Texas Instruments (TXN) 10-K Summaries & Annual Filing History
Review Texas Instruments Incorporated (TXN) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Texas Instruments designs and manufactures semiconductors globally, with Analog and Embedded Processing as its main segments. In the most recent fiscal year, revenue increased after two years of decline, and operating cash flow remained strong.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$17.7B
Revenue reported for the fiscal year.
Operating income
$6B
Income from operations reported for the year.
Net income
$5B
Net income reported for the year.
Operating cash flow
$7.2B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $20B | +9.2% |
| Dec 31, 2023 | $17.5B | -12.5% |
| Dec 31, 2024 | $15.6B | -10.7% |
| Dec 31, 2025 | $17.7B | +13.0% |
Business overview
The company designs and manufactures semiconductors sold to electronics designers and manufacturers worldwide. It operates in over thirty countries and reports two segments: Analog and Embedded Processing, along with Other activities. The company's strategy focuses on long-term free cash flow per share growth, leveraging four sustainable competitive advantages including manufacturing technology, broad product portfolio, market reach, and product diversity.
Financial performance
Revenue for the reported period grew compared to the prior year, reversing a multi-year decline. Operating income and net income were substantial, and cash flow from operations was robust. The company continues to benefit from its manufacturing investments and the CHIPS Act incentives.
Material risks
The company faces risks from macroeconomic weakness that could affect its performance and that of its customers. Its global operations, particularly significant revenue exposure to China, subject it to geopolitical and economic conditions. Additionally, its securities price is subject to volatility from market conditions and expectations.
Liquidity and capital
The company's primary liquidity source is operating cash flow, supplemented by cash and short-term investments. It is nearing the end of a six-year elevated capital expenditure cycle and expects to reduce capital spending in the coming year, while continuing to benefit from CHIPS Act incentives.
What to watch
Monitor the company's capital expenditure levels and revenue growth trajectory as the elevated investment cycle concludes.