Texas Instruments
TXN · NasdaqSemiconductors & Related Devices · Fiscal year ends Dec 31
Texas Instruments reported revenue of $17.7B in the fiscal year ended Dec 2025, up 13.0% from the year before. Operating income was $6B, an operating margin of 34.1%, and net income was $5B. Operating cash flow of $7.2B less capital expenditure of $4.6B left free cash flow of $2.6B. Net debt was $10.8B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $18.3B | $20B | $17.5B | $15.6B | $17.7B |
| Cost of revenue | $6B | $6.3B | $6.5B | $6.5B | $7.6B |
| Gross profit | $12.4B | $13.8B | $11B | $9.1B | $10.1B |
| Research & development | $1.6B | $1.7B | $1.9B | $2B | $2.1B |
| Selling, general & admin | $1.7B | $1.7B | $1.8B | $1.8B | $1.9B |
| Operating income | $9B | $10.1B | $7.3B | $5.5B | $6B |
| Pre-tax income | $8.9B | $10B | $7.4B | $5.5B | $5.7B |
| Income tax | $1.2B | $1.3B | $908M | $654M | $709M |
| Net income | $7.8B | $8.7B | $6.5B | $4.8B | $5B |
| Diluted EPS | 8.26 | 9.41 | 7.07 | 5.20 | 5.45 |
| Diluted shares | 936M | 926M | 916M | 919M | 913M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $4.6B | $3.1B | $3B | $3.2B | $3.2B |
| Receivables | $1.7B | $1.9B | $1.8B | $1.7B | $2B |
| Inventory | $1.9B | $2.8B | $4B | $4.5B | $4.8B |
| Current assets | $13.7B | $14B | $15.1B | $15B | $13.8B |
| Net PP&E | $5.1B | $6.9B | $10B | $11.3B | $12.3B |
| Goodwill | $4.4B | $4.4B | $4.4B | $4.4B | $4.3B |
| Total assets | $24.7B | $27.2B | $32.3B | $35.5B | $34.6B |
| Payables | $571M | $851M | $802M | $820M | $756M |
| Current liabilities | $2.6B | $3B | $3.3B | $3.6B | $3.2B |
| Short-term debt | $500M | $500M | $599M | $750M | $500M |
| Long-term debt | $7.2B | $8.2B | $10.6B | $12.8B | $13.5B |
| Total liabilities | $11.3B | $12.6B | $15.5B | $18.6B | $18.3B |
| Shareholders' equity | $13.3B | $14.6B | $16.9B | $16.9B | $16.3B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $8.8B | $8.7B | $6.4B | $6.3B | $7.2B |
| Capital expenditure | $2.5B | $2.8B | $5.1B | $4.8B | $4.6B |
| Free cash flow | $6.3B | $5.9B | $1.3B | $1.5B | $2.6B |
| Depreciation & amortisation | $755M | $925M | $1.2B | $1.5B | $1.9B |
| Stock-based compensation | $230M | $289M | $362M | $387M | $419M |
| Share buybacks | $527M | $3.6B | $293M | $929M | $1.5B |
| Dividends paid | $3.9B | $4.3B | $4.6B | $4.8B | $5B |
| Dividend per share | 4.21 | 4.69 | 5.02 | 5.26 | 5.50 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 9.2% | −12.5% | −10.7% | 13.0% |
| Operating income growth (YoY) | – | 13.2% | −27.7% | −25.5% | 10.2% |
| EPS growth (YoY) | – | 13.9% | −24.9% | −26.4% | 4.8% |
| Gross margin | 67.5% | 68.8% | 62.9% | 58.1% | 57.0% |
| Operating margin | 48.8% | 50.6% | 41.8% | 34.9% | 34.1% |
| Net margin | 42.4% | 43.7% | 37.2% | 30.7% | 28.3% |
| Return on equityBlank when equity is negative | 58.3% | 60.0% | 38.5% | 28.4% | 30.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 40.5% | 41.9% | 25.3% | 17.1% | 19.2% |
| Free cash flow margin | 34.3% | 29.6% | 7.7% | 9.6% | 14.7% |
| Cash conversion (CFO ÷ net income) | 1.13x | 1.00x | 0.99x | 1.32x | 1.43x |
| Receivable days | 34 | 35 | 37 | 40 | 41 |
| Inventory days | 117 | 161 | 225 | 252 | 231 |
| Payable days | 35 | 50 | 45 | 46 | 36 |
| Debt ÷ equity | 0.58x | 0.60x | 0.66x | 0.80x | 0.86x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $3.1B | $5.7B | $8.3B | $10.4B | $10.8B |
| Current ratio | 5.33x | 4.70x | 4.55x | 4.12x | 4.35x |
Recent filings
More in Semiconductors & Related Devices
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.