Texas Instruments Incorporated (TXN) 10-Year Financial Performance & Capital Metrics

TXN •

TechnologySemiconductorsAnalog, Mixed-Signal and RF Chips

AboutTexas Instruments Incorporated designs, manufactures, and sells semiconductors to electronics designers and manufacturers worldwide. It operates in two segments, Analog and Embedded Processing. The Analog segment offers power products to manage power requirements in various levels using battery-management solutions, DC/DC switching regulators, AC/DC and isolated controllers and converters, power switches, linear regulators, voltage supervisors, voltage references, and lighting products. This segment also provides signal chain products that sense, condition, and measure signals to allow information to be transferred or converted for further processing and control for use in end markets, including amplifiers, data converters, interface products, motor drives, clocks, and sensing products. The Embedded Processing segment offers microcontrollers that are used in electronic equipment; digital signal processors for mathematical computations; and applications processors for specific computing activity. This segment offers products for use in various markets, such as industrial, automotive, personal electronics, communications equipment, enterprise systems, and calculators and other. The company also provides DLP products primarily for use in projectors to create high-definition images; calculators; and application-specific integrated circuits. It markets and sells its semiconductor products through direct sales and distributors, as well as through its website. Texas Instruments Incorporated was founded in 1930 and is headquartered in Dallas, Texas.Show more

Revenue $17.68B +13.0%
EBITDA $8.02B +13.9%
Net Income $5B +4.2%
EPS (Diluted) 5.45 +4.8%
Gross Margin 57.02% -1.9%
EBITDA Margin 45.37% +0.7%
Operating Margin 34.06% -2.5%
Net Margin 28.28% -7.8%
ROE 30.15% +6.2%
ROIC 16.61% +6.3%
Debt/Equity 0.86 +7.3%
Interest Coverage 11.09 +3.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 33.3%
✓Strong Piotroski F-Score: 7/9
✓22 consecutive years of dividend growth
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 2.6%
✓Healthy 5Y average net margin of 36.4%

✗Weaknesses

✗Expensive at 11.9x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.12%

5Y4.1%

3Y-4.07%

TTM13.05%

Profit (Net Income) CAGR

10Y5.29%

5Y-2.22%

3Y-17.01%

TTM4.21%

EPS CAGR

10Y6.81%

5Y-1.81%

3Y-16.64%

TTM5.01%

ROCE

10Y Avg34.82%

5Y Avg30.83%

3Y Avg21.51%

Latest19.03%

Peer Comparison

Analog, Mixed-Signal and RF Chips

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
QRVOQorvo, Inc.	7.68B	82.90	142.93	-1.34%	9.11%	9.21%	6.31%	0.46
ALABAstera Labs, Inc. Common Stock	20.23B	118.83	97.40	115.13%	25.7%	16.07%	1.39%
ADIAnalog Devices, Inc.	173.7B	355.79	78.02	16.89%	23.02%	8.01%	2.46%	0.26
AVGOBroadcom Inc.	1.52T	319.55	66.99	23.87%	36.2%	28.45%	1.78%	0.80
TXNTexas Instruments Incorporated	192.5B	212.11	38.92	13.05%	28.28%	30.73%	1.35%	0.86
NXPINXP Semiconductors N.V.	57.13B	227.01	28.55	-2.74%	16.47%	19.34%	4.24%	1.17
QCOMQUALCOMM Incorporated	152.89B	142.36	28.42	13.66%	11.96%	23.25%	8.38%	0.77
CRUSCirrus Logic, Inc.	7.38B	141.12	23.52	5.99%	20.47%	18.74%	5.63%	0.07

