# Texas Instruments Incorporated (TXN)

> Source: Nexqual · https://nexqual.com/TXN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Texas Instruments Incorporated (TXN), nexqual.com/TXN" · informational, not investment advice.

**Price:** USD 279.5 (-1.81% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 284.65 · day 276.59–286.54 · 52w 152.73–334.03 · market cap $255B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $19.5B, net income $6.05B (31.1% margin), free cash flow $5.36B (SEC filings).
- Valuation: P/E 42.2x (avg 30.5x at the last 3 fiscal year-ends), EV/EBITDA 28.0x, net debt $7.05B.
- 14 of 80 tracked superinvestors hold TXN (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 2 new, 0 added, 11 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 20 Form 4 filings, $90.7M; 20 not under a Rule 10b5-1 plan ($90.7M); 3 by opportunistic insiders (3 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.43 on a 1–5 scale) (35 analysts), mean target USD 336.86 (range 250–400).
- Total return with dividends: 1Y +66.5% vs S&P 500 +14.9%; 5Y +61.8% vs S&P 500 +80.3%.
- Next earnings: 2026-10-21, EPS estimate USD 2.61, revenue estimate $6.07B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $18.3B | $20.0B | $17.5B | $15.6B | $17.7B | $19.5B |
| Gross profit | $12.4B | $13.8B | $11.0B | $9.09B | $10.1B | — |
| Operating income | $8.96B | $10.1B | $7.33B | $5.46B | $6.02B | $7.25B |
| Net income | $7.77B | $8.75B | $6.51B | $4.80B | $5.00B | $6.05B |
| EPS (diluted) | $8.26 | $9.41 | $7.07 | $5.20 | $5.45 | — |
| Free cash flow | $6.29B | $5.92B | $1.35B | $1.50B | $2.60B | $5.36B |
| Gross margin | 67.5% | 68.8% | 62.9% | 58.1% | 57.0% | — |
| Operating margin | 48.8% | 50.6% | 41.8% | 34.9% | 34.1% | 37.3% |
| Net margin | 42.4% | 43.7% | 37.2% | 30.7% | 28.3% | 31.1% |
| Revenue growth | +26.9% | +9.2% | -12.5% | -10.7% | +13.0% | — |
| Cash + short-term investments | $9.74B | $9.07B | $8.57B | $7.58B | $4.88B | — |
| Total debt | $7.74B | $8.73B | $11.2B | $13.6B | $14.0B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 42.2x · P/S 13.1x · EV/EBITDA 28.0x · EV/Sales 13.5x · P/FCF 47.7x · P/B 14.2x · FCF yield 2.10% · Earnings yield 2.37% · Dividend yield (paid, TTM) 2.00% · Buyback yield (TTM) 0.28% · Net debt $7.05B · EV $262B
P/E at fiscal year-ends: Dec 2025 31.7x, Dec 2024 35.9x, Dec 2023 24.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
14 of 80 tracked investors hold TXN (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Terry Smith | Fundsmith | 3.93% | $536M | Reduced -31.4% | Q2 2026 |
| Christopher Davis | Davis Advisors | 3.12% | $727M | Reduced -14.5% | Q2 2026 |
| Torray Funds |  | 2.65% | $19.6M | Reduced -45.6% | Q2 2026 |
| David Katz | Matrix Asset Advisors | 2.23% | $27.1M | Reduced -1.6% | Q3 2026 |
| Thomas Gayner | Markel Group | 1.64% | $216M | Unchanged | Q2 2026 |
| Wallace Weitz | Weitz Investment Management | 1.61% | $23.2M | Reduced -51.3% | Q2 2026 |
| Mairs & Power | Mairs & Power Funds | 0.59% | $64.8M | Reduced -5.9% | Q2 2026 |
| Sarah Ketterer | Causeway Capital Management | 0.54% | $49.6M | Reduced -19.3% | Q2 2026 |
| Van Den Berg Management I |  | 0.08% | $386K | Reduced -40.0% | Q2 2026 |
| First Eagle Investment | First Eagle Investment Management | 0.03% | $15.6M | Reduced -98.6% | Q2 2026 |
| Bill Nygren | Oakmark Funds | 0.02% | $13.8M | Reduced -2.6% | Q2 2026 |
| Lee Ainslie | Maverick Capital | 0.01% | $1.2M | New position | Q2 2026 |
| Jensen Investment Management |  | 0.01% | $372K | Reduced -10.9% | Q2 2026 |
