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STRONG
BUY
0
BUY 28
HOLD 27
SELL 10
STRONG
SELL
0
| PRICE TARGET: $183.83 DETAILS
HIGH: $245.00
LOW: $140.00
MEDIAN: $180.00
CONSENSUS: $183.83
DOWNSIDE: 4.05%
Metric 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2
Revenue
Revenue 4,742.0 4,448.0 4,069.0 4,007.0 4,151.0 3,822.0 3,661.0 4,077.0 4,532.0 4,531.0
Cost of Revenue 2,019.0 1,873.0 1,756.0 1,693.0 1,677.0 1,611.0 1,566.0 1,646.0 1,717.0 1,621.0
Gross Profit 2,723.0 2,575.0 2,313.0 2,314.0 2,474.0 2,211.0 2,095.0 2,431.0 2,815.0 2,910.0
Operating Expenses
R&D Expenses 518.0 527.0 517.0 491.0 492.0 498.0 478.0 460.0 471.0 477.0
SG&A Expenses 457.0 485.0 472.0 446.0 428.0 465.0 455.0 438.0 452.0 461.0
Other Expenses 85.0 0.0 0.0 0.0 0.0 0.0 (124.0) 0.0 0.0 0.0
Operating Expenses 1,060.0 1,012.0 989.0 937.0 920.0 963.0 809.0 898.0 923.0 938.0
Operating Income
Operating Income 1,663.0 1,563.0 1,324.0 1,377.0 1,554.0 1,248.0 1,286.0 1,533.0 1,892.0 1,972.0
Interest Expense 141.0 133.0 128.0 130.0 131.0 131.0 116.0 98.0 98.0 89.0
Interest Income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Profitability
EBITDA 2,242.0 2,092.0 1,848.0 1,924.0 2,087.0 1,759.0 1,771.0 1,983.0 2,340.0 2,391.0
EBIT 1,725.0 1,611.0 1,404.0 1,489.0 1,685.0 1,378.0 1,409.0 1,646.0 2,020.0 2,091.0
Income Before Tax 1,584.0 1,478.0 1,276.0 1,359.0 1,554.0 1,247.0 1,293.0 1,548.0 1,922.0 2,002.0
Income Tax Expense 220.0 183.0 97.0 154.0 192.0 120.0 188.0 177.0 213.0 280.0
Net Income 1,364.0 1,295.0 1,179.0 1,205.0 1,362.0 1,127.0 1,105.0 1,371.0 1,709.0 1,722.0
Per Share Data
EPS (Basic) 1.50 1.42 1.29 1.32 1.48 1.23 1.21 1.50 1.88 1.89
EPS (Diluted) 1.48 1.41 1.28 1.30 1.47 1.22 1.20 1.49 1.85 1.87
Shares Outstanding 909.0 908.0 910.0 912.0 913.0 912.0 910.0 908.0 908.0 908.0
Metric 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2
Current Assets
Cash & Cash Equivalents 3,311.0 3,044.0 2,763.0 3,200.0 2,589.0 2,740.0 2,483.0 2,964.0 2,566.0 3,439.0
Short-Term Investments 1,875.0 2,315.0 2,242.0 4,380.0 6,163.0 6,948.0 7,910.0 5,611.0 6,382.0 6,113.0
Net Receivables 2,062.0 3,959.0 3,055.0 1,719.0 2,483.0 2,692.0 2,670.0 1,787.0 1,976.0 1,956.0
Inventory 4,829.0 4,812.0 4,687.0 4,527.0 4,296.0 4,106.0 4,083.0 3,999.0 3,908.0 3,729.0
Other Current Assets 1,799.0 354.0 339.0 1,200.0 341.0 303.0 302.0 761.0 265.0 277.0
Total Current Assets 13,876.0 14,484.0 13,086.0 15,026.0 15,872.0 16,789.0 17,448.0 15,122.0 15,097.0 15,514.0
Non-Current Assets
Property, Plant & Equipment 12,348.0 12,321.0 11,811.0 11,347.0 12,602.0 11,174.0 10,442.0 9,999.0 9,320.0 8,525.0
Goodwill 4,362.0 4,362.0 4,362.0 4,362.0 4,362.0 4,362.0 4,362.0 4,362.0 4,362.0 4,362.0
Intangible Assets 237.0 248.0 263.0 257.0 229.0 230.0 231.0 223.0 138.0 143.0
