Texas Instruments Incorporated

The grade, in three tenses

Headline 6.3 out of ten, 9 of 9 metrics filed: past 6.9 out of ten, present 7.0 out of ten, future 4.9 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 7.6 out of ten. No warning events in its filings since 2017. 76th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 5.9 out of ten. +3.2% a year over 10 filed years; profitable in 10 of 10. 59th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 8.1 out of ten. Share count shrank 0.5% a year. 86% of cash flow returned. Insiders: 46 sales, 0 purchases. 81st percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 6.8 out of ten. ROE 31%: 31¢ of profit per shareholder dollar. Leverage 53%: owes 53¢ per asset dollar. 68th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 7.3 out of ten. top 26% of 97 in its family; net margin 28.3%. 74th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 6.6 out of ten. top 34% of 66 in its family for leadership; chief executive since 2024. 66th percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 4.6 out of ten. bottom 46% of 94 in its family for room to expand. 46th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 5.8 out of ten. top 42% of 93 in its family for growth drivers. 58th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 4.3 out of ten. bottom 43% of 88 in its family for expectations against reality. 43rd percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-02-06 for the period ended 2025-12-31 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-07-24 for the period ended 2026-06-30 (on EDGAR). Newest results release: Form 8-K filed 2026-07-22 (on EDGAR). Newest filing: Form 4, 2026-09-21. Filings on record since 1994. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-02-06.

The people

Haviv Ilan runs Texas Instruments. He has been president and chief executive since 2023, after serving as executive vice president and chief operating officer from 2020 to 2023, and he has been with the company at a senior level since 2014. He joined the board in 2021 and became its chairman in 2026, when Richard Templeton retired from the chairmanship and from the board effective the last day of 2025. On the insider record this site holds, Ilan has filed as an officer or a director since 2017 and Templeton since 2006, the first year those data sets reach. [1, 2, 3]

The annual report lists eleven executive officers. Rafael Lizardi is senior vice president and chief financial officer; Katie Kane is senior vice president, secretary and general counsel; the other eight carry the title of senior vice president. All of them have been employees for more than five years, and Ahmad Bahai, Mark Gary, Ilan, Hagop Kozanian, Lizardi and Amichai Ron have been executive officers for more than five years. The newer ones are Mark Roberts and Christine Witzsche, executive officers since 2021, Shanon Leonard since 2022, and Kane and Mohammad Yunus since 2024. [4, 5]

Twelve directors stood for election in 2026: Mark Blinn, Todd Bluedorn, Janet Clark, Carrie Cox, Martin Craighead, Reginald DesRoches, Curtis Farmer, Jean Hobby, Haviv Ilan, Ronald Kirk, Pamela Patsley and Robert Sanchez. The board says each of them is independent except Ilan, who is the only one who works for the company. Most have run large companies or audited them: Sanchez is chairman and chief executive of Ryder System, Craighead led Baker Hughes, Farmer led Comerica, Hobby was a partner at PricewaterhouseCoopers, DesRoches is president of Rice University, and Kirk was the United States Trade Representative from 2009 to 2013. Several have been there a long time: Patsley since 2004, Sanchez since 2011, Kirk since 2013. [6, 7, 8, 9, 10, 11, 12, 13, 14, 15]

At the end of 2025 the company counted about 33,000 employees worldwide, about nine in ten of them in research and development, sales or manufacturing. Turnover for the year was 10.1 percent. The company describes a promote-from-within culture with training meant to move people quickly between areas. The floor space is as telling as the headcount for a company that builds its own chips: about 17.8 million square feet of facilities in the United States and about 12.8 million square feet outside it, nearly all of it owned rather than leased. [16, 17, 18]

How it operates

Texas Instruments designs and manufactures semiconductors and sells them to electronics designers and manufacturers all over the world. Its operations began in 1930, it is incorporated in Delaware, it is run from Dallas, Texas, and it has design, manufacturing or sales operations in more than 30 countries. The catalogue is vast: more than 80,000 products. Two segments are reported. Analog chips change real world signals such as sound, temperature, pressure or light, conditioning them, amplifying them and often turning them into digital data, and they also manage power in equipment, converting, distributing, storing, discharging, isolating and measuring electrical energy. Embedded processing chips are the digital brains of equipment, built to handle specific tasks, running from wireless connectivity and simple microcontrollers to radar and vision processing. Everything else is reported as Other: DLP chips, which project high definition images, calculators, and custom chips known as application specific integrated circuits. [19, 20, 21, 22, 23, 24, 25, 26]

