Equity · Technology
Texas Instruments Incorporated (TXN) perpetual futures
TXN perpetual futures on 15 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade TXNUSDT.
Texas Instruments designs and sells semiconductors, focusing on analog and embedded processing for industrial, automotive, and personal electronics.
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15/15 live markets
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15 markets
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| Trade | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
 XT.com | Trade | TXN/USDT | Trading | $300.42 | 0.0% APR 0.000% every 8h | +2.7 bps | $263.5K | $347.3K | - | USDT | 25x | |
 Binance | Trade | TXN/USDT | Trading | $300.35 | 0.0% APR 0.000% every 8h | +11.7 bps | - | $309.9K | $202.8K | USDT | - | |
 Bitget | Trade | TXN/USDT | Trading | $300.41 | 0.0% APR 0.000% every 8h | +1.3 bps | $332.1K | $163.3K | $258.4K | USDT | 20x | |
 MEXC | Trade | TXN/USDT | Trading | $300.40 | 0.0% APR 0.000% every 8h | +0.3 bps | $39.3K | $103.6K | $38.6K | USDT | 50x | |
 Bitunix | Trade | TXN/USDT | Trading | $300.31 | -26.3% APR -0.024% every 8h | +20.6 bps | $171.5K | $77.8K | $13K | USDT | 25x | |
 Gate.io | Trade | TXN/USDT | Trading | $300.10 | 0.0% APR 0.000% every 8h | +26.7 bps | $7.1K | $66.8K | $49.6K | USDT | 20x | |
 LBank | Trade | TXN/USDT | Trading | $300.31 | 0.0% APR 0.000% every 8h | +0.7 bps | $117.9K | $61.3K | $83.7K | USDT | 50x | |
 HTX | Trade | TXN/USDT | Trading | $300.45 | +11.0% APR +0.010% every 8h | +67.0 bps | $4.2M | $60K | $8.7K | USDT | - | |
 OKX | Trade | TXN/USDT | Trading | $300.54 | 0.0% APR 0.000% every 8h | +5.0 bps | $4.8K | $32.3K | $100.5K | USDT | 20x | |
 Variational | Trade | TXN/USDC | Trading | $300.27 | 0.0% APR 0.000% every 8h | +13.8 bps | no public depth feed | $15.8K | $15.2K | USDC | - | |
 Bybit | Trade | TXN/USDT | Trading | $300.55 | 0.0% APR 0.000% every 8h | +22.0 bps | $22K | $8.8K | $154.9K | USDT | 25x | |
 Extended | Trade | TXN/USD | Trading | $300.98 | +4.4% APR +0.00050% every 1h | +604.4 bps | - | $0 | $0 | USD | 10x | |
 Deepcoin | Trade | TXN/USDT | Trading | $300.23 | - | +3.7 bps | - | $2.8M | - | USDT | 25x | |
 BingX | Trade | TXN-USDT | Trading | $300.31 | +5.5% APR +0.00500% every 8h | +12.0 bps | $493.7K | $1.2M⚠ | $2.7K | USDT | - | |
 KuCoin | Trade | TXN/USDT | Trading | $299.95 | 0.0% APR 0.000% every 8h | +19.3 bps | $4K | $757.2K⚠ | $9.8K | USDT | 20x |
Unverified volume: implausibly high against open interest, a typical sign of wash trading. These venues are listed last.
Tradability
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Entry cost and depth per venue at $1k–$100k
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100kBroad liquidity · 9 of 15 venues absorb $10k · Typical cost: +12.4 bps – +33.4 bps
Too thin: Gate.io, OKX, KuCoin, Deepcoin
No fresh book data: Variational, Extended
Taker execution estimate incl. approx. fees - maker fills are not guaranteed.