Long-Term Investments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Non-Current Assets 3,092.0 2,422.0 3,205.0 3,581.0 1,315.0 1,588.0 1,581.0 1,885.0 2,089.0 1,858.0
Total Non-Current Assets 21,128.0 20,449.0 20,671.0 20,483.0 19,449.0 18,259.0 17,437.0 17,226.0 16,541.0 15,425.0
Total Assets 35,004.0 34,933.0 33,757.0 35,509.0 35,321.0 35,048.0 34,885.0 32,348.0 31,638.0 30,939.0
Current Liabilities
Account Payables 779.0 881.0 866.0 820.0 794.0 858.0 551.0 802.0 713.0 923.0
Short-Term Debt 500.0 0.0 0.0 750.0 1,049.0 1,049.0 1,349.0 599.0 300.0 299.0
Deferred Revenue 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Current Liabilities 1,036.0 595.0 418.0 1,562.0 721.0 569.0 399.0 1,406.0 707.0 561.0
Total Current Liabilities 3,118.0 2,492.0 2,489.0 3,643.0 3,686.0 3,637.0 3,553.0 3,320.0 2,652.0 2,711.0
Non-Current Liabilities
Long-Term Debt 13,546.0 14,043.0 12,848.0 12,846.0 12,844.0 12,842.0 12,840.0 10,624.0 10,922.0 10,920.0
Deferred Tax Liabilities 60.0 63.0 56.0 53.0 54.0 55.0 55.0 63.0 66.0 69.0
Other Non-Current Liabilities 1,653.0 1,932.0 1,958.0 2,064.0 788.0 1,300.0 1,454.0 1,444.0 1,367.0 1,299.0
Total Non-Current Liabilities 15,259.0 16,038.0 14,862.0 14,963.0 14,367.0 14,197.0 14,349.0 12,131.0 12,355.0 12,288.0
Total Liabilities 18,377.0 18,530.0 17,351.0 18,606.0 18,053.0 17,834.0 17,902.0 15,451.0 15,007.0 14,999.0
Stockholders' Equity
Common Stock 1,741.0 1,741.0 1,741.0 1,741.0 1,741.0 1,741.0 1,741.0 1,741.0 1,741.0 1,741.0
Retained Earnings 52,369.0 52,249.0 52,196.0 52,262.0 52,304.0 52,135.0 52,199.0 52,283.0 52,098.0 51,522.0
Accumulated Other Comprehensive Income (149.0) (156.0) (147.0) (140.0) (195.0) (200.0) (203.0) (205.0) (235.0) (246.0)
Total Stockholders' Equity 16,627.0 16,403.0 16,406.0 16,903.0 17,268.0 17,214.0 16,983.0 16,897.0 16,631.0 15,940.0
Total Liabilities & Equity 35,004.0 34,933.0 33,757.0 35,509.0 35,321.0 35,048.0 34,885.0 32,348.0 31,638.0 30,939.0
Debt Metrics
Total Debt 14,046.0 14,043.0 12,848.0 13,596.0 14,574.0 13,891.0 14,189.0 11,223.0 11,222.0 11,219.0
Net Debt 10,735.0 10,999.0 10,085.0 10,396.0 11,985.0 11,151.0 11,706.0 8,259.0 8,656.0 7,780.0
Metric 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2
Operating Activities
Net Income 1,364.0 1,295.0 1,179.0 1,205.0 1,355.0 1,127.0 1,100.0 1,371.0 1,709.0 1,722.0
Depreciation & Amortization 497.0 481.0 424.0 435.0 402.0 381.0 362.0 337.0 320.0 300.0
Stock-Based Compensation 93.0 0.0 116.0 78.0 87.0 116.0 106.0 68.0 79.0 111.0
Change in Working Capital 213.0 5.0 (724.0) 300.0 (47.0) 29.0 (356.0) 280.0 (6.0) (510.0)
Other Non-Cash Items 20.0 129.0 (59.0) 1.0 (32.0) 3.0 (124.0) 8.0 (66.0) (172.0)
Operating Cash Flow 2,190.0 1,860.0 849.0 1,998.0 1,732.0 1,571.0 1,017.0 1,924.0 1,937.0 1,399.0
