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TEXAS INSTRUMENTS INC

TXN· Nasdaq· Semiconductors & Related Devices

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
14.7%
ROIC, 5 yr avg
41.1%
Revenue, 5 yr CAGR
+4.1%
We record prices for the companies we cover; TXN is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
913.0M
Revenue
$17.7B
Free cash flow
$2.6B
Owner earnings
$2.2B

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
57.0%
Operating
34.1%
Net
28.3%
Free cash flow
14.7%
Owner earnings
12.4%
Stock pay
2.4%

Returns

ROIC, FY2025
20.7%
ROIC, 5 yr avg
41.1%
ROE, FY2025
30.7%
ROE, 5 yr avg
43.2%

Growth (CAGR)

Revenue, 3 yr
-4.1%
Revenue, 5 yr
4.1%
Revenue, 9 yr
3.2%
Diluted EPS, 3 yr
-16.6%
Diluted EPS, 5 yr
-1.8%
Diluted EPS, 9 yr
5.1%
Free cash flow, 3 yr
-24.0%
Free cash flow, 5 yr
-13.9%
Free cash flow, 9 yr
-4.9%

Financial health · FY2025

Cash and investments
$4.9B
Total debt
$14.0B
Net debt
$9.2B
Debt/Equity
0.9x
Debt/FCF
5.4x

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
100.0%
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
-0.4%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$17.7B

+3.2% a year over 9 years

FY2016: Revenue $13.4BFY2017: Revenue $15.0BFY2018: Revenue $15.8BFY2019: Revenue $14.4BFY2020: Revenue $14.5BFY2021: Revenue $18.3BFY2022: Revenue $20.0BFY2023: Revenue $17.5BFY2024: Revenue $15.6BFY2025: Revenue $17.7B
FY2016FY2025

Margins

Gross57.0%Operating34.1%Net28.3%

FY2025

FY2016: Gross 61.8%, Operating 36.3%, Net 26.9%FY2017: Gross 64.3%, Operating 40.7%, Net 24.6%FY2018: Gross 65.1%, Operating 42.5%, Net 35.4%FY2019: Gross 63.7%, Operating 39.8%, Net 34.9%FY2020: Gross 64.1%, Operating 40.8%, Net 38.7%FY2021: Gross 67.5%, Operating 48.8%, Net 42.4%FY2022: Gross 68.8%, Operating 50.6%, Net 43.7%FY2023: Gross 62.9%, Operating 41.8%, Net 37.2%FY2024: Gross 58.1%, Operating 34.9%, Net 30.7%FY2025: Gross 57.0%, Operating 34.1%, Net 28.3%
FY2016FY2025

Free cash flow and owner earnings

Free cash flow$2.6BOwner earnings$2.2B

Free cash flow -4.9% a year

FY2016: Free cash flow $4.1B, Owner earnings $3.8BFY2017: Free cash flow $4.7B, Owner earnings $4.4BFY2018: Free cash flow $6.1B, Owner earnings $5.8BFY2019: Free cash flow $5.8B, Owner earnings $5.6BFY2020: Free cash flow $5.5B, Owner earnings $5.3BFY2021: Free cash flow $6.3B, Owner earnings $6.1BFY2022: Free cash flow $5.9B, Owner earnings $5.6BFY2023: Free cash flow $1.3B, Owner earnings $987.0MFY2024: Free cash flow $1.5B, Owner earnings $1.1BFY2025: Free cash flow $2.6B, Owner earnings $2.2B
FY2016FY2025

Diluted shares

913.0M

-10.6% over 9 years, net buybacks

FY2016: Diluted shares 1.02BFY2017: Diluted shares 1.01BFY2018: Diluted shares 990.0MFY2019: Diluted shares 952.0MFY2020: Diluted shares 933.0MFY2021: Diluted shares 936.0MFY2022: Diluted shares 926.0MFY2023: Diluted shares 916.0MFY2024: Diluted shares 919.0MFY2025: Diluted shares 913.0M
FY2016FY2025

Return on invested capital

20.7%

FY2025

FY2016: ROIC 33.4%FY2017: ROIC 37.0%FY2018: ROIC 57.0%FY2019: ROIC 53.8%FY2020: ROIC 58.2%FY2021: ROIC 68.9%FY2022: ROIC 62.1%FY2023: ROIC 32.9%FY2024: ROIC 21.0%FY2025: ROIC 20.7%
FY2016FY2025

