Texas Instruments Incorporated

Name: Texas Instruments Incorporated financial statements and ratios
Creator: Annalist

TXN · Nasdaq · Technology, semiconductors · United States · US GAAP · Fiscal year ends December

Latest report: Q2 FY2026, the quarter ended 30 June 2026, released 24 July 2026. Snapshot FY2026Q2_d39d9ee8.

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Overview

Revenue, quarter

+22.8% year on year

Operating income, quarter

+47.8% year on year

Net income, quarter

+52.9% year on year

Diluted EPS, quarter

+51.8% year on year

Operating margin, last 4 quarters

+2.4pp year on year

Return on equity, last 4 quarters

+5.2pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest quarter, with their history over earlier quarters.

Revenue for the quarter ended 30 June 2026 was US$5.5 billion, 22.8% higher than in the same quarter a year earlier.
Strengthenedin Q2 FY2026 · stated since Q1 FY2025
Rule: Revenue against a year earlier · Sources 10-Q 2026-06
History of this finding, 10 records
1. Q2 FY2026 StrengthenedRevenue for the quarter ended 30 June 2026 was US$5.5 billion, 22.8% higher than in the same quarter a year earlier.Recorded from FY2026Q2_f8692642 · data update
2. Q1 FY2026 StrengthenedRevenue for the quarter ended 31 March 2026 was US$4.8 billion, 18.6% higher than in the same quarter a year earlier.Reconstructed · data update
3. Q4 FY2025 WeakenedRevenue for the quarter ended 31 December 2025 was US$4.4 billion, 10.4% higher than in the same quarter a year earlier.Reconstructed · data update
4. Q3 FY2025 WeakenedRevenue for the quarter ended 30 September 2025 was US$4.7 billion, 14.2% higher than in the same quarter a year earlier.Reconstructed · data update
5. Q2 FY2025 StrengthenedRevenue for the quarter ended 30 June 2025 was US$4.4 billion, 16.4% higher than in the same quarter a year earlier.Reconstructed · data update
6. Q1 FY2025 NewRevenue for the quarter ended 31 March 2025 was US$4.1 billion, 11.1% higher than in the same quarter a year earlier.Reconstructed · data update
7. Q1 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
8. Q4 FY2024 WeakenedRevenue for the quarter ended 31 December 2024 was US$4.0 billion, 1.7% lower than in the same quarter a year earlier.Reconstructed · data update
9. Q3 FY2024 WeakenedRevenue for the quarter ended 30 September 2024 was US$4.2 billion, 8.4% lower than in the same quarter a year earlier.Reconstructed · data update
10. Q2 FY2024 NewRevenue for the quarter ended 30 June 2024 was US$3.8 billion, 15.6% lower than in the same quarter a year earlier.Reconstructed · initial
Net income attributable to the company was US$2.0 billion, 52.9% higher than in the same quarter a year earlier.
Strengthenedin Q2 FY2026 · stated since Q1 FY2026
Rule: Net income against a year earlier · Sources 10-Q 2026-06
History of this finding, 12 records
1. Q2 FY2026 StrengthenedNet income attributable to the company was US$2.0 billion, 52.9% higher than in the same quarter a year earlier.Recorded from FY2026Q2_f8692642 · data update
2. Q1 FY2026 NewNet income attributable to the company was US$1.5 billion, 31.0% higher than in the same quarter a year earlier.Reconstructed · data update
3. Q1 FY2026 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
4. Q4 FY2025 NewNet income attributable to the company was US$1.2 billion, 3.5% lower than in the same quarter a year earlier.Reconstructed · data update
5. Q4 FY2025 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
6. Q3 FY2025 WeakenedNet income attributable to the company was US$1.4 billion, 0.1% higher than in the same quarter a year earlier.Reconstructed · data update
7. Q2 FY2025 StrengthenedNet income attributable to the company was US$1.3 billion, 14.9% higher than in the same quarter a year earlier.Reconstructed · data update
