Texas Instruments Incorporated

TXN · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$157,637	$171,050	$154,812	$149,949	$174,057	$151,578	$118,479	$87,273	$96,453	$67,390	$50,618	$55,963	$48,213	$34,967	$33,506	$38,968	$32,836	$20,300	$47,328	$44,006	$52,595	$42,593	$56,770	$25,817	$46,900	$81,398	$81,509	$37,220	$17,331	$12,095	$9,667	$6,894	$5,460	$3,819	$2,502	$2,975	$2,983	$3,307	$4,427	$2,329	$2,611
Enterprise value	$168,147	$178,510	$158,504	$150,380	$172,524	$152,129	$119,227	$88,108	$96,061	$67,509	$51,520	$57,064	$49,542	$36,688	$36,163	$35,896	$29,911	$17,760	$44,404	$40,332	$47,890	$36,614	$53,273	$24,060	$45,205	$78,759	$80,257	$36,265	$15,668	$13,128	$8,945	$6,424	$5,477	$4,426	$2,976	$3,322	$3,225	$3,174	$4,314	$2,385	$2,864
P/E (TTM) at period end	31.70×	35.82×	23.90×	17.22×	22.50×	27.22×	23.76×	15.76×	26.43×	18.98×	17.19×	20.15×	22.69×	20.24×	15.22×	12.24×	22.55×	10.64×	17.81×	10.14×	22.63×	22.89×	47.39×	–	–	26.62×	56.17×	82.35×	9.41×	191.98×	8.89×	9.98×	11.57×	15.46×	–	–	10.23×	9.03×	17.23×	58.37×	–
P/S (TTM) at period end	8.92×	10.94×	8.84×	7.49×	9.49×	10.48×	8.24×	5.53×	6.45×	5.04×	3.89×	4.29×	3.95×	2.73×	2.44×	2.79×	3.15×	1.62×	3.42×	3.09×	3.93×	3.39×	5.77×	3.08×	5.72×	6.85×	8.35×	4.19×	1.74×	1.22×	0.85×	0.80×	0.64×	0.51×	0.37×	0.45×	0.46×	0.53×	0.79×	0.47×	0.53×
P/B at period end	9.69×	10.12×	9.16×	10.29×	13.05×	16.50×	13.30×	9.70×	9.33×	6.43×	5.09×	5.39×	4.46×	3.19×	3.06×	3.73×	3.38×	2.18×	4.74×	3.87×	4.41×	3.26×	4.79×	2.41×	3.95×	6.47×	8.81×	5.70×	2.93×	2.95×	2.36×	2.27×	2.36×	1.96×	1.28×	1.26×	1.20×	1.92×	2.57×	1.35×	1.83×
EV / EBITDA (TTM)	21.17×	25.60×	18.63×	13.59×	17.76×	22.96×	18.54×	12.06×	14.51×	12.36×	10.13×	11.90×	13.35×	12.52×	9.28×	6.67×	10.43×	5.13×	9.83×	8.79×	11.09×	9.75×	21.37×	12.17×	36.28×	21.20×	28.97×	22.02×	8.84×	14.95×	3.93×	4.27×	4.07×	4.30×	8.73×	6.45×	4.17×	–	–	–	–
