Texas Instruments Incorporated (TXN) financials
NASDAQ · Technology · Semiconductors · 33,000 employees · CEO Haviv Ilan
- Price
- $300.84 -3.40%
- Market cap
- $275B
- Enterprise value
- $284B
- Last report
- Q3 '26 filed 2026-10-23
- Next report
- 2027-01-26 EPS est. $2.62
Revenue (TTM)$20.8B+20.3% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)40.8%+6.4 pp vs a year agoOperating income $8.47B
Net income (TTM)$7.11B+41.0% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$7.32B+251.8% vs a year agoCapex $2.58B
Diluted EPS (TTM)$7.72+41.1% vs a year agoSum of the last 4 quarters
Net cash-$5.41B+38.9% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $275B EV $284B
- Revenue
- $20.8B Trailing 12 months
- Revenue growth
- +27% FY2026 consensus
- Profit margin
- 34.3% Net income / revenue, TTM
- P/E
- 38.9× Forward 33.3× (FY2026)
- P/S
- 13.2× Price / sales, TTM
- EV / EBITDA
- 25.9× TTM
- Free cash flow
- $7.32B Trailing 12 months
- Net income
- $7.11B Trailing 12 months
- Revenue estimate
- $22.4B FY2026 consensus
- Earnings
- 2027-01-26 Revenue est. $6.05B
- Dividend
- $5.78 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-21): revenue beat by 1.9%, EPS beat by 7.4%Revenue $6.06B vs $5.94B expected (+1.9%); EPS $2.62 vs $2.44 (+7.4%).
- Revenue growth accelerating: 27.7% year on yearQ3 '26 revenue $6.06B, against an average of 16.5% over the four quarters before.
- Operating margin 40.8% (TTM), +6.4 pp on a year agoOperating income grew 42.8% while revenue grew 20.3%.
- Capex 12.4% of revenue (a year ago 27.9%)$2.58B invested in the last 4 quarters (-46.5% on a year earlier). Free cash flow $7.32B = 102.9% of net income.
- Returned $5.81B to shareholders = 79.4% of free cash flowBuybacks $636M (a year earlier $1.61B), dividends $5.17B, stock-based pay $541M (TTM).
- Diluted share count up 0.8% in a year921M diluted shares in Q3 '26, 914M a year earlier.
- Net debt $5.41BCash + short-term investments $8.14B, debt incl. leases $13.6B; a year ago net debt $8.86B.
- Analog Segment: revenue +31.7%, margin 51.0% (was 39.8%)Fastest-growing reported segment in Q3 '26: operating income $2.51B on revenue $4.91B (from the segment note of the filing).
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $6.06B | $4.74B | +27.7% |
| Gross margin | 64.2% | 57.4% | +6.8 pp |
| Operating income | $2.87B | $1.66B | +72.8% |
| Operating margin | 47.5% | 35.1% | +12.4 pp |
| Net income | $2.43B | $1.36B | +77.8% |
| Diluted EPS | $2.62 | $1.48 | +77.0% |
| Operating cash flow | $3.42B | $2.19B | +56.1% |
| Capex | $463M | $1.2B | -61.3% |
| Free cash flow | $2.96B | $993M | +197.7% |
| R&D | $530M | $518M | +2.3% |
| Stock-based compensation | $95M | $93M | +2.2% |
Reported vs consensus
2026-10-21| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $6.06B | $5.94B | +1.9% |
| EPS (as estimated) | $2.62 | $2.44 | +7.4% |
From the report of 2026-10-21 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q4 '24 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Analog | $3.17B | +1.7% | 83.8% | $12.2B | -6.7% | |
| Embedded Processing | $613M | -18.5% | 16.2% | $2.53B | -24.8% | |
| All Other Segments | – | – | – | – | – |
Revenue by region
share of total| Segment | Q4 '24 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $2.35B | +26.3% | 38.8% | $7.95B | – | |
| CHINA | $1.39B | +36.6% | 23.0% | $4.59B | – | |
| EMEA | $1.21B | +24.2% | 19.9% | $4.3B | – | |
| Rest of Asia | $635M | +25.7% | 10.5% | $2.25B | – | |
| JAPAN | $369M | +17.9% | 6.1% | $1.28B | – | |
| Rest Of World | $104M | +40.5% | 1.7% | $391M | – |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q3 '26