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Research data
Analysts, filings and peer context
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6Company events
6Peer comparison
Similar listed perpsRevenue mix
Latest annualAnalysts
Price targets in USD| Consensus rating | Buy |
|---|---|
| Average 12-month price target | $336.40 |
| 12-month target range (low – high) | $250 – $405 |
| Ratings in the provider's consensus | 66 |
Price targets as of 2026-11-15
Analyst rating history
Ratings| Month | Strong buy | Buy | Hold | Sell | Strong sell |
|---|---|---|---|---|---|
| Nov 2026 | 2 | 18 | 13 | 2 | 0 |
| Oct 2026 | 3 | 18 | 15 | 2 | 0 |
| Sep 2026 | 3 | 17 | 14 | 2 | 0 |
| Aug 2026 | 3 | 17 | 16 | 2 | 0 |
| Jul 2026 | 2 | 16 | 17 | 2 | 0 |
| Jun 2026 | 2 | 15 | 18 | 2 | 0 |
| May 2026 | 2 | 15 | 19 | 2 | 0 |
| Apr 2026 | 2 | 14 | 19 | 4 | 1 |
| Mar 2026 | 2 | 12 | 18 | 4 | 1 |
| Feb 2026 | 2 | 12 | 19 | 4 | 1 |
| Jan 2026 | 2 | 12 | 19 | 4 | 3 |
| Dec 2025 | 2 | 13 | 17 | 4 | 3 |
Ownership
Institutional · 2026-Q3Reference market activity
TXN-PERPPrice performance
11Insider activity
FY2026 Q4Insider transactions
25Texas Instruments director Hobby Jean M. exercised 8,758 options (M-Exempt) at $167.42-$187.03 and sold the same 8,758 common shares on the open market (S-Sale) at $308.92, leaving 4,627 shares directly owned.
Director Kirk Ronald exercised 6,065 stock options at $79.26 and sold the resulting 6,065 common shares at $310.39 on Oct 29, 2026, leaving 15,462 shares owned.
Director Janet F. Clark exercised 4,306 non-qualified stock options at $110.15 and sold the same 4,306 common shares in two open-market sales at $302.40-$303.17, leaving 11,341 shares owned.
Director Pamela H. Patsley exercised 4,532 stock options at $104.41 and sold the same 4,532 common shares on the open market at $301.56, leaving 34,487 shares directly owned.
Director Robert E. Sanchez exercised 6,065 non-qualified stock options at $79.26 and sold the same 6,065 common shares in two sales at $302.14–$303.07. He held 21,600 shares after.
Filings
48 · Latest SEC filingsTexas Instruments director Hobby Jean M. exercised 8,758 options (M-Exempt) at $167.42-$187.03 and sold the same 8,758 common shares on the open market (S-Sale) at $308.92, leaving 4,627 shares directly owned.
Director Kirk Ronald exercised 6,065 stock options at $79.26 and sold the resulting 6,065 common shares at $310.39 on Oct 29, 2026, leaving 15,462 shares owned.
Director Pamela H. Patsley exercised 4,532 stock options at $104.41 and sold the same 4,532 common shares on the open market at $301.56, leaving 34,487 shares directly owned.
Director Janet F. Clark exercised 4,306 non-qualified stock options at $110.15 and sold the same 4,306 common shares in two open-market sales at $302.40-$303.17, leaving 11,341 shares owned.
Director Robert E. Sanchez exercised 6,065 non-qualified stock options at $79.26 and sold the same 6,065 common shares in two sales at $302.14–$303.07. He held 21,600 shares after.
Texas Instruments director Pamela H. Patsley received a grant of 107 stock units on 2026-09-18 (A-Award, not an open-market purchase), bringing her holdings to 65,606 shares.
Director Curtis C. Farmer received a grant of 107 stock units at $0.00 on Sep 18, 2026, bringing holdings to 2,261 units. This is compensation, not an open-market purchase.
On Aug 27, 2026, TXN SVP Abraham Tsedeniya exercised options for 1,365 shares at $79.26 and sold 7,000 shares at ~$264.6-$264.96, leaving 23,181 shares owned.
Julie C. Knecht, VP & Chief Accounting Officer of Texas Instruments, was awarded 7,154 shares of common stock on 2026-07-24 as compensation (not a purchase), bringing her ownership to 16,294 shares.
Director Curtis C. Farmer was awarded 85 stock units at Texas Instruments on 2026-06-19 as compensation, bringing his total holdings to 2,144 units.
Director Pamela H. Patsley was awarded 85 stock units on 2026-06-19, bringing her total holdings to 65,170 units.