It sells to over 100,000 customers, and about half of its revenue comes from customers outside its largest 50. Its own table of markets, which it realigned in 2025, puts industrial at 33 percent of revenue and automotive at another 33, personal electronics at 21, data center at 9 and communications equipment at 3, with calculators about 1. Within each market the sectors are listed in declining order of revenue: industrial automation heads industrial, infotainment and instrument clusters head automotive, mobile phones head personal electronics, and data center compute heads data center. Concentration is low but not absent: one end customer accounted for 12 percent of revenue in both 2025 and 2024, recognized primarily in the Analog segment; in 2023 no end customer reached a tenth of revenue. [27, 28, 29, 30, 31, 32]

In 2025 more than 80 percent of revenue was sold direct, which includes the TI.com website, and less than 20 percent went through distributors, for which it offers customers a single worldwide distributor and a few region specific ones. That shift is deliberate and expensive: order fulfilment services, inventory programs, business processes, logistics and e-commerce built over several years, which the company says give it access to more customers and more of their design projects, and so the chance to sell more parts into each design. [33, 34, 35, 36, 37]

Measured by where end customers are headquartered, which the company calls where critical decisions are made, the United States brought 38 percent of 2025 revenue, China 21 percent, Europe, the Middle East and Africa 21 percent with Germany alone 10, the rest of Asia 11 percent and Japan 7 percent. About 60 percent of revenue comes from customers headquartered outside the United States. Shipments tell a different story from headquarters: products shipped into China were about 50 percent of revenue in 2025, against about 20 percent from customers headquartered there. [38, 39, 40, 41]

Texas Instruments owns its factories, and calls that a core competitive advantage rather than a cost to be handed to someone else. It runs wafer fabrication plants, known as fabs, and assembly and test plants in North America, Asia, Japan and Europe, and does most manufacturing in house, which it says gives it lower cost, more control of its supply chain and what it calls geopolitically dependable capacity. The economics turn on the size of the wafer, the silicon disc chips are made on: an unpackaged chip built on a 300mm wafer costs about 40 percent less than one built on a 200mm wafer. Through 2025 it kept qualifying and ramping its newest 300mm fabs in Richardson and Sherman, Texas, and Lehi, Utah, which are meant to absorb work moved in from outside foundries and from its own legacy 150mm plants. It sourced the majority of wafer fabrication and of assembly and test internally that year, and uses outside foundries and subcontractors only to supplement. [42, 43, 44, 45, 46]

The specifics

The company states one objective and repeats it: the growth of free cash flow per share over the long term, which it calls the best metric for owners to measure its progress. The strategy under it has three parts: a business model built on four advantages, which are manufacturing and technology, a broad portfolio, the reach of its market channels, and the diversity and longevity of its products, markets and customer positions; discipline in allocating capital; and efficiency. It puts figures behind the second: over the ten years from 2016 to 2025 it allocated 109 billion dollars, about 24 billion of it to capital expenditures, and it says it is near completion of a six year elevated capital expenditures cycle. [47, 48, 49, 50]

Public money and tax law sit close to this business. The company says it expects to keep benefiting from the CHIPS Act, including a 35 percent investment tax credit on qualifying manufacturing investments for assets placed in service after the end of 2025, and direct funding of up to 1.6 billion dollars for its three large scale 300mm fabs in Sherman, Texas and Lehi, Utah. In 2025 it received 335 million dollars of proceeds from those incentives, including 75 million in direct funding. The One Big Beautiful Bill Act, enacted on July 4, 2025, changed federal tax law by allowing research and eligible capital spending to be expensed and by raising that credit; the filing says the new law made the effective tax rate higher in 2025, at 12.4 percent against 12.0 percent the year before. [51, 52, 53, 54]

Two old factories are closing. The 117 million dollar restructuring charge of 2025 covers efforts to drive operational efficiencies, including the planned closures of the two remaining factories with 150mm production, and a non cash goodwill impairment on the custom chip products, 32 million dollars, taken because the expected present value of future cash flows from certain products in Other declined. The year before ran the other way: a credit of 124 million dollars, mostly a gain on the sale of a property. [55, 56]

The filing names no competitor. It says the analog and embedded processing markets remain highly fragmented despite consolidation, and that it faces significant global competition from dozens of large and small companies, broad based and niche, including emerging companies particularly in Asia. It describes the semiconductor cycle in plain terms, as the ebb and flow of supply and demand and the building and depleting of inventories, and says its own revenue growth is seasonally weaker in the first and fourth quarters than in the second and third. On patents it claims no single dependency: it owns many, keeps adding to them and licenses both ways, but says it does not consider its business materially dependent upon any one patent or patent license. [57, 58, 59, 60]

What drives growth, line by line

Revenue of 17.68 billion dollars rose 2.04 billion, or 13.0 percent, which the company attributes to higher demand in Analog and, to a lesser extent, in Embedded Processing. It describes 2025 as a continuing recovery in the analog and embedded market, though at a slower pace than prior upturns, with global semiconductor shipments still below the prior peak. The filed record shows what it is recovering from: revenue of 20.0 billion in 2022, then 17.5 billion in 2023 and 15.6 billion in 2024. Gross profit rose 10.9 percent to 10.08 billion but took a smaller share of revenue, 57.0 percent against 58.1 percent, on higher manufacturing costs from planned capacity expansions, partly offset by fuller factories. Because the company owns much of its capacity, a large part of its operating cost is fixed, so margins move with how full the plants are. [61, 62, 63, 64, 65]

Analog. The big one: 14.0 billion dollars, 79.2 percent of 2025 revenue, up 15.2 percent on the year. The company says both product lines grew about evenly on higher demand. Operating profit rose 17 percent and took 38.6 percent of the segment's revenue, against 37.9 percent a year earlier, the gain coming from the higher revenue and the gross profit on it, partly offset by higher operating expenses. The two lines are Power and Signal Chain. Power chips manage power across voltage levels, from battery management to switching and low dropout regulators, power switches, voltage references and lighting. Signal Chain chips sense, condition and measure real world signals and turn them into data, and include amplifiers, data converters, interface products, motor drives, clocks, logic and sensing. [66, 67, 68, 69, 70, 71]

Embedded Processing. 2.7 billion dollars, 15.3 percent of revenue, up 6.5 percent, and the one line where profit went backwards: operating profit fell 14 percent, to 11.3 percent of the segment's revenue from 13.9 percent, on higher manufacturing costs and operating expenses. The company explains the cost. The plant it calls LFAB, which primarily supports Embedded Processing, was bought as an operating fab and is in the early stages of ramping, and until it ramps the company expects Embedded to carry manufacturing costs that fall disproportionately on this segment's operating profit compared with Analog. It is also the line with the stickiest customers: buyers write their own software for these chips and tend to reuse it from one product generation to the next, which lengthens the relationship. [66, 72, 73, 74, 75]

All Other. 979.0 million dollars, 5.5 percent of revenue, up 3.4 percent: DLP chips, calculators and custom chips. Revenue rose 32 million dollars while operating profit fell 198 million, but that fall is mostly a matter of where charges are booked rather than a business event. The company parks in Other the items it does not use to judge its segments, and in the segment table the whole 117 million dollars of restructuring charges and other items sits in Other, against a 124 million credit sitting there in 2024. [66, 25, 76, 77, 78, 55]

What comes next, in the company's own words: capital spending of about 2 billion to 3 billion dollars in 2026 as the six year elevated cycle ends; continued CHIPS Act benefit, including the 35 percent credit and up to 1.6 billion dollars of direct funding for the three fabs in Sherman and Lehi; and a definitive agreement, announced on February 4, 2026, to acquire Silicon Labs in an all cash transaction that the filing puts at a total enterprise value of about 7.5 billion dollars. That deal is expected to close in the first half of 2027, subject to regulatory approvals and to a vote of Silicon Labs stockholders, and is to be funded with cash on hand and debt financing arranged before closing. [79, 51, 80, 81, 82]

What the desk infers (inferred, not filed)

