Revenue growth accelerated to 18.6% in 2026Q1, while the company maintained a robust 58.0% gross margin despite ongoing heavy depreciation from new fabrication investments.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 18.44B | 17.68B | 15.64B | 17.52B | 20.03B | 18.34B | 14.46B | 14.38B | 15.78B | 14.96B | 13.37B | 13B | 13.04B | 12.21B | 12.82B | 13.73B | 13.97B | 10.43B | 12.5B | 13.84B | 14.26B | 13.39B | 12.58B | 9.83B | 8.38B | 8.2B | 11.88B | 9.76B | 8.88B | 9.97B | 9.94B |
| Revenue Growth % | 14.89% | 13.05% | -10.72% | -12.53% | 9.18% | 26.85% | 0.54% | -8.88% | 5.5% | 11.9% | 2.85% | -0.34% | 6.88% | -4.83% | -6.63% | -1.65% | 33.94% | -16.59% | -9.64% | -2.95% | 6.44% | 6.45% | 27.92% | 17.31% | 2.22% | -30.94% | 21.68% | 9.96% | -11% | 0.32% | -12.88% |
| Cost of Goods Sold | 7.87B | 7.6B | 6.55B | 6.5B | 6.26B | 5.97B | 5.19B | 5.22B | 5.51B | 5.35B | 5.13B | 5.44B | 5.62B | 5.84B | 6.46B | 6.96B | 6.47B | 5.43B | 6.26B | 6.5B | 7B | 7.03B | 6.95B | 5.87B | 5.31B | 5.82B | 6.12B | 5.07B | 5.61B | 6.18B | 7.15B |
| COGS % of Revenue | - | 42.98% | 41.86% | 37.1% | 31.24% | 32.53% | 35.9% | 36.29% | 34.89% | 35.74% | 38.37% | 41.85% | 43.07% | 47.86% | 50.35% | 50.7% | 46.36% | 52.06% | 50.04% | 47% | 49.08% | 52.49% | 55.28% | 59.71% | 63.38% | 71.02% | 51.54% | 51.94% | 63.15% | 61.96% | 71.89% |
| Gross Profit | 10.57B | 10.08B | 9.09B | 11.02B | 13.77B | 12.38B | 9.27B | 9.16B | 10.28B | 9.61B | 8.24B | 7.56B | 7.43B | 6.36B | 6.37B | 6.77B | 7.49B | 5B | 6.25B | 7.33B | 7.26B | 6.36B | 5.63B | 3.96B | 3.07B | 2.38B | 5.75B | 4.69B | 3.27B | 3.79B | 2.79B |
| Gross Margin % | 57.32% | 57.02% | 58.14% | 62.9% | 68.76% | 67.47% | 64.1% | 63.71% | 65.11% | 64.26% | 61.63% | 58.15% | 56.93% | 52.14% | 49.65% | 49.3% | 53.64% | 47.94% | 49.96% | 53% | 50.92% | 47.51% | 44.72% | 40.29% | 36.62% | 28.98% | 48.46% | 48.06% | 36.85% | 38.04% | 28.11% |
| Gross Profit Growth % | - | 10.88% | -17.47% | -19.98% | 11.27% | 33.52% | 1.15% | -10.83% | 6.9% | 16.67% | 8.99% | 1.79% | 16.7% | -0.06% | -5.97% | -9.61% | 49.87% | -19.95% | -14.84% | 1.02% | 14.08% | 13.1% | 42% | 29.06% | 29.15% | -58.7% | 22.71% | 43.43% | -13.79% | 35.76% | -30.29% |
| Operating Expenses | 4.06B | 4.06B | 3.63B | 3.69B | 3.63B | 3.42B | 3.38B | 3.19B | 3.24B | 3.2B | 3.14B | 3.03B | 3.2B | 3.38B | 3.68B | 3.35B | 3.09B | 2.8B | 3.55B | 3.84B | 3.89B | 3.57B | 3.42B | 3B | 2.78B | 2.96B | 3.42B | 2.94B | 2.81B | 3.13B | 2.82B |
| OpEx % of Revenue | - | 22.96% | 23.2% | 21.05% | 18.13% | 18.62% | 23.34% | 22.17% | 20.55% | 21.4% | 23.46% | 23.29% | 24.54% | 27.69% | 28.7% | 24.41% | 22.12% | 26.82% | 28.43% | 27.73% | 27.3% | 26.67% | 27.18% | 30.48% | 33.19% | 36.08% | 28.77% | 30.07% | 31.71% | 31.36% | 28.37% |
| Selling, General & Admin | 1.85B | 1.86B | 1.79B | 1.82B | 1.7B | 1.67B | 1.62B | 1.65B | 1.68B | 1.75B | 1.74B | 1.73B | 1.84B | 1.86B | 1.8B | 1.64B | 1.52B | 1.32B | 1.61B | 1.68B | 1.7B | 1.47B | 1.35B | 1.25B | 1.16B | 1.36B | 1.67B | 1.51B | 1.55B | 1.53B | 1.64B |
