Skip to content
AnalystLens

Texas InstrumentsTXN

Legal name
Texas Instruments Incorporated
Sector
Technology
Industry
Semiconductors & Related Devices
Exchange
Nasdaq

Stock Price $TXN

Latest filings

You are here#15 of 88 in Technology by market cap

Filing record · 2016–202610-K1110-Q338-K110

TXN filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 110 current reports (8-K) between 2016 and 2026.

  1. FY2018 annual report10-K · Feb ’19Feb ’19
  2. Leadership change8-K · Dec ’21Dec ’21
  3. Leadership change8-K · Oct ’25Oct ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $17.68B
YoY changeLargest recent move+26.9%in FY21Latest +13.0%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All TXN Financial Metrics58 metrics

Income Statement14

Balance Sheet25

Cash Flow14

Per Share5

02—Overview

Texas Instruments Financial Overview 2021–2025

Updated Nov 3, 2026

Texas Instruments executed a massive manufacturing expansion through a severe cyclical downturn, maintaining $4.82 billiona in capital expenditures in FY2024 even as revenue contracted by 10.7%. This contrarian strategy forms the core investment thesis: by absorbing short-term margin pain to build 300mm wafer capacity, the company is structurally positioned to capture outsized free cash flow as industrial and automotive markets recover.

The top line highlighted this deep industry cyclicality, with revenue ultimately shifting from $18.34 billion in FY2021 to $17.68 billionb in FY2025. The Analog segment remains the primary engine, contributing 79% of total revenue in FY2025. Profitability compressed significantly during the heavy investment phase, driving gross margins down from a peak of 68.8% in FY2022 to 58.1% in FY2024 due to factory underutilization. However, operational leverage is returning. Free cash flow generation rebounded to $2.94 billion in FY2025, representing 16.6% of revenue, while a pending $7.5 billion acquisition of Silicon Labs signals accelerated expansion in embedded processing.

Investors have largely looked past the cyclical trough to value the company's long-term capacity advantages. At the close of FY2025, the stock traded at $173.49c with a 31.8x price-to-earnings multiple. This valuation is anchored by a relentless capital return program, which delivered $6.48 billion to shareholders via dividends and repurchases during FY2025 alone.

Recent Developments (Q2 and Q3 2026)

Revenue accelerated through mid-2026. Q2 2026 revenue rose 23% year-over-year to $5.46 billiond, then Q3 2026 climbed 28% to $6.06 billion, led by Analog (+32% in Q3). Analog operating margin reached 51.0% versus 39.8% a year earlier. Q3 2026 diluted EPS was $2.62, up 77%. Capital spending fell to $514 million in Q2 2026 from $1.31 billion, while buybacks slowed. The quarterly dividend rose 7% to $1.52. Julie Knecht succeeded Rafael Lizardi as CFO on August 1, 2026.

The bull case: operating leverage on a largely fixed cost base is lifting margins, and Q4 2026 guidance of $5.80 billion to $6.30 billione implies growth continues. The bear case: the stock traded at 52.2x earnings as of the Q3 2026 report date (October 22, 2026), and trailing free cash flow of $6.53 billion at Q2 2026 included $1.18 billion of CHIPS Act proceeds, so part of the gain is not recurring.

What to watch: Silicon Labs closing in the first half of 2027; whether Q4 2026 revenue lands within guidance