8. Q1 FY2025 NewNet income attributable to the company was US$1.2 billion, 6.7% higher than in the same quarter a year earlier.Reconstructed · data update
9. Q1 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
10. Q4 FY2024 WeakenedNet income attributable to the company was US$1.2 billion, 12.1% lower than in the same quarter a year earlier.Reconstructed · data update
11. Q3 FY2024 WeakenedNet income attributable to the company was US$1.4 billion, 20.3% lower than in the same quarter a year earlier.Reconstructed · data update
12. Q2 FY2024 NewNet income attributable to the company was US$1.1 billion, 34.6% lower than in the same quarter a year earlier.Reconstructed · initial
The operating margin over the last 4 quarters was 37.3%, 2.4 percentage points higher than a year earlier.
Strengthenedin Q2 FY2026 · stated since Q1 FY2026
Rule: Operating margin against a year earlier · Sources 10-Q 2025-09, 10-K 2025-12, 10-Q 2026-03 and 1 more
History of this finding, 10 records
1. Q2 FY2026 StrengthenedThe operating margin over the last 4 quarters was 37.3%, 2.4 percentage points higher than a year earlier.Recorded from FY2026Q2_f8692642 · data update
2. Q1 FY2026 NewThe operating margin over the last 4 quarters was 35.3%, 1.0 percentage points higher than a year earlier.Reconstructed · data update
3. Q1 FY2026 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
4. Q4 FY2025 WeakenedThe operating margin over the last 4 quarters was 34.1%, 0.9 percentage points lower than a year earlier.Reconstructed · data update
5. Q3 FY2025 WeakenedThe operating margin over the last 4 quarters was 34.3%, 1.4 percentage points lower than a year earlier.Reconstructed · data update
6. Q2 FY2025 WeakenedThe operating margin over the last 4 quarters was 34.9%, 2.1 percentage points lower than a year earlier.Reconstructed · data update
7. Q1 FY2025 WeakenedThe operating margin over the last 4 quarters was 34.3%, 5.5 percentage points lower than a year earlier.Reconstructed · data update
8. Q4 FY2024 WeakenedThe operating margin over the last 4 quarters was 34.9%, 6.9 percentage points lower than a year earlier.Reconstructed · data update
9. Q3 FY2024 WeakenedThe operating margin over the last 4 quarters was 35.8%, 8.2 percentage points lower than a year earlier.Reconstructed · data update
10. Q2 FY2024 NewThe operating margin over the last 4 quarters was 37.0%, 9.5 percentage points lower than a year earlier.Reconstructed · initial
Return on equity over the last 4 quarters was 35.2%, against 30.0% a year earlier.
Strengthenedin Q2 FY2026 · stated since Q3 FY2025
Rule: Return on equity against a year earlier · Sources 10-Q 2025-06, 10-Q 2026-06, 10-Q 2025-09 and 3 more
History of this finding, 10 records
1. Q2 FY2026 StrengthenedReturn on equity over the last 4 quarters was 35.2%, against 30.0% a year earlier.Recorded from FY2026Q2_f8692642 · data update
2. Q1 FY2026 StrengthenedReturn on equity over the last 4 quarters was 32.3%, against 29.2% a year earlier.Reconstructed · data update
3. Q4 FY2025 StrengthenedReturn on equity over the last 4 quarters was 30.1%, against 28.4% a year earlier.Reconstructed · data update
4. Q3 FY2025 NewReturn on equity over the last 4 quarters was 29.8%, against 29.3% a year earlier.Reconstructed · data update
5. Q3 FY2025 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
6. Q2 FY2025 WeakenedReturn on equity over the last 4 quarters was 30.0%, against 32.0% a year earlier.Reconstructed · data update
7. Q1 FY2025 WeakenedReturn on equity over the last 4 quarters was 29.2%, against 36.7% a year earlier.Reconstructed · data update
8. Q4 FY2024 WeakenedReturn on equity over the last 4 quarters was 28.4%, against 41.4% a year earlier.Reconstructed · data update
9. Q3 FY2024 WeakenedReturn on equity over the last 4 quarters was 29.3%, against 45.6% a year earlier.Reconstructed · data update