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	13.37B	14.96B	15.78B	14.38B	14.46B	18.34B	20.03B	17.52B	15.64B	17.68B
Revenue Growth %	2.85%	11.9%	5.5%	-8.88%	0.54%	26.85%	9.18%	-12.53%	-10.72%	13.05%
Cost of Goods Sold+	5.13B	5.35B	5.51B	5.22B	5.19B	5.97B	6.26B	6.5B	6.55B	7.6B
COGS % of Revenue	38.37%	35.74%	34.89%	36.29%	35.9%	32.53%	31.24%	37.1%	41.86%	42.98%
Gross Profit+	8.24B	9.61B	10.28B	9.16B	9.27B	12.38B	13.77B	11.02B	9.09B	10.08B
Gross Margin %	61.63%	64.26%	65.11%	63.71%	64.1%	67.47%	68.76%	62.9%	58.14%	57.02%
Gross Profit Growth %	8.99%	16.67%	6.9%	-10.83%	1.15%	33.52%	11.27%	-19.98%	-17.47%	10.88%
Operating Expenses+	3.14B	3.2B	3.24B	3.19B	3.38B	3.42B	3.63B	3.69B	3.63B	4.06B
OpEx % of Revenue	23.46%	21.4%	20.55%	22.17%	23.34%	18.62%	18.13%	21.05%	23.2%	22.96%
Selling, General & Admin	1.74B	1.75B	1.68B	1.65B	1.62B	1.67B	1.7B	1.82B	1.79B	1.86B
SG&A % of Revenue	13.03%	11.72%	10.67%	11.44%	11.22%	9.08%	8.51%	10.42%	11.47%	10.52%
Research & Development	1.36B	1.51B	1.56B	1.54B	1.53B	1.55B	1.67B	1.86B	1.96B	2.08B
R&D % of Revenue	10.14%	10.08%	9.88%	10.73%	10.58%	8.47%	8.34%	10.63%	12.52%	11.78%
Other Operating Expenses	39M	-60M	0	0	222M	196M	257M	0	-124M	117M
Operating Income+	4.86B	6.08B	6.71B	5.72B	5.89B	8.96B	10.14B	7.33B	5.46B	6.02B
Operating Margin %	36.31%	40.66%	42.53%	39.79%	40.76%	48.84%	50.63%	41.85%	34.94%	34.06%
Operating Income Growth %	13.59%	25.29%	10.36%	-14.75%	2.99%	52.02%	13.17%	-27.7%	-25.45%	10.21%
EBITDA+	5.81B	6.99B	7.67B	6.77B	6.89B	9.91B	11.12B	8.57B	7.04B	8.02B
EBITDA Margin %	43.46%	46.7%	48.57%	47.09%	47.62%	54.04%	55.52%	48.91%	45.04%	45.37%
EBITDA Growth %	7.45%	20.26%	9.73%	-11.66%	1.67%	43.97%	12.15%	-22.93%	-17.79%	13.87%
D&A (Non-Cash Add-back)	955M	904M	954M	1.05B	992M	954M	979M	1.24B	1.58B	2B
EBIT	5.01B	6.16B	6.81B	5.9B	6.21B	9.1B	10.25B	7.77B	5.96B	6.25B
Net Interest Income+	-72M	-78M	-125M	-170M	-190M	-184M	-214M	-353M	-508M	-543M
Interest Income	8M	0	0	0	0	0	0	0	0	0
Interest Expense	80M	78M	125M	170M	190M	184M	214M	353M	508M	543M
Other Income/Expense	75M	-3M	-27M	5M	123M	-41M	-108M	87M	-12M	-313M
Pretax Income+	4.93B	6.08B	6.69B	5.73B	6.02B	8.92B	10.03B	7.42B	5.45B	5.71B
Pretax Margin %	36.87%	40.64%	42.36%	39.82%	41.61%	48.62%	50.09%	42.34%	34.86%	32.29%
Income Tax+	1.33B	2.4B	1.11B	711M	422M	1.15B	1.28B	908M	654M	709M
Effective Tax Rate %	72.92%	60.56%	83.46%	87.59%	92.99%	87.11%	87.21%	87.76%	88.01%	87.58%
Net Income+	3.6B	3.68B	5.58B	5.02B	5.59B	7.77B	8.75B	6.51B	4.8B	5B
Net Margin %	26.89%	24.61%	35.35%	34.88%	38.69%	42.35%	43.68%	37.16%	30.68%	28.28%
Net Income Growth %	20.4%	2.42%	51.55%	-10.09%	11.52%	38.86%	12.61%	-25.59%	-26.28%	4.21%
Net Income (Continuing)	3.6B	3.68B	5.58B	5.02B	5.59B	7.77B	8.75B	6.51B	4.8B	5B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	3.48	3.61	5.59	5.24	5.97	8.27	9.41	7.07	5.20	5.45
EPS Growth %	23.4%	3.74%	54.85%	-6.26%	13.93%	38.53%	13.78%	-24.87%	-26.45%	4.81%
EPS (Basic)	3.54	3.68	5.71	5.33	6.05	8.38	9.51	7.13	5.24	5.45
Diluted Shares Outstanding	1.02B	1.01B	990M	952M	933M	936M	926M	916M	919M	913M
Basic Shares Outstanding	995.98M	991M	970M	936M	921M	923M	916M	908M	912M	909M
Dividend Payout Ratio	45.79%	57.14%	45.79%	59.96%	61.23%	50.02%	49.11%	70%	99.92%	99.96%