Director Martin S. Craighead sold 10,000 shares of Texas Instruments common stock on 2026-05-28 in two open-market sales at prices between $320.41 and $321.01 per share, leaving 14,359 shares owned afterward.
Rafael R. Lizardi (SVP & CFO) exercised options to acquire 47,734 common shares at $174.81, then sold all 47,734 shares in three trades priced between $307.8474 and $309.4487.
Sr. VP Ahmad Bahai exercised options to acquire 5,000 common shares at $110.15, then sold those 5,000 shares on the open market at $309.1272.
Director Carrie Smith Cox exercised options for 8,838 shares at $104.41-$110.15, then sold all 8,838 shares at $306.37-$307.04.
Sr. VP Shanon J. Leonard sold 4,963 shares of Texas Instruments common stock at $295.2218 per share, leaving 24,867 shares owned afterward.
Sr. VP Shanon J. Leonard had 2,145 Texas Instruments common shares withheld to cover taxes at $280.89 per share, leaving 29,830 shares owned afterward. This was not an open-market sale.
Ilan Haviv exercised NQ stock options for 20,000 common shares at $79.26, then sold all 20,000 shares on the open market at $280.3225.
Texas Instruments officer Julie C. Knecht exercised 5,378 stock options at $130.52, disposed the same 5,378 shares, sold 9,956 shares at $278.69-$280.09 and gifted 175 shares.
Sr. VP Mark T. Roberts exercised stock options for 17,831 shares at $104.41-$130.52 and sold 28,080 shares at $279.34-$280.72 on 2026-04-30.
Gary Mark exercised stock options for 13,689 shares of Texas Instruments common stock at $130.52, then sold all 13,689 shares at $279.2513 per share.
Texas Instruments officer Mohammad Yunus exercised options on 51,098 shares (M-Exempt, $130.52-$174.81) and sold 51,098 shares (S-Sale, $269.5603-$271.4705) on 2026-04-29.
Texas Instruments Sr. VP Abraham Tsedeniya was awarded 7,217 shares of common stock on 2026-04-24 as compensation, bringing his total ownership to 28,779 shares.
Katharine Kane, SVP and General Counsel, exercised options for 6,125 shares of Texas Instruments common stock at $130.52-$174.81, then sold all 6,125 shares at $270.09-$271.11.
Ahmad Bahai exercised stock options for 3,660 Texas Instruments shares at $79.26 and then sold all 3,660 shares on the open market at $268.4042 per share.
Texas Instruments officer Christine Witzsche exercised 3,625 stock options (M-Exempt, strike $79.26-$130.52) into common stock and sold all 3,625 shares at $275.5229 on 2026-04-24; she held 25,617 shares afterwards.
Rafael Lizardi (CFO) exercised options on 40,541 shares of Texas Instruments common stock at $169.23, then sold all 40,541 shares in three trades at $273.74-$275.53 per share.
Director Pamela Patsley exercised options for 4,306 shares of Texas Instruments common stock at $110.15 and then sold all 4,306 shares at $276.11.
Director Mark A Blinn sold 15,000 shares of Texas Instruments common stock on the open market at prices ranging from $276.65 to $278.53 per share, across three transactions on 2026-04-24.
Sr. VP Leonard Shanon J exercised stock options covering 18,189 shares (exercise prices $104.41-$174.81), then sold all 18,189 shares at $277.9541 each.
Ron Amichai exercised options for 15,865 shares of Texas Instruments common stock at $104.41 and then sold 18,365 shares on the open market at $272.432 per share, leaving 81,085 shares owned.
Todd M Bluedorn exercised NQ stock options for 4,306 shares of Texas Instruments common stock at $110.15, then sold all 4,306 shares on the open market at $274.2521 per share.
This Form 3 initial filing shows Sr. VP Abraham Tsedeniya's starting holdings: 21,562 common shares and options to buy 60,150 shares across 10 grants, with exercise prices ranging $79.26–$218.97.