Investing Activities
Capital Expenditure (1,197.0) (1,305.0) (1,123.0) (1,192.0) (1,316.0) (1,064.0) (1,248.0) (1,148.0) (1,495.0) (1,446.0)
Acquisitions 0.0 0.0 0.0 0.0 0.0 2.0 192.0 (3.0) 1.0 1.0
Purchases of Investments (805.0) (1,192.0) (647.0) (909.0) (1,845.0) (2,098.0) (4,864.0) (2,565.0) (3,080.0) (4,047.0)
Sales/Maturities of Investments 0.0 1,131.0 0.0 0.0 2,700.0 3,130.0 2,631.0 3,411.0 2,885.0 3,065.0
Other Investing Activities 1,321.0 31.0 3,023.0 2,715.0 (26.0) 30.0 (40.0) (6.0) (5.0) 42.0
Investing Cash Flow (681.0) (1,335.0) 1,253.0 614.0 (487.0) 0.0 (3,329.0) (311.0) (1,694.0) (2,385.0)
Financing Activities
Net Debt Issuance 0.0 1,199.0 (750.0) (300.0) 0.0 (300.0) 2,980.0 0.0 0.0 1,103.0
Stock Repurchased (119.0) (302.0) (653.0) (537.0) (318.0) (71.0) (3.0) (65.0) (46.0) (79.0)
Dividends Paid (1,236.0) (1,235.0) (1,238.0) (1,240.0) (1,187.0) (1,185.0) (1,183.0) (1,181.0) (1,126.0) (1,125.0)
Other Financing Activities (12.0) (21.0) (16.0) (11.0) (8.0) (6.0) (28.0) (14.0) (12.0) (16.0)
Financing Cash Flow (1,242.0) (244.0) (2,539.0) (2,001.0) (1,396.0) (1,314.0) 1,831.0 (1,215.0) (1,116.0) (52.0)
Cash Position
Net Change in Cash 267.0 281.0 (437.0) 611.0 (151.0) 257.0 (481.0) 398.0 (873.0) (1,038.0)
Cash at Beginning 3,044.0 2,763.0 3,200.0 2,589.0 2,740.0 2,483.0 2,964.0 2,566.0 3,439.0 4,477.0
Cash at End 3,311.0 3,044.0 2,763.0 3,200.0 2,589.0 2,740.0 2,483.0 2,964.0 2,566.0 3,439.0
Free Cash Flow 993.0 555.0 (274.0) 806.0 416.0 507.0 (231.0) 776.0 442.0 (47.0)
Key Metrics 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2
Income Statement
Revenue 4,742.0 4,448.0 4,069.0 4,007.0 4,151.0 3,822.0 3,661.0 4,077.0 4,532.0 4,531.0
Gross Profit 2,723.0 2,575.0 2,313.0 2,314.0 2,474.0 2,211.0 2,095.0 2,431.0 2,815.0 2,910.0
Operating Income 1,663.0 1,563.0 1,324.0 1,377.0 1,554.0 1,248.0 1,286.0 1,533.0 1,892.0 1,972.0
Net Income 1,364.0 1,295.0 1,179.0 1,205.0 1,362.0 1,127.0 1,105.0 1,371.0 1,709.0 1,722.0
EPS (Diluted) 1.48 1.41 1.28 1.30 1.47 1.22 1.20 1.49 1.85 1.87
Balance Sheet
Cash & Equivalents 3,311.0 3,044.0 2,763.0 3,200.0 2,589.0 2,740.0 2,483.0 2,964.0 2,566.0 3,439.0
Total Assets 35,004.0 34,933.0 33,757.0 35,509.0 35,321.0 35,048.0 34,885.0 32,348.0 31,638.0 30,939.0
Total Debt 14,046.0 14,043.0 12,848.0 13,596.0 14,574.0 13,891.0 14,189.0 11,223.0 11,222.0 11,219.0
Stockholders' Equity 16,627.0 16,403.0 16,406.0 16,903.0 17,268.0 17,214.0 16,983.0 16,897.0 16,631.0 15,940.0
Cash Flow
Operating Cash Flow 2,190.0 1,860.0 849.0 1,998.0 1,732.0 1,571.0 1,017.0 1,924.0 1,937.0 1,399.0
Capital Expenditure (1,197.0) (1,305.0) (1,123.0) (1,192.0) (1,316.0) (1,064.0) (1,248.0) (1,148.0) (1,495.0) (1,446.0)
Free Cash Flow 993.0 555.0 (274.0) 806.0 416.0 507.0 (231.0) 776.0 442.0 (47.0)