EV / Sales (TTM)	9.51×	11.41×	9.05×	7.51×	9.40×	10.52×	8.29×	5.58×	6.42×	5.05×	3.96×	4.37×	4.06×	2.86×	2.63×	2.57×	2.87×	1.42×	3.21×	2.83×	3.58×	2.91×	5.42×	2.87×	5.51×	6.63×	8.22×	4.09×	1.57×	1.32×	0.78×	0.75×	0.64×	0.59×	0.44×	0.51×	0.49×	0.50×	0.77×	0.48×	0.58×
Returns
Return on equity	30.6%	28.2%	38.3%	59.8%	58.0%	60.6%	56.0%	61.6%	35.3%	33.9%	29.6%	26.7%	19.7%	15.8%	20.1%	30.5%	15.0%	20.5%	26.6%	38.2%	19.5%	14.2%	10.1%	(3.2%)	(1.7%)	24.3%	15.7%	6.9%	31.1%	1.5%	26.6%	22.7%	20.4%	12.7%	(20.9%)	(1.7%)	11.7%	21.3%	14.9%	2.3%	(8.3%)
Return on invested capital	18.5%	16.7%	24.6%	42.1%	46.2%	41.5%	39.8%	48.2%	28.9%	27.4%	23.4%	20.8%	15.5%	11.8%	14.6%	35.1%	17.0%	22.8%	28.9%	24.0%	19.4%	15.7%	8.5%	2.6%	(2.2%)	11.9%	11.8%	3.6%	4.2%	(0.5%)	28.6%	19.8%	17.7%	11.0%	(10.3%)	(1.0%)	9.6%	16.4%	8.4%	2.3%	(5.5%)
Dividend yield	3.2%	2.8%	2.9%	2.9%	2.2%	2.3%	2.5%	2.9%	2.2%	2.4%	2.9%	2.4%	2.4%	2.3%	1.9%	1.5%	1.7%	2.6%	0.9%	0.5%	0.3%	0.4%	0.3%	0.6%	0.3%	0.2%	0.2%	0.4%	0.8%	1.1%	1.1%	1.1%	1.6%	2.6%	3.6%	3.2%	3.3%	–	–	–	–
Financial health
Current ratio	4.35×	4.12×	4.55×	4.70×	5.33×	4.28×	4.13×	3.27×	3.87×	3.29×	2.77×	2.79×	2.92×	2.40×	2.24×	3.56×	3.85×	3.78×	3.42×	3.78×	3.96×	5.29×	3.50×	3.17×	3.66×	2.88×	2.25×	2.21×	2.45×	1.79×	1.71×	1.83×	1.66×	1.58×	1.52×	1.56×	1.88×	2.12×	2.06×	1.60×	1.36×
Debt / equity	0.86×	0.80×	0.66×	0.60×	0.58×	0.74×	0.65×	0.56×	0.39×	0.34×	0.41×	0.45×	0.48×	0.52×	0.42×	–	–	–	–	0.00×	0.05×	0.03×	0.07×	0.12×	0.11×	0.11×	0.15×	0.20×	0.23×	0.49×	0.20×	0.27×	0.39×	0.49×	0.47×	0.32×	0.27×	0.38×	0.32×	0.16×	0.29×
Effective tax rate	12.4%	12.0%	12.2%	12.8%	12.9%	7.0%	12.4%	16.5%	39.4%	27.1%	29.2%	27.2%	21.5%	9.1%	24.3%	29.1%	27.1%	22.6%	28.5%	27.2%	21.1%	23.1%	4.2%	0.6%	52.8%	32.6%	30.4%	34.0%	57.6%	(100.0%)	36.1%	33.7%	31.6%	33.1%	(34.5%)	(85.7%)	17.8%	29.1%	38.1%	59.6%	(3.2%)
Share count
Diluted shares outstanding	913	919	916	926	936	933	952	990	1,012	1,021	1,043	1,080	1,113	1,146	1,171	1,213	1,269	1,321	1,444	1,560	1,671	1,768	1,997	1,720	1,675	1,788	1,748	1,773	1,591	1,518	1,549	1,527	1,498	1,312	1,303	1,250	1,332	1,292	1,272	947	1,187