Transcripts
Earnings callsFY2026 Q22026-07-22
Earnings calls
AI summary
positiveTexas Instruments delivered strong second quarter fiscal 2026 results with revenue of $5.5 billion, up 13% sequentially and 23% year-over-year, exceeding guidance ranges. Analog revenue grew 26% YoY and Embedded Processing grew 16% YoY. The company saw accelerating demand across industrial (up ~30% YoY), data center (doubled YoY), automotive (mid-teens YoY), and communications equipment, while personal electronics was flat YoY. Gross margin expanded significantly to 61% of revenue, up 340 basis points sequentially, with operating profit reaching $2.3 billion or 42% of revenue, up 48% YoY. Management expects above-seasonal Q3 revenue guidance of $5.65B-$6.15B and EPS of $2.23-$2.57. The company has begun executing customer-specific pricing increases that are expected to phase in during Q3 and beyond. Free cash flow on a trailing 12-month basis reached $6.5 billion, including $1.6 billion in CHIPS Act incentives. CFO Rafael Lizardi is retiring at the end of August and will be succeeded by Julie Knecht, who has been with TI for over 25 years.
Key takeaways
- Revenue of $5.5B exceeded expectations with 23% YoY growth driven by broad strength across industrial, data center, automotive, and communications end markets
- Gross margins expanded to 61% with 340 bps sequential improvement; operating profit up 48% YoY to $2.3B
- Company executing pricing increases customer-by-customer with contributions expected in Q3 and continuation into Q4, primarily on Analog side initially
- Above-seasonal Q3 guidance of $5.65B-$6.15B reflects continued strength across all major markets including traditional strength in personal electronics
- Free cash flow on trailing 12-month basis of $6.5B includes $1.6B in CHIPS Act incentives; capital expenditure program on track at $2B-$3B for 2026
Financial highlights
- Q2 revenue $5.5B, up 13% sequential and 23% YoY
- Gross profit $3.4B or 61% of revenue, up 340 bps sequentially
- Operating profit $2.3B or 42% of revenue, up 48% YoY
- Net income $2.0B or $2.14 per share, including $0.05 discrete tax benefit
Guidance
- Q3 2026 revenue guidance $5.65B-$6.15B
- Q3 2026 EPS guidance $2.23-$2.57
- Expected effective tax rate of approximately 13% in Q3
- Full year 2026 capital expenditure guidance remains $2B-$3B
Q&A themes
- Automotive market inflection driven by EV/hybrid demand and low customer inventory levels; continued strength expected in Q3
- Data center market doubled YoY with significant long-term TAM expansion opportunity as industry transitions to higher voltage architectures like 800V systems
- Industrial market still below 2022 peak levels with mid- to high single-digit TAM growth ahead; energy infrastructure and test/measurement sectors among fastest growing
- Pricing execution beginning with customer-by-customer discussions; Analog segment seeing most immediate pressure with Embedded pricing discussions expected to focus on next year
Risks
- Personal electronics market facing challenges from component shortages affecting customer demand; flat YoY in Q2 though expected to participate in Q3 seasonal growth at lower levels
- Competitive pricing pressure from competitors with extended lead times (52+ weeks) could impact future share dynamics; TI's advantage is faster lead times and available capacity
- ITC benefits can be choppy quarter-to-quarter and future assembly/test operations disproportionately located outside US will not benefit from ITC credits
FY2026 Q12026-04-22
Earnings calls
AI summary
positiveTI delivered strong Q1 results with revenue of $4.8 billion and EPS of $1.68, exceeding guidance due to broad-based industrial growth (up 30% YoY) and data center expansion (up 90% YoY). The company announced the Silicon Labs acquisition and guided Q2 revenue of $5.0-5.4 billion with EPS of $1.77-2.05, reflecting confidence in market momentum but cautious about sustainability.