| SG&A % of Revenue | - | 10.52% | 11.47% | 10.42% | 8.51% | 9.08% | 11.22% | 11.44% | 10.67% | 11.72% | 13.03% | 13.29% | 14.13% | 15.22% | 14.07% | 11.93% | 10.88% | 12.66% | 12.91% | 12.15% | 11.9% | 10.98% | 10.74% | 12.7% | 13.87% | 16.6% | 14.05% | 15.45% | 17.45% | 15.36% | 16.49% |
| Research & Development | 2.08B | 2.08B | 1.96B | 1.86B | 1.67B | 1.55B | 1.53B | 1.54B | 1.56B | 1.51B | 1.36B | 1.27B | 1.36B | 1.52B | 1.88B | 1.72B | 1.57B | 1.48B | 1.94B | 2.15B | 2.19B | 2.02B | 1.98B | 1.75B | 1.62B | 1.6B | 1.75B | 1.38B | 1.26B | 1.56B | 1.18B |
| R&D % of Revenue | - | 11.78% | 12.52% | 10.63% | 8.34% | 8.47% | 10.58% | 10.73% | 9.88% | 10.08% | 10.14% | 9.75% | 10.41% | 12.47% | 14.64% | 12.49% | 11.24% | 14.16% | 15.52% | 15.58% | 15.4% | 15.05% | 15.72% | 17.78% | 19.31% | 19.49% | 14.71% | 14.13% | 14.25% | 15.6% | 11.88% |
| Other Operating Expenses | 3M | 117M | -124M | 0 | 257M | 196M | 222M | 0 | 0 | -60M | 39M | 33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 86M | 90M | 0 | 0 | 0 | 0 | 48M | 0 | 39M | 0 |
| Operating Income | 6.51B | 6.02B | 5.46B | 7.33B | 10.14B | 8.96B | 5.89B | 5.72B | 6.71B | 6.08B | 4.86B | 4.27B | 3.95B | 2.83B | 1.97B | 3.48B | 4.51B | 2.21B | 2.73B | 3.5B | 3.37B | 2.79B | 2.21B | 965M | 288M | -582M | 2.34B | 1.7B | 399M | 615M | -26M |
| Operating Margin % | 35.29% | 34.06% | 34.94% | 41.85% | 50.63% | 48.84% | 40.76% | 39.79% | 42.53% | 40.66% | 36.31% | 32.88% | 30.26% | 23.2% | 15.38% | 25.3% | 32.32% | 21.2% | 21.88% | 25.28% | 23.62% | 20.84% | 17.54% | 9.81% | 3.44% | -7.1% | 19.7% | 17.38% | 4.5% | 6.17% | -0.26% |
| Operating Income Growth % | - | 10.21% | -25.45% | -27.7% | 13.17% | 52.02% | 2.99% | -14.75% | 10.36% | 25.29% | 13.59% | 8.28% | 39.37% | 43.54% | -43.22% | -23.02% | 104.16% | -19.16% | -21.79% | 3.86% | 20.64% | 26.46% | 128.7% | 235.07% | 149.48% | -124.88% | 37.91% | 325.06% | -35.12% | 2465.38% | -101.63% |
| EBITDA | 8.11B | 8.02B | 7.04B | 8.57B | 11.12B | 9.91B | 6.89B | 6.77B | 7.67B | 6.99B | 5.81B | 5.41B | 5.18B | 4.13B | 3.37B | 4.49B | 5.43B | 3.14B | 3.79B | 4.57B | 4.59B | 4.32B | 3.76B | 2.49B | 1.98B | 1.25B | 3.71B | 2.77B | 1.65B | 1.77B | 878M |
| EBITDA Margin % | 43.98% | 45.37% | 45.04% | 48.91% | 55.52% | 54.04% | 47.62% | 47.09% | 48.57% | 46.7% | 43.46% | 41.59% | 39.69% | 33.83% | 26.31% | 32.69% | 38.86% | 30.08% | 30.35% | 33.01% | 32.19% | 32.24% | 29.86% | 25.35% | 23.58% | 15.19% | 31.28% | 28.38% | 18.56% | 17.77% | 8.83% |
| EBITDA Growth % | 13.18% | 13.87% | -17.79% | -22.93% | 12.15% | 43.97% | 1.67% | -11.66% | 9.73% | 20.26% | 7.45% | 4.44% | 25.38% | 22.38% | -24.86% | -17.27% | 73.05% | -17.34% | -16.93% | -0.46% | 6.25% | 14.96% | 50.66% | 26.1% | 58.67% | -66.46% | 34.12% | 68.18% | -7.05% | 101.82% | -61.41% |
