Texas Instruments
We design and manufacture semiconductors that we sell to electronics designers and manufacturers all over the world.
10-K, Feb 6, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0000097476-26-000059 · filed Feb 6, 2026
Business
How does Texas Instruments make money?
Analog is 79.2% of revenue.
Source and method
Revenue by segments, FY2025.
annual report FY2025 · 0000097476-26-000059 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($17.7B).
- Analog: $14.0B · 79.2%
- Embedded Processing: $2.7B · 15.3%
- Other: $979M · 5.5%
What is left of every $100?
Of every $100 in revenue, $28 is net income.
Source and method
Of every $100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
- Revenue: $17.7B
- Gross profit: $10.1B
- Operating income: $6.0B
- Net income: $5.0B
- Free cash flow: $2.6B
Where do customers sit?
No revenue-by-region breakdown in the latest annual report's XBRL data.
In the company’s words ›
“Our operations began in 1930, and we are incorporated in Delaware.”
“Our two reportable segments are Analog and Embedded Processing, and we report the results of our remaining business activities in Other.”
“In 2025, we generated $17.68 billion of revenue.”
Item 1 · Business · 10-K · 0000097476-26-000059 · filed Feb 6, 2026
Where did the growth actually come from?
Analog drove 127% of growth; others shrank.
Source & method
- Counted
- Segment revenue as filed, first and last fiscal year of the range.
- Formulas
- Change = segment revenue (to) − segment revenue (from); share of growth = change / total revenue change (calculated). Not allocated = total revenue − sum of reported segments (calculated, never filled in).
- Guards
- Segment break: if the company redrew its segments inside the range, no share of growth is claimed. No segment break reported for this company. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Thesis
Why do people invest?
2 reasons in the company’s own words.
Position (in the company’s words)
“Closer direct relationships with our customers help to strengthen our reach of market channel advantage and give us access to more customers and more of their design projects, leading to opportunities to sell more of our products into each design.”
Item 1 · Business · 10-K · 0000097476-26-000059 · filed Feb 6, 2026
R&D investment
“Operating expenses (R&D and SG&A) were $3.94 billion compared with $3.75 billion.”
Item 7 · MD&A · 10-K · 0000097476-26-000059 · filed Feb 6, 2026
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
2 of 3 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
- Analog revenue growth: no number with a unit in the sentence.
KPIs
How fast is revenue growing?
Revenue grew 13% to $17.7B.
Revenue grew 23% YoY to $5.5B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue fell 10.5%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
34.1% operating margin, down from 34.9%.
57.0% gross margin, down from 58.1%.
Operating income grew 10% to $6.0B.
Net income grew 4.2% to $5.0B.
R&D grew 6.3% to $2.1B.
SG&A grew 3.7% to $1.9B.
EPS diluted grew 4.8% to $5.45.
42.3% operating margin, up from 35.1%.
61.4% gross margin, up from 57.9%.
Operating income grew 48% YoY to $2.3B.
Net income grew 53% YoY to $2.0B.
R&D grew 1.5% YoY to $535M.
SG&A grew 1.0% YoY to $490M.
EPS diluted grew 52% YoY to $2.14.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $15 of every $100 as free cash.
Operating cash flow grew 13% to $7.2B.
Capex fell 5.6% to $4.5B.
Buybacks grew 59% to $1.5B.
Dividends grew 4.3% to $5.0B.
Stock-based compensation grew 8.3% to $419M.
Free cash flow grew 294% YoY to $2.2B.
Operating cash flow grew 45% YoY to $2.7B.
Capex fell 61% YoY to $514M.
Buybacks fell 91% YoY to $27.0M.
Dividends grew 4.9% YoY to $1.3B.
Stock-based compensation fell 1.6% YoY to $127M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$3.2B cash vs $14.0B debt.
Total debt grew 3.3% to $14.0B.
Interest expense grew 6.9% to $543M.
Total assets fell 2.6% to $34.6B.
Equity fell 3.7% to $16.3B.
Cash grew 20% YoY to $3.7B.
Total debt grew 0.1% YoY to $14.1B.
Interest expense grew 6.0% YoY to $141M.