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$20,766	$17,682	$15,641	$17,519	$20,028	$18,344	$14,461	$14,383	$15,784	$14,961	$13,370	$13,000	$13,045	$12,205	$12,825	$13,735	$13,966	$10,427	$12,501	$13,835	$14,255	$13,392	$12,580	$9,834	$8,383	$8,201	$11,875	$9,759	$8,875	$9,972	$9,940	$11,409	$8,608	$8,523	$7,440	$6,784	$6,567	$6,522	$6,295	$5,594	$4,974	$4,924
Cost of revenue	($8,256)	($7,599)	($6,547)	($6,500)	($6,257)	($5,968)	($5,192)	($5,219)	($5,507)	($5,347)	($5,113)	($5,425)	($5,618)	($5,841)	($6,457)	($6,963)	($6,474)	($5,428)	($6,256)	($6,466)	($6,996)	($7,029)	($6,954)	($5,872)	($5,313)	($5,824)	($6,120)	($5,069)	($5,605)	($6,179)	($7,146)	($7,401)	($5,725)	($6,274)	($5,110)	($5,072)	($4,786)	($4,636)	($4,428)	($4,003)	($3,609)	($3,555)
Gross profit	$12,510	$10,083	$9,094	$11,019	$13,771	$12,376	$9,269	$9,164	$10,277	$9,614	$8,257	$7,575	$7,427	$6,364	$6,368	$6,772	$7,492	$4,999	$6,245	$7,369	$7,259	$6,363	$5,626	$3,962	$3,070	$2,377	$5,755	$4,690	$3,270	$3,793	$2,794	$4,008	$2,883	$2,249	$2,330	$1,712	$1,781	$1,886	$1,867	$1,592	$1,365	$1,369
Operating expenses
Research and development	($2,096)	($2,083)	($1,959)	($1,863)	($1,670)	($1,554)	($1,530)	($1,544)	($1,559)	($1,508)	($1,356)	($1,267)	($1,358)	($1,522)	($1,877)	($1,715)	($1,570)	($1,476)	($1,940)	($2,140)	($2,195)	($2,015)	($1,978)	($1,748)	($1,619)	($1,598)	($1,747)	($1,379)	($1,265)	($1,556)	($1,181)	($842)	($578)	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($1,876)	($1,860)	($1,794)	($1,825)	($1,704)	($1,666)	($1,623)	($1,645)	($1,684)	($1,694)	($1,742)	($1,728)	($1,843)	($1,858)	($1,804)	($1,638)	($1,519)	($1,320)	($1,614)	($1,680)	($1,697)	($1,471)	($1,351)	($1,249)	($1,163)	($1,361)	($1,669)	($1,508)	($1,549)	($1,532)	($1,639)	($1,727)	($1,379)	($1,521)	($1,300)	($1,371)	($1,266)	($1,113)	($1,109)	($994)	($837)	($945)
Total operating expenses	($4,045)	($4,060)	($3,629)	($3,688)	($3,631)	($3,416)	($3,375)	($3,441)	($3,564)	($3,531)	($3,402)	($3,253)	($3,480)	($3,532)	($4,395)	($3,780)	($2,978)	($3,008)	($3,808)	($3,872)	($3,892)	($3,572)	($3,419)	($2,997)	($2,782)	($2,959)	($3,416)	($2,994)	($2,871)	($3,178)	($2,820)	($2,414)	($1,957)	($1,521)	($1,910)	($1,961)	($1,807)	($1,566)	($1,499)	($1,374)	($1,263)	($1,461)
Total costs and expenses	($12,301)	($11,659)	($10,176)	($10,188)	($9,888)	($9,384)	($8,567)	($8,660)	($9,071)	($8,878)	($8,515)	($8,678)	($9,098)	($9,373)	($10,852)	($10,743)	($9,452)	($8,436)	($10,064)	($10,338)	($10,888)	($10,601)	($10,373)	($8,869)	($8,095)	($8,783)	($9,536)	($8,063)	($8,476)	($9,357)	($9,966)	($9,815)	($7,682)	($7,795)	($7,020)	($7,033)	($6,593)	($6,202)	($5,927)	($5,377)	($4,872)	($5,016)
Operating income	$8,465	$6,023	$5,465	$7,331	$10,140	$8,960	$5,894	$5,723	$6,713	$6,083	$4,855	$4,322	$3,947	$2,832	$1,973	$2,992	$4,514	$1,991	$2,437	$3,497	$3,367	$2,791	$2,207	$965	$288	($582)	$2,339	$1,696	$399	$615	($26)	$1,594	$926	$728	$420	($249)	($26)	$319	$368	$217	$102	($92)
Earnings
