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Texas Instruments

TXN Nasdaq Semiconductors Financials FY2016–FY2025

Texas Instruments' revenue rose 13.1% to $17.7 billion in fiscal 2025. Its operating margin was 34.1%, down from 34.9% a year earlier. Free cash flow was $2.6 billion, up 73.8%. It paid out $6.5 billion in dividends and buybacks, 249% of free cash flow. The diluted share count fell 0.7%.

Last close · Oct 23, 2026

$284.69

1.9%
Value it Compare
Revenue Total sales reported in the income statement.
$17.7B
13.0% vs prior year
Operating margin Operating income as a share of revenue.
34.1%
0.9 pts
Net income Profit after all expenses, interest and tax.
$5.0B
4.2%
Free cash flow Cash from operations minus capital spending.
$2.6B
73.8%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
21.8%
0.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$262.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
36.9x
On $7.71 EPS (TTM)

What Texas Instruments does

Texas Instruments (TI) designs and makes semiconductors, the chips inside electronic equipment, and sells them to companies that design and build electronics around the world. It offers more than 80,000 products, used in factory equipment, cars, data centers, phones and other personal electronics, and communications gear. Based in Dallas, it sells to over 100,000 customers.

TI had $17.68 billion of revenue in 2025. Its Analog segment, chips that handle real-world signals such as sound or temperature, often turning them into data, and that manage power in devices, brought in $14.01 billion, about 79% of revenue. Embedded Processing, processors built to handle specific tasks in equipment, used particularly in industrial and automotive markets, brought in $2.70 billion, about 15%. The rest, $979 million, came from projector chips, calculators and some custom chips. TI sells mostly directly, including through its website: more than 80% of 2025 revenue. It says it competes with dozens of large and small companies, including newer ones, particularly in Asia.

TI makes most of its chips in its own factories in North America, Asia, Japan and Europe, and in 2025 was ramping up production at new plants in Richardson and Sherman, Texas, and Lehi, Utah. At the end of 2025 it had about 33,000 employees.

Legal name
TEXAS INSTRUMENTS INCORPORATED
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 6, 2026
Accession · CIK
0000097476-26-000059
0000097476

Revenue and margins

Texas Instruments had $17.7B of revenue in fiscal 2025, up 13.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 5.1% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $2.6B in fiscal 2025, 14.7% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Texas Instruments returned $6.5B to shareholders in fiscal 2025, 249% of free cash flow. The diluted share count fell 0.7%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Texas Instruments yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$9.2B and divides by 913.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 36.9x · peers 46.4x · sector 33.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Texas Instruments can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $9.7B$9.1B$8.6B$7.6B$4.9B
Debt incl. finance leases $7.7B$8.7B$11.2B$13.6B$14.0B
Net debt / EBITDA −0.2x−0.0x0.3x0.9x1.2x
Debt / equity 0.6x0.6x0.7x0.8x0.9x
Interest coverage 48.7x47.4x20.8x10.8x11.1x
Current ratio 5.3x4.7x4.6x4.1x4.4x
Quick ratio 4.6x3.8x3.4x2.9x2.8x
Total assets $24.7B$27.2B$32.3B$35.5B$34.6B
Total liabilities $11.3B$12.6B$15.5B$18.6B$18.3B
Shareholders' equity $13.3B$14.6B$16.9B$16.9B$16.3B
Net debt (− = net cash) −$2.0B−$332M$2.6B$6.0B$9.2B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$61.0M

12 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 27, 2026 Tsedeniya AbrahamSr. Vice President Sold 7,000 $264.63 $1.9M Form 4
May 28, 2026 Martin S CraigheadDirector Sold 10,000 $320.43 $3.2M Form 4
May 14, 2026 Ahmad BahaiSr. Vice President Sold 5,000 $309.13 $1.5M Form 4
May 14, 2026 Rafael R LizardiSr. Vice President & CFO Sold 47,734 $308.10 $14.7M Form 4
May 13, 2026 Carrie Smith CoxDirector Sold 8,838 $306.40 $2.7M Form 4
May 11, 2026 Shanon J LeonardSr. Vice President Sold 4,963 $295.22 $1.5M Form 4
May 4, 2026 Haviv IlanChairman, President & CEO, Director Sold 20,000 $280.32 $5.6M Form 4
May 1, 2026 Julie C. KnechtVP & Chief Accounting Officer Sold 9,956 $278.70 $2.8M Form 4
Apr 30, 2026 Mark GarySr. Vice President Sold 13,689 $279.25 $3.8M Form 4
Apr 30, 2026 Mark T. RobertsSr. Vice President Sold 28,080 $280.34 $7.9M Form 4
Apr 29, 2026 Mohammad YunusSr. Vice President Sold 51,098 $270.44 $13.8M Form 4
Apr 27, 2026 Katharine KaneSVP and General Counsel Sold 6,125 $270.41 $1.7M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✕ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✓ ✕ ✓
Gross margin rose ✕ ✕ ✕
Revenue rose relative to assets ✕ ✕ ✓
F-score 3 / 93 / 96 / 9
Accruals ratio 0.3%−4.5%−6.1%
Altman Z'' 10.338.899.04

