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Texas Instruments Inc. (NASDAQ:TXN)

Common-Size Balance Sheet: Assets
Quarterly Data

Texas Instruments Inc., common-size consolidated balance sheet: assets (quarterly data)

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Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Cash and cash equivalents 10.20 10.32 9.32 9.46 8.71 8.18 9.01 7.33 7.82 7.12 9.16 8.11 11.12 15.32 11.21 12.16 15.38 13.87 18.77 24.33 17.71 12.43
Short-term investments 9.31 4.52 4.79 5.36 6.63 6.64 12.33 17.45 19.82 22.67 17.35 20.17 19.76 17.34 22.12 22.72 18.55 25.00 20.70 17.70 18.16 21.61
Accounts receivable, net of allowances 7.02 6.53 5.68 5.89 5.54 5.51 4.84 5.27 4.88 4.79 5.52 6.25 6.32 6.42 6.97 7.83 8.86 7.10 6.89 7.10 7.72 8.07
Raw materials 1.30 1.35 1.34 1.23 1.15 1.16 1.11 1.11 1.16 1.20 1.30 1.27 1.25 1.29 1.30 1.28 1.23 1.05 0.99 0.96 0.98 0.93
Work in process 6.71 6.85 6.86 7.03 6.95 7.02 6.24 5.89 5.91 6.10 6.52 6.79 6.82 6.33 5.68 5.17 5.09 4.55 4.32 4.44 4.83 4.99
Finished goods 4.82 5.46 5.69 5.54 5.67 5.70 5.40 5.16 4.65 4.41 4.54 4.30 3.98 3.63 3.15 2.78 2.57 2.55 2.42 2.60 3.20 3.70
Inventories 12.83% 13.65% 13.89% 13.80% 13.77% 13.88% 12.75% 12.16% 11.72% 11.70% 12.36% 12.35% 12.05% 11.25% 10.13% 9.23% 8.89% 8.15% 7.74% 8.00% 9.01% 9.62%
Prepaid expenses and other current assets 4.55 5.10 6.08 5.14 6.81 4.54 3.38 2.72 3.66 3.73 2.35 0.84 0.90 1.07 1.11 0.91 1.08 1.31 1.36 1.23 1.65 1.25
Current assets 43.91% 40.11% 39.76% 39.64% 41.46% 38.77% 42.32% 44.94% 47.90% 50.02% 46.75% 47.72% 50.14% 51.41% 51.53% 52.85% 52.76% 55.43% 55.46% 58.37% 54.25% 52.98%
Property, plant and equipment at cost 49.76 51.96 51.13 49.46 48.32 47.50 42.96 43.78 41.72 39.38 41.02 39.60 37.70 36.93 36.57 36.42 35.70 32.58 31.84 28.62 30.26 30.38
Accumulated depreciation -16.57 -16.65 -15.50 -14.19 -13.04 -12.52 -11.00 -10.37 -9.84 -9.45 -10.11 -10.14 -10.15 -10.70 -11.30 -11.54 -11.71 -11.07 -11.01 -11.34 -12.41 -12.91
Property, plant and equipment 33.19% 35.31% 35.62% 35.28% 35.27% 34.99% 31.96% 33.41% 31.88% 29.93% 30.91% 29.46% 27.55% 26.23% 25.27% 24.89% 23.99% 21.52% 20.83% 17.28% 17.85% 17.47%
Goodwill 12.07 12.59 12.52 12.46 12.49 12.92 12.28 12.35 12.45 12.50 13.48 13.79 14.10 14.93 16.03 16.74 17.64 17.26 17.68 18.74 21.17 22.21
Deferred tax assets 2.83 2.83 2.80 3.11 3.14 3.05 2.64 2.66 2.58 2.35 2.34 2.00 1.74 1.66 1.74 1.12 1.19 1.08 1.07 1.33 1.58 1.69
Capitalized software licenses 0.88 0.94 0.69 0.68 0.71 0.78 0.72 0.65 0.66 0.66 0.69 0.44 0.46 0.48 0.56 0.29 0.33 0.36 0.34 0.38 0.48 0.58
Overfunded retirement plans 0.88 0.93 0.94 0.72 0.72 0.71 0.66 0.52 0.48 0.48 0.53 0.52 0.59 0.65 0.69 1.05 1.20 1.52 1.59 1.08 1.23 1.20
Other long-term assets 6.23 7.28 7.68 8.12 6.21 8.78 9.43 5.47 4.05 4.05 5.29 6.08 5.41 4.64 4.17 3.07 2.90 2.84 3.03 2.82 3.43 3.88
Long-term assets 56.09% 59.89% 60.24% 60.36% 58.54% 61.23% 57.68% 55.06% 52.10% 49.98% 53.25% 52.28% 49.86% 48.59% 48.47% 47.15% 47.24% 44.57% 44.54% 41.63% 45.75% 47.02%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

A structural shift in the asset composition is evident over the analyzed period, characterized by a transition from high liquidity toward increased investment in fixed productive capacity. Total current assets declined from 52.98% in March 2021 to 43.91% by June 2026, while long-term assets rose from 47.02% to 56.09% over the same timeframe.

Liquidity and Cash Management
A significant reduction in liquid assets is observed. Cash and cash equivalents peaked at 24.33% in September 2021 before stabilizing between 7% and 10% in later periods. More notably, short-term investments decreased from 21.61% in March 2021 to 9.31% in June 2026, indicating a strategic reallocation of capital away from highly liquid securities.
Inventory Dynamics
Inventories as a percentage of total assets followed a consistent upward trend, increasing from 9.62% to 12.83%. This growth was driven by increases across all categories, particularly finished goods, which rose from 3.70% to a peak of 5.70% in March 2025, and work-in-process inventories, which increased from 4.99% to 6.71% by June 2026.
Fixed Asset Expansion
There is a pronounced increase in the net property, plant, and equipment (PP&E) footprint, which rose from 17.47% in March 2021 to 33.19% in June 2026. The gross cost of PP&E increased from 30.38% to 49.76%, reflecting aggressive capital expenditure. This expansion is accompanied by an increase in accumulated depreciation, which moved from -12.91% to -16.57%, consistent with a larger and aging asset base.
Intangible and Other Long-term Assets
Goodwill experienced a steady decline from 22.21% to 12.07%, suggesting that the growth of tangible assets has diluted the relative weight of goodwill on the balance sheet. Other long-term assets showed moderate volatility, ending the period at 6.23% compared to 3.88% in March 2021, while deferred tax assets saw a gradual increase from 1.69% to 2.83%.

Overall, the data indicates a strategic pivot toward capacity expansion and operational scaling, as evidenced by the simultaneous decline in cash reserves and the substantial increase in net PP&E and inventory levels.

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