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	7.46B	8.73B	8.1B	8.76B	10.24B	13.69B	14.02B	15.12B	15.03B	13.75B
Cash & Short-Term Investments	3.49B	4.47B	4.23B	5.39B	6.57B	9.74B	9.07B	8.57B	7.58B	4.88B
Cash Only	1.15B	1.66B	2.44B	2.44B	3.11B	4.63B	3.05B	2.96B	3.2B	3.23B
Short-Term Investments	2.34B	2.81B	1.79B	2.95B	3.46B	5.11B	6.02B	5.61B	4.38B	1.66B
Accounts Receivable	1.27B	1.28B	1.21B	1.07B	1.41B	1.7B	1.9B	1.79B	1.72B	1.96B
Days Sales Outstanding	34.59	31.18	27.91	27.26	35.69	33.85	34.54	37.23	40.11	40.52
Inventory	1.79B	1.96B	2.22B	2B	1.96B	1.91B	2.76B	4B	4.53B	4.8B
Days Inventory Outstanding	127.36	133.59	146.94	139.94	137.44	116.81	160.83	224.56	252.38	230.75
Other Current Assets	344M	262M	0	0	0	0	0	761M	1.2B	2.1B
Total Non-Current Assets+	8.97B	8.91B	9.04B	9.26B	9.11B	10.99B	13.19B	17.23B	20.48B	20.84B
Property, Plant & Equipment	2.51B	2.66B	3.18B	3.3B	3.27B	5.14B	6.88B	10B	11.35B	12.32B
Fixed Asset Turnover	5.32x	5.62x	4.96x	4.35x	4.42x	3.57x	2.91x	1.75x	1.38x	1.44x
Goodwill	4.36B	4.36B	4.36B	4.36B	4.36B	4.36B	4.36B	4.36B	4.36B	4.33B
Intangible Assets	1.32B	1.06B	717M	409M	274M	85M	152M	223M	257M	238M
Long-Term Investments	235M	268M	251M	300M	49M	0	0	0	0	0
Other Non-Current Assets	175M	294M	232M	686M	815M	1.14B	1.32B	1.89B	3.58B	2.98B
Total Assets+	16.43B	17.64B	17.14B	18.02B	19.35B	24.68B	27.21B	32.35B	35.51B	34.59B
Asset Turnover	0.81x	0.85x	0.92x	0.80x	0.75x	0.74x	0.74x	0.54x	0.44x	0.51x
Asset Growth %	1.24%	7.37%	-2.86%	5.14%	7.4%	27.52%	10.26%	18.9%	9.77%	-2.6%
Total Current Liabilities+	2.26B	2.26B	2.47B	2.12B	2.39B	2.57B	2.98B	3.32B	3.64B	3.16B
Accounts Payable	396M	466M	478M	388M	415M	571M	851M	802M	820M	756M
Days Payables Outstanding	28.18	31.81	31.68	27.14	29.17	34.92	49.64	45.04	45.72	36.31
Short-Term Debt	631M	500M	749M	500M	550M	500M	500M	599M	750M	500M
Deferred Revenue (Current)	0	128M	103M	0	0	0	0	0	0	0
Other Current Liabilities	0	-128M	-103M	641M	695M	1.21B	1.25B	1.41B	1.56B	67M
Current Ratio	3.29x	3.87x	3.27x	4.13x	4.28x	5.33x	4.70x	4.55x	4.12x	4.35x
Quick Ratio	2.50x	3.00x	2.38x	3.18x	3.47x	4.58x	3.77x	3.35x	2.88x	2.83x
Cash Conversion Cycle	133.77	132.96	143.17	140.06	143.95	115.74	145.72	216.76	246.78	234.96
Total Non-Current Liabilities+	3.69B	5.05B	5.67B	6.99B	7.77B	8.77B	9.64B	12.13B	14.96B	15.15B
Long-Term Debt	2.98B	3.58B	4.32B	5.3B	6.25B	7.24B	8.23B	10.62B	12.85B	13.55B
Capital Lease Obligations	0	0	0	259M	249M	383M	344M	0	0	0
Deferred Tax Liabilities	33M	78M	42M	78M	90M	87M	66M	63M	53M	66M
Other Non-Current Liabilities	683M	1.39B	1.31B	1.35B	1.19B	1.06B	1B	1.44B	2.06B	1.54B
Total Liabilities	5.96B	7.3B	8.14B	9.11B	10.16B	11.34B	12.63B	15.45B	18.61B	18.31B
Total Debt+	3.61B	4.08B	5.07B	6.13B	7.12B	8.21B	9.08B	11.22B	13.6B	14.05B
Net Debt	2.46B	2.42B	2.63B	3.37B	4.01B	3.58B	6.03B	8.26B	10.4B	10.82B
Debt / Equity	0.34x	0.39x	0.56x	0.69x	0.77x	0.62x	0.62x	0.66x	0.80x	0.86x
Debt / EBITDA	0.62x	0.58x	0.66x	0.91x	1.03x	0.83x	0.82x	1.31x	1.93x	1.75x
Net Debt / EBITDA	0.42x	0.35x	0.34x	0.50x	0.58x	0.36x	0.54x	0.96x	1.48x	1.35x
Interest Coverage	60.69x	77.99x	53.70x	33.66x	31.02x	48.70x	47.38x	20.77x	10.76x	11.09x
Total Equity+	10.47B	10.34B	8.99B	8.91B	9.19B	13.33B	14.58B	16.9B	16.9B	16.27B
Equity Growth %	5.3%	-1.3%	-12.99%	-0.97%	3.14%	45.13%	9.33%	15.92%	0.04%	-3.73%
Book Value per Share	10.26	10.21	9.08	9.36	9.85	14.24	15.74	18.45	18.39	17.82
Total Shareholders' Equity	10.47B	10.34B	8.99B	8.91B	9.19B	13.33B	14.58B	16.9B	16.9B	16.27B
