TEXAS INSTRUMENTS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TEXAS INSTRUMENTS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	13,370	14,961	15,784	14,383	14,461	18,344	20,028	17,519	15,641	17,682
Cost of revenue	5,113	5,347	5,507	5,219	5,192	5,968	6,257	6,500	6,547	7,599
Gross profit	8,257	9,614	10,277	9,164	9,269	12,376	13,771	11,019	9,094	10,083
Research and development	1,356	1,508	1,559	1,544	1,530	1,554	1,670	1,863	1,959	2,083
Selling, general and administrative	1,742	1,694	1,684	1,645	1,623	1,666	1,704	1,825	1,794	1,860
Operating income	4,855	6,083	6,713	5,723	5,894	8,960	10,140	7,331	5,465	6,023
Interest expense	80	78	125	170	190	184	214	353	508	543
Interest income	11
Other non-operating income	155	75	98	175	313	143	106	440	496	230
Pre-tax income	4,930	6,080	6,686	5,728	6,017	8,919	10,032	7,418	5,453	5,710
Income tax	1,335	2,398	1,106	711	422	1,150	1,283	908	654	709
Net income	3,595	3,682	5,580	5,017	5,595	7,769	8,749	6,510	4,799	5,001
EBITDA	5,460	6,622	7,303	6,431	6,627	9,715	11,065	8,506	6,973	7,941
EPS, basic	3.54	3.68	5.71	5.33	6.05	8.38	9.51	7.13	5.24	5.47
EPS, diluted	3.48	3.61	5.59	5.24	5.97	8.26	9.41	7.07	5.20	5.45
Shares, basic (weighted)	1,003	991	970	936	921	923	916	908	912	909
Shares, diluted (weighted)	1,021	1,012	990	952	933	936	926	916	919	913
Dividend per share	1.64	2.12	2.63	3.21	3.72	4.21	4.69	5.02	5.26	5.50

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,154	1,656	2,438	2,437	3,107	4,631	3,050	2,964	3,200	3,225
Short-term investments	2,336	2,813	1,795	2,950	3,461	5,108	6,017	5,611	4,380	1,656
Receivables	1,267	1,278	1,207	1,074	1,414	1,701	1,895	1,787	1,719	1,963
Inventory	1,790	1,957	2,217	2,001	1,955	1,910	2,757	3,999	4,527	4,804
Other current assets	910	1,030	440	299	302	335	302	761	1,200	2,102
Total current assets	7,457	8,734	8,097	8,761	10,239	13,685	14,021	15,122	15,026	13,750
Property, plant and equipment	2,512	2,664	3,183	3,303	3,269	5,141	6,876	9,999	11,347	12,320
Lease right-of-use assets				337	319	465	431	579	786	729
Goodwill	4,362	4,362	4,362	4,362	4,362	4,362	4,362	4,362	4,362	4,330
Intangible assets	1,264	946	628	340	152					238
Long-term investments	235	268	251	300	49	62	34	34	23	16
Other non-current assets	79	86	140	468	770	748	1,135	1,712	3,348	2,656
Total assets	16,431	17,642	17,137	18,018	19,351	24,676	27,207	32,348	35,509	34,585
Accounts payable	396	466	478	388	415	571	851	802	820	756
Accrued liabilities	710	722	724	714	767	775	799	836	839	829
Short-term debt	631	500	749	500	550	500	500	599	750	500
Total current liabilities	2,264	2,258	2,474	2,123	2,390	2,569	2,985	3,320	3,643	3,159
Long-term debt	2,978	3,577	4,319	5,303	6,248	7,241	8,235	10,624	12,846	13,548
Lease liabilities				259	249	383	344	478	663	612
Other non-current liabilities	554	1,303	1,190	1,514	1,305	1,367	1,226	1,336	1,954	1,415
Total liabilities	5,958	7,305	8,143	9,111	10,164	11,343	12,630	15,451	18,606	18,312
Total debt	3,609	4,077	5,068	5,803	6,798	7,741	8,735	11,223	13,596	14,048
Paid-in capital	1,674	1,776	1,950	2,110	2,333	2,630	2,951	3,362	3,935	4,511
Retained earnings	33,107	34,662	37,906	39,898	42,051	45,919	50,353	52,283	52,262	52,236
Treasury stock	-25,523	-27,458	-32,130	-34,495	-36,578	-36,800	-40,214	-40,284	-40,895	-42,130
Other comprehensive income	-526	-384	-473	-347	-360	-157	-254	-205	-140	-85
Shareholders' equity	10,473	10,337	8,994	8,907	9,187	13,333	14,577	16,897	16,903	16,273
Total equity	10,473	10,337	8,994	8,907	9,187	13,333	14,577	16,897	16,903	16,273
Total liabilities and equity	16,431	17,642	17,137	18,018	19,351	24,676	27,207	32,348	35,509	34,585

