Texas Instruments Incorporated (TXN)财务
NASDAQ · Technology · Semiconductors · 员工33,000人 · CEO Haviv Ilan
- 股价
- $300.84 -3.40%
- 市值
- $2750亿
- 企业价值
- $2840亿
- 最近财报
- Q3 '26 2026-10-23提交
- 下次财报
- 2027-01-26 EPS预期 $2.62
营收(TTM)$208亿+20.3% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)40.8%+6.4 百分点 对比去年同期营业利润 $84.7亿
净利润(TTM)$71.1亿+41.0% 对比去年同期税后,含营业外收益
自由现金流(TTM)$73.2亿+251.8% 对比去年同期资本支出 $25.8亿
稀释EPS(TTM)$7.72+41.1% 对比去年同期最近4个季度之和
净现金-$54.1亿+38.9% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $2750亿 EV $2840亿
- 营收
- $208亿 过去12个月
- 营收增速
- +27% FY2026年一致预期
- 净利润率
- 34.3% 净利润 / 营收,TTM
- P/E
- 38.9× 预期 33.3×(FY2026)
- P/S
- 13.2× 股价 / 营收,TTM
- EV / EBITDA
- 25.9× TTM
- 自由现金流
- $73.2亿 过去12个月
- 净利润
- $71.1亿 过去12个月
- 营收预期
- $224亿 FY2026年一致预期
- 盈利
- 2027-01-26 营收预期 $60.5亿
- 股息
- $5.78 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-21):营收超预期1.9%,EPS 超预期7.4%营收$60.6亿,预期$59.4亿(+1.9%);EPS $2.62,预期$2.44(+7.4%)。
- 营收增长加速:同比27.7%Q3 '26营收$60.6亿,此前四个季度的平均值为16.5%。
- 营业利润率40.8%(TTM),较去年同期+6.4 百分点营收增长20.3%,营业利润增长42.8%。
- 资本支出占营收的12.4%(去年为27.9%)最近4个季度投入$25.8亿(同比-46.5%)。自由现金流$73.2亿,相当于净利润的102.9%。
- 股东回报$58.1亿 = 自由现金流的79.4%回购$6.36亿(去年为$16.1亿),股息$51.7亿,股权激励$5.41亿(TTM)。
- 稀释股数一年内增加0.8%Q3 '26稀释股数9.21亿,一年前为9.14亿。
- 净债务 $54.1亿现金 + 短期投资 $81.4亿,含租赁债务 $136亿;一年前净债务 $88.6亿。
- Analog Segment:营收+31.7%,利润率51.0%(此前为39.8%)Q3 '26增长最快的披露分部:营收$49.1亿,营业利润$25.1亿(来自财报的分部附注)。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $60.6亿 | $47.4亿 | +27.7% |
| 毛利率 | 64.2% | 57.4% | +6.8 百分点 |
| 营业利润 | $28.7亿 | $16.6亿 | +72.8% |
| 营业利润率 | 47.5% | 35.1% | +12.4 百分点 |
| 净利润 | $24.3亿 | $13.6亿 | +77.8% |
| 稀释EPS | $2.62 | $1.48 | +77.0% |
| 经营现金流 | $34.2亿 | $21.9亿 | +56.1% |
| 资本支出 | $4.63亿 | $12亿 | -61.3% |
| 自由现金流 | $29.6亿 | $9.93亿 | +197.7% |
| R&D | $5.3亿 | $5.18亿 | +2.3% |
| 股权激励费用 | $9500万 | $9300万 | +2.2% |
实际 vs 一致预期
2026-10-21| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $60.6亿 | $59.4亿 | +1.9% |
| EPS(一致预期口径) | $2.62 | $2.44 | +7.4% |
来自2026-10-21发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q4 '24 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Analog | $31.7亿 | +1.7% | 83.8% | $122亿 | -6.7% | |
| Embedded Processing | $6.13亿 | -18.5% | 16.2% | $25.3亿 | -24.8% | |
| All Other Segments | – | – | – | – | – |
按地区划分的营收
占总额比例| 分部 | Q4 '24 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| United States | $23.5亿 | +26.3% | 38.8% | $79.5亿 | – | |
| CHINA | $13.9亿 | +36.6% | 23.0% | $45.9亿 | – | |
| EMEA | $12.1亿 | +24.2% | 19.9% | $43亿 | – | |
| Rest of Asia | $6.35亿 | +25.7% | 10.5% | $22.5亿 | – | |
| JAPAN | $3.69亿 | +17.9% | 6.1% | $12.8亿 | – | |
| Rest Of World | $1.04亿 | +40.5% | 1.7% | $3.91亿 | – |
分部利润
取自每份10-Q / 10-K分部附注的各披露分部营业利润(多数数据源缺少的利润拆分)。
Q3 '26分部
| 分部 | 营收 | 同比 | 营业利润 | 同比 | 利润率 | 去年同期利润率 | TTM营业利润 |
|---|---|---|---|---|---|---|---|
| Analog Segment | $49.1亿 | +31.7% | $25.1亿 | +68.6% | 51.0% | 39.8% | – |
| Analog | – | – | – | – | – | – | – |
| Embedded Processing Segment | $8.58亿 | +21.0% | $2.27亿 | +110.2% | 26.5% | 15.2% | – |
| Embedded Processing | – | – | – | – | – | – | – |
| All other segments | $2.86亿 | -5.9% | $1.42亿 | +105.8% | 49.7% | 22.7% | $3.47亿 |
各分部营业利润
季度各分部营业利润率
季度第四季度为推算值:10-K披露全年数据,减去10-Q的前三个季度。
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $99亿
