Texas Instruments (TXN) financial statements
Texas Instruments reported revenue of $17.7B in fiscal 2025, up 3.2% a year over 9 years.
Net income was $5.0B and the operating margin 34.1%, against 36.3% in 2016.
Free cash flow was $2.6B, and the company returned $5.0B in dividends and $1.5B in net buybacks.
The diluted share count fell 11% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Texas Instruments's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.4B | $15.0B | $15.8B | $14.4B | $14.5B | $18.3B | $20.0B | $17.5B | $15.6B | $17.7B |
| Cost of revenue | $5.1B | $5.3B | $5.5B | $5.2B | $5.2B | $6.0B | $6.3B | $6.5B | $6.5B | $7.6B |
| Gross profit | $8.3B | $9.6B | $10.3B | $9.2B | $9.3B | $12.4B | $13.8B | $11.0B | $9.1B | $10.1B |
| Research and development | $1.4B | $1.5B | $1.6B | $1.5B | $1.5B | $1.6B | $1.7B | $1.9B | $2.0B | $2.1B |
| Selling, general and admin | $1.7B | $1.7B | $1.7B | $1.6B | $1.6B | $1.7B | $1.7B | $1.8B | $1.8B | $1.9B |
| Operating income | $4.9B | $6.1B | $6.7B | $5.7B | $5.9B | $9.0B | $10.1B | $7.3B | $5.5B | $6.0B |
| Interest expense | $80M | $78M | $125M | $170M | $190M | $184M | $214M | $353M | $508M | $543M |
| Pre-tax income | $4.9B | $6.1B | $6.7B | $5.7B | $6.0B | $8.9B | $10.0B | $7.4B | $5.5B | $5.7B |
| Income tax | $1.3B | $2.4B | $1.1B | $711M | $422M | $1.1B | $1.3B | $908M | $654M | $709M |
| Net income | $3.6B | $3.7B | $5.6B | $5.0B | $5.6B | $7.8B | $8.7B | $6.5B | $4.8B | $5.0B |
| EPS (diluted) | $3.48 | $3.61 | $5.59 | $5.24 | $5.97 | $8.26 | $9.41 | $7.07 | $5.20 | $5.45 |
| Diluted shares | 1.02B | 1.01B | 990M | 952M | 933M | 936M | 926M | 916M | 919M | 913M |
| Gross margin | 61.8% | 64.3% | 65.1% | 63.7% | 64.1% | 67.5% | 68.8% | 62.9% | 58.1% | 57.0% |
| Operating margin | 36.3% | 40.7% | 42.5% | 39.8% | 40.8% | 48.8% | 50.6% | 41.8% | 34.9% | 34.1% |
| Net margin | 26.9% | 24.6% | 35.4% | 34.9% | 38.7% | 42.4% | 43.7% | 37.2% | 30.7% | 28.3% |
Balance sheet
Fiscal years, from Texas Instruments's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $3.5B | $4.5B | $4.2B | $5.4B | $6.6B | $9.7B | $9.1B | $8.6B | $7.6B | $4.9B |
| Receivables | $1.3B | $1.3B | $1.2B | $1.1B | $1.4B | $1.7B | $1.9B | $1.8B | $1.7B | $2.0B |
| Inventory | $1.8B | $2.0B | $2.2B | $2.0B | $2.0B | $1.9B | $2.8B | $4.0B | $4.5B | $4.8B |
| Total current assets | $7.5B | $8.7B | $8.1B | $8.8B | $10.2B | $13.7B | $14.0B | $15.1B | $15.0B | $13.8B |
| Property, plant and equipment | $2.5B | $2.7B | $3.2B | $3.3B | $3.3B | $5.1B | $6.9B | $10.0B | $11.3B | $12.3B |
| Goodwill | $4.4B | $4.4B | $4.4B | $4.4B | $4.4B | $4.4B | $4.4B | $4.4B | $4.4B | $4.3B |
| Total assets | $16.4B | $17.6B | $17.1B | $18.0B | $19.4B | $24.7B | $27.2B | $32.3B | $35.5B | $34.6B |
| Total current liabilities | $2.3B | $2.3B | $2.5B | $2.1B | $2.4B | $2.6B | $3.0B | $3.3B | $3.6B | $3.2B |
| Long-term debt | $3.0B | $3.6B | $4.3B | $5.3B | $6.2B | $7.2B | $8.2B | $10.6B | $12.8B | $13.5B |
| Total liabilities | $6.0B | $7.3B | $8.1B | $9.1B | $10.2B | $11.3B | $12.6B | $15.5B | $18.6B | $18.3B |
| Shareholders' equity | $10.5B | $10.3B | $9.0B | $8.9B | $9.2B | $13.3B | $14.6B | $16.9B | $16.9B | $16.3B |
| Net debt | $2.5B | $2.4B | $2.6B | $3.4B | $3.7B | $3.1B | $5.7B | $8.3B | $10.4B | $10.8B |
Cash flow
Fiscal years, from Texas Instruments's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.6B | $5.4B | $7.2B | $6.6B | $6.1B | $8.8B | $8.7B | $6.4B | $6.3B | $7.2B |
| Capital spending | $531M | $695M | $1.1B | $847M | $649M | $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 | $252M | $242M | $232M | $217M | $224M | $230M | $289M | $362M | $387M | $419M |
| Dividends paid | $1.6B | $2.1B | $2.6B | $3.0B | $3.4B | $3.9B | $4.3B | $4.6B | $4.8B | $5.0B |
| Share buybacks (net) | -$2.1B | -$2.6B | -$5.1B | -$3.0B | -$2.6B | -$527M | -$3.6B | -$293M | -$929M | -$1.5B |
| Net borrowing | -$501M | $474M | $1.0B | $741M | $998M | $945M | $994M | $2.5B | $2.4B | $449M |
| Free cash flow margin | 30.5% | 31.2% | 38.4% | 40.3% | 38.0% | 34.3% | 29.6% | 7.7% | 9.6% | 14.7% |
| Dividends per share | $1.61 | $2.08 | $2.58 | $3.16 | $3.67 | $4.15 | $4.64 | $4.97 | $5.22 | $5.48 |
Questions
What was Texas Instruments's revenue in 2025?
$17.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Texas Instruments generate?
$2.6B in fiscal 2025 (operating cash flow minus capital spending).
From Texas Instruments's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.