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Texas Instruments TXN $262.2B 13.1% 34.1% 14.7% 21.8% 36.9x 6
NXP Semiconductors NXPI $59.6B −2.7% 24.8% 19.8% 12.6% 22.5x 4 Compare →
STMicroelectronics STM $40.6B −11.1% 1.5% — 0.5% — 6 Compare →
Analog Devices ADI $191.2B 16.9% 26.6% 38.8% 6.2% 46.5x 8 Compare →
AMD AMD $857.4B 34.3% 10.7% 19.4% 6.7% 132.9x 8 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $13.4B $15.0B $15.8B $14.4B $14.5B $18.3B $20.0B $17.5B $15.6B $17.7B
Gross profit $8.3B $9.6B $10.3B $9.2B $9.3B $12.4B $13.8B $11.0B $9.1B $10.1B
Research and development $1.4B $1.5B $1.6B $1.5B $1.5B $1.6B $1.7B $1.9B $2.0B $2.1B
Operating income $4.9B $6.1B $6.7B $5.7B $5.9B $9.0B $10.1B $7.3B $5.5B $6.0B
Interest expense $80.0M $78.0M $125M $170M $190M $184M $214M $353M $508M $543M
Pretax income $4.9B $6.1B $6.7B $5.7B $6.0B $8.9B $10.0B $7.4B $5.5B $5.7B
Income tax $1.3B $2.4B $1.1B $711M $422M $1.2B $1.3B $908M $654M $709M
Net income $3.6B $3.7B $5.6B $5.0B $5.6B $7.8B $8.7B $6.5B $4.8B $5.0B
Diluted EPS $3.48 $3.61 $5.59 $5.24 $5.97 $8.26 $9.41 $7.07 $5.20 $5.45
Diluted shares 1.02B 1.01B 0.99B 0.95B 0.93B 0.94B 0.93B 0.92B 0.92B 0.91B
Cash flow
Cash from operations $4.6B $5.4B $7.2B $6.6B $6.1B $8.8B $8.7B $6.4B $6.3B $7.2B
Capital expenditure $531M $695M $1.1B $847M $649M $2.5B $2.8B $5.1B $4.8B $4.6B
Free cash flow $4.1B $4.7B $6.1B $5.8B $5.5B $6.3B $5.9B $1.3B $1.5B $2.6B
Depreciation and amortization $924M $857M $908M $996M $931M $897M $925M $1.2B $1.5B $1.9B
Stock-based compensation $252M $242M $232M $217M $224M $230M $289M $362M $387M $419M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $2.1B $2.6B $5.1B $3.0B $2.6B $527M $3.6B $293M $929M $1.5B
Dividends paid $1.6B $2.1B $2.6B $3.0B $3.4B $3.9B $4.3B $4.6B $4.8B $5.0B
Dividends and buybacks $3.8B $4.7B $7.7B $6.0B $6.0B $4.4B $7.9B $4.9B $5.7B $6.5B
Balance sheet
Cash and short-term investments $3.5B $4.5B $4.2B $5.4B $6.6B $9.7B $9.1B $8.6B $7.6B $4.9B
Total debt $3.6B $4.1B $5.1B $5.8B $6.8B $7.7B $8.7B $11.2B $13.6B $14.0B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $7.5B $8.7B $8.1B $8.8B $10.2B $13.7B $14.0B $15.1B $15.0B $13.8B
Current liabilities $2.3B $2.3B $2.5B $2.1B $2.4B $2.6B $3.0B $3.3B $3.6B $3.2B
Inventory $1.8B $2.0B $2.2B $2.0B $2.0B $1.9B $2.8B $4.0B $4.5B $4.8B