Common Stock	1.74B	1.74B	1.74B	1.74B	1.74B	1.74B	1.74B	1.74B	1.74B	1.74B
Retained Earnings	33.11B	34.66B	37.91B	39.9B	42.05B	45.92B	50.35B	52.28B	52.26B	52.24B
Treasury Stock	-25.52B	-27.46B	-32.13B	-34.49B	-36.58B	-36.8B	-40.21B	-40.28B	-40.9B	-42.13B
Accumulated OCI	-526M	-384M	-473M	-347M	-360M	-157M	-254M	-205M	-140M	-85M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	4.61B	5.36B	7.19B	6.65B	6.14B	8.76B	8.72B	6.42B	6.32B	7.15B
Operating CF Margin %	34.51%	35.85%	45.55%	46.23%	42.45%	47.73%	43.54%	36.65%	40.39%	40.45%
Operating CF Growth %	8.11%	16.23%	34.05%	-7.51%	-7.67%	42.63%	-0.41%	-26.38%	-1.59%	13.22%
Net Income	3.6B	3.68B	5.58B	5.02B	5.59B	7.77B	8.75B	6.51B	4.8B	5B
Depreciation & Amortization	955M	904M	954M	1.05B	992M	954M	979M	1.24B	1.58B	2B
Stock-Based Compensation	252M	242M	232M	217M	224M	230M	289M	362M	387M	419M
Deferred Taxes	-202M	112M	-105M	81M	-137M	15M	-191M	-299M	-210M	-19M
Other Non-Cash Items	-139M	5M	-74M	-29M	-107M	-47M	-293M	-292M	-127M	24M
Working Capital Changes	153M	418M	602M	313M	-428M	-165M	-813M	-1.1B	-111M	-271M
Change in Receivables	-108M	-7M	71M	133M	-340M	-287M	-194M	108M	68M	-244M
Change in Inventory	-99M	-167M	-282M	216M	46M	45M	-847M	-1.24B	-528M	-277M
Change in Payables	72M	51M	-7M	-93M	63M	33M	106M	-33M	125M	77M
Cash from Investing+	-650M	-1.13B	-78M	-1.92B	-922M	-4.09B	-3.58B	-4.36B	-3.2B	-1.44B
Capital Expenditures	-531M	-695M	-1.13B	-847M	-649M	-2.46B	-2.8B	-5.07B	-4.82B	-4.55B
CapEx % of Revenue	3.97%	4.65%	7.17%	5.89%	4.49%	13.42%	13.97%	28.95%	30.82%	25.73%
Acquisitions	-1.06B	40M	1.13B	847M	649M	2.46B	3M	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.06B	-12M	-1.15B	-785M	-681M	-2.45B	37M	27M	147M	-8M
Cash from Financing+	-3.81B	-3.73B	-6.33B	-4.73B	-4.55B	-3.14B	-6.72B	-2.14B	-2.88B	-5.69B
Debt Issued (Net)	-501M	474M	1B	741M	998M	945M	994M	2.5B	2.38B	449M
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-1.65B	-2.1B	-2.56B	-3.01B	-3.43B	-3.89B	-4.3B	-4.56B	-4.79B	-5B
Share Repurchases	-2.13B	-2.56B	-5.1B	-2.96B	-2.55B	-527M	-3.62B	-293M	-929M	-1.48B
Other Financing	-3M	-31M	-47M	-42M	-36M	-46M	-41M	-57M	-53M	-62M
Net Change in Cash	154M	502M	782M	-1M	670M	1.52B	-1.58B	-86M	236M	25M
Free Cash Flow+	4.08B	4.67B	6.06B	5.8B	5.49B	6.29B	5.92B	1.35B	1.5B	2.6B
FCF Margin %	30.54%	31.2%	38.38%	40.34%	37.96%	34.31%	29.57%	7.7%	9.58%	14.72%
FCF Growth %	9.85%	14.33%	29.78%	-4.23%	-5.38%	14.64%	-5.89%	-77.22%	11.05%	73.77%
FCF per Share	4.00	4.61	6.12	6.09	5.88	6.72	6.40	1.47	1.63	2.85
FCF Conversion (FCF/Net Income)	1.28x	1.46x	1.29x	1.33x	1.10x	1.13x	1.00x	0.99x	1.32x	1.43x
Interest Paid	0	0	0	0	0	0	0	0	473M	0
Taxes Paid	0	0	0	0	0	0	0	0	588M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	35.21%	35.39%	57.73%	56.05%	61.84%	69%	62.69%	41.37%	28.4%	30.15%
Return on Invested Capital (ROIC)	28.02%	35.52%	41.3%	35.43%	34.26%	44.64%	40.54%	24.03%	15.63%	16.61%
Gross Margin	61.63%	64.26%	65.11%	63.71%	64.1%	67.47%	68.76%	62.9%	58.14%	57.02%
Net Margin	26.89%	24.61%	35.35%	34.88%	38.69%	42.35%	43.68%	37.16%	30.68%	28.28%
Debt / Equity	0.34x	0.39x	0.56x	0.69x	0.77x	0.62x	0.62x	0.66x	0.80x	0.86x
Interest Coverage	60.69x	77.99x	53.70x	33.66x	31.02x	48.70x	47.38x	20.77x	10.76x	11.09x
FCF Conversion	1.28x	1.46x	1.29x	1.33x	1.10x	1.13x	1.00x	0.99x	1.32x	1.43x
Revenue Growth	2.85%	11.9%	5.5%	-8.88%	0.54%	26.85%	9.18%	-12.53%	-10.72%	13.05%