Key takeaways
- Industrial segment grew 30% YoY and 20%+ sequentially with broad application and geographic exposure
- Data center grew 90% YoY and 25%+ sequentially, representing 8 consecutive quarters of sequential growth
- Announced Silicon Labs acquisition to enhance wireless connectivity portfolio; transaction expected to close in H1 2027
- Pricing stable sequentially and YoY in Q1; potential pricing increases in H2 pending demand sustainability
- Well-positioned on capacity and inventory with ability to support multiple growth scenarios
Financial highlights
- Q1 revenue: $4.8 billion, up 9% sequentially and 19% YoY
- Gross profit: $2.8 billion or 58% of revenue; gross margin up 210 bps sequentially
- Operating profit: $1.8 billion or 37% of revenue, up 37% YoY
- Net income: $1.5 billion or $1.68 per share including $0.05 discrete tax benefit
Guidance
- Q2 FY2026 revenue guidance: $5.0 billion to $5.4 billion (midpoint $5.2 billion)
- Q2 EPS guidance: $1.77 to $2.05
- Effective tax rate expected at ~13% in Q2
- 2026 CapEx: $2.0 billion to $3.0 billion
Q&A themes
- Industrial market showing broad-based strength across sectors and regions with first indication of tail market recovery after extended hibernation
- Customer behavior shows continued demand acceleration through Q1 with no evidence of double ordering or hoarding
- Data center power density applications driving significant growth through combination of broad portfolio, supply chain resilience, and manufacturing advantage
- Pricing environment: currently stable but likely to improve in H2 if demand sustainability continues; customers value supply reliability over aggressive pricing
Risks
- Demand sustainability uncertain; Q1 2025 showed similar strong start that decelerated in H2, creating caution despite current momentum
- Automotive segment remained flat sequentially in Q1 with China weakness; potential cyclical transition risk given past market behavior
- Geopolitical tensions and macro uncertainty could impact second-half demand despite positive first-half trajectory
FY2025 Q42026-01-27
Earnings calls
AI summary
positiveTXN delivered Q4 revenue of $4.4 billion (up 10% YoY, down 7% sequentially) with gross margin of 56% and EPS of $1.27. The company guides Q1 2026 revenue of $4.32-$4.68 billion and EPS of $1.22-$1.48, representing above-seasonal sequential growth. Key drivers include continued industrial recovery, data center growing 70% YoY to represent 9% of full-year revenue, and strengthening order trends.
Key takeaways
- Q4 revenue $4.4B (+10% YoY, -7% sequential); industrial grew high teens YoY, data center +70% YoY, automotive +upper single digits YoY
- Q1 2026 guidance for sequential growth ($4.32-$4.68B revenue) above typical seasonal patterns, driven by industrial recovery, continued data center momentum (7 consecutive quarters of growth), and improved bookings
- Reorganized end markets to emphasize industrial, automotive, and data center (75% of 2025 revenue, up from 43% in 2013); data center now $1.5B annually (64% growth)
- Strong capital returns: $6.5B returned in past 12 months including $1.3B dividends and $403M buybacks; 22nd consecutive year of dividend increases (4% increase to $1.42/share)
- No pricing increases planned; expect low single-digit pricing declines in 2026; manufacturing capacity positioned ahead of schedule with Sherman fab ramping ahead of plan with high yield
Financial highlights
- Q4 revenue $4.4B; gross profit $2.5B (56% margin); operating profit $1.5B (33% margin); net income $1.2B ($1.27 EPS including 6¢ impairment charge)
- FY2025: cash flow from operations $7.2B, capex $4.6B, free cash flow $2.9B (17% of revenue, +96% YoY); $670M CHIPS Act incentive received
- Q4 inventory $4.8B (222 days, +7 days sequentially); balance sheet: $4.9B cash/investments, $14B total debt at 4% weighted average coupon
- Analog revenue +14% YoY; embedded processing +8% YoY; 2025 revenue by end market: industrial $5.8B (+12% YoY, 33%), automotive $5.8B (+6%, 33%), data center $1.5B (+64%, 9%), personal electronics $3.7B (+7%, 21%)
Guidance
- Q1 2026 revenue guidance $4.32-$4.68B, EPS $1.22-$1.48; sequential growth above typical seasonal patterns
- 2026 capex expected $2-$3B; depreciation expected $2.2-$2.4B; expect effective tax rate 13-14%
- 2026 maintenance capex characterized as mid-single-digit percentage of revenue; direct CHIPS Act funding up to $1.6B expected; ITC credit now 35% for 2026 and beyond
- Expect pricing to decline low single digits (~2-3%) in 2026; no step-function pricing increases planned for Q1
Q&A themes
- Inventory and loadings: Inventory levels deemed optimal; loadings will adjust based on demand; company maintains flexibility to respond to revenue changes