Total assets grew 2.7% YoY to $35.9B.
Equity grew 9.8% YoY to $18.0B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
How much revenue hangs on one customer?
One Texas Instruments customer: $2.1B.
Source & method
- Counted
- Largest customers as disclosed in the annual report (share of revenue).
- Formulas
- One customer in dollars = disclosed share × total revenue of the same fiscal year (calculated), only where the filing text confirms the share is of total revenue.
- Guards
- Anonymous customers stay anonymous. Segment-based shares are never multiplied by total revenue. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Texas Instruments annual report)
“Major customer One of our end customers accounted for 12% of revenue in both 2025 and 2024, recognized primarily in our Analog segment.”
10-K · 0000097476-26-000059 · filed Feb 6, 2026 · basis: filing text, verified verbatim
Suppliers named by Texas Instruments
No supplier among the covered companies is named in the filings.
Texas Instruments holds stakes in
No stake in a covered company found in SEC filings.
Others name Texas Instruments
5 competitor mentions (e.g. AMD, GlobalFoundries, Monolithic Power, NXP) · 1 customer mention (e.g. UMC) · 2 other mentions (e.g. Qualcomm, UMC) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 8 risk factors, one per theme.
Competition
“Our results of operations could be adversely affected by distributors’ promotion of competing product lines or our distributors’ financial performance and operations.”
Item 1A · Risk Factors · 10-K · 0000097476-26-000059 · filed Feb 6, 2026
Trade, government policy and geopolitics
“Our global operations subject us to risks associated with domestic or international political, social, economic or other conditions.”
Item 1A · Risk Factors · 10-K · 0000097476-26-000059 · filed Feb 6, 2026
Security, defects and outages
“Our operating results and our reputation could be adversely affected by cybersecurity events, breaches, disruptions or other incidents relating to our information technology systems.”
Item 1A · Risk Factors · 10-K · 0000097476-26-000059 · filed Feb 6, 2026
Regulation and legal proceedings
“Our operations could be affected by the complex laws, rules and regulations to which our business is subject.”
Item 1A · Risk Factors · 10-K · 0000097476-26-000059 · filed Feb 6, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
Vanguard Capital Management LLC holds 7.49%.
Vanguard Capital Management LLC7.49%
13G · as of Mar 31, 2026 · filed Apr 30, 2026
BlackRock Inc.8.5% (then)
13G/A · filed Jan 25, 2024 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
3 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.10.1%
82.6M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC7.3%
59.4M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp5.4%
44.5M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Invesco Ltd.4.6%
37.8M shares · 13F filed Aug 14, 2026 · share of 13F-reported
Jpmorgan Chase & Co4.0%
32.4M shares · 13F filed Aug 12, 2026 · share of 13F-reported
2,854 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding.
Insiders, last 12 months (Form 4, open market)
0 purchases · 46 sales · $119M sold
Grants, gifts and tax withholding counted separately · window Oct 13, 2025 – Oct 13, 2026
All metrics
All metrics · 33 SEC metrics, FY2016–FY2025
Income statement 9
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | ||||||||||
| Gross profit | ||||||||||
| Income taxes | ||||||||||
| Interest expense | ||||||||||
| Net income | ||||||||||
| Operating income | ||||||||||
| Research and development | ||||||||||
| Revenue | ||||||||||
| SG&A | ||||||||||
Balance sheet 9
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | ||||||||||
| Current portion of long-term debt | ||||||||||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Long-term debt | ||||||||||
| Total assets | ||||||||||
| Total debt calc. | ||||||||||
| Total liabilities & equity | ||||||||||
Cash flow 7
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | ||||||||||
| Capex | ||||||||||
| Dividends | ||||||||||
| Free cash flow calc. | ||||||||||
| Interest paid | ||||||||||
| Operating cash flow | ||||||||||
| Stock-based compensation | ||||||||||
Per share & shares 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | ||||||||||
| EPS diluted | ||||||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | ||||||||||
Other 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) calc. | ||||||||||
| Pretax income | ||||||||||
| Short-term borrowings / commercial paper | not reported | |||||||||
| Total liabilities | ||||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values