EBITDA	$10,666	$7,941	$6,973	$8,506	$11,065	$9,715	$6,627	$6,431	$7,303	$6,622	$5,460	$5,088	$4,797	$3,711	$2,930	$3,896	$5,379	$2,868	$3,459	$4,519	$4,588	$4,318	$3,756	$2,493	$1,977	$1,246	$3,715	$2,770	$1,647	$1,772	$878	$2,275	$1,506	$1,345	$1,030	$341	$515	$773	–	–	–	–
Interest income	–	–	–	–	–	–	–	–	–	–	$11	$6	$7	$10	$8	$11	$13	$24	$76	$157	$216	$165	$136	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($564)	($543)	($508)	($353)	($214)	($184)	($190)	($170)	($125)	($78)	($80)	($90)	($94)	($95)	($85)	($42)	–	–	–	($1)	($7)	($9)	($21)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$8,129	$5,710	$5,453	$7,418	$10,032	$8,919	$6,017	$5,728	$6,686	$6,080	$4,930	$4,216	$3,874	$2,754	$1,935	$2,955	$4,551	$2,017	$2,481	$3,692	$3,625	$2,755	$2,421	$1,250	($346)	($426)	$4,578	$2,019	$617	$713	($23)	$1,470	$1,042	$696	$369	($304)	($21)	$355	$516	$415	$99	($115)
Income tax expense	($1,016)	($709)	($654)	($908)	($1,283)	($1,150)	($422)	($711)	($1,106)	($2,398)	($1,335)	($1,230)	($1,053)	($592)	($176)	($719)	($1,323)	($547)	($561)	($1,051)	($987)	($582)	($560)	($52)	$2	$225	($1,491)	($613)	($210)	($411)	($23)	($531)	($351)	($220)	($122)	($105)	($18)	($63)	($150)	($158)	($59)	($4)
Net income	$7,113	$5,001	$4,799	$6,510	$8,749	$7,769	$5,595	$5,017	$5,580	$3,682	$3,595	$2,986	$2,821	$2,162	$1,759	$2,236	$3,228	$1,470	$1,920	$2,657	$4,341	$2,324	$1,861	$1,198	($344)	($201)	$3,058	$1,451	$452	$1,842	$63	$1,088	$691	$472	$247	($409)	($39)	$292	$366	$257	$40	($119)
Per share
Diluted EPS (GAAP)	$7.71	$5.45	$5.20	$7.07	$9.41	$8.26	$5.97	$5.24	$5.59	$3.61	$3.48	$2.82	$2.57	$1.91	$1.51	$1.88	$2.62	$1.15	$1.44	$1.83	$2.78	$1.39	$1.05	$0.60	($0.20)	($0.12)	$1.71	$0.83	$0.26	$1.13	$0.05	$0.70	$0.45	$0.32	$0.16	($0.34)	($0.06)	$0.19	$0.26	$0.19	$0.03	($0.10)
Basic EPS (GAAP)	$7.74	$5.47	$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	$1.46	$1.87	$2.84	$1.42	$1.08	$0.62	($0.20)	($0.12)	$1.78	$0.86	$0.26	$1.17	$0.05	$0.70	$0.45	$0.32	$0.16	($0.34)	($0.06)	$0.19	$0.26	$0.19	$0.03	($0.10)
Basic shares outstanding	911	909	912	908	916	923	921	936	970	991	1,003	1,030	1,065	1,098	1,132	1,151	1,199	1,260	1,308	1,417	1,528	1,640	1,730	1,932	1,720	1,675	1,718	1,687	1,738	1,541	1,518	1,501	1,473	1,375	1,312	1,303	1,250	1,332	1,292	1,272	947	1,187
Margins
Gross margin	60.2%	57.0%	58.1%	62.9%	68.8%	67.5%	64.1%	63.7%	65.1%	64.3%	61.8%	58.3%	56.9%	52.1%	49.7%	49.3%	53.6%	47.9%	50.0%	53.3%	50.9%	47.5%	44.7%	40.3%	36.6%	29.0%	48.5%	48.1%	36.8%	38.0%	28.1%	35.1%	33.5%	26.4%	31.3%	25.2%	27.1%	28.9%	29.7%	28.5%	27.4%	27.8%
Operating margin	40.8%	34.1%	34.9%	41.8%	50.6%	48.8%	40.8%	39.8%	42.5%	40.7%	36.3%	33.2%	30.3%	23.2%	15.4%	21.8%	32.3%	19.1%	19.5%	25.3%	23.6%	20.8%	17.5%	9.8%	3.4%	(7.1%)	19.7%	17.4%	4.5%	6.2%	(0.3%)	14.0%	10.8%	8.5%	5.6%	(3.7%)	(0.4%)	4.9%	5.8%	3.9%	2.0%	(1.9%)
Net margin	34.3%	28.3%	30.7%	37.2%	43.7%	42.4%	38.7%	34.9%	35.4%	24.6%	26.9%	23.0%	21.6%	17.7%	13.7%	16.3%	23.1%	14.1%	15.4%	19.2%	30.5%	17.4%	14.8%	12.2%	(4.1%)	(2.5%)	25.8%	14.9%	5.1%	18.5%	0.6%	9.5%	8.0%	5.5%	3.3%	(6.0%)	(0.6%)	4.5%	5.8%	4.6%	0.8%	(2.4%)