- Data center opportunity: Market growing 7 consecutive quarters; strength across power, signal chain, VRMs, and diverse analog/embedded parts across rack systems; opportunity to expand with new BCD process technology sampling
- Industrial market recovery: Currently 25% below 2022 peaks with room for secular content growth; orders improving but cautious on sustainability; China industrial steady
- Automotive outlook: Q4 automotive slightly down low single digits; roughly at 2023 peak levels; continued secular content growth expected; Q1 typically seasonally weak due to Chinese New Year; EVs and ICE vehicles both showing strength
Risks
- Execution risk on fab expansion and manufacturing ramp; Sherman fab ahead of schedule but Lehigh transition and broader capacity deployment success uncertain
- Market uncertainty on order sustainability; noted previous mid-year 2025 industrial pickup followed by slowdown; cautious on whether current order improvement will persist
- Personal electronics and communications equipment remain weak (PE declined upper teens YoY in Q4, communications equipment declined low single digits YoY); recovery timeline unclear with PE at tougher comparables
FY2025 Q32025-10-21
Earnings calls
AI summary
mixedTXN delivered Q3 revenue of $4.7B with gross margins of 57% and operating profit of 35%, while EPS came in at $1.48 including $0.08 in restructuring charges. The company is moderating wafer loadings in Q4 to maintain inventory discipline as the semiconductor recovery continues at a slower pace than historical norms. Q4 guidance calls for revenue of $4.22B-$4.58B and EPS of $1.13-$1.39.
Key takeaways
- Analog revenue grew 16% year-over-year; embedded processing grew 9%; all major end markets showed year-over-year growth
- Data center market is a standout performer, growing over 50% year-to-date with $1.2B run rate; company plans to call out data center as separate market starting Q1
- Customer inventories remain at low levels with depletion behind us; company maintaining strong lead times and customer service metrics
- Restructuring charges of $0.08 per share related to 250mm fab closures and R&D site consolidations; benefits to gross margin and OpEx expected in coming quarters
Financial highlights
- Q3 revenue: $4.7B (+7% sequential, +14% year-over-year)
- Q3 gross profit: $2.7B or 57% of revenue (down 50 bps sequentially)
- Q3 operating profit: $1.7B or 35% of revenue (+7% year-over-year)
- Q3 EPS: $1.48 (includes $0.08 restructuring charge); trailing twelve-month free cash flow: $2.4B; trailing twelve-month operating cash flow: $6.9B
Guidance
- Q4 FY2025 revenue guidance: $4.22B-$4.58B (midpoint ~$4.4B, down ~7% sequentially)
- Q4 FY2025 EPS guidance: $1.13-$1.39
- Effective tax rate for Q4 expected at ~13%; FY2026 effective tax rate expected at 13-14%
- CapEx guidance remains 20-26% of revenue range for 2026, with probability of being at lower end more likely given moderate recovery trajectory
Q&A themes
- Bookings and linearity: Q3 progressed as expected month-to-month without the moderation seen in Q2; turns business followed typical cyclical recovery pattern
- Wafer loadings and inventory: Company moderating loadings in Q4 after Q3 adjustments to maintain flat-to-down inventory trajectory; loadings adjustments embedded in Q4 EPS guidance
- China market: Returned to normal in Q3 after pull-forward activity in Q2; industrial in China did not grow sequentially but up ~40% year-over-year
- Pricing and lead times: Expecting low single-digit price declines for full year 2025; lead times consistent sequentially and competitive; no significant changes reported
Risks
- Semiconductor recovery proceeding at slower pace than historical norms, likely driven by macroeconomic uncertainty and tariff/trade tensions; customer CapEx spending in wait-and-see mode pending policy clarity
- Gross margin pressure in Q4 from lower revenue, higher depreciation, and moderating wafer loadings; depreciation guidance for 2026 ($2.3B-$2.7B) expected at lower end of range
- Industrial market showing signs of deceleration after strong Q2 performance; automotive and personal electronics remain near normalized levels with limited upside momentum
FY2025 Q22025-07-22
Earnings calls
AI summary
mixedTI delivered strong Q2 results driven by cyclical recovery across most end markets, with Analog up 18% and Embedded Processing up 10% year-over-year. Industrial recovered broadly with mid-teens sequential growth, while automotive remains weak. Management guided Q3 results conservatively due to tariff-related pull-ins in Q2 and uncertainty around geopolitical impacts, despite maintaining confidence in the underlying cyclical recovery.