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Texas Instruments Incorporated (TXN) 10-Year Financial Performance & Capital Metrics

TXN •

TechnologySemiconductorsAnalog, Mixed-Signal and RF Chips

Revenue $17.68B +13.0%
EBITDA $8.02B +13.9%
Net Income $5B +4.2%
EPS (Diluted) 5.45 +4.8%
Gross Margin 57.02% -1.9%
EBITDA Margin 45.37% +0.7%
Operating Margin 34.06% -2.5%
Net Margin 28.28% -7.8%
ROE 30.15% +6.2%
ROIC 16.61% +6.3%
Debt/Equity 0.86 +7.3%
Interest Coverage 11.09 +3.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 33.3%
✓Strong Piotroski F-Score: 7/9
✓22 consecutive years of dividend growth
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 2.6%
✓Healthy 5Y average net margin of 36.4%

✗Weaknesses

✗Expensive at 11.9x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.12%

5Y4.1%

3Y-4.07%

TTM13.05%

Profit (Net Income) CAGR

10Y5.29%

5Y-2.22%

3Y-17.01%

TTM4.21%

EPS CAGR

10Y6.81%

5Y-1.81%

3Y-16.64%

TTM5.01%

ROCE

10Y Avg34.82%

5Y Avg30.83%

3Y Avg21.51%

Latest19.03%

Peer Comparison

Analog, Mixed-Signal and RF Chips

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
QRVOQorvo, Inc.	7.68B	82.90	142.93	-1.34%	9.11%	9.21%	6.31%	0.46
ALABAstera Labs, Inc. Common Stock	20.23B	118.83	97.40	115.13%	25.7%	16.07%	1.39%
ADIAnalog Devices, Inc.	173.7B	355.79	78.02	16.89%	23.02%	8.01%	2.46%	0.26
AVGOBroadcom Inc.	1.52T	319.55	66.99	23.87%	36.2%	28.45%	1.78%	0.80
TXNTexas Instruments Incorporated	192.5B	212.11	38.92	13.05%	28.28%	30.73%	1.35%	0.86
NXPINXP Semiconductors N.V.	57.13B	227.01	28.55	-2.74%	16.47%	19.34%	4.24%	1.17
QCOMQUALCOMM Incorporated	152.89B	142.36	28.42	13.66%	11.96%	23.25%	8.38%	0.77
CRUSCirrus Logic, Inc.	7.38B	141.12	23.52	5.99%	20.47%	18.74%	5.63%	0.07