| Glenn Greenberg | Brave Warrior Advisors | 0.01% | $301K | New position | Q2 2026 |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 20 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-27 | Abraham Tsedeniya | Sr. Vice President | 7,000 | $1.9M | 23.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-28 | Craighead Martin S | Director | 10,000 | $3.2M | 41.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-14 | Bahai Ahmad | Sr. Vice President | 5,000 | $1.5M | 10.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-14 | Lizardi Rafael R | Sr. Vice President & CFO | 47,734 | $14.7M | 28.5% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-13 | Cox Carrie Smith | Director | 8,838 | $2.7M | 19% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-05-11 | Leonard Shanon J | Sr. Vice President | 4,963 | $1.5M | 16.6% | No | Too little history (no open-market trades in 2023) |
| 2026-05-04 | Ilan Haviv | Chairman, President & CEO | 20,000 | $5.6M | 7.8% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-01 | Knecht Julie C. | VP & Chief Accounting Officer | 9,956 | $2.8M | 52.2% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-04-30 | Gary Mark | Sr. Vice President | 13,689 | $3.8M | 23.1% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-04-30 | Roberts Mark T. | Sr. Vice President | 28,080 | $7.9M | 34.3% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-04-29 | Yunus Mohammad | Sr. Vice President | 51,098 | $13.8M | 48.7% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-04-27 | Kane Katharine | SVP and General Counsel | 6,125 | $1.7M | 19.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-27 | Bahai Ahmad | Sr. Vice President | 3,660 | $982K | 7.9% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-24 | Leonard Shanon J | Sr. Vice President | 18,189 | $5.1M | 36.3% | No | Too little history (no open-market trades in 2023) |
| 2026-04-24 | Bluedorn Todd M | Director | 4,306 | $1.2M | 34.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-24 | Ron Amichai | Sr. Vice President | 18,365 | $5.0M | 18.5% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-04-24 | Blinn Mark A | Director | 15,000 | $4.2M | 56.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-24 | Lizardi Rafael R | Sr. Vice President & CFO | 40,541 | $11.1M | 25.3% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-04-24 | Patsley Pamela H | Director | 4,306 | $1.2M | 11.1% | No | Too little history (no open-market trades in 2025) |
| 2026-04-24 | Witzsche Christine | Sr. Vice President | 3,625 | $999K | 12.4% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.43 on a 1–5 scale), 35 analysts; mean target USD 336.86 (low 250, high 400).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Jefferies | Target raised | Hold | $260 → $300 |
| 2026-10-22 | Freedom Broker | Upgrade | Hold → Buy | $260 → $330 |
| 2026-10-22 | UBS | Target lowered | Buy | $380 → $360 |
| 2026-10-22 | Morgan Stanley | Target raised | Underweight | $255 → $278 |
| 2026-10-22 | Barclays | Target raised | Equal-Weight | $250 → $280 |
| 2026-10-22 | JP Morgan | Target raised | Overweight | $340 → $365 |
| 2026-10-22 | Stifel | Target raised | Buy | $360 → $370 |
| 2026-10-22 | Rosenblatt | Target raised | Buy | $350 → $360 |
| 2026-10-22 | Mizuho | Target lowered | Neutral | $305 → $290 |
| 2026-10-20 | Wells Fargo | Target lowered | Equal-Weight | $310 → $300 |
| 2026-10-19 | TD Cowen | Target lowered | Buy | $340 → $330 |
| 2026-08-17 | Cantor Fitzgerald | Reiterated | Neutral | $340 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +66.5% | +61.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +66.8% | +10.1% |
| Volatility (annualized) | 41.5% | 31.4% |
| Max drawdown | -23.4% (Jun 2026→Sep 2026) | -32.5% (Nov 2024→Apr 2025) |

