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Texas Instruments (TXN) stock

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NASDAQ: TXN Nasdaq Semiconductors Next results ~January 26, 2027

B+ Fundamentals grade

Texas Instruments is a US-listed company in the semiconductors industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$110

Cash-flow model

Base case. Range ~$84–$150 across our lower- and higher-growth cases (4.2%–14.2% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 63% below it.

Price used: $302.02, November 2, 2026

Texas Instruments valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Texas Instruments files

10-Q filed October 23: Texas Instruments

Model value +71.4%

Texas Instruments posted revenue of $20.8bn for the twelve months to September 2026, a gain of 20.3% on the prior year and an acceleration from the 16.7% recorded a quarter earlier. Cash generation improved sharply, with the free cash flow margin climbing to 35.2% from 12.0% a year earlier. Profitability moved in the same direction, as the operating margin widened to 40.8% from 34.3%. Reflecting these gains, our model value rises from $67.01 to $115 a share. That still sits well below the current share price of $285. On that basis, the rating stays Sell.

Source: 10-Q filed October 23, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Texas Instruments stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $19.5bn, up 16.7% on a year earlier, faster than 14.9% a quarter earlier. Free-cash-flow margin rose to 27.5% from 9.0% a year earlier. Operating margin widened to 37.3% from 34.9%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 3 of our 6 financial-health checks. Our cash-flow model value is $55.66 a share, against a share price of $281.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 26, 2027 (estimated)

Texas Instruments's trailing-twelve-month revenue grew 20.3% year on year, with a free-cash-flow margin of 35.2%. Where it stands out: operating margin of 40.8% ranks 6 of 75 semiconductor companies we cover. Where it lags: long-term debt as % of assets of 35.0% ranks 40 of 47 semiconductor companies we cover.

Our discounted-cash-flow model values the business at ~$110 per share in the base case (~$84–$150 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 251.8% while net income grew 41.0%: a 211pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 20.3% over the last 12 months, against a median of 13.7% for semiconductor companies we cover.
  • Growth speeding up. The growth rate is 3.6 points higher than a quarter earlier.
  • High operating margin. 40.8% of revenue is left as operating profit, against a median of 4.8% for semiconductor companies we cover.
  • Margins widening. Operating margin is up 6.4 points on a year ago.
  • Strong cash generation. 35.2% of revenue turned into free cash flow, against a median of 9.6% for semiconductor companies we cover.

Things to watch

  • Priced above our value. The share price of $302.02 is 63% above our value per share of $110.
  • Insiders selling. 21 insiders sold $125M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 35.0% ranks 40 of 47 semiconductor companies we cover (median 14.0%).

Latest results: FY2026 Q3

Filed October 23, 2026
Earnings per share
$2.62 against an average estimate of $2.43: beat by 7.9%
Revenue
$6.05bn, up 27.7% on a year earlier
Guidance given
revenue $5.8bn to $6.3bn (fourth quarter); earnings per share $2.45 to $2.79 (fourth quarter)
Next report
October 21, 2026; average EPS estimate $2.66

Texas Instruments' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.4%
  • 1 week+1.8%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$20.8B
Operating margin
40.8%
Net margin
34.3%
EPS (TTM, diluted)
$7.76

Growth

Revenue growth
+20.3%
Change in growth rate
+3.6 pts
Share count change
+0.1%

Cash

Free cash flow (TTM)
$7.3B
FCF margin
35.2%
Stock pay % of revenue
2.0%

Earnings

Last results
October 21, 2026
Next results (est.)
January 26, 2027

News & updates

Updated November 1, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Insider trade
  3. Insider trade
  4. Insider trade
  5. Our research
  6. Results

    Texas Instruments posts Q3 revenue of $6.06 billion

    Texas Instruments said it earned $2.43 billion in the third quarter, with revenue rising 28% year over year. The company noted a 1-cent reduction in earnings per share that fell outside its initial guidance. It guided fourth quarter revenue to between $5.80 billion and $6.30 billion.