- 资本支出
- -$25.8亿
- 股票回购
- -$6.36亿
- 股息
- -$51.7亿
- 收购
- $0
- 债务净发行
- -$5亿
- 股权激励费用
- $5.41亿
- 自由现金流
- $73.2亿
- 股东回报 / FCF
- 79.4%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 38.9× | 26.3× | 17.4× – 35.8× |
| EV / EBITDA | 25.9× | 19.0× | 14.1× – 24.2× |
| EV / 营收 | 13.7× | 9.6× | 7.9× – 11.7× |
| 股价 / FCF | 37.6× | 68.5× | 25.6× – 114.7× |
| 股价 / 净资产 | 14.3× | 10.5× | 9.2× – 13.0× |
| FCF收益率 | 2.7% | 2.2% | 0.9% – 3.9% |
| 投入资本回报率 | 21.5% | 24.6% | 14.7% – 35.7% |
| 净资产收益率 | 40.5% | 43.2% | 28.4% – 60.0% |
分析师
一致目标价 $333.71 (+10.9%)
区间 $250.00 – $405.00 · 评级 Buy
强烈买入0
买入32
持有28
卖出6
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $224亿 | +26.5% | $9.04 | +65.9% | 33.3× | 21 |
| FY2027 | $263亿 | +17.7% | $11.61 | +28.4% | 25.9× | 22 |
| FY2028 | $293亿 | +11.3% | $13.50 | +16.3% | 22.3× | 19 |
| FY2029 | $330亿 | +12.4% | $15.41 | +14.2% | 19.5× | 8 |
| FY2030 | $394亿 | +19.5% | $21.10 | +36.9% | 14.3× | 14 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Texas Instruments Incorporated在近期10-Q / 10-K文件中标记的全部235项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $8.37亿 | $7.79亿 | +7.4% | $7.56亿 | $8.2亿 | -7.8% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $26.2亿 | $20.6亿 | +27.1% | $19.6亿 | $17.2亿 | +14.2% |
| Accounts Receivable, Allowance for Credit Loss, Current | $2700万 | $2100万 | +28.6% | $2200万 | $2100万 | +4.8% |
| Accrued Income Taxes, Current | $6000万 | $7900万 | -24.1% | $6700万 | $1.59亿 | -57.9% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $62.4亿 | $49.7亿 | +25.6% | $53.6亿 | $39.1亿 | +37.2% |
| Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax | $1600万2025-12-31 | -$100万 | +1,700.0% | $1600万 | -$100万 | +1,700.0% |
| Accumulated Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Tax | -$7100万2025-12-31 | -$1.44亿 | +50.7% | -$7100万 | -$1.44亿 | +50.7% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$8500万 | -$1.49亿 | +43.0% | -$8500万 | -$1.4亿 | +39.3% |
| Additional Paid in Capital, Common Stock | $52亿 | $44.1亿 | +18.0% | $45.1亿 | $39.4亿 | +14.6% |
| Advertising Expense | – | – | – | $2900万 | $3000万 | -3.3% |
| Amortization of Intangible Assets | $2100万 | $2000万 | +5.0% | $02023-12-31 | $0 | – |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 400万 | -100.0% | 1000万 | 800万 | +25.0% |
| Assets | $368亿 | $350亿 | +5.2% | $346亿 | $355亿 | -2.6% |
| Assets for Plan Benefits, Defined Benefit Plan | $3.2亿 | $2.51亿 | +27.5% | $3.24亿 | $2.33亿 | +39.1% |
| Assets, Current | $169亿 | $139亿 | +21.6% | $138亿 | $150亿 | -8.5% |
| Business Combination, Acquisition Related Costs | $700万 | $0 | – | $1.98亿2020-12-31 | $2.88亿 | -31.3% |
| Capitalized Computer Software, Amortization | $2100万2026-03-31 | $2000万 | +5.0% | $8100万 | $7200万 | +12.5% |
| Capitalized Computer Software, Net | $3.23亿2026-03-31 | $2.63亿 | +22.8% | $2.38亿 | $2.57亿 | -7.4% |
| Cash and Cash Equivalents, at Carrying Value | $42.1亿 | $33.1亿 | +27.2% | $32.3亿 | $32亿 | +0.8% |
| Cash and Cash Equivalents, Fair Value Disclosure | $42.1亿 | $33.1亿 | +27.2% | $32.3亿 | $32亿 | +0.8% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $33.1亿2025-09-30 | $25.9亿 | +27.9% | $32亿2024-12-31 | $29.6亿 | +8.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | $42.1亿 | $33.1亿 | +27.2% | $32.3亿 | $32亿 | +0.8% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $5.51亿 | $2.67亿 | +106.4% | $2500万 | $2.36亿 | -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 | 24亿 | 24亿 | 0.0% | 24亿 | 24亿 | 0.0% |