Key takeaways
- Four of five end markets (Personal Electronics, Enterprise Systems, Communications Equipment, and Industrial) are now in cyclical recovery, with only Automotive remaining weak
- Industrial grew upper teens sequentially and ~20% year-over-year in Q2, though management attributes some to tariff-related inventory building that normalized through the quarter
- China revenue was particularly strong in Q2 with 19% sequential and 32% year-over-year growth, driven primarily by industrial demand
- Q3 guidance reflects more conservatism than May conference commentary due to Q2 acceleration being partially driven by tariff-related pull-ins rather than sustainable cyclical demand
Financial highlights
- Q2 revenue: $4.4 billion (+9% sequential, +16% year-over-year); Analog +18% YoY, Embedded Processing +10% YoY, Other segment +14% YoY
- Q2 gross profit: $2.6 billion (58% margin, up 110 bps sequentially); Operating profit: $1.6 billion (35% margin, up 25% YoY); Net income: $1.3 billion ($1.41 EPS)
- Cash generation: Operating cash flow $1.9B in Q2, $6.4B trailing 12-month; Free cash flow $1.8B trailing 12-month; Returned $6.7B to shareholders in past 12 months
- Inventory: $4.8 billion (days inventory 231, down 9 days sequentially); Capital expenditures: $1.3B in Q2, $4.9B trailing 12-month
Guidance
- Q3 2025 revenue guidance: $4.45-$4.80 billion; EPS guidance: $1.36-$1.60 (assumes 12-13% effective tax rate, does not include recently enacted U.S. tax legislation effects)
- 2025 CapEx expected to be $5 billion; 2026 CapEx expected to be $2-5 billion depending on revenue and growth expectations
- 2025 depreciation expected $1.8-2.0 billion; 2026 depreciation expected $2.3-2.7 billion, likely at lower end of range
- Gross margin expected approximately flat sequentially in Q3 despite higher depreciation; OpEx expected above flat; 75-85% fall-through expected over long term (year-over-year basis)
Q&A themes
- Tariff dynamics: Q2 benefited from customer inventory pull-ins ahead of tariff implementation; tariffs currently on hold but remain source of uncertainty; U.S. manufacturing footprint becoming increasingly valuable for geopolitically dependent supply
- Cyclical recovery timing: Industrial accelerated as third market joining recovery after Personal Electronics, Enterprise, and Communications; Automotive recovery delayed, expected potentially in H2 2025 following typical 1-year lag behind Industrial
- China performance: Strong Q2 with 32% YoY growth driven by industrial; automotive in China showing inventory correction dynamics similar to rest of world; China OEM customers represent ~20% of revenue
- Data center opportunity: Enterprise market growing >50%, with data center as largest sector; opportunity to expand from general-purpose parts to application-specific positions using new technology ramping in Sherman, Texas for 2026+ tailwind
Risks
- Automotive market has not yet recovered and remains weak with single-digit year-over-year growth; recovery timing uncertain and dependent on customer confidence amid macro uncertainty and tariff concerns
- Q2 strong performance partially attributable to tariff-related inventory pull-ins that normalized through quarter, making Q3 guidance more uncertain; geopolitical and tariff environment remains dynamic and unpredictable
- Depreciation headwinds continuing into Q3 and beyond limiting gross margin expansion despite revenue growth; higher debt interest expense partially offsetting cash tax benefits from new legislation
FY2025 Q12025-04-23
Earnings calls
Company news
Reuters, WSJ, Bloomberg and FT first, as far as our news provider delivers them; other publishers behind the second filter. Headlines link to the publisher.Company data
Company intelligence
Updated: Nov 15, 2026, 12:08 PM UTC
Company data
Company intelligence
Company profile
- Sector
- Technology
- Industry
- Semiconductors
- Chief executive
- Haviv Ilan
- Employees
- 33,000
- IPO date
- Jun 1, 1972
- Country
- US
- Exchange
- NASDAQ Global Select
Rating factors
- Return on equityi
- 5/5
- Return on assetsi
- 5/5
- Debt to equityi
- 2/5
- Price to earningsi
- 2/5
- Price to booki
- 1/5
Company press releases
Congressional disclosures
Senate
House
Market cap history
Largest fund holders
| Fund | Weight | Shares held |
|---|---|---|
| VTI | 0.35% | 29M |
| VOO | 0.39% | 24M |
| QQQ | 1.27% | 19.4M |
| SCHD | 4.7% | 18.7M |
| SMH | 6.05% | 12.7M |
| XUU.TO | 0.38% | 12.3M |
| IVV | 0.43% | 12.3M |
| 1657.T | 0.33% | 12.3M |
| SPY | 0.43% | 11.3M |
| FXAIX | 0.39% | 10.7M |
| SOXX | 5.2% | 7.5M |
| XLK | 1.79% | 6.8M |
Analyst track record
How the analysts covering TXN have done: ratings, price-target accuracy and the measured reaction after their calls.