    SEC 8-KRead source ↗
  7. Guidance
  8. Announcement
  9. Insider trade
  10. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Texas Instruments valuation models and calculator

What the price is pricing in

The share price implies about 30.2% a year of cash-flow growth for five years.That is faster than the 2.5% a year revenue growth Texas Instruments has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in30.2%
  • Last 12 months20.3%
  • 3 years a year4.7%
  • 5 years a year2.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($308.18, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$110
Price used
$308.18close November 3, 2026
Implied change
▼ 63%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Texas Instruments's free cash flow after stock-based pay with after-tax interest added back ($3.7B, FY2026 Q3 TTM), growing 21.5% and 12.2% in the next two years (forecasts, guidance and its record), then back to 9.2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$84–~$150 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Texas Instruments's free cash flow after stock-based pay ( $3.7B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Texas Instruments as an operating company, with every model that fits that kind of business. Cost of equity 12.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.72 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$110 ~$84–$150 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$170 ~$160–$300 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$69 ~$62–$76 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$120 ~$69–$170 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Texas Instruments with Semiconductors in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Last year's free-cash-flow margin change, if it persists ▲ more than doubles
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $52$73$101$138$185$247
8.5% $39$54$74$100$134$178
10% $30$42$58$78$103$137

Valuation multiples over time Market data may be delayed

At fiscal year end Now
Share price$302.02
Market value$276.7bn
+ Net debt (− = net cash)$9.4bn
Enterprise value$286.2bn
Multiples
Price / sales 13.3x
Price / earnings 38.9x
Price / free cash flow 37.8x
EV / EBITDA 26.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

96 /100

Strong moat

How hard Texas Instruments's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 40.3% of total assets over 10 years.

  • Pricing power 19 / 20

    Gross margin has been a median 63.9%, moving by 3.4 percentage points (standard deviation) across 10 years.

  • Durability 20 / 20

    Operating margin has been a median 40.7%; its worst year was 34.3%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 32.3% of revenue.

  • Discipline 17 / 20

    The diluted share count fell 2.0% over five years; stock-based pay has been a median 1.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $9.06 +66% $22.4bn +27%
Next $11.55 +28% $26.2bn +17%

Next year's EPS estimate has moved +15.2% in 90 days, across 27 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +6.6% on 90 days ago. In the last 30 days, 25 analysts raised Texas Instruments's forecast and 0 cut it.

Consensus EPS forecast Texas Instruments, last 90 days
$8.00 $9.00 $10.00 $11.00 $12.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $8.50 Current fiscal year, 60 days ago: $8.51 Current fiscal year, 30 days ago: $8.51 Current fiscal year, 7 days ago: $8.53 Current fiscal year, Now: $9.06 $9.06 Next fiscal year, 90 days ago: $10.03 Next fiscal year, 60 days ago: $10.10 Next fiscal year, 30 days ago: $10.10 Next fiscal year, 7 days ago: $10.19 Next fiscal year, Now: $11.55 $11.55

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $8.50$10.03
60 days ago $8.51$10.10
30 days ago $8.51$10.10
7 days ago $8.53$10.19
Now $9.06$11.55

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.43 $2.62 +7.9%
Jun 2026 $1.94 $2.14 +10.5%
Mar 2026 $1.37 $1.68 +22.8%
Dec 2025 $1.31 $1.27 −2.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 21, 2026
  • revenue fourth quarter $5.8bn to $6.3bn
    “"TI's fourth quarter outlook is for revenue in the range of $5.80 billion to $6.30 billion and earnings per share between $2.45 and $2.79."” source
  • earnings per share fourth quarter $2.45 to $2.79
    “"TI's fourth quarter outlook is for revenue in the range of $5.80 billion to $6.30 billion and earnings per share between $2.45 and $2.79."” source

How earlier guidance turned out

  • earnings per share, third quarter guided $2.23 to $2.57 Above range: $2.62
  • revenue, third quarter guided $5.65bn to $6.15bn Within range: $6.055bn

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Texas Instruments's revenue by +21.5% next year and +12.2% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+21.9%, weight 57%) , management guidance (+36.8%, weight 18%) and the company's own record (+9.2%, weight 25%) . How the weights are set.

Analyst recommendations

35 analysts, Oct 2026
Buy2057%
Hold1337%
Sell26%

Monthly trend

  1. Oct 2026181335
  2. Sep 20263171436
  3. Aug 20263171436
  4. Jul 2026161636

Counts of recommendations published by analysts covering Texas Instruments, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.5%
of tradable shares
Days to cover
3.57
at average volume
Short interest, 1 month
+2%
to October 15, 2026
Held by institutions
92%
of shares
Held by insiders
0.3%
of shares
Employees
33,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Options strategies

All options ideas

How Texas Instruments’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Not enough history

There is not enough price history to measure realised volatility.

