At a glance
Texas Instruments Incorporated is worth $275.98B, about 55 times its fiscal 2025 earnings. Revenue grew 13.0% to $17.68B in fiscal 2025, with 28.3% kept as profit; over 5 years it has grown 4.1% a year. It pays a 1.91% dividend yield, raised every year for at least 9 years, and returned $29.38B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +91.2% over the past year with dividends reinvested and +12.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 29.8% in the 2020 crash (S&P 500: 33.7%) and 21.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 9 months after the lows.
The business in plain English
Texas Instruments (TI) designs and manufactures semiconductors, or chips, and sells them to electronics designers and manufacturers worldwide. Based in Dallas, with operations dating to 1930, it has design, manufacturing or sales operations in more than 30 countries. It offers more than 80,000 products to over 100,000 customers. More than 80% of 2025 revenue came from direct sales, including its website, TI.com, rather than through distributors.
In fiscal 2025, revenue was $17.68 billion. The Analog segment brought in $14.01 billion, about 79% of the total. Analog chips take real-world signals such as sound, temperature or light, amplify them and often convert them into digital data. They also manage power in electronic equipment. Embedded Processing brought in $2.70 billion, about 15%. Its products include microcontrollers (small, self-contained chips that control specific tasks) and processors, the digital "brains" of many devices. Customers often write their own software for these chips, which tends to make relationships last longer. The remaining $979 million includes DLP chips used mainly to project images, calculators and custom chips.
By end market, industrial and automotive customers each made up about 33% of 2025 revenue, personal electronics 21%, data centers 9% and communications equipment 3%. About 60% of revenue comes from customers headquartered outside the US, and products shipped into China made up about 50% of 2025 revenue.
Price history
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TXN +91.2% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Analog | $14.01B | 79.2% |
| Embedded Processing | $2.70B | 15.3% |
| Other | $979.0M | 5.5% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $6.05B, up 27.7% from a year earlier, and net income was $2.42B (+77.8%).
- For fiscal 2025, revenue was $17.68B (+13.0% year over year; +4.1% a year from FY2020 to FY2025) with a 28.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +4.1% watch |
|---|---|
| Operating margin | 34.1% good |
| Free cash flow margin | 14.7% good |
| Return on equity (FY2025) | 30.7% good |
| Return on assets (FY2025) | 14.5% good |
| Net cash (cash minus debt) | $-5.40B watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $14.46B | $5.59B | $5.49B |
| FY2021 | $18.34B | $7.77B | $6.29B |
| FY2022 | $20.03B | $8.75B | $5.92B |
| FY2023 | $17.52B | $6.51B | $1.35B |
| FY2024 | $15.64B | $4.80B | $1.50B |
| FY2025 | $17.68B | $5.00B | $2.60B |
Valuation snapshot
| Market value | $275.98B |
|---|---|
| P/E ratio | 55.4 |
| Dividend yield | 1.91% |
Rank among 1514 US companies
Market value at each year end
Texas Instruments Incorporated’s market value went from $72.93B at the end of 2016 to $275.98B on Nov 2, 2026, about 3.8 times as much; since the end of 2025 it is up 75%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $275.98B | +75.1% |
| 2025 | $157.64B | -7.8% |
| 2024 | $171.05B | +10.5% |
| 2023 | $154.81B | +3.2% |
| 2022 | $149.95B | -13.9% |
| 2021 | $174.06B | +15.5% |
| 2020 | $150.66B | +25.6% |
| 2019 | $119.92B | +32.1% |
| 2018 | $90.77B | -11.8% |
| 2017 | $102.93B | +41.1% |
| 2016 | $72.93B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| TXN price data to Nov 2, 2026 | +77.9% | +91.2% | +30.6% | +12.9% | +19.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +77.9% |
| 2025 | -4.5% |
| 2024 | +13.1% |
| 2023 | +6.4% |
| 2022 | -9.9% |
| 2021 | +17.5% |
| 2020 | +31.7% |
| 2019 | +39.6% |
| 2018 | -7.2% |
| 2017 | +46.8% |
| 2016 | +36.7% |
| 2015 | +5.2% |
| 2014 | +25.1% |
| 2013 | +46.3% |
| 2012 | +8.7% |
| 2011 | -8.9% |
| 2010 | +27.1% |
| 2009 | +71.8% |
| 2008 | -52.7% |
| 2007 | +17.0% |
| 2006 | -9.8% |
| 2005 | +30.8% |
| 2004 | -15.9% |
| 2003 | +96.6% |
| 2002 | -46.2% |
| 2001 | -40.8% |
| 2000 | -1.8% |
| 1999 | +126.3% |
| 1998 | +91.1% |
| 1997 | +42.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 58.8% over that stretch · deepest drop along the way 61.3%, back to its old high 22.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 26.1% over that stretch · deepest drop along the way 29.8%, back to its old high 2.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 18.9% over that stretch · deepest drop along the way 21.7%, back to its old high 9 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 30 sales ($73.5M).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 14, 2026 | Rafael R Lizardi Sr. Vice President & CFO | sell | $9.9M |
| Apr 29, 2026 | Mohammad Yunus Sr. Vice President | sell | $5.9M |
| Apr 30, 2026 | Mark T. Roberts Sr. Vice President | sell | $5.7M |
| May 4, 2026 | Haviv Ilan Chairman, President & CEO, Director | sell | $5.6M |
| Apr 29, 2026 | Mohammad Yunus Sr. Vice President | sell | $5.1M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.49% | Mar 31, 2026 |
ETFs with the most weight in TXN
| SOXX iShares Semiconductor ETF | 8.03% |
| TDIV First Trust NASDAQ Technology Dividend Index Fund | 6.89% |
| TDVI FT Vest Technology Dividend Target Income ETF | 6.89% |
| PSI Invesco Semiconductors ETF | 5.17% |
| SHOC Strive U.S. Semiconductor ETF | 4.8% |
| CHPS Xtrackers Semiconductor Select Equity ETF | 4.69% |
| SMH VanEck Semiconductor ETF | 4.59% |
| CARZ First Trust S-Network Future Vehicles & Technology ETF | 4.52% |
What could go wrong
- Heavy dependence on sales into China. Products shipped into China made up about 50% of 2025 revenue, and customers headquartered there about 20%. A slowdown or loss of access in China could hurt sales significantly.