Net debt (below zero)

-$9.2B

$9.2B more debt than cash

FY2016: Net cash -$119.0MFY2017: Net cash $392.0MFY2018: Net cash -$835.0MFY2019: Net cash -$416.0MFY2020: Net cash -$230.0MFY2021: Net cash $2.0BFY2022: Net cash $332.0MFY2023: Net cash -$2.6BFY2024: Net cash -$6.0BFY2025: Net cash -$9.2B
FY2016FY2025

Every figure, year by year

Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
The business
Revenue$13.4B$15.0B$15.8B$14.4B$14.5B$18.3B$20.0B$17.5B$15.6B$17.7B
Revenue growth2.8%11.9%5.5%-8.9%0.5%26.9%9.2%-12.5%-10.7%13.0%
Gross margin61.8%64.3%65.1%63.7%64.1%67.5%68.8%62.9%58.1%57.0%
Operating margin36.3%40.7%42.5%39.8%40.8%48.8%50.6%41.8%34.9%34.1%
Net income$3.6B$3.7B$5.6B$5.0B$5.6B$7.8B$8.7B$6.5B$4.8B$5.0B
Net margin26.9%24.6%35.4%34.9%38.7%42.4%43.7%37.2%30.7%28.3%
Diluted EPS$3.48$3.61$5.59$5.24$5.97$8.26$9.41$7.07$5.20$5.45
Return on invested capital?33.4%37.0%57.0%53.8%58.2%68.9%62.1%32.9%21.0%20.7%
Cash
Operating cash flow$4.6B$5.4B$7.2B$6.6B$6.1B$8.8B$8.7B$6.4B$6.3B$7.2B
Capital expenditure$531.0M$695.0M$1.1B$847.0M$649.0M$2.5B$2.8B$5.1B$4.8B$4.5B
Free cash flow$4.1B$4.7B$6.1B$5.8B$5.5B$6.3B$5.9B$1.3B$1.5B$2.6B
Stock-based compensation$252.0M$242.0M$232.0M$217.0M$224.0M$230.0M$289.0M$362.0M$387.0M$419.0M
Owner earnings?$3.8B$4.4B$5.8B$5.6B$5.3B$6.1B$5.6B$987.0M$1.1B$2.2B
Free cash flow per share$4.00$4.61$6.12$6.09$5.88$6.72$6.40$1.47$1.63$2.85
Capital allocation
Dividends paid$1.6B$2.1B$2.6B$3.0B$3.4B$3.9B$4.3B$4.6B$4.8B$5.0B
Share repurchases$2.1B$2.6B$5.1B$3.0B$2.6B$527.0M$3.6B$293.0M$929.0M$1.5B
Diluted shares1.02B1.01B990.0M952.0M933.0M936.0M926.0M916.0M919.0M913.0M
Share count change?-2.1%-0.9%-2.2%-3.8%-2.0%0.3%-1.1%-1.1%0.3%-0.7%
Balance sheet
Cash and equivalents$1.2B$1.7B$2.4B$2.4B$3.1B$4.6B$3.0B$3.0B$3.2B$3.2B
Short-term investments$2.3B$2.8B$1.8B$3.0B$3.5B$5.1B$6.0B$5.6B$4.4B$1.7B
Total debt$3.6B$4.1B$5.1B$5.8B$6.8B$7.7B$8.7B$11.2B$13.6B$14.0B
Net debt$119.0M-$392.0M$835.0M$416.0M$230.0M-$2.0B-$332.0M$2.6B$6.0B$9.2B
Shareholders' equity$10.5B$10.3B$9.0B$8.9B$9.2B$13.3B$14.6B$16.9B$16.9B$16.3B

Latest filings

All on EDGAR
2026-10-2310-QQuarterly report
2026-10-218-KEarnings release
2026-07-2410-QQuarterly report
2026-07-228-KEarnings release
2026-04-2410-QQuarterly report
2026-04-228-KEarnings release
2026-03-04DEF 14AProxy statement
2026-02-0610-KAnnual report
2026-01-278-KEarnings release
2025-10-2310-QQuarterly report

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