| D&A (Non-Cash Add-back) | 1.55B | 2B | 1.58B | 1.24B | 979M | 954M | 992M | 1.05B | 954M | 904M | 955M | 1.13B | 1.23B | 1.3B | 1.4B | 1.01B | 913M | 925M | 1.06B | 1.07B | 1.22B | 1.53B | 1.55B | 1.53B | 1.69B | 1.83B | 1.38B | 1.07B | 1.25B | 1.16B | 904M |
| EBIT | 6.7B | 6.25B | 5.96B | 7.77B | 10.25B | 9.1B | 6.21B | 5.9B | 6.81B | 6.16B | 5.01B | 4.31B | 3.97B | 2.85B | 2.02B | 3B | 4.55B | 2.2B | 2.69B | 3.5B | 3.37B | 2.56B | 2.44B | 965M | 288M | -582M | 2.34B | 1.75B | 456M | 666M | -26M |
| Net Interest Income | -556M | -543M | -508M | -353M | -214M | -184M | -190M | -170M | -125M | -78M | -72M | -76M | -81M | -81M | -45M | -30M | 13M | 24M | 76M | 156M | 209M | 156M | 115M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8M | 14M | 13M | 14M | 40M | 12M | 13M | 24M | 76M | 157M | 216M | 165M | 136M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 556M | 543M | 508M | 353M | 214M | 184M | 190M | 170M | 125M | 78M | 80M | 90M | 94M | 95M | 85M | 42M | 0 | 0 | 0 | 1M | 7M | 9M | 21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -359M | -313M | -12M | 87M | -108M | -41M | 123M | 5M | -27M | -3M | 75M | -58M | -73M | -78M | -38M | -520M | 37M | 26M | 44M | 195M | 258M | 196M | 214M | 285M | -634M | 156M | 2.24B | 327M | 225M | 105M | 3M |
| Pretax Income | 6.15B | 5.71B | 5.45B | 7.42B | 10.03B | 8.92B | 6.02B | 5.73B | 6.69B | 6.08B | 4.93B | 4.22B | 3.87B | 2.75B | 1.94B | 2.96B | 4.55B | 2.02B | 2.48B | 3.69B | 3.63B | 2.75B | 2.42B | 1.25B | -346M | -426M | 4.58B | 2.02B | 617M | 713M | -23M |
| Pretax Margin % | 33.34% | 32.29% | 34.86% | 42.34% | 50.09% | 48.62% | 41.61% | 39.82% | 42.36% | 40.64% | 36.87% | 32.43% | 29.7% | 22.56% | 15.09% | 21.51% | 32.59% | 19.34% | 19.85% | 26.69% | 25.43% | 20.57% | 19.24% | 12.71% | -4.13% | -5.19% | 38.55% | 20.69% | 6.95% | 7.15% | -0.23% |
| Income Tax | 781M | 709M | 654M | 908M | 1.28B | 1.15B | 422M | 711M | 1.11B | 2.4B | 1.33B | 1.23B | 1.05B | 592M | 176M | 719M | 1.32B | 547M | 561M | 1.05B | 987M | 582M | 560M | 52M | -2M | -225M | 1.49B | 613M | 210M | 411M | 23M |
| Effective Tax Rate % | 12.7% | 12.42% | 11.99% | 12.24% | 12.79% | 12.89% | 7.01% | 12.41% | 16.54% | 39.44% | 27.08% | 29.17% | 27.18% | 21.5% | 9.1% | 24.33% | 29.07% | 27.12% | 22.61% | 28.47% | 27.23% | 21.13% | 23.13% | 4.16% | 0.58% | 52.82% | 32.57% | 30.36% | 34.04% | 57.64% | -100% |
| Net Income | 5.37B | 5B | 4.8B | 6.51B | 8.75B | 7.77B | 5.59B | 5.02B | 5.58B | 3.68B | 3.6B | 2.99B | 2.82B | 2.13B | 1.76B | 2.2B | 3.23B | 1.47B | 1.92B | 2.66B | 4.34B | 2.32B | 1.86B | 1.2B | -344M | -201M | 3.06B | 1.45B | 452M | 1.84B | 63M |
| Net Margin % | 29.11% | 28.28% | 30.68% | 37.16% | 43.68% | 42.35% | 38.69% | 34.88% | 35.35% | 24.61% | 26.89% | 22.97% | 21.63% | 17.41% | 13.72% | 16.02% | 23.11% | 14.1% | 15.36% | 19.2% | 30.45% | 17.35% | 14.79% | 12.18% | -4.1% | -2.45% | 25.75% | 14.87% | 5.09% | 18.47% | 0.63% |