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	13.37B	14.96B	15.78B	14.38B	14.46B	18.34B	20.03B	17.52B	15.64B	17.68B
Revenue Growth %	2.85%	11.9%	5.5%	-8.88%	0.54%	26.85%	9.18%	-12.53%	-10.72%	13.05%
Cost of Goods Sold+	5.13B	5.35B	5.51B	5.22B	5.19B	5.97B	6.26B	6.5B	6.55B	7.6B
COGS % of Revenue	38.37%	35.74%	34.89%	36.29%	35.9%	32.53%	31.24%	37.1%	41.86%	42.98%
Gross Profit+	8.24B	9.61B	10.28B	9.16B	9.27B	12.38B	13.77B	11.02B	9.09B	10.08B
Gross Margin %	61.63%	64.26%	65.11%	63.71%	64.1%	67.47%	68.76%	62.9%	58.14%	57.02%
Gross Profit Growth %	8.99%	16.67%	6.9%	-10.83%	1.15%	33.52%	11.27%	-19.98%	-17.47%	10.88%
Operating Expenses+	3.14B	3.2B	3.24B	3.19B	3.38B	3.42B	3.63B	3.69B	3.63B	4.06B
OpEx % of Revenue	23.46%	21.4%	20.55%	22.17%	23.34%	18.62%	18.13%	21.05%	23.2%	22.96%
Selling, General & Admin	1.74B	1.75B	1.68B	1.65B	1.62B	1.67B	1.7B	1.82B	1.79B	1.86B
SG&A % of Revenue	13.03%	11.72%	10.67%	11.44%	11.22%	9.08%	8.51%	10.42%	11.47%	10.52%
Research & Development	1.36B	1.51B	1.56B	1.54B	1.53B	1.55B	1.67B	1.86B	1.96B	2.08B
R&D % of Revenue	10.14%	10.08%	9.88%	10.73%	10.58%	8.47%	8.34%	10.63%	12.52%	11.78%
Other Operating Expenses	39M	-60M	0	0	222M	196M	257M	0	-124M	117M
Operating Income+	4.86B	6.08B	6.71B	5.72B	5.89B	8.96B	10.14B	7.33B	5.46B	6.02B
Operating Margin %	36.31%	40.66%	42.53%	39.79%	40.76%	48.84%	50.63%	41.85%	34.94%	34.06%
Operating Income Growth %	13.59%	25.29%	10.36%	-14.75%	2.99%	52.02%	13.17%	-27.7%	-25.45%	10.21%
EBITDA+	5.81B	6.99B	7.67B	6.77B	6.89B	9.91B	11.12B	8.57B	7.04B	8.02B
EBITDA Margin %	43.46%	46.7%	48.57%	47.09%	47.62%	54.04%	55.52%	48.91%	45.04%	45.37%
EBITDA Growth %	7.45%	20.26%	9.73%	-11.66%	1.67%	43.97%	12.15%	-22.93%	-17.79%	13.87%
D&A (Non-Cash Add-back)	955M	904M	954M	1.05B	992M	954M	979M	1.24B	1.58B	2B
EBIT	5.01B	6.16B	6.81B	5.9B	6.21B	9.1B	10.25B	7.77B	5.96B	6.25B
Net Interest Income+	-72M	-78M	-125M	-170M	-190M	-184M	-214M	-353M	-508M	-543M
Interest Income	8M	0	0	0	0	0	0	0	0	0
Interest Expense	80M	78M	125M	170M	190M	184M	214M	353M	508M	543M
Other Income/Expense	75M	-3M	-27M	5M	123M	-41M	-108M	87M	-12M	-313M
Pretax Income+	4.93B	6.08B	6.69B	5.73B	6.02B	8.92B	10.03B	7.42B	5.45B	5.71B
Pretax Margin %	36.87%	40.64%	42.36%	39.82%	41.61%	48.62%	50.09%	42.34%	34.86%	32.29%
Income Tax+	1.33B	2.4B	1.11B	711M	422M	1.15B	1.28B	908M	654M	709M
Effective Tax Rate %	72.92%	60.56%	83.46%	87.59%	92.99%	87.11%	87.21%	87.76%	88.01%	87.58%
Net Income+	3.6B	3.68B	5.58B	5.02B	5.59B	7.77B	8.75B	6.51B	4.8B	5B
Net Margin %	26.89%	24.61%	35.35%	34.88%	38.69%	42.35%	43.68%	37.16%	30.68%	28.28%
Net Income Growth %	20.4%	2.42%	51.55%	-10.09%	11.52%	38.86%	12.61%	-25.59%	-26.28%	4.21%
Net Income (Continuing)	3.6B	3.68B	5.58B	5.02B	5.59B	7.77B	8.75B	6.51B	4.8B	5B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	3.48	3.61	5.59	5.24	5.97	8.27	9.41	7.07	5.20	5.45
EPS Growth %	23.4%	3.74%	54.85%	-6.26%	13.93%	38.53%	13.78%	-24.87%	-26.45%	4.81%
EPS (Basic)	3.54	3.68	5.71	5.33	6.05	8.38	9.51	7.13	5.24	5.45
Diluted Shares Outstanding	1.02B	1.01B	990M	952M	933M	936M	926M	916M	919M	913M
Basic Shares Outstanding	995.98M	991M	970M	936M	921M	923M	916M	908M	912M	909M
Dividend Payout Ratio	45.79%	57.14%	45.79%	59.96%	61.23%	50.02%	49.11%	70%	99.92%	99.96%