10. Q2 FY2024 NewReturn on equity over the last 4 quarters was 32.0%, against 51.2% a year earlier.Reconstructed · initial
Free cash flow over the last 4 quarters was US$5.4 billion, and operating cash flow was 1.4 times net income attributable to the company.
Interpretation. Operating cash flow paid for all capital expenditure, and the rest is free for dividends, share buybacks or debt repayment.
Strengthenedin Q2 FY2026 · stated since Q2 FY2024
Rule: Free cash flow · Sources 10-Q 2025-06, 10-Q 2025-09, 10-K 2025-12 and 2 more
History of this finding, 9 records
1. Q2 FY2026 StrengthenedFree cash flow over the last 4 quarters was US$5.4 billion, and operating cash flow was 1.4 times net income attributable to the company.Recorded from FY2026Q2_f8692642 · data update
2. Q1 FY2026 StrengthenedFree cash flow over the last 4 quarters was US$3.7 billion, and operating cash flow was 1.5 times net income attributable to the company.Reconstructed · data update
3. Q4 FY2025 StrengthenedFree cash flow over the last 4 quarters was US$2.6 billion, and operating cash flow was 1.4 times net income attributable to the company.Reconstructed · data update
4. Q3 FY2025 StrengthenedFree cash flow over the last 4 quarters was US$2.1 billion, and operating cash flow was 1.4 times net income attributable to the company.Reconstructed · data update
5. Q2 FY2025 ConfirmedFree cash flow over the last 4 quarters was US$1.5 billion, and operating cash flow was 1.3 times net income attributable to the company.Reconstructed · data update
6. Q1 FY2025 ConfirmedFree cash flow over the last 4 quarters was US$1.5 billion, and operating cash flow was 1.3 times net income attributable to the company.Reconstructed · data update
7. Q4 FY2024 ConfirmedFree cash flow over the last 4 quarters was US$1.5 billion, and operating cash flow was 1.3 times net income attributable to the company.Reconstructed · data update
8. Q3 FY2024 ConfirmedFree cash flow over the last 4 quarters was US$1.5 billion, and operating cash flow was 1.3 times net income attributable to the company.Reconstructed · data update
9. Q2 FY2024 NewFree cash flow over the last 4 quarters was US$1.5 billion, and operating cash flow was 1.2 times net income attributable to the company.Reconstructed · initial
Net debt was US$7.1 billion at 30 June 2026, 0.8 times EBITDA over the last 4 quarters.
Weakenedin Q2 FY2026 · stated since Q2 FY2024
Rule: Net debt or net cash · Sources 10-Q 2026-06, 10-Q 2025-06, 10-Q 2025-09 and 2 more
History of this finding, 9 records
1. Q2 FY2026 WeakenedNet debt was US$7.1 billion at 30 June 2026, 0.8 times EBITDA over the last 4 quarters.Recorded from FY2026Q2_f8692642 · data update
2. Q1 FY2026 ConfirmedNet debt was US$8.9 billion at 31 March 2026, 1.0 times EBITDA over the last 4 quarters.Reconstructed · data update
3. Q4 FY2025 ConfirmedNet debt was US$9.2 billion at 31 December 2025, 1.2 times EBITDA over the last 4 quarters.Reconstructed · data update
4. Q3 FY2025 ConfirmedNet debt was US$8.9 billion at 30 September 2025, 1.1 times EBITDA over the last 4 quarters.Reconstructed · data update
5. Q2 FY2025 StrengthenedNet debt was US$8.7 billion at 30 June 2025, 1.2 times EBITDA over the last 4 quarters.Reconstructed · data update
6. Q1 FY2025 StrengthenedNet debt was US$7.8 billion at 31 March 2025, 1.1 times EBITDA over the last 4 quarters.Reconstructed · data update
7. Q4 FY2024 StrengthenedNet debt was US$6.0 billion at 31 December 2024, 0.9 times EBITDA over the last 4 quarters.Reconstructed · data update
8. Q3 FY2024 StrengthenedNet debt was US$5.1 billion at 30 September 2024, 0.7 times EBITDA over the last 4 quarters.Reconstructed · data update
9. Q2 FY2024 NewNet debt was US$4.2 billion at 30 June 2024, 0.6 times EBITDA over the last 4 quarters.Reconstructed · initial