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| Analog Segment | $4.91B | +31.7% | $2.51B | +68.6% | 51.0% | 39.8% | – |
| Analog | – | – | – | – | – | – | – |
| Embedded Processing Segment | $858M | +21.0% | $227M | +110.2% | 26.5% | 15.2% | – |
| Embedded Processing | – | – | – | – | – | – | – |
| All other segments | $286M | -5.9% | $142M | +105.8% | 49.7% | 22.7% | $347M |
Operating income by segment
quarterlySegment operating margin
quarterlyFourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $9.9B
- Capex
- -$2.58B
- Buybacks
- -$636M
- Dividends
- -$5.17B
- Acquisitions
- $0
- Net debt issued
- -$500M
- Stock-based compensation
- $541M
- Free cash flow
- $7.32B
- Returned to shareholders / FCF
- 79.4%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 38.9× | 26.3× | 17.4× – 35.8× |
| EV / EBITDA | 25.9× | 19.0× | 14.1× – 24.2× |
| EV / Sales | 13.7× | 9.6× | 7.9× – 11.7× |
| Price / FCF | 37.6× | 68.5× | 25.6× – 114.7× |
| Price / Book | 14.3× | 10.5× | 9.2× – 13.0× |
| FCF yield | 2.7% | 2.2% | 0.9% – 3.9% |
| Return on invested capital | 21.5% | 24.6% | 14.7% – 35.7% |
| Return on equity | 40.5% | 43.2% | 28.4% – 60.0% |
Analysts
Consensus target $333.71 (+10.9%)
range $250.00 – $405.00 · rating Buy
Strong buy0
Buy32
Hold28
Sell6
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $22.4B | +26.5% | $9.04 | +65.9% | 33.3× | 21 |
| FY2027 | $26.3B | +17.7% | $11.61 | +28.4% | 25.9× | 22 |
| FY2028 | $29.3B | +11.3% | $13.50 | +16.3% | 22.3× | 19 |
| FY2029 | $33B | +12.4% | $15.41 | +14.2% | 19.5× | 8 |
| FY2030 | $39.4B | +19.5% | $21.10 | +36.9% | 14.3× | 14 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 235 figures Texas Instruments Incorporated tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $837M | $779M | +7.4% | $756M | $820M | -7.8% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $2.62B | $2.06B | +27.1% | $1.96B | $1.72B | +14.2% |
| Accounts Receivable, Allowance for Credit Loss, Current | $27M | $21M | +28.6% | $22M | $21M | +4.8% |
| Accrued Income Taxes, Current | $60M | $79M | -24.1% | $67M | $159M | -57.9% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $6.24B | $4.97B | +25.6% | $5.36B | $3.91B | +37.2% |
| Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax | $16M2025-12-31 | -$1M | +1,700.0% | $16M | -$1M | +1,700.0% |
| Accumulated Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Tax | -$71M2025-12-31 | -$144M | +50.7% | -$71M | -$144M | +50.7% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$85M | -$149M | +43.0% | -$85M | -$140M | +39.3% |
| Additional Paid in Capital, Common Stock | $5.2B | $4.41B | +18.0% | $4.51B | $3.94B | +14.6% |
| Advertising Expense | – | – | – | $29M | $30M | -3.3% |
| Amortization of Intangible Assets | $21M | $20M | +5.0% | $02023-12-31 | $0 | – |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 4M | -100.0% | 10M | 8M | +25.0% |
| Assets | $36.8B | $35B | +5.2% | $34.6B | $35.5B | -2.6% |
| Assets for Plan Benefits, Defined Benefit Plan | $320M | $251M | +27.5% | $324M | $233M | +39.1% |
| Assets, Current | $16.9B | $13.9B | +21.6% | $13.8B | $15B | -8.5% |
| Business Combination, Acquisition Related Costs | $7M | $0 | – | $198M2020-12-31 | $288M | -31.3% |
| Capitalized Computer Software, Amortization | $21M2026-03-31 | $20M | +5.0% | $81M | $72M | +12.5% |
| Capitalized Computer Software, Net | $323M2026-03-31 | $263M | +22.8% | $238M | $257M | -7.4% |
| Cash and Cash Equivalents, at Carrying Value | $4.21B | $3.31B | +27.2% | $3.23B | $3.2B | +0.8% |