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	7.46B	8.73B	8.1B	8.76B	10.24B	13.69B	14.02B	15.12B	15.03B	13.75B
Cash & Short-Term Investments	3.49B	4.47B	4.23B	5.39B	6.57B	9.74B	9.07B	8.57B	7.58B	4.88B
Cash Only	1.15B	1.66B	2.44B	2.44B	3.11B	4.63B	3.05B	2.96B	3.2B	3.23B
Short-Term Investments	2.34B	2.81B	1.79B	2.95B	3.46B	5.11B	6.02B	5.61B	4.38B	1.66B
Accounts Receivable	1.27B	1.28B	1.21B	1.07B	1.41B	1.7B	1.9B	1.79B	1.72B	1.96B
Days Sales Outstanding	34.59	31.18	27.91	27.26	35.69	33.85	34.54	37.23	40.11	40.52
Inventory	1.79B	1.96B	2.22B	2B	1.96B	1.91B	2.76B	4B	4.53B	4.8B
Days Inventory Outstanding	127.36	133.59	146.94	139.94	137.44	116.81	160.83	224.56	252.38	230.75
Other Current Assets	344M	262M	0	0	0	0	0	761M	1.2B	2.1B
Total Non-Current Assets+	8.97B	8.91B	9.04B	9.26B	9.11B	10.99B	13.19B	17.23B	20.48B	20.84B
Property, Plant & Equipment	2.51B	2.66B	3.18B	3.3B	3.27B	5.14B	6.88B	10B	11.35B	12.32B
Fixed Asset Turnover	5.32x	5.62x	4.96x	4.35x	4.42x	3.57x	2.91x	1.75x	1.38x	1.44x
Goodwill	4.36B	4.36B	4.36B	4.36B	4.36B	4.36B	4.36B	4.36B	4.36B	4.33B
Intangible Assets	1.32B	1.06B	717M	409M	274M	85M	152M	223M	257M	238M
Long-Term Investments	235M	268M	251M	300M	49M	0	0	0	0	0
Other Non-Current Assets	175M	294M	232M	686M	815M	1.14B	1.32B	1.89B	3.58B	2.98B
Total Assets+	16.43B	17.64B	17.14B	18.02B	19.35B	24.68B	27.21B	32.35B	35.51B	34.59B
Asset Turnover	0.81x	0.85x	0.92x	0.80x	0.75x	0.74x	0.74x	0.54x	0.44x	0.51x
Asset Growth %	1.24%	7.37%	-2.86%	5.14%	7.4%	27.52%	10.26%	18.9%	9.77%	-2.6%
Total Current Liabilities+	2.26B	2.26B	2.47B	2.12B	2.39B	2.57B	2.98B	3.32B	3.64B	3.16B
Accounts Payable	396M	466M	478M	388M	415M	571M	851M	802M	820M	756M
Days Payables Outstanding	28.18	31.81	31.68	27.14	29.17	34.92	49.64	45.04	45.72	36.31
Short-Term Debt	631M	500M	749M	500M	550M	500M	500M	599M	750M	500M
Deferred Revenue (Current)	0	128M	103M	0	0	0	0	0	0	0
Other Current Liabilities	0	-128M	-103M	641M	695M	1.21B	1.25B	1.41B	1.56B	67M
Current Ratio	3.29x	3.87x	3.27x	4.13x	4.28x	5.33x	4.70x	4.55x	4.12x	4.35x
Quick Ratio	2.50x	3.00x	2.38x	3.18x	3.47x	4.58x	3.77x	3.35x	2.88x	2.83x
Cash Conversion Cycle	133.77	132.96	143.17	140.06	143.95	115.74	145.72	216.76	246.78	234.96
Total Non-Current Liabilities+	3.69B	5.05B	5.67B	6.99B	7.77B	8.77B	9.64B	12.13B	14.96B	15.15B
Long-Term Debt	2.98B	3.58B	4.32B	5.3B	6.25B	7.24B	8.23B	10.62B	12.85B	13.55B
Capital Lease Obligations	0	0	0	259M	249M	383M	344M	0	0	0
Deferred Tax Liabilities	33M	78M	42M	78M	90M	87M	66M	63M	53M	66M
Other Non-Current Liabilities	683M	1.39B	1.31B	1.35B	1.19B	1.06B	1B	1.44B	2.06B	1.54B
Total Liabilities	5.96B	7.3B	8.14B	9.11B	10.16B	11.34B	12.63B	15.45B	18.61B	18.31B
Total Debt+	3.61B	4.08B	5.07B	6.13B	7.12B	8.21B	9.08B	11.22B	13.6B	14.05B
Net Debt	2.46B	2.42B	2.63B	3.37B	4.01B	3.58B	6.03B	8.26B	10.4B	10.82B
Debt / Equity	0.34x	0.39x	0.56x	0.69x	0.77x	0.62x	0.62x	0.66x	0.80x	0.86x
Debt / EBITDA	0.62x	0.58x	0.66x	0.91x	1.03x	0.83x	0.82x	1.31x	1.93x	1.75x
Net Debt / EBITDA	0.42x	0.35x	0.34x	0.50x	0.58x	0.36x	0.54x	0.96x	1.48x	1.35x
Interest Coverage	60.69x	77.99x	53.70x	33.66x	31.02x	48.70x	47.38x	20.77x	10.76x	11.09x
Total Equity+	10.47B	10.34B	8.99B	8.91B	9.19B	13.33B	14.58B	16.9B	16.9B	16.27B
Equity Growth %	5.3%	-1.3%	-12.99%	-0.97%	3.14%	45.13%	9.33%	15.92%	0.04%	-3.73%
Book Value per Share	10.26	10.21	9.08	9.36	9.85	14.24	15.74	18.45	18.39	17.82
Total Shareholders' Equity	10.47B	10.34B	8.99B	8.91B	9.19B	13.33B	14.58B	16.9B	16.9B	16.27B
Common Stock	1.74B	1.74B	1.74B	1.74B	1.74B	1.74B	1.74B	1.74B	1.74B	1.74B
Retained Earnings	33.11B	34.66B	37.91B	39.9B	42.05B	45.92B	50.35B	52.28B	52.26B	52.24B