Analyst consensus

Buy65 analysts

Bearish · 6 · Hold · 28 · Bullish · 31

Earnings history

	EPS	Estimate
Q4 2024	$1.30	$1.20	Beat
Q1 2025	$1.28	$1.07	Beat
Q2 2025	$1.41	$1.36	Beat
Q3 2025	$1.48	$1.49	Miss
Q4 2025	$1.27	$1.29	Miss
Q1 2026	$1.68	$1.36	Beat
Q2 2026	$2.14	$1.94	Beat
Q3 2026	$2.62	$2.44	Beat

Peers

Company overview

IPO dateJun 1, 1972

CEOHaviv Ilan

Employees33,000

SectorTechnology

IndustrySemiconductors

CountryUS

ExchangeNASDAQ Global Select

Websitewww.ti.com

Texas Instruments Incorporated (TI) specializes in the global design, production, and sale of semiconductors to electronics engineers and manufacturers. Its operations are structured into two core segments: Analog and Embedded Processing. The Analog division provides a comprehensive suite of power management products, such as battery-management solutions, various DC/DC and AC/DC switching regulators and controllers, power switches, linear regulators, voltage supervisors, references, and lighting components, all critical for managing diverse power needs. This segment also delivers signal chain products designed to sense, condition, and measure electrical signals, facilitating information transfer or conversion for further processing and control, encompassing items like amplifiers, data converters, interface devices, motor drives, clocks, and sensing technologies. The Embedded Processing segment develops microcontrollers, integral to a wide array of electronic equipment; digital signal processors (DSPs) for complex mathematical computations; and applications processors tailored for specific computing tasks. Products from this segment are utilized across numerous markets, including industrial applications, the automotive sector, personal electronics, communication systems, enterprise solutions, and calculators. Beyond these, TI also produces DLP® products, primarily used in projectors to generate high-definition images; a range of calculators; and custom application-specific integrated circuits (ASICs). The company distributes its semiconductor offerings through a direct sales force, its network of authorized distributors, and its official website. Established in 1930, Texas Instruments is headquartered in Dallas, Texas.

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