## Peers (Semiconductors)
ARM (Arm Holdings plc) USD 210.1 -7.28% · MRVL (Marvell Technology, Inc.) USD 223.47 -8.70% · ADI (Analog Devices, Inc.) USD 385.76 -4.98% · QCOM (QUALCOMM Incorporated) USD 172.83 -2.88% · INTC (Intel Corporation) USD 85.49 -8.04% · ASX (ASE Technology Holding Co., Ltd) USD 37.74 -11.01%

## More
Full page: https://nexqual.com/TXN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name TXN in their own reports (relationship from TXN's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| competitor | ALPHA & OMEGA SEMICONDUCTOR Ltd (AOSL) | 10-K 2026-08-27 | "Our major competitors in power discretes include Infineon Technologies AG, ON Semiconductor Corp., STMicroelectronics N.V., Toshiba Corporation, Diodes Incorporated and Vishay Intertechnology, Inc. Ou…" |
| supplier | UNITED MICROELECTRONICS CORP (UMC) | 20-F 2026-04-30 | "Our primary customers, in terms of our sales revenues, include premier integrated device manufacturers, such as Texas Instruments and Intel, plus leading fabless design companies, such as MediaTek, Re…" |
| customer | AUDIOCODES LTD (AUDC) | 20-F 2026-03-30 | "of the supply of the chips provided by Texas Instruments, DSPG, Rockchip or the communications processors supplied by Motorola or Cavium" |
| supplier | Arbe Robotics Ltd. (ARBE) | 20-F 2026-03-27 | "the business development, customer engagement and product marketing at Texas Instruments (Nasdaq: TXN), a Global American based technology" |
| competitor | Himax Technologies, Inc. (HIMX) | 20-F 2026-03-27 | "We also compete with alternative microdisplay technology providers such as Texas Instruments with DLP, Sony with micro OLED and JBD with micro LED." |
| competitor | AMBARELLA INC (AMBA) | 10-K 2026-03-23 | "In the IoT market, our primary competitors include HiSilicon Technologies Co., Ltd., or HiSilicon, which is owned by Huawei Technologies Co., Novatek Microelectronics Corp., or Novatek, NVIDIA Corpora…" |
| customer | Neonode Inc. (NEON) | 10-K 2026-03-18 | "The Neonode ASICs are manufactured by Texas Instruments and ST Microelectronics." |
| customer | Vuzix Corp (VUZI) | 10-K 2026-03-12 | "We currently source microdisplays from Sony Corporation, Jade Bird Display, and Texas Instruments and regularly and actively evaluate new suppliers of compact display engines to enhance AI/AR Smart Gl…" |
| competitor | Ambiq Micro, Inc. (AMBQ) | 10-K 2026-03-05 | "Today, we generally compete with large MCU vendors, such as Infineon, Microchip, NXP, Silicon Laboratories, STMicroelectronics, Texas Instruments, and others." |
| competitor | Navitas Semiconductor Corp (NVTS) | 10-K 2026-02-27 | "Our primary GaN competitors include Infineon Technologies AG, Power Integrations, Inc., Texas Instruments Incorporated, Innoscience (Suzhou) Semiconductor Co., Ltd., Renesas Electronics Corp., and Eff…" |
| competitor | MONOLITHIC POWER SYSTEMS, INC. (MPWR) | 10-K 2026-02-27 | "We consider our primary competitors to include Analog Devices, Infineon Technologies, NXP Semiconductors, ON Semiconductor, Power Integrations, Renesas Electronics, ROHM Semiconductor, Semtech, STMicr…" |
| competitor | GLOBALFOUNDRIES Inc. (GFS) | 20-F 2026-02-27 | "We also compete with the foundry operation services of some IDMs, such as Texas Instruments, Inc. ("Texas Instruments"), Samsung Electronics Co., Ltd. ("Samsung") and, more recently, Intel." |
| partner | Sensata Technologies Holding plc (ST) | 10-K 2026-02-27 | "In 2006, we entered into a perpetual, royalty-free cross-license agreement with our former owner, Texas Instruments Incorporated, which permits each party to use specified technology owned by the othe…" |
| partner | Xperi Inc. (XPER) | 10-K 2026-02-26 | "We have devoted significant time and resources to develop a broad range of solutions with key partners including Amlogic, Analog Devices, Cadence, Cirrus Logic, MediaTek, NXP, Qualcomm, Realtek, Synap…" |
| competitor | RAMBUS INC (RMBS) | 10-K 2026-02-18 | "In the memory interface chip market, we compete with international semiconductor companies, including but not limited to Monolithic Power Systems, Montage Technology, Renesas and Texas Instruments." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Analog | $4.37B | 79.9% | +26.4% | $1.99B | 45.6% |
| Embedded Processing | $788.0M | 14.4% | +16.1% | $168.0M | 21.3% |
| Other | $310.0M | 5.7% | -2.2% | $150.0M | 48.4% |
| Total revenue | $5.46B | 100% | — | $2.31B | 42.3% |

## Customer concentration

Period ended 2025-12-31: 12% of revenue from unnamed direct customers (10-K, filed 2026-02-06).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $2.61 | $2.28 | +14.3% | $6.07B | 24 |
| Next quarter (ends 2027-03-31) | $2.60 | $2.26 | +15.0% | $6.09B | 22 |
| Current fiscal year (ends 2026-12-31) | $9.04 | $8.50 | +6.3% | $22.40B | 25 |
| Next fiscal year (ends 2027-12-31) | $11.44 | $10.03 | +14.1% | $26.15B | 27 |