| 12 months | 3 years | |
|---|---|---|
| Ratings | 176 | 502 |
| Analysts | 33 | 45 |
| Buy / hold / sell | 88 / 69 / 19 | 200 / 240 / 62 |
| Upgrades / downgrades / initiations | 12 / 1 / 0 | 21 / 9 / 7 |
| Price targets hit / missed | 113 / 51 (69%) | 397 / 51 (89%) |
| Avg. return after a rating (TipRanks) | +20.3% | +48.0% |
| Best / worst call | +123.2% / -22.8% | +150.0% / -22.8% |
After buy calls on this stock: median 21-day move -1.4% vs S&P 500 -0.5% (n = 192)
Most accurate on this stock
Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.
- Joseph MooreMorgan Stanley79% hit rate on this stock · 14 targets measuredSelltarget $278Oct 22, 2026
- Christopher DanelyCiti76% hit rate on this stock · 17 targets measuredBuytarget $235Nov 24, 2025
- Timothy ArcuriUBS70% hit rate on this stock · 10 targets measuredBuytarget $360Oct 22, 2026
Latest ratings
| Date | Analyst | Call | Target | |
|---|---|---|---|---|
| Nov 9, 2026 | Vivek AryaBank of America SecuritiesNov 9, 2026 | BuyMaintained | –↗ | article ↗ |
| Oct 28, 2026 | Ingo WermannDZ BANK AGOct 28, 2026 | HoldUpgraded | $300↗ | article ↗ |
| Oct 27, 2026 | Vivek AryaBank of America SecuritiesOct 27, 2026 | BuyMaintained | $370↗ | article ↗ |
| Oct 25, 2026 | Stacy RasgonBernsteinOct 25, 2026 | HoldMaintained | $310↗ | article ↗ |
| Oct 23, 2026 | Joseph QuatrochiWells FargoOct 23, 2026 | HoldMaintained | $300↗ | article ↗ |
Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.
TipRanks data · computed Nov 13, 2026 · 176 ratings
Frequently asked questions
Where can I trade TXN perpetual futures?
Texas Instruments Incorporated (TXN) perpetual futures trade on 15 crypto venues, including Deepcoin, BingX, KuCoin. PerpEquities compares them by live price, funding rate, open interest and liquidity.
Can I trade TXN around the clock?
Yes. Unlike the underlying stock, TXN perpetuals trade 24/7 — including weekends and outside regular market hours.
What is the funding rate on TXN perpetuals?
Right now the TXN perp funding rate is 0.0% annualized (venue median), ranging from -26.3% to +11.0% across 15 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.
How does the TXN perp price compare to the Texas Instruments Incorporated stock?
The venue-median TXN perp mark is $300.3 versus a reference stock price of $300.5, a basis of 0.0%. Perps follow the stock through an index price; the gap widens when funding or liquidity diverge between venues.
What is a TXN perpetual future?
A TXN perpetual is a derivative that tracks the price of Texas Instruments Incorporated with no expiry date. It lets you take long or short exposure to Texas Instruments Incorporated on crypto venues, around the clock.
What is TXNUSDT perpetual?
TXNUSDT is the symbol most crypto exchanges use for the Texas Instruments Incorporated perpetual settled in USDT (Tether). It tracks the TXN share price through an index, trades 24/7 with leverage and never expires.
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