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	3,595	3,682	5,580	5,017	5,595	7,769	8,749	6,510	4,799	5,001
Depreciation and amortization	605	539	590	708	733	755	925	1,175	1,508	1,918
Stock-based compensation	252	242	232	217	224	230	289	362	387	419
Deferred income tax	-202	112	-105	81	-137	15	-191	-299	-210	-19
Change in receivables	-108	-7	71	133	-340	-287	-194	108	68	-244
Change in inventory	-99	-167	-282	216	46	45	-847	-1,242	-528	-277
Change in payables	72	51	-7	-93	63	33	106	-33	125	77
Cash from operations	4,614	5,363	7,189	6,649	6,139	8,756	8,720	6,420	6,318	7,153
Capital expenditures	-531	-695	-1,131	-847	-649	-2,462	-2,797	-5,071	-4,820	-4,550
Purchases of investments	-3,503	-4,555	-5,641	-3,444	-5,786	-10,124	-14,483	-12,705	-9,716	-3,524
Cash from investing	-650	-1,127	-78	-1,920	-922	-4,095	-3,583	-4,362	-3,202	-1,439
Debt issued	499	1,099	1,500	1,491	1,498	1,495	1,494	3,000	2,980	1,199
Debt repaid	-1,000	-625	-500	-750	-500	-550	-500	-500	-600	-750
Share buybacks	-2,132	-2,556	-5,100	-2,960	-2,553	-527	-3,615	-293	-929	-1,477
Dividends paid	-1,646	-2,104	-2,555	-3,008	-3,426	-3,886	-4,297	-4,557	-4,795	-4,999
Cash from financing	-3,810	-3,734	-6,329	-4,730	-4,547	-3,137	-6,718	-2,144	-2,880	-5,689
Net change in cash	154	502	782	-1	670	1,524	-1,581	-86	236	25
Free cash flow	4,083	4,668	6,058	5,802	5,490	6,294	5,923	1,349	1,498	2,603
Interest paid	88	75	114	156	182	181	198	321	473	542
Income taxes paid	1,150	1,800	705	570	720	1,200	1,480	1,350	451	296

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $278.07 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	58.3%	Gross profit / revenue.
Operating margin	37.3%	Operating income / revenue.
EBITDA margin	48.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	35.5%	Pre-tax income / revenue.
Net margin	31.1%	Net income / revenue.
FCF margin	27.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	44.6%	Cash from operations / revenue.
Effective tax rate	12.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	33.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	16.9%	Net income / average total assets.
Return on invested capital (ROIC)	22.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	10.7%	Research and development expense / revenue.
SG&A / revenue	9.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	17.0%	Capital expenditures / revenue.
D&A / revenue	10.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-4.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	10.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-9.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	1.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	10.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-15.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	0.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	13.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-10.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	3.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	4.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-17.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-2.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	4.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-16.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-1.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	13.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-6.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	3.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	73.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-24.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-13.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	4.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	5.5%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	8.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-3.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	3.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	12.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-2.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	12.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.86x	Current assets / current liabilities.
Quick ratio	2.93x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.16x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.78x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	39.2%	Total debt / total assets.
Liabilities / assets	49.8%	Total liabilities / total assets.
Net debt	$7.05B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.75x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	12.9x	Operating income / interest expense.
Working capital	$12.51B	Current assets - current liabilities.
Goodwill and intangibles / assets	12.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$13.36B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.54x	Revenue / average total assets.
Fixed asset turnover	1.63x	Revenue / average property, plant and equipment.
Inventory turnover	1.76x	Cost of revenue / average inventory.
Days inventory	207 days	365 x average inventory / cost of revenue.
Receivables turnover	7.72x	Revenue / average receivables.
Days sales outstanding	47 days	365 x average receivables / revenue.
Days payables	31 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	224 days	Days inventory + days sales outstanding - days payables.
FCF conversion	88.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	38.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$6.58	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$21.14	Revenue / diluted weighted shares.
FCF per share	$5.82	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.42	Cash from operations / diluted weighted shares.
Book value per share	$19.57	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$14.53	Tangible book value / shares outstanding.
Cash per share	$7.61	(Cash + short-term investments) / shares outstanding.
Payout ratio	84.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	95.5%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	13.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$253.95B	Share price x shares outstanding.
Enterprise value	$261.00B	Market cap + total debt - cash - short-term investments.
P/E	42.0x	Market cap / net income. Only when net income is positive.
P/S	13.1x	Market cap / revenue.
P/B	14.1x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	19.0x	Market cap / tangible book value, when positive.
P/FCF	47.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	29.3x	Market cap / cash from operations, when positive.
EV/Sales	13.4x	Enterprise value / revenue.
EV/EBIT	36.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	27.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	48.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.1%	Free cash flow / market cap.
Earnings yield	2.4%	Net income / market cap (the inverse of P/E).
Dividend yield	2.0%	Dividends paid over the period / market cap.
Shareholder yield	2.3%	(Dividends paid + share buybacks) / market cap.

What was TEXAS INSTRUMENTS INC's revenue in fiscal 2025?

TEXAS INSTRUMENTS INC reported revenue of $17.68B for fiscal 2025, 13% higher than the year before.

Was TEXAS INSTRUMENTS INC profitable in fiscal 2025?

Yes. Net income was $5.00B, a net margin of 28.3%.

How much free cash flow did TEXAS INSTRUMENTS INC generate in fiscal 2025?

Cash from operations of $7.15B minus capital expenditures of $4.55B left free cash flow of $2.60B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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