  • Puts are priced 2 points richer than calls (25-delta): the market is paying up for downside protection, which favours selling puts over calls.
  • Why: not enough price history to measure realised volatility.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

TXN Texas Instruments Grade B+ $304.52

Own 100 shares, sell the $335 call expiring November 27, 2026 (25 days) for $3.20 a share — $320 per contract.

Previous session · Bid $3.20, ask $4.25, quoted Mon 2 Nov, 17:38 New York time with TXN at $304.52. Option prices move with the shares: check the live chain at your broker before trading.

  • If TXN ends below $335: you keep your shares and the $320 — 1.1% extra on the position, 15.3% a year at that pace.
  • If it ends above $335: your shares are sold at $335, a total return of 11.1% including the premium — at or above our value of ~$110.
$3.4k $0 −$6.0k Break-even $301.32 Price $304.52 ← Our value ~$110
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$320
Annualised
15.3%
Break-even
$301.32
Max gain
$3,368
Chance of selling
~24%

Collar

Own the shares, buy the $280 put and sell the $340 call, both expiring December 18, 2026 (46 days).

  • Net cost of $4.00 a share ($400 per contract of 100 shares).
  • Worst case at expiry: -9.4%, if the shares fall below $280 (-8.1% from today).
  • Best case at expiry: +10.3%, if the shares rise above $340 (+11.7%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $110: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Texas Instruments in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Texas Instruments
$14B $16B $18B $20B $22B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $17.5B Revenue (TTM), FY24 Q1: $16.8B Revenue (TTM), FY24 Q2: $16.1B Revenue (TTM), FY24 Q3: $15.7B Revenue (TTM), FY24 Q4: $15.6B Revenue (TTM), FY25 Q1: $16B Revenue (TTM), FY25 Q2: $16.7B Revenue (TTM), FY25 Q3: $17.3B Revenue (TTM), FY25 Q4: $17.7B Revenue (TTM), FY26 Q1: $18.4B Revenue (TTM), FY26 Q2: $19.5B Revenue (TTM), FY26 Q3: $20.8B $20.8B

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $17.5B
FY24 Q1 $16.8B
FY24 Q2 $16.1B
FY24 Q3 $15.7B
FY24 Q4 $15.6B
FY25 Q1 $16B
FY25 Q2 $16.7B
FY25 Q3 $17.3B
FY25 Q4 $17.7B
FY26 Q1 $18.4B
FY26 Q2 $19.5B
FY26 Q3 $20.8B
Revenue growth, TTM YoY Texas Instruments
-20% -10% 0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -12.5% Revenue growth, TTM YoY, FY24 Q1: -13.8% Revenue growth, TTM YoY, FY24 Q2: -14.5% Revenue growth, TTM YoY, FY24 Q3: -13.3% Revenue growth, TTM YoY, FY24 Q4: -10.7% Revenue growth, TTM YoY, FY25 Q1: -4.5% Revenue growth, TTM YoY, FY25 Q2: 3.6% Revenue growth, TTM YoY, FY25 Q3: 9.9% Revenue growth, TTM YoY, FY25 Q4: 13.0% Revenue growth, TTM YoY, FY26 Q1: 14.9% Revenue growth, TTM YoY, FY26 Q2: 16.7% Revenue growth, TTM YoY, FY26 Q3: 20.3% 20.3%

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -12.5%
FY24 Q1 -13.8%
FY24 Q2 -14.5%
FY24 Q3 -13.3%
FY24 Q4 -10.7%
FY25 Q1 -4.5%
FY25 Q2 3.6%
FY25 Q3 9.9%
FY25 Q4 13.0%
FY26 Q1 14.9%
FY26 Q2 16.7%
FY26 Q3 20.3%
Operating margin (TTM) Texas Instruments
34% 36% 38% 40% 42% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 41.8% Operating margin (TTM), FY24 Q1: 39.8% Operating margin (TTM), FY24 Q2: 37.0% Operating margin (TTM), FY24 Q3: 35.8% Operating margin (TTM), FY24 Q4: 34.9% Operating margin (TTM), FY25 Q1: 34.3% Operating margin (TTM), FY25 Q2: 34.9% Operating margin (TTM), FY25 Q3: 34.3% Operating margin (TTM), FY25 Q4: 34.1% Operating margin (TTM), FY26 Q1: 35.3% Operating margin (TTM), FY26 Q2: 37.3% Operating margin (TTM), FY26 Q3: 40.8% 40.8%