Records before Q2 FY2026 are reconstructed from the latest snapshot. Ledger: findings.json. Correction of 20 October 2026: Dividends per share of 6 fourth quarters, the year less the 3 quarters of other filings, are no longer published: Annalist derives no per-share figure from 2 filings. No finding cites the figures.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents26 documents, latest Form 10-Q, period ended 30 June 2026List

DownloadsExcel workbook · JSON

SnapshotFY2026Q2_d39d9ee8

Corporate Events

No corporate event found in the filings since 2020.

Earnings, Returns and Balance Sheet

Revenue

By quarter, US dollars

Operating Income

By quarter, US dollars

Net Income Attributable to the Company

By quarter, US dollars

Margins

Last 4 quarters at each quarter end, per cent

Returns

Last 4 quarters, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by quarter, US dollars

Net Debt

Total debt less cash and short-term investments, at quarter end, US dollars

Diluted Earnings per Share

By quarter, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a quarter derived from cumulative reports.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

Q2 FY2026

Form 10-Q, period ended 30 June 2026, filed 24 July 2026. Changes are against the previous report, and each figure shows its period.

7changes0thresholds crossed

Changes in This Report 7

StrengthenedRevenue Against a Year Earlier10-Q 2026-06
Revenue for the quarter ended 30 June 2026 was US$5.5 billion, 22.8% higher than in the same quarter a year earlier.
Earlier record, Q1 FY2026
Revenue for the quarter ended 31 March 2026 was US$4.8 billion, 18.6% higher than in the same quarter a year earlier.
StrengthenedNet Income Against a Year Earlier10-Q 2026-06
Net income attributable to the company was US$2.0 billion, 52.9% higher than in the same quarter a year earlier.
Earlier record, Q1 FY2026
Net income attributable to the company was US$1.5 billion, 31.0% higher than in the same quarter a year earlier.
StrengthenedOperating Margin Against a Year Earlier10-Q 2026-06
The operating margin over the last 4 quarters was 37.3%, 2.4 percentage points higher than a year earlier.
Earlier record, Q1 FY2026
The operating margin over the last 4 quarters was 35.3%, 1.0 percentage points higher than a year earlier.
StrengthenedReturn on Equity Against a Year Earlier10-Q 2026-06
Return on equity over the last 4 quarters was 35.2%, against 30.0% a year earlier.
Earlier record, Q1 FY2026
Return on equity over the last 4 quarters was 32.3%, against 29.2% a year earlier.

3 more changes

StrengthenedFree Cash Flow10-Q 2026-06
Free cash flow over the last 4 quarters was US$5.4 billion, and operating cash flow was 1.4 times net income attributable to the company.
Earlier record, Q1 FY2026
Free cash flow over the last 4 quarters was US$3.7 billion, and operating cash flow was 1.5 times net income attributable to the company.
WeakenedNet Debt or Net Cash10-Q 2026-06
Net debt was US$7.1 billion at 30 June 2026, 0.8 times EBITDA over the last 4 quarters.
Earlier record, Q1 FY2026
Net debt was US$8.9 billion at 31 March 2026, 1.0 times EBITDA over the last 4 quarters.
NewDebt Against the S&P Benchmark Bands10-Q 2026-06
Debt was 1.5 times EBITDA over the last 4 quarters on reported figures, within the minimal band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.
Earlier record, Q1 FY2026
Debt was 1.6 times EBITDA over the last 4 quarters on reported figures, within the modest band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.

Thresholds Crossed 0

No published finding crosses a threshold.

Fiscal years and the latest quarter, with flows over the last 4 quarters and balances at the quarter end. Select a value for its formula and the figures it uses.

Credit MetricsDebt to EBITDA, reported 1.50x · Q2 FY2026

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Debt was 1.5 times EBITDA over the last 4 quarters on reported figures, within the minimal band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the minimal band is number 1 of 6, and a higher number means more debt against earnings.
Newin Q2 FY2026 · first stated
Rule: Debt against the S&P benchmark bands · Sources 10-Q 2026-06, 10-Q 2025-06, 10-Q 2025-09 and 2 more
History of this finding, 10 records
1. Q2 FY2026 NewDebt was 1.5 times EBITDA over the last 4 quarters on reported figures, within the minimal band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Recorded from FY2026Q2_a223a188 · data update
2. Q2 FY2026 RetiredThe finding changed to the minimal band.Recorded from FY2026Q2_a223a188 · data update
3. Q1 FY2026 ConfirmedDebt was 1.6 times EBITDA over the last 4 quarters on reported figures, within the modest band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · data update
4. Q4 FY2025 ConfirmedDebt was 1.8 times EBITDA over the last 4 quarters on reported figures, within the modest band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · data update
5. Q3 FY2025 ConfirmedDebt was 1.8 times EBITDA over the last 4 quarters on reported figures, within the modest band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · data update
6. Q2 FY2025 ConfirmedDebt was 1.9 times EBITDA over the last 4 quarters on reported figures, within the modest band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · data update
7. Q1 FY2025 ConfirmedDebt was 1.8 times EBITDA over the last 4 quarters on reported figures, within the modest band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · data update
8. Q4 FY2024 ConfirmedDebt was 1.9 times EBITDA over the last 4 quarters on reported figures, within the modest band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · data update
9. Q3 FY2024 ConfirmedDebt was 2.0 times EBITDA over the last 4 quarters on reported figures, within the modest band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · data update
10. Q2 FY2024 NewDebt was 1.9 times EBITDA over the last 4 quarters on reported figures, within the modest band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q2 FY2026latest quarter
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt + operating lease liabilities						est.
EBITA interest coverOperating profit before the amortisation of acquired intangible assets and goodwill impairment, divided by interest expense.(EBIT + amortisation of intangible assets + goodwill impairment) / interest expense
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt						est.

