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Texas Instruments Incorporated

TXN

Technology Semiconductors

Texas Instruments Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $17.7 billion, up 13.0% from fiscal 2024.

Revenue
+27.7%
EPS
+76.7%
Free cash flow
+197.4%
Total debt
−3.50%

Quarter to September 2026, against a year earlier

316.38 6.57 +2.12%
Market cap
$283.1B
P/E
39.8×
Fwd P/E
30.6×
Dividend yield
1.87%
F-score
7/9
ROIC
21.5%
Net debt / EBITDA
1.1×
Dividend safety
43/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Analog
  • Embedded Processing
  • Other

Every year since 2009 →

Insider Decisions last twelve months

Net sold
$123.6M
Trades
31 sells · 0 buys
Ownership
0.34%

Capital & Financial Ratios $m

Size
Market Cap 283,100
Revenue ttm 20,766
Net income ttm 7,113
Free cash flow ttm 7,355
Net debt Q 5,413
Valuation
P/E 39.8 (above 35: high)
Forward P/E 30.6
Price / sales 13.6 (above 10: high)
Forward P/S Powerpack
Price / FCF 38.5
Price / book 14.8 (above 6: high)
Financial health
Current ratio Q 5.6 (at or above 1.5: strong)
Debt / equity Q 0.7
Interest coverage Q 20.4
Growth
Revenue growth Q +27.7% (above 0%: growing)
Operating income growth Q +72.8% (above 0%: growing)
EPS, this year +65.9% (at or above 15%: strong)
EPS, next year A +28.4% (at or above 15%: strong)
Revenue, next year A +26.7% (at or above 10%: strong)
EPS, past 5 yrs −1.8% (below 0%: weak)
EPS, next 5 yrs A +35.3% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates; n/m is not meaningful, as a P/E on a loss. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 13.9×, against a ten-year median of 8.2×; over the ten years it ranged from 4.3× in 2016 to 15.6× in 2026.
P/E against its own 10 years 95.75%
10-year low 10-year high
P/S against its own 10 years 97.77%
10-year low 10-year high
P/B against its own 10 years 84.91%
10-year low 10-year high
EV/Sales against its own 10 years 97.77%
10-year low 10-year high
EV/FCF against its own 10 years 70.01%
10-year low 10-year high

Dividends raised every year since 2018

Yield
1.87%
Annual rate
5.78
Payout ratio
75.0%
Growth, 2018–26
+10.3%/yr
  1. 2.63 ’18
  2. 3.21 ’19 +22
  3. 3.72 ’20 +16
  4. 4.21 ’21 +13
  5. 4.69 ’22 +11
  6. 5.02 ’23 +7
  7. 5.26 ’24 +5
  8. 5.50 ’25 +5
  9. 5.78 ’26 +5
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 8,575 7,580 4,881 8,142
Receivables 1,787 1,719 1,963 2,620
Inventory 3,999 4,527 4,804 4,672
Other — — — —
15,122 15,026 13,750 16,880
2023 2024 2025 Q'26
Payables 802 820 756 837
ST’ Debt 599 750 500 650
Other — — — —
3,320 3,643 3,159 3,017

Compound Annual Growth %

10y 5y 3y
Sales 3.12% 4.10% (4.07%)
Cash Flow 4.99% 3.10% (6.39%)
Earnings 5.23% (2.23%) (17.04%)
Book Value 5.05% 12.11% 3.74%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.40 Actual 2.62

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.30 1.27 Miss by 0.03
Q1 FY26 1.37 1.68 Beat by 0.31
Q2 FY26 1.91 2.14 Beat by 0.23
Q3 FY26 2.40 2.62 Beat by 0.22
Q4 FY26 2.60 — Reports 26 January 2027

EPS $

Mar Jun Sep Dec Year
’26 1.68 2.14 2.62 — —
’25 1.28 1.41 1.48 1.27 5.45
’24 1.20 1.22 1.47 1.30 5.20
’23 1.85 1.87 1.85 1.49 7.07
’22 2.35 2.45 2.47 2.13 9.41
’21 1.87 2.05 2.07 2.27 8.26
’20 1.24 1.48 1.45 1.80 5.97
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 4,825 5,463 6,055 — —
’25 4,069 4,448 4,742 4,423 17,682
’24 3,661 3,822 4,151 4,007 15,641
’23 4,379 4,531 4,532 4,077 17,519
’22 4,905 5,212 5,241 4,670 20,028
’21 4,289 4,580 4,643 4,832 18,344
’20 3,329 3,239 3,817 4,076 14,461
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,520 2,703 3,419 — —
’25 849 1,860 2,190 2,254 7,153
’24 1,017 1,571 1,732 1,998 6,318
’23 1,160 1,399 1,937 1,924 6,420
’22 2,144 1,768 2,766 2,042 8,720
’21 1,850 2,121 2,428 2,357 8,756
’20 851 1,720 1,443 2,125 6,139
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 849 2,221 2,956 — —
’25 (274) 555 994 1,329 2,604
’24 (39) 509 416 807 1,693
’23 179 (46) 443 776 1,352
’22 1,703 1,172 1,976 1,075 5,926
’21 1,543 1,738 1,945 1,143 6,369
’20 690 1,591 1,299 1,914 5,494
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 15.4% a year for ten years. It grew −8.1% a year over the last ten.