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 41.8%
FY24 Q1 39.8%
FY24 Q2 37.0%
FY24 Q3 35.8%
FY24 Q4 34.9%
FY25 Q1 34.3%
FY25 Q2 34.9%
FY25 Q3 34.3%
FY25 Q4 34.1%
FY26 Q1 35.3%
FY26 Q2 37.3%
FY26 Q3 40.8%
FCF margin (TTM) Texas Instruments
0% 10% 20% 30% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 7.7% FCF margin (TTM), FY24 Q1: 5.6% FCF margin (TTM), FY24 Q2: 9.3% FCF margin (TTM), FY24 Q3: 9.3% FCF margin (TTM), FY24 Q4: 9.6% FCF margin (TTM), FY25 Q1: 9.1% FCF margin (TTM), FY25 Q2: 9.0% FCF margin (TTM), FY25 Q3: 12.0% FCF margin (TTM), FY25 Q4: 14.7% FCF margin (TTM), FY26 Q1: 20.2% FCF margin (TTM), FY26 Q2: 27.5% FCF margin (TTM), FY26 Q3: 35.2% 35.2%

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 7.7%
FY24 Q1 5.6%
FY24 Q2 9.3%
FY24 Q3 9.3%
FY24 Q4 9.6%
FY25 Q1 9.1%
FY25 Q2 9.0%
FY25 Q3 12.0%
FY25 Q4 14.7%
FY26 Q1 20.2%
FY26 Q2 27.5%
FY26 Q3 35.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Texas Instruments took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $17.7B
  2. Cost of revenue $7.6B · 43.0%
  3. Gross profit $10.1B · 57.0%
  4. Research and development $2.1B · 11.8%
  5. Selling, general and admin $1.9B · 10.5%
  6. Other operating costs $117M · 0.7%
  7. Operating income $6B · 34.1%
  8. Income tax $709M · 4.0%
  9. Interest and other $313M · 1.8%
  10. Net income $5B · 28.3%