Reconciliation of the Credit Figures

Item	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q2 FY2026latest quarter
Total debt	$7.7bn	$8.7bn	$11.2bn	$13.6bn	$14.0bn	$14.1bn
Operating lease liabilities	$465m	$419m	$566m	$781m	$731m	$731m
Lease-adjusted debt	$8.2bn	$9.2bn	$11.8bn	$14.4bn	$14.8bn	$14.8bn

Method

Lease-adjusted debt is total debt plus operating lease liabilities, before the deduction of cash. Adjusted EBITDA adds goodwill impairment, share-based compensation and operating lease cost to EBIT and depreciation and amortisation; restructuring and litigation charges, other impairments and profits on disposals stay in EBIT. FFO deducts cash interest, lease interest and cash taxes.
Lease interest is the average operating lease liability times the weighted average discount rate of the leases, or the implied cost of debt where the rate is not reported.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.
The filings of Texas Instruments Incorporated do not report operating lease cost, so the lease-adjusted ratios are empty and debt to EBITDA on reported figures takes their place.

Liquidity and MaturitiesLiquidity cover 1.64x, Debt due within 12 months $1.1bn · Q2 FY2026

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash, short-term investments and operating cash flow over the last 4 quarters equalled 1.6 times the sum of debt due within 12 months, capital expenditure and dividends.
Interpretation. Cash on hand and 1 year of operating cash flow pay for the debt due in the next 12 months, capital expenditure and dividends, without new borrowing. Undrawn credit lines are not counted.
Confirmedin Q2 FY2026 · stated since Q2 FY2024
Rule: Liquidity cover · Sources 10-Q 2026-06, 10-Q 2025-06, 10-Q 2025-09 and 2 more
History of this finding, 11 records
1. Q2 FY2026 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.6 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2026Q2_a223a188 · methodology
2. Q2 FY2026 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.6 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2026Q2_a223a188 · methodology
3. Q2 FY2026 StrengthenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.6 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2026Q2_f8692642 · data update
4. Q1 FY2026 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.3 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
5. Q4 FY2025 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.2 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
6. Q3 FY2025 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.2 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
7. Q2 FY2025 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.2 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
8. Q1 FY2025 WeakenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.2 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
9. Q4 FY2024 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.3 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
10. Q3 FY2024 ConfirmedCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.4 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
11. Q2 FY2024 NewCash, short-term investments and operating cash flow over the last 4 quarters equalled 1.5 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · initial

Sources and Uses, Last 4 Quarters to Q2 FY2026

Sources	Amount
Cash and short-term investments	$7.0bn
Operating cash flow	$8.7bn
Sources	$15.7bn

Uses	Amount
Debt due within 12 months	$1.1bn
Capital expenditure	$3.3bn
Dividends paid	$5.1bn
Uses	$9.6bn

Liquidity cover 1.64x

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q2 FY2026latest quarter
Liquidity coverCash on hand plus a year of operating cash flow, against the cash needed in the next 12 months for maturing debt, capital spending and dividends. Above 1, these sources cover the uses without new borrowing.(Cash + short-term investments + operating cash flow) / (debt due within 12 months + capital expenditure + dividends); the flows of the fiscal year or of the last 4 quarters are taken as those of the next 12 months, and undrawn facilities are not included
Debt due within 12 monthsBorrowings due within the next 12 months, which the company must repay or refinance.The larger of long-term debt maturing within 12 months in the maturity schedule and the current portion of long-term debt, + short-term borrowings

Method

Debt due within 12 months is the larger of the first year of the maturity schedule and the current portion of long-term debt, plus short-term borrowings. The schedule of a quarterly report can cover the rest of the fiscal year only and leaves out finance leases.
Capital expenditure and dividends of the fiscal year, or of the last 4 quarters, are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −7.4%, Operating cash flow to EBITDA 0.92x · Q2 FY2026

Accruals and the cash backing of reported earnings.

Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 7.4% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Confirmedin Q2 FY2026 · stated since Q2 FY2024
Rule: Cash backing of earnings · Sources 10-Q 2025-06, 10-Q 2026-06, 10-Q 2025-09 and 2 more
History of this finding, 10 records
1. Q2 FY2026 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 7.4% of average total assets.Recorded from FY2026Q2_a223a188 · methodology
2. Q2 FY2026 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 7.4% of average total assets.Recorded from FY2026Q2_f8692642 · data update
3. Q1 FY2026 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 7.2% of average total assets.Reconstructed · data update
4. Q4 FY2025 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 6.1% of average total assets.Reconstructed · data update
5. Q3 FY2025 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 5.3% of average total assets.Reconstructed · data update
6. Q2 FY2025 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 4.0% of average total assets.Reconstructed · data update
7. Q1 FY2025 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 3.7% of average total assets.Reconstructed · data update
8. Q4 FY2024 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 4.5% of average total assets.Reconstructed · data update
9. Q3 FY2024 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 3.8% of average total assets.Reconstructed · data update
10. Q2 FY2024 NewOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 3.4% of average total assets.Reconstructed · initial

Net Income and Operating Cash Flow

Last 4 quarters at each quarter end, US dollars

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q2 FY2026latest quarter
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996)
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)
Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation)
Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company
Working capital investment to revenueCash put into receivables and stock, less extra credit from suppliers and customers, as a share of revenue. A positive figure means growth or slower collection uses cash.(Increase in receivables + increase in inventories - increase in payables - increase in contract liabilities) / revenue

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresAltman Z'' 9.04, Beneish −2.67 · Piotroski 6 of 9 · Last 4 quarters 9.53 at Q2 FY2026 · FY2025

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2025 was 9.04, above the safe threshold of 2.60.
Interpretation. By this model, the balance sheet and earnings look like those of companies that did not go bankrupt in its original study: above 2.60 means safe, below 1.10 distress.
Confirmedin FY2025 · stated since FY2023
Rule: Altman Z'' zone · Sources 10-Q 2026-06, 10-K 2025-12
History of this finding, 3 records
1. FY2025 ConfirmedThe Altman Z'' score for fiscal 2025 was 9.04, above the safe threshold of 2.60.Reconstructed · data update
2. FY2024 WeakenedThe Altman Z'' score for fiscal 2024 was 8.89, above the safe threshold of 2.60.Reconstructed · data update
3. FY2023 NewThe Altman Z'' score for fiscal 2023 was 10.33, above the safe threshold of 2.60.Reconstructed · initial
The Beneish M-score for fiscal 2025 was minus 2.67, below the model threshold of minus 1.78.
Interpretation. The model finds no sign of earnings manipulation. Beneish (1999) set a threshold of minus 1.78, above which a company resembles the companies that manipulated their earnings.
Confirmedin FY2025 · stated since FY2023
Rule: Beneish M-score against its threshold · Sources 10-K 2025-12, 10-Q 2026-06
History of this finding, 3 records
1. FY2025 ConfirmedThe Beneish M-score for fiscal 2025 was minus 2.67, below the model threshold of minus 1.78.Reconstructed · data update
2. FY2024 StrengthenedThe Beneish M-score for fiscal 2024 was minus 2.65, below the model threshold of minus 1.78.Reconstructed · data update
3. FY2023 NewThe Beneish M-score for fiscal 2023 was minus 2.51, below the model threshold of minus 1.78.Reconstructed · initial
The Piotroski F-score for fiscal 2025 was 6 of 9. The 3 signals not met were return on assets higher than a year earlier, long-term debt to assets lower than a year earlier and margin higher than a year earlier.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 4 to 6 is the middle group: Piotroski (2000) placed 7 to 9 in the strongest group and 0 to 3 in the weakest.
Confirmedin FY2025 · stated since FY2024
Rule: Piotroski F-score · Sources 10-K 2024-12, 10-K 2025-12, 10-Q 2026-06
History of this finding, 4 records
1. FY2025 ConfirmedThe Piotroski F-score for fiscal 2025 was 6 of 9. The 3 signals not met were return on assets higher than a year earlier, long-term debt to assets lower than a year earlier and margin higher than a year earlier.Reconstructed · data update
2. FY2024 NewThe Piotroski F-score for fiscal 2024 was 4 of 9. The 5 signals not met were return on assets higher than a year earlier, long-term debt to assets lower than a year earlier, current ratio higher than a year earlier, margin higher than a year earlier and asset turnover higher than a year earlier.Reconstructed · data update
3. Q4 FY2024 RetiredThe finding changed to a middle score.Reconstructed · data update
4. FY2023 NewThe Piotroski F-score for fiscal 2023 was 3 of 9. The 6 signals not met were return on assets higher than a year earlier, operating cash flow above net income, long-term debt to assets lower than a year earlier, current ratio higher than a year earlier, margin higher than a year earlier and asset turnover higher than a year earlier.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025	Q2 FY2026latest quarter
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	safe zone	safe zone	safe zone	safe zone	safe zone	safe zone
Beneish M-scoreA screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.-4.84 + 0.920 DSRI + 0.528 GMI + 0.404 AQI + 0.892 SGI + 0.115 DEPI - 0.172 SGAI + 4.679 TATA - 0.327 LVGI (Beneish, 1999); model threshold -1.78	below threshold	below threshold	below threshold	below threshold	below threshold	n/a
Dechow F-scoreThe probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.Predicted probability of a misstatement (model 1 of Dechow, Ge, Larson and Sloan, 2011) / 0.0037, the unconditional probability; 1 equals the base rate	n/a					n/a
Piotroski F-scoreA count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.Number of 9 binary signals met on profitability, cash flow, debt, liquidity, equity issuance, margin and asset turnover (Piotroski, 2000)	n/a					n/a