- US-China tariffs and export controls. Tariffs, export limits and sanctions, especially between the US and China, could limit market access, disrupt purchases of manufacturing equipment and materials, or push customers to other suppliers. Some tariffs target products TI sells.
- China is building its own chipmakers. China is using policy changes and investment to build up its domestic chip industry. TI warns this could keep it from competing effectively, alongside emerging Asian rivals selling into the same markets.
- Boom-and-bust chip cycle. Chip demand swings as customers and distributors build up, then work down, inventories. TI's revenue fell from $20.03 billion in fiscal 2022 to $15.64 billion in fiscal 2024 before partly recovering.
- Price pressure from dozens of rivals. Dozens of large and small companies compete in analog and embedded chips. If TI cannot match their price cuts or cost efficiencies, profit margins could shrink. Mergers and government incentives can strengthen rivals.
- Big customers can cut or shift orders. Losing or sharply reducing purchases from a large customer, for example after it changes design or sourcing practices, could hurt results. Easing this, about half of revenue comes from customers outside TI's largest 50.
Recent events
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
- Executive or board change
- Quarterly results released
- Shareholder vote results
- Executive or board change
- Bylaws or fiscal year changed
- Investor presentation or announcement
- Quarterly results released
For income and retirement investors
TI has raised its dividend at least nine years in a row through fiscal 2025. Dividends per share grew from $3.72 in 2020 to $5.50 in 2025, about 8.1% a year. That 2025 payout slightly exceeded earnings per share of $5.45 and came to about 192% of free cash flow (cash left after running the business and building factories). TI says six years of heavy factory spending are nearly over. Buybacks totaled $6.84 billion over fiscal 2021–2025, versus $22.53 billion in dividends. The dividend yield was 1.84% as of October 27, 2026.
The stock has fallen hard in downturns: about 61% in the 2008 financial crisis, taking about 23 months from its low to recover; about 30% in the 2020 COVID crash, recovering in under three months; and about 22% in the 2022 bear market, recovering in nine months. Its worst drop in 30 years of price history was about 86%. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Texas Instruments make money?
Texas Instruments makes money by designing, manufacturing and selling chips to electronics makers worldwide. Revenue was $17.68 billion in fiscal 2025. Analog chips, which manage power and turn real-world signals such as sound or temperature into data, brought in about 79%. Embedded processing chips, including microcontrollers that act as the "brains" of devices, added about 15%. The rest came from DLP projection chips, calculators and custom chips. TI sells more than 80,000 products to over 100,000 customers, mostly through direct sales.
Does Texas Instruments raise its dividend every year?
It has for at least nine years in a row through fiscal 2025, and the true streak may be longer. Dividends per share rose from $3.72 in 2020 to $5.50 in 2025, about 8.1% a year. The yield was 1.84% as of October 27, 2026. One caution: in 2025, dividends paid were about 192% of free cash flow (cash left after running the business and buying equipment), and the dividend slightly exceeded earnings per share. Past increases do not guarantee future ones.
How much of Texas Instruments' revenue comes from China?
About half of TI's 2025 revenue came from products shipped into China, and about 20% came from end customers headquartered there. The first figure counts where chips are delivered; the second counts where the buyer is based. Overall, about 60% of revenue comes from customers headquartered outside the US. TI's 10-K flags US-China tensions, tariffs, export restrictions and China's push to build its own chip industry as risks that could limit market access or add competition.
What is Texas Instruments' P/E ratio?
TI's price-to-earnings (P/E) ratio was 56.7 as of October 27, 2026, based on fiscal 2025 earnings of $5.45 per share. The P/E shows how many dollars investors pay for each dollar of yearly profit. It does not yet reflect fiscal 2026: in the quarter ended September 30, 2026, net income rose 77.8% from a year earlier on revenue up 27.7%. The share price was up 81.1% year to date as of October 27, 2026, giving TI a market value of about $282 billion.
Does Texas Instruments have a lot of debt?
TI had more debt than cash as of September 30, 2026, though its debt was below shareholders' equity. It had $13.56 billion of total debt and $8.16 billion of cash and investments, leaving net debt (debt minus cash) of about $5.40 billion. Shareholders' equity, the accounting value of what owners hold, was $19.19 billion. Because 2025 dividends paid were larger than free cash flow, the direction of debt is worth following.