Shares of revenue. Source: Texas Instruments's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 10.4 14.0 13.7 12.8 12.2 13.0 13.0 13.4 15.0 15.8 14.4 14.5 18.3 20.0 17.5 15.6 17.7 20.8
Gross profit 5.0 7.5 6.8 6.4 6.4 7.4 7.6 8.3 9.6 10.3 9.2 9.3 12.4 13.8 11.0 9.1 10.1 12.5
EBITDA 2.9 5.4 3.9 2.9 3.7 4.8 5.1 5.5 6.6 7.3 6.4 6.6 9.7 11.1 8.5 7.0 7.9 10.6
Operating income 2.0 4.5 3.0 2.0 2.8 3.9 4.3 4.9 6.1 6.7 5.7 5.9 9.0 10.1 7.3 5.5 6.0 8.5
Net income 1.5 3.2 2.2 1.8 2.2 2.8 3.0 3.6 3.7 5.6 5.0 5.6 7.8 8.7 6.5 4.8 5.0 7.1
Diluted EPS $1.15 $2.62 $1.88 $1.51 $1.91 $2.57 $2.82 $3.48 $3.61 $5.59 $5.24 $5.97 $8.26 $9.41 $7.07 $5.20 $5.45 $7.76
Growth (year on year)
Revenue −16.6% +33.9% −1.7% −6.6% −4.8% +6.9% −0.3% +2.8% +11.9% +5.5% −8.9% +0.5% +26.9% +9.2% −12.5% −10.7% +13.0% +20.3%
EBITDA −17.1% +87.6% −27.6% −24.8% +26.7% +29.3% +6.1% +7.3% +21.3% +10.3% −11.9% +3.0% +46.6% +13.9% −23.1% −18.0% +13.9% +37.8%
Operating income −18.3% +126.7% −33.7% −34.1% +43.5% +39.4% +9.5% +12.3% +25.3% +10.4% −14.7% +3.0% +52.0% +13.2% −27.7% −25.5% +10.2% +42.8%
Net income −23.4% +119.6% −30.7% −21.3% +22.9% +30.5% +5.8% +20.4% +2.4% +51.5% −10.1% +11.5% +38.9% +12.6% −25.6% −26.3% +4.2% +41.0%
Diluted EPS −20.1% +127.8% −28.2% −19.7% +26.5% +34.6% +9.7% +23.4% +3.7% +54.8% −6.3% +13.9% +38.4% +13.9% −24.9% −26.4% +4.8% +40.9%
Margins
Gross margin 47.9% 53.6% 49.3% 49.7% 52.1% 56.9% 58.3% 61.8% 64.3% 65.1% 63.7% 64.1% 67.5% 68.8% 62.9% 58.1% 57.0% 60.2%
EBITDA margin 27.5% 38.5% 28.4% 22.8% 30.4% 36.8% 39.1% 40.8% 44.3% 46.3% 44.7% 45.8% 53.0% 55.2% 48.6% 44.6% 44.9% 51.3%
Operating margin 19.1% 32.3% 21.8% 15.4% 23.2% 30.3% 33.2% 36.3% 40.7% 42.5% 39.8% 40.8% 48.8% 50.6% 41.8% 34.9% 34.1% 40.8%
Net margin 14.1% 23.1% 16.3% 13.7% 17.7% 21.6% 23.0% 26.9% 24.6% 35.4% 34.9% 38.7% 42.4% 43.7% 37.2% 30.7% 28.3% 34.3%
Free-cash-flow margin 18.1% 18.8% 17.8% 22.8% 24.4% 28.1% 29.6% 30.5% 31.2% 38.4% 40.3% 38.0% 34.3% 29.6% 7.7% 9.6% 14.7% 35.2%
Cash flow
Cash from operations 2.6 3.8 3.3 3.4 3.4 4.1 4.4 4.6 5.4 7.2 6.6 6.1 8.8 8.7 6.4 6.3 7.2 9.9
Capital spending 0.8 1.2 0.8 0.5 0.4 0.4 0.6 0.5 0.7 1.1 0.8 0.6 2.5 2.8 5.1 4.8 4.6 2.6
Free cash flow 1.9 2.6 2.4 2.9 3.0 3.7 3.8 4.1 4.7 6.1 5.8 5.5 6.3 5.9 1.3 1.5 2.6 7.3
Stock-based pay 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.2 0.2 0.2 0.2 0.2 0.3 0.4 0.4 0.4 0.4
Free cash flow after stock pay 1.7 2.4 2.2 2.7 2.7 3.4 3.6 3.8 4.4 5.8 5.6 5.3 6.1 5.6 1.0 1.1 2.2 6.9
Balance sheet
Cash 1.2 1.3 1.0 1.4 1.6 1.2 1.0 1.2 1.7 2.4 2.4 3.1 4.6 3.1 3.0 3.2 3.2 4.2
Total debt 0.0 0.0 5.6 5.7 5.2 4.6 4.1 3.6 4.1 5.1 5.9 6.9 7.8 8.8 11.3 13.7 14.2 13.7
Net debt (negative = net cash) −1.2 −1.3 4.6 4.3 3.5 3.4 3.1 2.5 2.4 2.7 3.4 3.7 3.2 5.8 8.3 10.5 10.9 9.4
Diluted shares 1,269m 1,213m 1,171m 1,146m 1,113m 1,080m 1,043m 1,021m 1,012m 990m 952m 933m 936m 926m 916m 919m 913m 916m
Returned to shareholders
Dividends 0.6 0.6 0.6 0.8 1.2 1.3 1.4 1.6 2.1 2.6 3.0 3.4 3.9 4.3 4.6 4.8 5.0 5.2
Buybacks 1.0 2.5 2.0 1.8 2.9 2.8 2.7 2.1 2.6 5.1 3.0 2.6 0.5 3.6 0.3 0.9 1.5 0.6
Total returned 1.5 3.0 2.6 2.6 4.0 4.2 4.2 3.8 4.7 7.7 6.0 6.0 4.4 7.9 4.9 5.7 6.5 5.8

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · September 30, 2026
What it owns · $36.8bn
Short-term assets $16.9bnLonger-term assets $20.0bn
What it owes, and who funded it · $36.8bn
Short-term liabilities $3.0bnLonger-term liabilities $14.6bnShareholders' equity $19.2bn
  • Short-term assets cover short-term liabilities $16.9bn of assets due within a year against $3.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $16.9bn short-term assets against $14.6bn of longer-dated liabilities.
  • More cash than debt $4.2bn of cash against $13.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 71% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 52% to 71% over five years.
  • A year's operating cash flow covers at least 20% of debt $9.9bn of operating cash flow against $13.6bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Texas Instruments's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$636M
Dividends (TTM)
$5.2B
Returned to shareholders
79%
of free cash flow
Buybacks, last 3 fiscal years
$2.7B
Diluted share count
+0.1%
year over year
Total shareholder yield
2.1%
dividends 1.9% + buybacks 0.2% of market value
Dividend payout ratio
73%
of net income paid out
R&D spending
10.1%
of revenue
Sales & admin spending
9.0%
of revenue
Days sales outstanding
46 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in semiconductors
Last 12 months unless stated TXN ASX ADI NXPI STM AMD Median
Revenue, last 12 months $20.8bn $20.7bn $13.9bn $13.8bn $11.8bn $41.3bn $1.1bn
Revenue growth, last 12 months 20.3% 11.8% 33.6% 14.6% −11.1% 39.5% 13.7%
Revenue growth, 3-year average 4.7% — 2.6% 1.6% 13.4% 23.6% 3.9%
Revenue growth, latest quarter 27.7% — 39.6% 19.3% — 50.1% 20.1%
Gross margin 60.2% 17.7% 65.8% 56.4% 33.9% 53.2% 48.3%
Operating margin 40.8% 8.0% 35.5% 33.0% 1.5% 15.7% 4.8%
Operating margin, 3-year average 37.0% 9.3% 27.3% 28.6% 10.8% 9.0% 4.8%
Net margin 34.3% 6.2% 29.8% 23.4% 1.4% 15.6% 5.3%
Cash from operations / revenue 47.7% 22.0% 39.9% 27.5% 18.2% 24.4% 17.4%
Free-cash-flow margin 35.2% −3.6% 35.6% 25.4% 1.7% 20.3% 9.6%
Free-cash-flow margin, 3-year average 18.9% 1.9% 33.8% 20.8% 9.4% 13.3% 8.5%
Stock pay / revenue 2.0% 0.4% 2.5% 3.1% 1.6% 4.6% 5.8%
Change in share count 0.1% 0.9% −1.4% −0.4% −1.7% 1.1% 0.9%

Median of all 75 companies we cover in semiconductors. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 semiconductor companies
Measure Company Peer median Rank
Revenue growth Growth 20.3% 13.7% 30 of 75
Change in growth rate Growth +3.6pp +3.7pp 39 of 75
Gross margin Profitability 60.2% 48.3% 16 of 73
Operating margin Profitability 40.8% 4.8% 6 of 75
Net margin Profitability 34.3% 5.3% 7 of 75
Free-cash-flow margin Cash generation 35.2% 9.6% 8 of 75
Stock pay as % of revenue Cash generation 2.0% 6.4% 17 of 74
Long-term debt as % of assets Balance sheet 35.0% 14.0% 40 of 47
Change in share count Balance sheet 0.1% 0.9% 23 of 72
Days sales outstanding Balance sheet 46 days 58 days 20 of 62

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Analog $14B 79.2% ▲ 15.2%
Embedded Processing $2.7B 15.3% ▲ 6.5%
All Other Segments $979M 5.5% ▲ 3.4%

From Texas Instruments's 10-K filed February 6, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$242B
Institutions reporting
2,845
Shares held vs prior quarter
▲ 1.2%
Positions opened / closed
480 / 87