Treasury Stock	-25.52B	-27.46B	-32.13B	-34.49B	-36.58B	-36.8B	-40.21B	-40.28B	-40.9B	-42.13B
Accumulated OCI	-526M	-384M	-473M	-347M	-360M	-157M	-254M	-205M	-140M	-85M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	4.61B	5.36B	7.19B	6.65B	6.14B	8.76B	8.72B	6.42B	6.32B	7.15B
Operating CF Margin %	34.51%	35.85%	45.55%	46.23%	42.45%	47.73%	43.54%	36.65%	40.39%	40.45%
Operating CF Growth %	8.11%	16.23%	34.05%	-7.51%	-7.67%	42.63%	-0.41%	-26.38%	-1.59%	13.22%
Net Income	3.6B	3.68B	5.58B	5.02B	5.59B	7.77B	8.75B	6.51B	4.8B	5B
Depreciation & Amortization	955M	904M	954M	1.05B	992M	954M	979M	1.24B	1.58B	2B
Stock-Based Compensation	252M	242M	232M	217M	224M	230M	289M	362M	387M	419M
Deferred Taxes	-202M	112M	-105M	81M	-137M	15M	-191M	-299M	-210M	-19M
Other Non-Cash Items	-139M	5M	-74M	-29M	-107M	-47M	-293M	-292M	-127M	24M
Working Capital Changes	153M	418M	602M	313M	-428M	-165M	-813M	-1.1B	-111M	-271M
Change in Receivables	-108M	-7M	71M	133M	-340M	-287M	-194M	108M	68M	-244M
Change in Inventory	-99M	-167M	-282M	216M	46M	45M	-847M	-1.24B	-528M	-277M
Change in Payables	72M	51M	-7M	-93M	63M	33M	106M	-33M	125M	77M
Cash from Investing+	-650M	-1.13B	-78M	-1.92B	-922M	-4.09B	-3.58B	-4.36B	-3.2B	-1.44B
Capital Expenditures	-531M	-695M	-1.13B	-847M	-649M	-2.46B	-2.8B	-5.07B	-4.82B	-4.55B
CapEx % of Revenue	3.97%	4.65%	7.17%	5.89%	4.49%	13.42%	13.97%	28.95%	30.82%	25.73%
Acquisitions	-1.06B	40M	1.13B	847M	649M	2.46B	3M	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.06B	-12M	-1.15B	-785M	-681M	-2.45B	37M	27M	147M	-8M
Cash from Financing+	-3.81B	-3.73B	-6.33B	-4.73B	-4.55B	-3.14B	-6.72B	-2.14B	-2.88B	-5.69B
Debt Issued (Net)	-501M	474M	1B	741M	998M	945M	994M	2.5B	2.38B	449M
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-1.65B	-2.1B	-2.56B	-3.01B	-3.43B	-3.89B	-4.3B	-4.56B	-4.79B	-5B
Share Repurchases	-2.13B	-2.56B	-5.1B	-2.96B	-2.55B	-527M	-3.62B	-293M	-929M	-1.48B
Other Financing	-3M	-31M	-47M	-42M	-36M	-46M	-41M	-57M	-53M	-62M
Net Change in Cash	154M	502M	782M	-1M	670M	1.52B	-1.58B	-86M	236M	25M
Free Cash Flow+	4.08B	4.67B	6.06B	5.8B	5.49B	6.29B	5.92B	1.35B	1.5B	2.6B
FCF Margin %	30.54%	31.2%	38.38%	40.34%	37.96%	34.31%	29.57%	7.7%	9.58%	14.72%
FCF Growth %	9.85%	14.33%	29.78%	-4.23%	-5.38%	14.64%	-5.89%	-77.22%	11.05%	73.77%
FCF per Share	4.00	4.61	6.12	6.09	5.88	6.72	6.40	1.47	1.63	2.85
FCF Conversion (FCF/Net Income)	1.28x	1.46x	1.29x	1.33x	1.10x	1.13x	1.00x	0.99x	1.32x	1.43x
Interest Paid	0	0	0	0	0	0	0	0	473M	0
Taxes Paid	0	0	0	0	0	0	0	0	588M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	35.21%	35.39%	57.73%	56.05%	61.84%	69%	62.69%	41.37%	28.4%	30.15%
Return on Invested Capital (ROIC)	28.02%	35.52%	41.3%	35.43%	34.26%	44.64%	40.54%	24.03%	15.63%	16.61%
Gross Margin	61.63%	64.26%	65.11%	63.71%	64.1%	67.47%	68.76%	62.9%	58.14%	57.02%
Net Margin	26.89%	24.61%	35.35%	34.88%	38.69%	42.35%	43.68%	37.16%	30.68%	28.28%
Debt / Equity	0.34x	0.39x	0.56x	0.69x	0.77x	0.62x	0.62x	0.66x	0.80x	0.86x
Interest Coverage	60.69x	77.99x	53.70x	33.66x	31.02x	48.70x	47.38x	20.77x	10.76x	11.09x
FCF Conversion	1.28x	1.46x	1.29x	1.33x	1.10x	1.13x	1.00x	0.99x	1.32x	1.43x
Revenue Growth	2.85%	11.9%	5.5%	-8.88%	0.54%	26.85%	9.18%	-12.53%	-10.72%	13.05%

Texas Instruments Incorporated (TXN) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare TXN vs Peers

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Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

Texas Instruments Incorporated (TXN) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare TXN vs Peers

vs AVGO

vs ADI

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios