TXNLOW SIGNALFINANCIAL10-K

TXN reported solid 13% revenue growth with consistent operational execution and increased capital returns to shareholders.

The company demonstrates healthy business momentum with revenue growing faster than operating income, suggesting some margin pressure but overall strong demand. Management's completion of their elevated capital expenditure cycle positions them well for improved free cash flow generation going forward.

Comparing 2026-02-06 vs 2025-02-14View on EDGAR →
FINANCIAL ANALYSIS

TXN delivered broad-based growth with revenue up 13% to $17.7B and operating cash flow increasing 13.2% to $7.2B, demonstrating strong operational execution. The company significantly increased shareholder returns with buybacks rising 59% to $1.5B, while current liabilities decreased 13.3%, indicating improved working capital management. The modest increase in accounts receivable aligns with revenue growth, and the overall financial picture signals a healthy, cash-generative business with disciplined capital allocation.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
+59%
$929.0M$1.5B

Share repurchases increased 59% — management returning capital, signals confidence in intrinsic value.

Accounts Receivable
Balance Sheet
+14.2%
$1.7B$2.0B

Receivables grew 14.2% — monitor days sales outstanding for collection efficiency.

Current Liabilities
Balance Sheet
-13.3%
$3.6B$3.2B

Current liabilities reduced — improved short-term financial position and working capital health.

Operating Cash Flow
Cash Flow
+13.2%
$6.3B$7.2B

Operating cash flow grew 13.2% — strong conversion of earnings to cash, healthy business fundamentals.

Revenue
P&L
+13%
$15.6B$17.7B

Revenue growing 13% — solid top-line momentum, watch margins for quality of growth.

Gross Profit
P&L
+10.9%
$9.1B$10.1B

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Operating Income
P&L
+10.2%
$5.5B$6.0B

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

LANGUAGE CHANGES
NEW — 2026-02-06
PRIOR — 2025-02-14
ADDED
Over a 10-year period from 2016 to 2025, we allocated $109 billion, which reinforces the importance of discipline in capital allocation.
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.
Lastly, for inorganic growth, we consider acquisitions that meet our financial and strategic objectives.
We have a diverse product portfolio that is used to accomplish many different things, such as converting and amplifying signals, interfacing with other devices, managing and distributing power, and processing data.
Analog Our Analog segment generated $14.01 billion of revenue in 2025.
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REMOVED
Over a 10-year period from 2015 to 2024, we allocated $101 billion, which reinforces the importance of discipline in capital allocation.
In this period, we allocated about $20 billion to capital expenditures.
Our increased capital expenditures are to support future revenue growth, which will be a greater component of free cash flow per share growth going forward.
Lastly, for inorganic growth, we allocate to acquisitions that meet our financial and strategic objectives.
We have a diverse product portfolio that is used to accomplish many different things, such as converting and amplifying signals, interfacing with other devices, managing and distributing power, processing data, canceling noise and improving signal resolution.
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