Common-Size Income Statement
Quarterly Data
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Texas Instruments Inc. pages available for free this week:
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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Texas Instruments Inc., common-size consolidated income statement (quarterly data)
Based on: 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).
The financial trajectory over the observed period is characterized by an initial phase of margin expansion peaking in early 2022, followed by a sustained period of margin compression and a subsequent move toward stabilization by early 2026. Overall profitability metrics experienced a significant decline from their peak levels, driven primarily by rising costs of revenue and increased operating expenditures.
- Gross Margin Dynamics
- A distinct shift in production efficiency is observed. The cost of revenue initially decreased from 34.79% in March 2021 to a period low of 29.83% in March 2022, allowing gross profit to peak at 70.17%. This trend subsequently reversed, with costs of revenue climbing steadily to a peak of 44.11% by December 2025. As a result, gross profit margins contracted to a low of 55.89% before showing a moderate recovery to 58.01% by March 2026.
- Operating Expense Trends
- Both Research and Development (R&D) and Selling, General and Administrative (SG&A) expenses increased as a percentage of revenue over the analysis period. R&D expenditures rose from approximately 8-9% in 2021 to a peak of 13.06% in March 2023, suggesting an intensified investment in product development. Similarly, SG&A costs climbed from a range of 8-10% to a peak of 12.43% in December 2023. These rising overheads exerted additional pressure on operating margins during the 2023-2025 window.
- Operating and Net Profitability
- Operating profit margins mirrored the decline in gross profitability, falling from a high of 52.25% in March 2022 to a trough of 32.54% in March 2024. While there was a subsequent recovery to 37.47% by March 2026, the level remained well below the 2021-2022 peaks. Net income margins followed a nearly identical path, peaking at 44.87% in March 2022 and declining to a low of 26.29% in December 2025, reflecting the compounding effect of higher cost of sales and increased operational spending.
- Financial and Non-Operating Items
- Interest and debt expenses showed a marked increase, rising from -1.07% of revenue in March 2021 to a peak of -3.43% in June 2024, indicating higher financing costs. This was partially mitigated by an increase in other income (net), which peaked at 3.40% in June 2024. Tax provisions remained variable, with a notable decrease in the proportion of revenue allocated to taxes in the latter half of the period, which provided some support to the net income margin during the recovery phase in 2026.