• The unnamed end customer behind 12 percent of revenue is most likely a maker of personal electronics, and most likely of phones, rather than an industrial or an automotive buyer. Because: One end customer accounted for 12 percent of revenue in both 2025 and 2024, recognized primarily in the Analog segment. [32] Industrial and automotive are the two largest markets at 33 percent of revenue each, but they are also the most scattered: the company sells to over 100,000 customers and about half of its revenue comes from customers outside its largest 50. [29, 27] Data center is 9 percent of revenue and communications equipment 3 percent, both too small to hold a buyer of this size. [30] Personal electronics is 21 percent of revenue, mobile phones is the first sector listed beneath it, and the company says the sectors are listed in declining order of revenue. [30, 28] Confidence 55 of 100. Wrong if: A filing or a public disclosure that names that end customer as a carmaker, an industrial group, a data center operator or any buyer outside personal electronics.
• China is more of an assembly floor than a customer here: about half of what Texas Instruments ships goes into China, but only about a fifth of its revenue comes from customers headquartered there, so much of what it ships is built into other companies' equipment in China and sold on by buyers based elsewhere. Because: Revenue from end customers headquartered in China was about 20 percent of revenue in 2025, while revenue from products shipped into China was about 50 percent. [41] The company books revenue by where its end customers are headquartered, which it calls where critical decisions are made, and on that measure China was 21 percent of 2025 revenue and the United States 38 percent. [38, 39] The gap cannot be a channel effect: more than 80 percent of revenue is sold direct and less than 20 percent through distributors. [33, 34] Confidence 80 of 100. Wrong if: A filing that explains the gap between products shipped into China and revenue from customers headquartered in China by something other than manufacturing performed in China, or a year in which the two shares meet.
• The fall in the Other line's operating profit says almost nothing about DLP chips, calculators and custom chips: it is mostly the place where the company books charges and gains that it keeps out of its segments. Because: Other's revenue rose 3.4 percent, by 32 million dollars, while its operating profit fell 198 million. [66, 76] The company says Other includes items it does not use in evaluating the results of, or allocating resources to, its segments, naming acquisition, integration and restructuring charges, litigation expenses, environmental costs, insurance settlements and gains and losses on asset dispositions. [77] In the segment table the whole 117 million dollars of restructuring charges and other items sits in Other, and the 124 million credit of the year before sat there too. [78, 55] Confidence 85 of 100. Wrong if: A year in which the Other line's operating profit falls sharply while restructuring charges and other corporate items booked there are nil.
• Texas Instruments holds on its own books the buffer stock that a distributor heavy rival would keep in the channel, which is why its inventory is deep by its own history and why its reported revenue tracks what customers actually build. Because: More than 80 percent of 2025 revenue was sold direct, including TI.com, and less than 20 percent went through distributors. [33, 34] Its stated strategy is to build ahead of demand the broad based products that are used across many applications and customers and have low risk of obsolescence. [83] It ended 2025 with 4.80 billion dollars of inventory, 222 days of it, against 241 days a year earlier. [84] It names the timing of customer or distributor inventory adjustments among the things that may hurt its results. [85] Confidence 65 of 100. Wrong if: A filing in which distributor sales return to more than a third of revenue, or one that attributes a revenue swing mainly to distributor inventory adjustments rather than to end demand.

Sources

1. Texas Instruments Incorporated, Form DEF 14A filed 2026-03-04: “Mr. Ilan became chairman of the board in 2026 and president and chief executive officer of the company since 2023 and has served on the company’s board since 2021. From 2020 to 2023, Mr. Ilan was the executive vice president and chief operating officer, responsible for leading TI’s business and sales organizations, technology and manufacturing operations and information technology services. He has served the company at a senior level since 2014.”
2. Texas Instruments Incorporated, Form DEF 14A filed 2026-03-04: “Effective December 31, 2025, Mr. Richard Templeton retired from his role as chairman and as a member of the board. The board appointed Mr. Ilan, the company’s president and chief executive officer, to serve as chair.”
3. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
4. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “Ahmad Bahai 63 Senior Vice President Mark Gary 51 Senior Vice President Haviv Ilan 57 Director, Chairman of the Board, President and Chief Executive Officer Katie Kane 41 Senior Vice President, Secretary and General Counsel Hagop Kozanian 43 Senior Vice President Shanon Leonard 50 Senior Vice President Rafael Lizardi 53 Senior Vice President and Chief Financial Officer Mark Roberts 50 Senior Vice President Amichai Ron 48 Senior Vice President Christine Witzsche 41 Senior Vice President Mohammad Yunus 48 Senior Vice President”
5. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “All have been employees of the company for more than five years. Messrs. Bahai, Gary, Ilan, Kozanian, Lizardi and Ron have served as executive officers of the company for more than five years. Mr. Roberts and Ms. Witzsche became executive officers in 2021. Mr. Leonard became an executive officer in 2022. Ms. Kane and Mr. Yunus became executive officers in 2024.”
6. Texas Instruments Incorporated, Form DEF 14A filed 2026-03-04: “The board of directors has designated the following persons as nominees: Mark Blinn, Todd Bluedorn, Janet Clark, Carrie Cox, Martin Craighead, Reginald DesRoches, Curtis Farmer, Jean Hobby, Haviv Ilan, Ronald Kirk, Pamela Patsley and Robert Sanchez.”
7. Texas Instruments Incorporated, Form DEF 14A filed 2026-03-04: “The board has determined that each of our directors is independent, with the exception of Mr. Ilan.”
8. Texas Instruments Incorporated, Form DEF 14A filed 2026-03-04: “Pamela Patsley Former chairman and chief executive officer of MoneyGram International, Inc. Independent director Age 69 Director since 2004”
9. Texas Instruments Incorporated, Form DEF 14A filed 2026-03-04: “Robert Sanchez Chairman and chief executive officer of Ryder System, Inc. Independent director Age 60 Director since 2011”
10. Texas Instruments Incorporated, Form DEF 14A filed 2026-03-04: “Ronald Kirk Senior of counsel at Gibson, Dunn & Crutcher LLP Independent director Age 71 Director since 2013”
11. Texas Instruments Incorporated, Form DEF 14A filed 2026-03-04: “He served as the U.S. Trade Representative from 2009 to 2013, where he focused on the development and enforcement of U.S. intellectual property law.”
12. Texas Instruments Incorporated, Form DEF 14A filed 2026-03-04: “Reginald DesRoches President of Rice University Independent director Age 58 Director since 2024”
13. Texas Instruments Incorporated, Form DEF 14A filed 2026-03-04: “Martin Craighead Former chairman and chief executive officer of Baker Hughes Inc. Independent director Age 66 Director since 2018”
14. Texas Instruments Incorporated, Form DEF 14A filed 2026-03-04: “Jean Hobby Retired partner of PricewaterhouseCoopers LLP Independent director Age 65 Director since 2016”
15. Texas Instruments Incorporated, Form DEF 14A filed 2026-03-04: “Curtis Farmer Former chairman, president and chief executive officer of Comerica Incorporated Independent director Age 63 Director since 2023”
16. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “At December 31, 2025, we had about 33,000 employees worldwide. Of those, about 90% were in R&D, sales or manufacturing.”
17. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “We have a promote-from-within culture and offer training and development programs that provide the opportunity to quickly gain experience in different areas. In 2025, our turnover rate was 10.1%.”
18. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “Our facilities in the United States contained approximately 17.8 million square feet at December 31, 2025, of which approximately 0.6 million square feet were leased. Our facilities outside the United States contained approximately 12.8 million square feet at December 31, 2025, of which approximately 2.4 million square feet were leased.”
19. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “We design and manufacture semiconductors that we sell to electronics designers and manufacturers all over the world. Our operations began in 1930, and we are incorporated in Delaware. With headquarters in Dallas, Texas, we have design, manufacturing or sales operations in more than 30 countries. 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.”
20. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “This broad portfolio includes more than 80,000 products that are integral to almost every type of electronic equipment.”
21. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “Analog semiconductors change real-world signals, such as sound, temperature, pressure or light, by conditioning them, amplifying them and often converting them to a stream of digital data that can be processed by other semiconductors, such as embedded processors.”
22. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “Analog semiconductors are also used to manage power in all electronic equipment by converting, distributing, storing, discharging, isolating and measuring electrical energy, whether the equipment is plugged into a wall or using a battery.”
23. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “Embedded Processing products are the digital “brains” of many types of electronic equipment. They are designed to handle specific tasks and can be optimized for various combinations of performance, power and cost, depending on the application.”
24. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “Our products vary from wireless connectivity and simple, low-cost devices such as microcontrollers to highly specialized devices such as radar and vision processing. Our Embedded Processing products are used in many markets, particularly industrial and automotive.”
25. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “Other generated $979 million of revenue in 2025 and includes revenue from DLP® products (primarily used to project high-definition images), calculators and certain custom semiconductors known as application-specific integrated circuits (ASICs).”
26. The record on this page: the filing record (the EDGAR submissions feed)
27. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “We sell our products to over 100,000 customers. Our customer base is diverse, with about half of our revenue derived from customers outside of our largest 50.”
28. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “The table below lists the markets for our products in 2025 and the estimated percentage of our 2025 revenue that the market represented. In 2025, we realigned our markets to better reflect the growth opportunities for our analog and embedded products. The table also lists, in declining order of our revenue, the sectors within each market.”
29. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “Industrial Industrial automation (33% of TI revenue) Aerospace & defense Energy infrastructure Building automation Medical & healthcare Test & measurement Other industrial equipment Appliances Power delivery Robotics Automotive Infotainment & cluster (33% of TI revenue) Advanced driver assistance systems (ADAS) Body electronics & lighting Hybrid, electric & powertrain systems Chassis control & safety”
30. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “Data center Data center compute (9% of TI revenue) Data center networking Rack power & thermal management Personal electronics Mobile phones (21% of TI revenue) PC & notebooks Portable electronics Home theater & entertainment Connected peripherals & printers TV Tablets Wearables (non-medical) Gaming Data storage Communications equipment Wireless infrastructure (3% of TI revenue) Wired networking Broadband fixed line access”
31. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “In addition, we sell calculators, which was about 1% of our revenue.”
32. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “One of our end customers accounted for 12% of revenue in both 2025 and 2024, recognized primarily in our Analog segment. No end customer accounted for 10% or more of revenue in 2023.”
33. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “In 2025, more than 80% of our revenue was direct, which includes TI.com.”
34. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “In 2025, less than 20% of our revenue was generated from sales of our products through distributors.”
35. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “In addition to doing business directly with TI, we offer customers the option of using a single worldwide distributor and a few region-specific distributors for order fulfillment.”
36. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “Our investments in new and improved capabilities to directly support our customers include order fulfillment services, inventory programs, business processes and logistics and website and e-commerce capabilities.”
37. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “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.”
38. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “Our estimate for revenue based on the geographic location of our end customers’ headquarters, which represents where critical decisions are made, is as follows”
39. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “United States $ 6,763 38 % $ 5,957 38 % $ 5,814 33 % China 3,781 21 3,012 19 3,293 19 Rest of Asia 1,887 11 1,681 11 1,721 10 Europe, Middle East and Africa (a) 3,747 21 3,519 22 4,642 26 Japan 1,173 7 1,212 8 1,782 10 Rest of world 331 2 260 2 267 2 Total revenue $ 17,682 100 % $ 15,641 100 % $ 17,519 100”
40. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “Revenue from end customers headquartered in Germany was 10%, 11% and 13% of total revenue in 2025, 2024 and 2023, respectively.”
41. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “We have facilities in more than 30 countries. About 60% of our revenue comes from customers with headquarter locations outside the United States. Revenue from end customers headquartered in China represented about 20% of our revenue in 2025, while revenue from products shipped into China represented about 50% of our revenue in 2025.”
42. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “We own and operate semiconductor manufacturing facilities in North America, Asia, Japan and Europe. These include both wafer fabrication (fab) and assembly/test facilities.”
43. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “We invest in manufacturing technologies and do most of our manufacturing in-house. This strategic decision to make manufacturing and technology a core competitive advantage provides us with tangible benefits of lower manufacturing costs and greater control of our supply chain, offering our customers geopolitically dependable capacity.”
44. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “We have focused on creating a competitive manufacturing structural cost advantage by investing in our 300mm capacity, as an unpackaged chip built on a 300mm wafer costs about 40% less than an unpackaged chip built on a 200mm wafer.”
45. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “In 2025, we continued qualifying and ramping production at our newest 300mm wafer fabs in Richardson and Sherman, Texas, and Lehi, Utah. These fabs are well positioned to support customer demand, external foundry transfers and internal transfers from our legacy 150mm facilities.”
46. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “In 2025, we sourced the majority of our wafer fabrication, as well as assembly and test, internally. To supplement our internal manufacturing capacity, we selectively use the capacity of outside suppliers, commonly known as foundries and subcontractors.”
47. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “Technology is the foundation of our company, but ultimately, our objective and the best metric for owners to measure our progress is through the growth of free cash flow per share over the long term.”
48. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “The four sustainable competitive advantages are a strong foundation of manufacturing and technology, a broad portfolio of analog and embedded processing products, the reach of our market channels, and diversity and longevity of our products, markets and customer positions.”
49. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “Over a 10-year period from 2016 to 2025, we allocated $109 billion, which reinforces the importance of discipline in capital allocation.”
50. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “In this period, we allocated about $24 billion to capital expenditures to support future revenue growth, which will be a greater component of free cash flow per share growth going forward, as we are near completion of our six-year elevated capital expenditures cycle.”
51. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “We expect to continue benefiting from the CHIPS Act, including the 35% ITC on qualifying manufacturing investments for assets placed in service after December 31, 2025, and direct funding of up to $1.6 billion for our three large-scale 300mm wafer fabs located in Sherman, Texas, and Lehi, Utah.”
52. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “In 2025, we received proceeds of $335 million from CHIPS Act incentives, including $75 million in direct funding.”
53. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “On July 4, 2025, the U.S. government enacted the One Big Beautiful Bill Act (OBBBA). The OBBBA provides changes to U.S. federal tax law, including expensing of U.S. research expenditures and eligible capital expenditures, increasing the U.S. CHIPS and Science Act (CHIPS Act) investment tax credit (ITC) and changing other tax provisions.”
54. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “Our effective tax rate, which includes discrete tax items, was 12.4% in 2025 compared with 12.0% in 2024.”
55. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “Restructuring charges/other was $117 million due to efforts to drive operational efficiencies to support our long-term strategy, including the planned closures of our two remaining factories with 150mm production, as well as a non-cash goodwill impairment related to our custom ASIC products. During 2024, we recognized a credit of $124 million primarily due to a gain on the sale of a property.”
56. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “In 2025, we recognized goodwill impairment of $32 million due to a decline in the expected present value of future cash flows from certain products in Other.”
57. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “Despite consolidation, the analog and embedded processing markets remain highly fragmented. As a result, we face significant global competition from dozens of large and small companies, including both broad-based suppliers and niche suppliers. Our competitors also include emerging companies, particularly in Asia.”
58. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “The semiconductor cycle refers to the ebb and flow of supply and demand and the building and depleting of inventories.”
59. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “Historically, our sequential revenue growth rate tends to be weaker in the first and fourth quarters when compared with the second and third quarters.”
60. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “We own many patents and have many patent applications pending in the United States and other countries in fields relating to our business. We have developed a strong, broad-based patent portfolio and continually add patents to that portfolio. We also have license agreements, which vary in duration, involving rights to our portfolio or those of other companies. We do not consider our business materially dependent upon any one patent or patent license.”
61. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “Revenue of $17.68 billion increased $2.04 billion, or 13.0%, due to higher revenue from increased demand in our Analog segment and, to a lesser extent, in our Embedded Processing segment, which were both impacted by the macroeconomic factors discussed above.”
62. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “In 2025, the overall analog and embedded semiconductor market recovery continued, though at a slower pace than prior upturns, likely related to broader macroeconomic dynamics and overall uncertainty. At the same time, global semiconductor shipments remain at levels below the prior peak.”
63. The record on this page: the filed annual figures (EDGAR's company facts)
64. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “Gross profit of $10.08 billion was up $989 million, or 10.9%, due to higher revenue. Our gross profit was also impacted by higher manufacturing costs associated with our planned capacity expansions, partially offset by reduced costs related to increased factory loadings. As a percentage of revenue, gross profit decreased to 57.0% from 58.1%.”
65. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “Because we own much of our manufacturing capacity, a significant portion of our operating cost is fixed. When factory loadings decrease, our fixed costs are spread over reduced output and, absent other circumstances, our profit margins decrease.”
66. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
67. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “Analog revenue increased in both product lines about evenly due to higher demand, which was impacted by the macroeconomic factors discussed above. Operating profit increased primarily due to higher revenue and associated gross profit, partially offset by higher operating expenses.”
68. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “Revenue $ 14,006 $ 12,161 15 % Operating profit 5,412 4,608 17 % Operating profit % of revenue 38.6 % 37.9”
69. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “Our Analog segment includes the following major product lines: Power and Signal Chain.”
70. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “Power includes products that help customers manage power in electronic systems. Our broad portfolio is designed to manage power requirements across different voltage levels, including battery-management solutions, DC/DC switching regulators, AC/DC and isolated DC/DC switching regulators, power switches, linear and low-dropout regulators, voltage references, multiphase controllers and power stages, and lighting products.”
71. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “Signal Chain includes products that sense, condition and measure real-world signals and convert them into data that can be transferred or converted for further processing and control. Our Signal Chain products include amplifiers, data converters, interface products, motor drives, clocks, logic and sensing products.”
72. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “Revenue $ 2,697 $ 2,533 6 % Operating profit 304 352 (14) % Operating profit % of revenue 11.3 % 13.9”
73. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “Embedded Processing revenue increased due to higher demand, which was impacted by the macroeconomic factors discussed above. Operating profit decreased primarily due to higher manufacturing costs and operating expenses, partially offset by higher revenue.”
74. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “Our LFAB facility, which primarily supports our Embedded Processing business, was purchased as an operating fab and is in the early stages of ramping, so we expect factory loadings to increase over time. Until LFAB ramps, we expect Embedded to carry manufacturing costs that disproportionately affect Embedded Processing operating profit as compared to Analog.”
75. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “An important characteristic of our Embedded Processing products is that our customers often invest their own R&D to develop software that operates on our products. This investment tends to increase the length of our customer relationships because many customers prefer to reuse software from one product generation to the next.”
76. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “Other revenue increased $32 million, and operating profit decreased $198 million.”
77. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “In Other, we also include items that are not used in evaluating the results of or in allocating resources to our segments. Examples of these items include acquisition, integration and restructuring charges (see Note 11); and certain corporate-level items, such as litigation expenses, environmental costs, insurance settlements, and gains and losses from other activities, including asset dispositions.”
78. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “Restructuring charges/other — — 117 117 Operating profit $ 5,412 $ 304 $ 307 $ 6,023”
79. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “We are nearing the end of our six-year elevated capital expenditures cycle, and consistent with our capital management strategy, we are expecting to spend about $2 billion to $3 billion in 2026.”
80. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “As announced on February 4, 2026, we have entered into a definitive agreement to acquire Silicon Labs”
81. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “in an all-cash transaction, representing a total enterprise value of approximately $7.5 billion.”
82. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “which is currently expected to close in the first half of 2027, subject to receipt of regulatory approvals and other customary closing conditions, including approval by Silicon Labs stockholders. We expect to fund the transaction with a combination of cash on hand and debt financing to be arranged prior to closing.”
83. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “To meet these objectives and to allow greater flexibility in periods of high demand, our strategy is to build ahead of demand our broad-based products that are used across a diverse set of applications and customers and have low risk of obsolescence.”
84. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “Inventory was $4.80 billion, an increase of $277 million from the end of 2024. Days of inventory at the end of 2025 were 222 compared with 241 at the end of 2024, which reflects the continued execution of our inventory strategy.”
85. Texas Instruments Incorporated, Form 10-K filed 2026-02-06: “the loss or significant curtailment of purchases by one or more of our large customers, including curtailments due to a change in the design or manufacturing sourcing policies or practices of these customers, the timing of customer or distributor inventory adjustments, changes in demand for customer products, tariffs, export controls or other trade measures, may adversely affect our results of operations and financial condition.”

Where the revenue comes from

Lines of business in fiscal 2025: Analog 79%, Embedded Processing 15%, All Other 6%. As tagged in its annual report (Form 10-K, filed 2026-02-06).

Who runs it

Ilan, Haviv (Chairman, President & CEO); Templeton, Richard K (Chairman); Abraham, Tsedeniya (Sr. Vice President); Bahai, Ahmad (Sr. Vice President); Lizardi, Rafael R (Sr. Vice President & CFO); Leonard, Shanon J (Sr. Vice President); Gary, Mark (Sr. Vice President); Roberts, Mark T. (Sr. Vice President); Yunus, Mohammad (Sr. Vice President); Ron, Amichai (Sr. Vice President); and 15 more. 25 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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