| Net Income Growth % | 10.14% | 4.21% | -26.28% | -25.59% | 12.61% | 38.86% | 11.52% | -10.09% | 51.55% | 2.42% | 20.4% | 5.85% | 32.75% | 20.81% | -20.08% | -31.82% | 119.59% | -23.44% | -27.74% | -38.79% | 86.79% | 24.88% | 55.34% | 448.26% | -71.14% | -106.57% | 110.75% | 221.02% | -75.46% | 2823.81% | -94.21% |
| Net Income (Continuing) | 5.37B | 5B | 4.8B | 6.51B | 8.75B | 7.77B | 5.59B | 5.02B | 5.58B | 3.68B | 3.6B | 2.99B | 2.82B | 2.16B | 1.76B | 2.24B | 3.23B | 1.47B | 1.92B | 2.64B | 2.64B | 2.17B | 1.86B | 1.2B | -344M | -201M | 3.09B | 1.45B | 452M | 339M | -46M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 151M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 5.87 | 5.45 | 5.20 | 7.07 | 9.41 | 8.27 | 5.97 | 5.24 | 5.59 | 3.61 | 3.48 | 2.82 | 2.57 | 1.91 | 1.51 | 1.88 | 2.62 | 1.15 | 1.45 | 1.84 | 2.78 | 1.39 | 1.05 | 0.60 | -0.20 | -0.12 | 1.71 | 0.83 | 0.26 | 1.13 | 0.05 |
| EPS Growth % | 11.01% | 4.81% | -26.45% | -24.87% | 13.78% | 38.53% | 13.93% | -6.26% | 54.85% | 3.74% | 23.4% | 9.73% | 34.55% | 26.49% | -19.68% | -28.24% | 127.83% | -20.69% | -21.2% | -33.81% | 100% | 32.38% | 75% | 400% | -66.67% | -107.02% | 106.02% | 219.23% | -76.99% | 2160% | -92.86% |
| EPS (Basic) | - | 5.45 | 5.24 | 7.13 | 9.51 | 8.38 | 6.05 | 5.33 | 5.71 | 3.68 | 3.54 | 2.86 | 2.61 | 1.94 | 1.53 | 1.91 | 2.66 | 1.16 | 1.47 | 1.88 | 2.84 | 1.42 | 1.08 | 0.62 | -0.20 | -0.12 | 1.78 | 0.86 | 0.26 | 1.17 | 0.05 |
| Diluted Shares Outstanding | 914M | 913M | 919M | 916M | 926M | 936M | 933M | 952M | 990M | 1.01B | 1.02B | 1.04B | 1.08B | 1.11B | 1.15B | 1.17B | 1.21B | 1.27B | 1.32B | 1.45B | 1.56B | 1.67B | 1.77B | 2B | 1.72B | 1.68B | 1.79B | 1.75B | 1.77B | 1.59B | 1.52B |
| Basic Shares Outstanding | 909M | 909M | 912M | 908M | 916M | 923M | 921M | 936M | 970M | 991M | 995.98M | 1.01B | 1.05B | 1.1B | 1.13B | 1.15B | 1.2B | 1.26B | 1.31B | 1.42B | 1.53B | 1.64B | 1.73B | 1.93B | 1.72B | 1.68B | 1.72B | 1.69B | 1.74B | 1.54B | 1.52B |
| Dividend Payout Ratio | - | 99.96% | 99.92% | 70% | 49.11% | 50.02% | 61.23% | 59.96% | 45.79% | 57.14% | 45.79% | 48.36% | 46.9% | 55.29% | 46.56% | 29.26% | 18.34% | 38.57% | 27.97% | 16% | 4.58% | 7.44% | 8.28% | 12.27% | - | - | 4.61% | 9.23% | 29.42% | 7.11% | 204.76% |
Geopolitical supply chain disruption
According to the most recent quarterly filings, Texas Instruments achieved an 18.6% year-over-year revenue growth rate in 2026Q1, marking a significant departure from the contractionary trends observed throughout 2024 and suggesting that the company is successfully emerging from the industry-wide inventory correction cycle.
The acceleration to $4.8 billion in quarterly revenue indicates that demand in industrial and automotive end-markets is stabilizing. Investors should monitor whether this growth is driven by volume recovery or if pricing power remains intact as the company scales its 300mm manufacturing footprint.
As reported in financial statements, Texas Instruments maintained a gross margin of 58.0% in 2026Q1, demonstrating the company's ability to preserve pricing power and operational efficiency despite the heavy depreciation burden associated with its ongoing multi-billion dollar investment in new fabrication capacity.