| Common Stock, Shares, Issued | 17.4亿 | 17.4亿 | 0.0% | 17.4亿 | 17.4亿 | 0.0% |
| Common Stock, Value, Issued | $17.4亿 | $17.4亿 | 0.0% | $17.4亿 | $17.4亿 | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $24.2亿 | $13.7亿 | +76.7% | $50.6亿 | $48.6亿 | +3.9% |
| Cost of Goods and Services Sold | $21.7亿 | $20.2亿 | +7.4% | $76亿 | $65.5亿 | +16.1% |
| Current Federal Tax Expense (Benefit) | – | – | – | $4.66亿 | $6.05亿 | -23.0% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $2.59亿 | $2.44亿 | +6.1% |
| Current Income Tax Expense (Benefit) | – | – | – | $7.28亿 | $8.64亿 | -15.7% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $300万 | $1500万 | -80.0% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $9500万 | $1.04亿 | -8.7% | $1.02亿 | $1.04亿 | -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 | $6.78亿 | $3.31亿 | +104.8% | $4.21亿 | $7.27亿 | -42.1% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | $56.9亿 | $37.6亿 | +51.1% | $32.3亿 | $53.5亿 | -39.6% |
| Deferred Compensation Plan Assets | $1100万2025-12-31 | $1100万 | 0.0% | $1100万 | $1100万 | 0.0% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $1.02亿 | -$1.39亿 | +173.4% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$1.21亿 | -$7100万 | -70.4% |
| Deferred Income Tax Assets, Net | $10.5亿 | $10.9亿 | -3.2% | $9.67亿 | $9.36亿 | +3.3% |
| Deferred Income Tax Expense (Benefit) | -$2600万 | $300万 | -966.7% | -$1900万 | -$2.1亿 | +91.0% |
| Deferred Income Tax Liabilities, Net | $6200万 | $6000万 | +3.3% | $6600万 | $5300万 | +24.5% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Deferred Tax Assets, Gross | $19.3亿2025-12-31 | $19.2亿 | +0.7% | $19.3亿 | $19.2亿 | +0.7% |
| Deferred Tax Assets, Inventory | $1.12亿2025-12-31 | $1.05亿 | +6.7% | $1.12亿 | $1.05亿 | +6.7% |
| Deferred Tax Assets, Net | $9.01亿2025-12-31 | $8.83亿 | +2.0% | $9.01亿 | $8.83亿 | +2.0% |
| Deferred Tax Assets, Net of Valuation Allowance | $17亿2025-12-31 | $17.1亿 | -0.3% | $17亿 | $17.1亿 | -0.3% |
| Deferred Tax Assets, Operating Loss Carryforwards | $02025-12-31 | $0 | – | $0 | $0 | – |
| Deferred Tax Assets, Other | $3100万2025-12-31 | $4000万 | -22.5% | $3100万 | $4000万 | -22.5% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $2.26亿2025-12-31 | $1.86亿 | +21.5% | $2.26亿 | $1.86亿 | +21.5% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | $3.15亿2025-12-31 | $2.97亿 | +6.1% | $3.15亿 | $2.97亿 | +6.1% |
| Deferred Tax Assets, Valuation Allowance | $2.3亿2025-12-31 | $2.12亿 | +8.5% | $2.3亿 | $2.12亿 | +8.5% |
| Deferred Tax Liabilities, Gross | $8.02亿2025-12-31 | $8.25亿 | -2.8% | $8.02亿 | $8.25亿 | -2.8% |
| Deferred Tax Liabilities, Other | $2500万2025-12-31 | $1500万 | +66.7% | $2500万 | $1500万 | +66.7% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $4.43亿2025-12-31 | $4.41亿 | +0.5% | $4.43亿 | $4.41亿 | +0.5% |
| Deferred Tax Liabilities, Undistributed Foreign Earnings | $3500万2025-12-31 | $3300万 | +6.1% | $3500万 | $3300万 | +6.1% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 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
数据截至 2026-11-01