Implied
15.4%
10 years, reported
−8.1%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 13,370 14,961 15,784 14,383 14,461 18,344 20,028 17,519 15,641 17,682 20,766 +3.2% 22,399 26,279 29,313 +18.4%
Gross margin, % 61.76 64.26 65.11 63.71 64.10 67.47 68.76 62.90 58.14 57.02 60.24 (4.7) pt
EBT 4,930 6,080 6,686 5,728 6,017 8,919 10,032 7,418 5,453 5,710 8,129 +1.6%
EBT margin, % 36.87 40.64 42.36 39.82 41.61 48.62 50.09 42.34 34.86 32.29 39.15 (4.6) pt
Net income 3,595 3,682 5,580 5,017 5,595 7,769 8,749 6,510 4,799 5,001 7,113 +3.7%
Per share, $
Per share, $ Revenue 13.33 15.10 16.27 15.37 15.70 19.87 21.86 19.29 17.15 19.45 22.72 +4.3%
Earnings 3.48 3.61 5.71 5.33 6.07 8.42 9.55 7.17 5.26 5.50 7.79 +5.2%
Cash flow 4.60 5.41 7.41 7.10 6.67 9.49 9.52 7.07 6.93 7.87 10.83 +6.1%
Capex (0.53) (0.66) (1.16) (0.87) (0.70) (2.59) (3.05) (5.58) (5.07) (5.00) (2.78) +28.4%
Free cash flow 4.07 4.75 6.25 6.23 5.97 6.90 6.47 1.49 1.86 2.86 8.05 (3.8%)
Book value 10.44 10.43 9.27 9.52 9.98 14.45 15.91 18.61 18.53 17.90 20.99 +6.2%
Shares, m 1,003 991 970 936 921 923 916 908 912 909 911 (1.1%)
Valuation, ×
Valuation, × P/E 21.83 28.61 16.43 23.98 26.95 22.44 17.11 23.67 35.72 31.49 39.77 24.8
P/S 5.52 6.99 5.81 8.35 10.45 9.48 7.46 8.77 10.93 8.92 13.63 8.3
P/B 7.05 10.12 10.19 13.48 16.45 13.05 10.26 9.10 10.12 9.69 14.76 11.0
EV/Sales 5.53 6.97 5.86 8.38 10.47 9.37 7.45 8.92 11.32 9.44 13.90 8.4
EV/FCF 18.10 22.14 15.25 20.66 27.56 27.00 25.17 115.63 104.56 64.08 39.23 44.0
Cash, $m
Cash, $m Operating cash flow 4,614 5,363 7,189 6,649 6,139 8,756 8,720 6,420 6,318 7,153 9,896 +5.0%
Capex (531) (655) (1,122) (817) (645) (2,387) (2,794) (5,068) (4,625) (4,549) (2,541) +27.0%
Free cash flow 4,083 4,708 6,067 5,832 5,494 6,369 5,926 1,352 1,693 2,604 7,355 (4.9%)
Balance, $m
Balance, $m Working capital 5,193 6,476 5,623 6,638 7,849 11,116 11,036 11,802 11,383 10,591 13,863 +8.2%
Net debt 119 (392) 835 416 230 (1,998) (332) 2,648 6,016 9,167 5,413 +62.0%
Shareholders’ equity 10,473 10,337 8,994 8,907 9,187 13,333 14,577 16,897 16,903 16,273 19,185 +5.0%
Returns, %
Returns, % ROA 22.01 21.41 31.84 28.36 29.80 35.14 33.58 21.75 14.07 14.19 19.72 (7.8) pt
ROIC 28.65 38.23 42.69 38.37 39.12 49.40 44.49 23.44 14.90 14.80 21.51 (13.8) pt
ROE 35.21 35.06 57.29 55.70 61.55 68.70 62.41 41.16 28.25 29.98 39.57 (5.2) pt
People
People Employees 29,865 29,714 29,888 29,768 30,000 31,000 33,000 34,000 34,000 33,000 — +1.1%
Revenue/emp, $m 0.45 0.50 0.53 0.48 0.48 0.59 0.61 0.52 0.46 0.54 — +2.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Texas Instruments designs and manufactures semiconductors for electronics designers and manufacturers worldwide. It was founded in 1930 and is headquartered in Dallas. Haviv Ilan is chairman, president and chief executive officer.

