital Employed (ROCE) | 25.20% | 19.50% | 16.80% | 25.20% | 43.30% | 40.80% |
| Earnings Yield | 2.56% | 3.17% | 2.81% | 4.21% | 5.83% | 4.46% |
| FCF Yield | 2.66% | 1.65% | 0.88% | 0.87% | 3.95% | 3.62% |
| Dividend Yield | 2.02% | 3.16% | 2.80% | 2.95% | 2.83% | 2.23% |
| Payout Ratio | 78.80% | 99.96% | 99.92% | 70.00% | 49.11% | 50.02% |
| Buyback Yield / Dilution | -0.08% | 0.65% | -0.33% | 1.08% | 1.07% | -0.32% |
| Total Shareholder Return | 1.94% | 3.82% | 2.47% | 4.03% | 3.90% | 1.91% |