Texas Instruments Incorporated

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Analog was 79% and Embedded Processing was 15% of revenue; Analog rose from 74% in the fiscal year to Dec 2023.

Quarters: Texas Instruments Incorporated's SEC filings, named by the month they end. Fiscal years: Texas Instruments Incorporated's annual reports to the SEC.

How it makes money

Of every $100 in revenue, $28.3 ends up as net income. Net margin fell from 43.7% to 28.3% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: Texas Instruments Incorporated's annual reports to the SEC; quarters: SEC filings.

Where it is in the chip cycle

Gross margin 64.2% and rising for 3 quarters; inventory at 231 days, down from 252 a year earlier; capital spending 12.4% of revenue over the last 4 quarters.

Gross margin by fiscal quarter, from SEC filings. Inventory days: year-end inventory over that year's cost of revenue, times 365.

Customers and suppliers

Texas Instruments's latest annual report names none of its suppliers or customers, but one customer it does not name accounts for 12% of its revenue.

Their suppliers

ASE Technology ASXto UMC

Soitec SLOIFto UMC

Formosa Sumco Technologyto UMC

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Suppliers

UMC UMC

 

TXNTexas Instruments

Customers

Unnamed customer 12%

Texas Instruments's 10-K for the year to Dec 2025 gives one customer's share of its revenue: Customer Number One (12%).

From Texas Instruments Incorporated's 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's.

Only the companies Texas Instruments names in its 10-K filed Feb 6, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

P/E of 40.5x, above the peer median of 21x, so it needs earnings to keep growing to hold up.

Priced 93% above the peer median of 21x.

At 40.5× trailing earnings TXN is above most of its five-year range; the five-year median is 28.2×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $337, 8% above the current price; 57% of 35 analysts rate it a buy; earnings beat estimates in 3 of the last 4 quarters.

Buy or Strong Buy: 20 analysts (57%). Sell or Strong Sell: 2.

Over the past year the average of the analysts' latest price targets went from $200.37 to $332.52 (+66%), while TXN went from $162.23 to $312.48 (+93%). In the past three months targets were raised 7 times and cut 4 times. 7 upgrades and 1 downgrade over the year; the latest: Freedom Broker moved it to Buy from Hold on Oct 22, 2026.

The day after each of these reports the stock moved +10.0% (Dec 2025, missed); +21.1% (Mar 2026, beat); −2.2% (Jun 2026, beat); +0.6% (Sep 2026, beat).

For the quarter ending Dec 2026 (Texas Instruments reports on Jan 26, 2027), analysts expect revenue of $6.1B, up 37% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $11.58 a share, 28% more than the year before's estimate of $9.06, and revenue of $26.3B, up 17% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $7.3B in free cash flow over the year, of which $5.8B went back to shareholders (dividends plus buybacks), leaving $1.5B in the company.

Texas Instruments had 921M diluted shares in the quarter ended Sep 2026, 0.8% more than a year earlier, and 0.1% fewer each year on average since Jun 2020. It spent $636M on buybacks over the last four quarters. Over the last four quarters its earnings per share rose 40.7% and its net income rose 41.0%: more shares took about 0 points off.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 4.4, no pressure to repay short-term debt; debt-to-equity 0.9, debt is moderate.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 3 members of Congress and 10 funds whose copy leaves TXN out (not traded on the exchange): Fundsmith, Nan Shan Life Insurance, Mirae Asset Global Investments, Canada Pension Plan Investment Board, Norges Bank, Baillie Gifford & and 7 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 18 held TXN at the end of their latest quarter (for most, Q2 2026). Over that quarter 6 added shares, 7 cut, 4 bought new, 1 sold all and 1 held the same. The largest of them is Norges Bank, 13.22M shares worth $3.9B at Jun 30, 2026, 8.9% fewer than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of TXN at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

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