Semiconductors, or chips, are components inside electronic equipment. Texas Instruments focuses on analog chips, which handle signals from the physical world and manage electrical power, and embedded-processing chips, which perform defined computing tasks inside equipment. Its products can sense temperature, pressure, sound or light; convert and condition those signals; distribute and convert power; connect devices; and process data.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Analog 14,006 79.21%
Embedded Processing 2,697 15.25%
Other 979 5.54%
Gross margin 57.02%
Operating margin 34.06%
Pre-tax margin 32.29%

Revenue by segment since 2009

Texas Instruments Incorporated vs peers in Semiconductors (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SKHY SK Hynix, Inc. - Sponsored ADR $1.04T — — — — — 83.20% 76.33% Compare
MU Micron Technology, Inc. $917.9B 10.8× 4.0× +379.27% (above 0%: growing) +1,066.43% (above 0%: growing) +45,543.06% (above 0%: growing) 86.76% 80.68% Compare
AMD Advanced Micro Devices, Inc. $906.8B 118× 72.9× +44.68% (above 0%: growing) +95.28% (above 0%: growing) −71.19% (below 0%: shrinking) 53.90% 21.17% Compare
INTC Intel Corporation $332.2B — (loss-making) — (loss-making) +25.42% (above 0%: growing) n/m 0.00% 40.36% 11.14% Compare
TXN Texas Instruments Incorporated $283.1B 39.8× 30.6× +27.69% (above 0%: growing) +76.67% (above 0%: growing) +197.38% (above 0%: growing) 64.19% 47.46%
ARM ARM Holdings PLC Sponsored ADR $217.6B 233× 161× +27.14% (above 0%: growing) −44.73% (below 0%: shrinking) −69.56% (below 0%: shrinking) 97.09% 13.93% Compare
ADI Analog Devices, Inc. $198.2B 48.2× 36.6× +39.63% (above 0%: growing) +162.86% (above 0%: growing) +34.29% (above 0%: growing) 67.32% 40.10% Compare
QCOM QUALCOMM Incorporated $188.9B 13.8× 27.9× −8.42% (below 0%: shrinking) n/m −49.38% (below 0%: shrinking) 50.75% 13.14% Compare
MRVL Marvell Technology, Inc. $148.0B 55.0× 78.4× +36.55% (above 0%: growing) +47.83% (above 0%: growing) +14.45% (above 0%: growing) 53.14% 16.78% Compare
Median of peers $274.9B 51.6× 54.8× +36.55% +95.28% 0.00% 60.61% 18.98%

All 68 Semiconductors stocks →

From the latest earnings call

Updated

  • CEO Haviv Ilan said demand grew across markets and regions, with industrial revenue up more than 40% and data center revenue up about 95% year over year.
  • Ilan said pricing moved up mainly in Analog in the second half, while Texas Instruments plans to ramp factories and expand capacity to support demand.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
UBS Nov 6, 2026 Target cut — 360.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 89.07%
Held by the ten largest 42.26%
Holder Shares Stake Change
Vanguard 98.84m 10.82% +1.69m
BlackRock 82.56m 9.04% +1.04m
State Street 44.45m 4.87% +1.38m
Invesco 37.78m 4.14% +518.23k
JPMorgan Chase 32.45m 3.55% −5.93m
Geode Capital Management 24.04m 2.63% +449.33k
Charles Schwab 21.17m 2.32% −4.76m
UBS 16.34m 1.79% −1.61m
BNY 15.06m 1.65% −1.34m
Norges Bank 13.22m 1.45% +13.22m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 4 March 2026

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group 10.04%
BlackRock, Inc.50 Hudson YardsNew York, NY 8.50%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Texas Instruments Incorporated (TXN) Latest News

10 Nov

Impact 3 · · Zacks
Impact 3 · · Trefis

9 Nov

Impact 3 · · Trefis

6 Nov

Impact 3 · · Investing.com

5 Nov

Impact 3 · · Simply Wall St.

4 Nov

Impact 3 · · Zacks
Impact 3 · · Zacks

30 Oct

Impact 3 · · Trefis

29 Oct

Impact 4 · · 24/7 Wall St.
Impact 4 · · Simply Wall St.
Impact 3 · · Zacks

28 Oct

Impact 4 · · Zacks
Impact 3 · · CNW Group

27 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Zacks
Impact 4 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Trefis

26 Oct

Impact 4 · · PR Newswire
Impact 4 · · 24/7 Wall St.
Impact 3 · · Zacks

24 Oct

Impact 4 · · Benzinga earnings

23 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Zacks
Impact 4 · · Trefis
Impact 4 · · Simply Wall St.

22 Oct

Impact 4 · · The Motley Fool
Impact 3 · · PR Newswire
Impact 3 · · Zacks

TXN metrics, ten years each

stockrow.com/TXN · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com