Altman Z'' Score

fiscal 2025

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

Distress zone, below 1.10

Grey zone, 1.10 to 2.60

9.04Safe zone, above 2.60

The score of 9.04 is in the safe zone of the model, above 2.60. The largest part is retained earnings, at 4.92.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.306	6.560	2.009
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	1.510	3.260	4.924
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.174	6.720	1.170
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	0.889	1.050	0.933
Score			9.036

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Beneish M-score

fiscal 2025

A screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.

−2.67Below the threshold, −1.78 and below

Above the threshold, above −1.78

The score of minus 2.67 is below the model threshold of minus 1.78. Of the 8 measures, sales growth raises the score most.

Part	Value	Coefficient	Contribution
Intercept			−4.840
Days sales in receivables indexReceivables against sales, against a year earlier. A rise can mean sales recorded before customers pay.	1.010	0.920	0.929
Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor.	1.020	0.528	0.538
Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets.	0.957	0.404	0.387
Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor.	1.130	0.892	1.008
Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit.	0.871	0.115	0.100
Selling, general and administrative expenses indexOverheads against sales, against a year earlier.	0.917	−0.172	−0.158
Total accruals to total assetsNet income less operating cash flow, against total assets: profit not backed by cash. It carries the largest coefficient in the model.	−0.062	4.679	−0.291
Leverage indexDebt against total assets, against a year earlier.	1.040	−0.327	−0.340
Score			−2.666

Beneish (1999), estimated on 74 companies identified as earnings manipulators in SEC enforcement releases and the press for 1982 to 1992, against 2,332 Compustat companies. The model classes a score above minus 1.78 with the first group. An index whose inputs are not reported counts as 1.

Dechow F-score

fiscal 2025

The probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.

A score of 0.86 means a probability of a misstatement 0.86 times the average rate in the Dechow sample: 0.32% against 0.37%.

Part	Value	Coefficient	Contribution
Intercept			−7.893
Total accruals (Richardson, Sloan, Soliman and Tuna)Total accruals: the growth of operating and financial assets net of liabilities, against average assets.	−0.019	0.790	−0.015
Change in receivables / average total assetsThe growth of receivables against average assets.	0.007	2.518	0.018
Change in inventories / average total assetsThe growth of stock against average assets.	0.008	1.191	0.009
Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement.	0.551	1.979	1.089
Change in cash salesThe growth of sales collected in cash.	0.110	0.171	0.019
Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score.	0.001	−0.932	−0.001
Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year.	1.000	1.029	1.029
Predicted value			−5.745
Probability of a misstatement			0.32%

Model 1 of Dechow, Ge, Larson and Sloan (2011), estimated on misstatements named in SEC Accounting and Auditing Enforcement Releases. The score is the predicted probability of a misstatement over 0.37%, the unconditional probability in their sample, so 1.00 equals that base rate.

Piotroski F-score

fiscal 2025

A count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.

6 of the 9 tests are met, in the middle group of 4 to 6.

Signal	FY2025	FY2024
Return on assets above zero	Met	Met
Operating cash flow above zero	Met	Met
Return on assets higher than a year earlier	Not met	Not met
Operating cash flow above net income	Met	Met
Long-term debt to assets lower than a year earlier	Not met	Not met
Current ratio higher than a year earlier	Met	Not met
No common equity issued	Met	Met
Margin higher than a year earlier	Not met	Not met
Asset turnover higher than a year earlier	Met	Not met

Piotroski (2000), 9 signals on profitability, funding and operating efficiency, designed for companies with high book-to-market ratios. Piotroski grouped scores of 8 and 9 as high and 0 and 1 as low; the findings group 7 to 9 and 0 to 3.