03—Filings

Recent SEC Filings

  1. 8-KTexas Instruments 8-K Report, Financial Results (Oct 21, 2026)Texas Instruments Incorporated (TXN) reported strong third-quarter 2026 results, demonstrating significant year-over-year growth across key financial metrics. Revenue surged by 28% to $6.06 billion, driven by robust demand in the industrial, automotive, and data center sectors. Net income and earnings per share (EPS) also saw substantial increases of 78% and 77%, respectively, reaching $2.43 billion and $2.62 per share. The company highlighted its strong business model and operational efficiency, reflected in a remarkable 43% increase in cash flow from operations to $9.9 billion for the trailing twelve months. The company also provided an optimistic outlook for the fourth quarter, with projected revenue between $5.80 billion and $6.30 billion and EPS expected to range from $2.45 to $2.79. Texas Instruments continued its commitment to shareholder returns, although total cash returned to owners saw a slight decrease of 11% year-over-year to $5.81 billion for the trailing twelve months, primarily due to a significant reduction in stock repurchases. The detailed segment breakdown shows that the Analog segment was the primary growth driver, with revenue up 32% year-over-year.
  2. 8-KTexas Instruments 8-K Report, Regulation FD Disclosure (Sep 17, 2026)Texas Instruments (TXN) furnished an 8-K under Item 7.01 (Regulation FD) attaching a September 17, 2026 news release announcing a 7% increase in its quarterly cash dividend, from $1.42 to $1.52 per share ($6.08 annualized). The filing is informational rather than a financial disclosure: it contains no earnings, revenue, guidance, or balance sheet figures. The increase is payable November 10, 2026 to holders of record on October 30, 2026, and remains contingent on formal board declaration at its regular October meeting. Management framed the raise as consistent with its long-term objective of providing a sustainable, growing dividend and reflecting its commitment to return all free cash flow to owners over time. The announcement marks 23 consecutive years of dividend increases, a track record that signals management's confidence in cash generation through prior industry cycles and is a key attraction for income-oriented investors. The release's forward-looking statements flag risks including semiconductor demand softness in industrial and automotive markets, customer inventory adjustments, global trade policy and tariffs, competition, manufacturing capacity utilization, and debt service. Investors should note that the dividend's sustainability depends on continued free cash flow generation, which is exposed to these cyclical and policy-driven factors. Readers seeking the financial basis for the increase should consult TI's most recent 10-Q and 10-K.
  3. 8-KTexas Instruments 8-K Report, Financial Results (Jul 22, 2026)Texas Instruments reported second-quarter 2026 revenue of $5.46 billion, up 23% year over year and 13% sequentially, with net income of $1.98 billion (up 53%) and diluted EPS of $2.14 (up 52%). Growth was broad, led by industrial, data center, and automotive, and the Analog segment drove most of it with revenue up 26% and operating profit up 50%. Gross margin rose to roughly 61.4% from about 57.9% a year earlier, and operating margin to roughly 42.3% from about 35.1%. EPS included a 5-cent benefit that was not in the original guidance. Management guided third-quarter revenue to $5.65 billion to $6.15 billion and EPS to $2.23 to $2.57. Cash generation was strong on a trailing-twelve-month basis, with cash flow from operations of $8.67 billion and free cash flow of $6.53 billion, up from $1.76 billion a year earlier. Investors should note that the company's free cash flow definition adds back CHIPS Act incentive proceeds, which contributed $1.18 billion over the trailing twelve months and $549 million in the quarter. Excluding those proceeds, trailing free cash flow is about $5.36 billion. Operating cash flow also includes CHIPS-related tax benefits of $301 million in the quarter. Capital expenditures fell sharply to $514 million in Q2 from $1.31 billion a year earlier, which is a major driver of the free cash flow improvement. Shareholder returns were tilted toward dividends. The quarterly dividend was raised to $1.42 per share from $1.36, and dividends paid rose 4% on a trailing basis. Stock repurchases dropped to $27 million in the quarter from $302 million a year earlier, and trailing repurchases fell 61%. Total debt was about $14.05 billion at quarter end against cash and short-term investments of about $7.0 billion. Accounts receivable grew 30% year over year, faster than revenue, which is worth monitoring.
  4. 8-KTexas Instruments 8-K Report, Executive Changes (Jun 2, 2026)Texas Instruments Incorporated (TXN) announced a significant leadership transition in its finance department via an 8-K filing on June 2, 2026. Effective August 1, 2026, Julie Knecht will assume the role of Senior Vice President and Chief Financial Officer (Chief Accounting Officer), succeeding Rafael Lizardi. Mr. Lizardi is retiring after a distinguished 25-year tenure with the company. Importantly, Mr. Lizardi's departure is stated to be amicable and unrelated to any financial or operational concerns, providing reassurance to investors about the company's stability and integrity.
  5. 8-KTexas Instruments 8-K Report, Financial Results (Apr 22, 2026)Texas Instruments reported first-quarter 2026 revenue of $4.83 billion, up 19% year over year and 9% sequentially, with net income of $1.55 billion (up 31%) and diluted EPS of $1.68 versus $1.28 a year earlier. Growth was led by the Analog segment (revenue up 22%, operating profit up 36%) and management cited industrial and data center demand as the primary drivers. Operating profit rose 37% to $1.81 billion, and the release notes that EPS included a 5-cent benefit not in the original guidance, so the underlying beat is somewhat smaller than the headline figure implies. Cash generation was the standout. Trailing-twelve-month cash flow from operations reached $7.82 billion (up 27%) and free cash flow reached $4.35 billion (up 154%), equal to 23.6% of revenue on a trailing basis versus 10.7% a year earlier. Free cash flow benefited from lower capital expenditures (trailing-twelve-month capex of $4.10 billion versus $4.70 billion) and $630 million of CHIPS Act incentive proceeds. Shareholder returns totaled $6.03 billion over the trailing twelve months, mostly dividends ($5.05 billion), with buybacks reduced to $982 million from $1.58 billion. Quarterly stock repurchases fell to $158 million from $653 million a year ago. Looking ahead, management guided second-quarter revenue to $5.00-$5.40 billion and EPS to $1.77-$2.05. The balance sheet shows $5.1 billion in cash and short-term investments against $14.05 billion of total debt (including the $1.15 billion current portion), and the current portion of long-term debt is new versus a year earlier. Dividends declared per share rose to $1.42 from $1.36. Investors should watch whether the revenue recovery sustains the guided growth path and whether capex stays subdued enough to keep free cash flow strong.
View all 8-K filings →
View all filings (10-K, 10-Q, 8-K, proxy & more) →

04—See also

Related Companies

Annual revenue over each company’s last eight fiscal years, each strip on its own scale from zero.