Property and equipment, net $2.5B $2.7B $3.2B $3.3B $3.3B $5.1B $6.9B $10.0B $11.3B $12.3B
Total assets $16.4B $17.6B $17.1B $18.0B $19.4B $24.7B $27.2B $32.3B $35.5B $34.6B
Total liabilities $6.0B $7.3B $8.1B $9.1B $10.2B $11.3B $12.6B $15.5B $18.6B $18.3B
Shareholders' equity $10.5B $10.3B $9.0B $8.9B $9.2B $13.3B $14.6B $16.9B $16.9B $16.3B
Margins
Gross margin 61.8% 64.3% 65.1% 63.7% 64.1% 67.5% 68.8% 62.9% 58.1% 57.0%
Operating margin 36.3% 40.7% 42.5% 39.8% 40.8% 48.8% 50.6% 41.9% 34.9% 34.1%
EBITDA margin 43.2% 46.4% 48.3% 46.7% 47.2% 53.7% 55.3% 48.6% 44.6% 44.9%
Net margin 26.9% 24.6% 35.4% 34.9% 38.7% 42.4% 43.7% 37.2% 30.7% 28.3%
FCF margin 30.5% 31.2% 38.4% 40.3% 38.0% 34.3% 29.6% 7.7% 9.6% 14.7%
Returns
Return on capital 33.0% 35.9% 56.7% 52.4% 58.5% 75.2% 69.1% 38.1% 22.7% 21.8%
Return on capital employed 34.9% 41.2% 44.7% 37.5% 35.9% 45.9% 43.8% 27.5% 18.0% 19.0%
Return on equity 35.2% 35.4% 57.7% 56.1% 61.8% 69.0% 62.7% 41.4% 28.4% 30.2%
Return on assets 22.0% 21.6% 32.1% 28.5% 29.9% 35.3% 33.7% 21.9% 14.1% 14.3%
Growth
Revenue growth 2.9% 11.9% 5.5% −8.9% 0.5% 26.9% 9.2% −12.5% −10.7% 13.1%
Net income growth 20.4% 2.4% 51.6% −10.1% 11.5% 38.9% 12.6% −25.6% −26.3% 4.2%
EPS growth 23.4% 3.7% 54.9% −6.3% 13.9% 38.4% 13.9% −24.9% −26.5% 4.8%
FCF growth 6.2% 14.3% 29.8% −4.2% −5.4% 14.6% −5.9% −77.2% 11.1% 73.8%
Share count change −2.1% −0.9% −2.2% −3.8% −2.0% 0.3% −1.1% −1.1% 0.3% −0.7%
Financial health
Net debt / EBITDA 0.0x −0.1x 0.1x 0.1x 0.0x −0.2x −0.0x 0.3x 0.9x 1.2x
Debt / equity 0.3x 0.4x 0.6x 0.7x 0.7x 0.6x 0.6x 0.7x 0.8x 0.9x
Interest coverage 60.7x 78.0x 53.7x 33.7x 31.0x 48.7x 47.4x 20.8x 10.8x 11.1x
Current ratio 3.3x 3.9x 3.3x 4.1x 4.3x 5.3x 4.7x 4.6x 4.1x 4.4x
Quick ratio 2.5x 3.0x 2.4x 3.2x 3.5x 4.6x 3.8x 3.4x 2.9x 2.8x
Capital allocation
Capex / revenue 4.0% 4.7% 7.2% 5.9% 4.5% 13.4% 14.0% 29.0% 30.8% 25.7%
Stock comp / revenue 1.9% 1.6% 1.5% 1.5% 1.6% 1.3% 1.4% 2.1% 2.5% 2.4%
Payouts / FCF 92.5% 99.8% 126.4% 102.9% 108.9% 70.1% 133.6% 359.5% 382.1% 248.8%
Quality scores
Piotroski F-score 9.0 8.0 6.0 5.0 7.0 8.0 5.0 3.0 3.0 6.0
Altman Z'' 12.5 12.6 13.2 12.8 12.7 12.7 12.4 10.3 8.9 9.0
Accruals ratio −6.2% −9.9% −9.3% −9.3% −2.9% −4.5% 0.1% 0.3% −4.5% −6.1%

Source: SEC EDGAR XBRL filings (CIK 0000097476). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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