Source Documents

Documents of this snapshot, latest first.

Document	Date	Id
Form 10-Q, period ended 30 June 2026	24 Jul 2026	10-Q:0000097476-26-000152
Form 10-Q, period ended 31 March 2026	24 Apr 2026	10-Q:0000097476-26-000101
Form 10-K, period ended 31 December 2025	6 Feb 2026	10-K:0000097476-26-000059
Form 10-Q, period ended 30 September 2025	23 Oct 2025	10-Q:0000097476-25-000060
Form 10-Q, period ended 30 June 2025	29 Jul 2025	10-Q:0000097476-25-000036
Form 10-Q, period ended 31 March 2025	24 Apr 2025	10-Q:0000097476-25-000027
Form 10-K, period ended 31 December 2024	14 Feb 2025	10-K:0000097476-25-000007
Form 10-Q, period ended 30 September 2024	23 Oct 2024	10-Q:0000097476-24-000042
Form 10-Q, period ended 30 June 2024	24 Jul 2024	10-Q:0000097476-24-000030
Form 10-Q, period ended 31 March 2024	24 Apr 2024	10-Q:0000097476-24-000021
Form 10-K, period ended 31 December 2023	2 Feb 2024	10-K:0000097476-24-000007
Form 10-Q, period ended 30 September 2023	25 Oct 2023	10-Q:0000097476-23-000041
Form 10-Q, period ended 30 June 2023	26 Jul 2023	10-Q:0000097476-23-000035
Form 10-Q, period ended 31 March 2023	26 Apr 2023	10-Q:0000097476-23-000025
Form 10-K, period ended 31 December 2022	3 Feb 2023	10-K:0000097476-23-000007
Form 10-Q, period ended 30 September 2022	26 Oct 2022	10-Q:0000097476-22-000048
Form 10-Q, period ended 30 June 2022	27 Jul 2022	10-Q:0000097476-22-000040
Form 10-Q, period ended 31 March 2022	27 Apr 2022	10-Q:0000097476-22-000028
Form 10-K, period ended 31 December 2021	4 Feb 2022	10-K:0000097476-22-000009
Form 10-Q, period ended 30 September 2021	27 Oct 2021	10-Q:0000097476-21-000032
Form 10-Q, period ended 30 June 2021	22 Jul 2021	10-Q:0000097476-21-000020
Form 10-Q, period ended 31 March 2021	28 Apr 2021	10-Q:0000097476-21-000013
Form 10-K, period ended 31 December 2020	5 Feb 2021	10-K:0000097476-21-000006
Form 10-Q, period ended 30 September 2020	21 Oct 2020	10-Q:0001628280-20-014630
Form 10-Q, period ended 30 June 2020	22 Jul 2020	10-Q:0000097476-20-000026
Form 10-Q, period ended 31 March 2020	22 Apr 2020	10-Q:0000097476-20-000017

Checks

308308 checks, all passed

Fiscal calendar68 passedFiscal years last 350 to 380 days, quarters 80 to 125 days, and each period starts on the day after the one before. Checked at error level.

Quarters and fiscal year154 passedThe 4 quarters of every item add up to its fiscal year, or a later filing restated the year. Checked at error level.

Filer identity1 passedThe documents are those of the company of this page. Checked at error level.

Balance sheet identity26 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Lease liabilities6 passedLease payments due, less imputed interest, equal the lease liabilities. Checked at warning level.

Quarters and 9 months15 passedThe 3 reported quarters of a fiscal year add up to the reported 9-month figure. Checked at error level.

Gross profit32 passedRevenue less cost of revenue equals reported gross profit. Checked at warning level.

Earnings per share6 passedNet income divided by average shares agrees with reported basic earnings per share. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	1,566
Proven by a check	52.9%, 828 values
Confirmed by a second document	0.0%, 0 values
Derived from reported figures	21.5%, 337 values
Values withheld	0
Restated figures tracked	1
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, Texas Instruments Incorporated, snapshot texas-instruments/FY2026Q2_d39d9ee8 (as of FY2026 Q2); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2026Q2_d39d9ee8 · dataset SHA-256 d39d9ee8356a2756bce3687ae925ef5b1422fdd3f51084a9c28ed2ac334ca932 · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json