Top buyers and sellers, Q2 2026: 1,526 institutions bought and 1,039 sold ; the biggest buyer was Assenagon Asset Management S.A (+3.1M shares) and the biggest seller Jpmorgan Chase & Co (−5.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $24.6B 82.6M 10.2% ▲ 1.3%
Vanguard Capital Management LLC $17.7B 59.4M 7.3% ▲ 0.8%
State Street Corp $13.3B 44.5M 5.5% ▲ 3.2%
Invesco Ltd. $11.3B 37.8M 4.7% ▲ 1.4%
Jpmorgan Chase & Co $9.3B 32.4M 3.8% ▼ 15.5%
Vanguard Portfolio Management LLC $8.8B 29.5M 3.6% ▲ 3.2%
Geode Capital Management, LLC $7.1B 24.0M 3.0% ▲ 1.9%
Charles Schwab Investment Management Inc $6.3B 21.2M 2.6% ▼ 18.3%
Bank Of New York Mellon Corp $4.5B 15.1M 1.9% ▼ 8.2%
Norges Bank $3.9B 13.2M 1.6% —
Wellington Management Group LLP $3.9B 13.1M 1.6% ▼ 2.6%
Morgan Stanley $3.9B 13.0M 1.6% ▲ 9.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Texas Instruments's complete shareholder register. Values are as reported by the filers ; 8 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $125M 52 trades by 21 insiders · 0% under pre-set plans
Net ▼ $125M net selling
Insider Date Trade Shares Price Value
Kirk Ronald Director October 29, 2026 Sell 6,065 $310.39 $1.9M
Sanchez Robert E Director October 27, 2026 Sell 477 $303.07 $144,564
Sanchez Robert E Director October 27, 2026 Sell 5,588 $302.14 $1.7M
Patsley Pamela H Director October 27, 2026 Sell 4,532 $301.56 $1.4M
Clark Janet F Director October 27, 2026 Sell 350 $303.17 $106,110
Clark Janet F Director October 27, 2026 Sell 3,956 $302.40 $1.2M
Abraham Tsedeniya Sr. Vice President August 27, 2026 Sell 6,408 $264.60 $1.7M
Abraham Tsedeniya Sr. Vice President August 27, 2026 Sell 592 $264.96 $156,856
Craighead Martin S Director May 28, 2026 Sell 9,643 $320.41 $3.1M
Craighead Martin S Director May 28, 2026 Sell 357 $321.01 $114,601
Lizardi Rafael R Sr. Vice President & CFO May 14, 2026 Sell 14,156 $308.54 $4.4M
Lizardi Rafael R Sr. Vice President & CFO May 14, 2026 Sell 32,119 $307.85 $9.9M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 161 trades and filings

In the last 12 months, 3 members of Congress disclosed 3 purchases and 4 sales of Texas Instruments shares.

  • Kevin Hern(R-OK 1):Sale (partial), $15,001 - $50,000, traded October 14, 2026, filed October 28, 2026
  • Thomas H. Kean, Jr.(R-NJ 7):Purchase, $1,001 - $15,000, traded September 17, 2026, filed October 30, 2026
  • Thomas H. Kean, Jr.(R-NJ 7):Purchase, $1,001 - $15,000, traded April 14, 2026, filed May 22, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 26, 2027 estimated from the company's past filing pattern, not announced

  • October 21, 2026
  • July 22, 2026
  • April 22, 2026
  • January 27, 2026
  • October 21, 2025
  • July 22, 2025

Recent SEC filings

Data status

When each part of this page on Texas Instruments was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Texas Instruments in brief

What does Texas Instruments do?
Texas Instruments is a US-listed company in the semiconductors industry. Its financial year ends in December.
What is Texas Instruments's stock ticker?
Texas Instruments trades under the ticker TXN on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Texas Instruments's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Texas Instruments reported revenue of $20.8B, 20.3% higher than a year earlier, according to its SEC filings.
What is Texas Instruments's free cash flow?
Texas Instruments's free-cash-flow margin is 35.2% of revenue over the trailing twelve months, ranking 8 of the 75 semiconductor companies we cover.
What is Texas Instruments's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Texas Instruments's free cash flow after stock-based pay gives ~$110 per share in the base case, and ~$84–$150 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Texas Instruments's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Texas Instruments buying back stock, and does it pay a dividend?
Texas Instruments spent $636M on share repurchases over the trailing twelve months, and its diluted share count still rose 0.1% over the year.
What is Texas Instruments's market cap?
On November 2, 2026, Texas Instruments's market capitalisation was about $277B, with a price-to-earnings ratio of 38.9 and net debt of $9.4B. Market figures come from third-party market data and may be delayed.
Does Texas Instruments pay a dividend?
Yes: Texas Instruments paid $5.2B in dividends over the trailing twelve months, a dividend yield of 1.86% and a payout ratio of 72.7%.
How much debt does Texas Instruments have?
Texas Instruments's debt-to-equity ratio is 70.7%, from its latest balance sheet (51.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Texas Instruments's competitors?
In our Semiconductors peer group, the companies closest to Texas Instruments are ASE Technology Holding Co., Ltd., Analog Devices, NXP Semiconductors, Stmicroelectronics N.V. and Advanced Micro Devices. The side-by-side comparison below sets their revenue, margins and growth against Texas Instruments's.
Are insiders buying or selling Texas Instruments stock?
Over the last 12 months, Texas Instruments's directors and officers reported 0 open-market purchases and 52 sales on Form 4. The insider trading page charts every trade.
When is Texas Instruments's next earnings date?
Around January 26, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Texas Instruments announces its own schedule.