The stability of gross margins near the 58% level suggests that the company's 300mm analog manufacturing strategy is effectively offsetting the inflationary pressures on input costs. This performance appears to validate the long-term thesis that internal manufacturing scale provides a durable competitive moat against fabless peers.
Based on the provided income statement data, operating income expanded to $1.8 billion in 2026Q1, reflecting a 37.5% operating margin that highlights the company's ability to leverage its fixed-cost structure as revenue growth accelerates following the previous period of underutilization.
The improvement in operating margins from the 32-33% range seen in 2025 suggests that management is successfully managing SG&A expenses while scaling production. This operating leverage is critical for maintaining profitability during the current capital-intensive phase of building out new fabrication facilities.
Analysis of recent filings reveals that stock-based compensation remains a variable component of the income statement, with a notable $210 million charge in 2025Q4, which warrants investor scrutiny regarding the true cash-generative capacity of the reported net income figures.
While net income remains robust, the volatility in stock-based compensation suggests that EPS growth may be periodically influenced by non-cash accounting adjustments. Investors should focus on the consistency of operating cash flow relative to these reported earnings to ensure that the quality of profit remains high.
While the company reports strong margins, skeptics might argue that the massive capital expenditure cycle for new fabs could lead to future margin compression if industrial demand fails to sustain the current 18.6% growth rate observed in the most recent quarter.
The shift toward a higher fixed-cost base increases the risk of margin whipsaw if utilization rates drop unexpectedly. Investors should monitor whether the depreciation of these new assets will eventually weigh on net margins more heavily than historical averages suggest.
Quick answers to the most common questions about buying TXN stock.
For fiscal year 2025, Texas Instruments Incorporated (TXN) reported total revenue of $17.68B. This represents a 77.9% increase compared to $9.94B in 1996.
Texas Instruments Incorporated (TXN) is profitable, generating $5.00B in net income for the fiscal year ending 2025 with a net profit margin of 28.3%.
Texas Instruments Incorporated (TXN) reported an operating income of $6.02B, resulting in an operating profit margin of 34.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Texas Instruments Incorporated (TXN) generated $10.08B in gross profit for the year, representing a gross profit margin of 57.0%. This demonstrates the company's core pricing power and production efficiency.