| Cash and Cash Equivalents, Fair Value Disclosure | $4.21B | $3.31B | +27.2% | $3.23B | $3.2B | +0.8% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $3.31B2025-09-30 | $2.59B | +27.9% | $3.2B2024-12-31 | $2.96B | +8.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | $4.21B | $3.31B | +27.2% | $3.23B | $3.2B | +0.8% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $551M | $267M | +106.4% | $25M | $236M | -89.4% |
| Commercial Paper | $0 | $0 | – | $0 | $0 | – |
| Common Stock, Dividends, Per Share, Cash Paid | $1.42 | $1.36 | +4.4% | $5.50 | $5.26 | +4.6% |
| Common Stock, Dividends, Per Share, Declared | $1.42 | $1.36 | +4.4% | $5.50 | $5.26 | +4.6% |
| Common Stock, Par or Stated Value Per Share | $1.00 | $1.00 | 0.0% | $1.00 | $1.00 | 0.0% |
| Common Stock, Shares Authorized | 2.4B | 2.4B | 0.0% | 2.4B | 2.4B | 0.0% |
| Common Stock, Shares, Issued | 1.74B | 1.74B | 0.0% | 1.74B | 1.74B | 0.0% |
| Common Stock, Value, Issued | $1.74B | $1.74B | 0.0% | $1.74B | $1.74B | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $2.42B | $1.37B | +76.7% | $5.06B | $4.86B | +3.9% |
| Cost of Goods and Services Sold | $2.17B | $2.02B | +7.4% | $7.6B | $6.55B | +16.1% |
| Current Federal Tax Expense (Benefit) | – | – | – | $466M | $605M | -23.0% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $259M | $244M | +6.1% |
| Current Income Tax Expense (Benefit) | – | – | – | $728M | $864M | -15.7% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $3M | $15M | -80.0% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $95M | $104M | -8.7% | $102M | $104M | -1.9% |
| Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease) | $0 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | $678M | $331M | +104.8% | $421M | $727M | -42.1% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | $5.69B | $3.76B | +51.1% | $3.23B | $5.35B | -39.6% |
| Deferred Compensation Plan Assets | $11M2025-12-31 | $11M | 0.0% | $11M | $11M | 0.0% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $102M | -$139M | +173.4% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$121M | -$71M | -70.4% |
| Deferred Income Tax Assets, Net | $1.05B | $1.09B | -3.2% | $967M | $936M | +3.3% |
| Deferred Income Tax Expense (Benefit) | -$26M | $3M | -966.7% | -$19M | -$210M | +91.0% |
| Deferred Income Tax Liabilities, Net | $62M | $60M | +3.3% | $66M | $53M | +24.5% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Deferred Tax Assets, Gross | $1.93B2025-12-31 | $1.92B | +0.7% | $1.93B | $1.92B | +0.7% |
| Deferred Tax Assets, Inventory | $112M2025-12-31 | $105M | +6.7% | $112M | $105M | +6.7% |
| Deferred Tax Assets, Net | $901M2025-12-31 | $883M | +2.0% | $901M | $883M | +2.0% |
| Deferred Tax Assets, Net of Valuation Allowance | $1.7B2025-12-31 | $1.71B | -0.3% | $1.7B | $1.71B | -0.3% |
| Deferred Tax Assets, Operating Loss Carryforwards | $02025-12-31 | $0 | – | $0 | $0 | – |
| Deferred Tax Assets, Other | $31M2025-12-31 | $40M | -22.5% | $31M | $40M | -22.5% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $226M2025-12-31 | $186M | +21.5% | $226M | $186M | +21.5% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | $315M2025-12-31 | $297M | +6.1% | $315M | $297M | +6.1% |
| Deferred Tax Assets, Valuation Allowance | $230M2025-12-31 | $212M | +8.5% | $230M | $212M | +8.5% |
| Deferred Tax Liabilities, Gross | $802M2025-12-31 | $825M | -2.8% | $802M | $825M | -2.8% |
| Deferred Tax Liabilities, Other | $25M2025-12-31 | $15M | +66.7% | $25M | $15M | +66.7% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $443M2025-12-31 | $441M | +0.5% | $443M | $441M | +0.5% |
| Deferred Tax Liabilities, Undistributed Foreign Earnings | $35M2025-12-31 | $33M | +6.1% | $35M | $33M | +6.1% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-01