Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Texas Instruments Inc., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash and cash equivalents	3,225)	3,200)	2,964)	3,050)	4,631)
Short-term investments	1,656)	4,380)	5,611)	6,017)	5,108)
Accounts receivable, net of allowances	1,963)	1,719)	1,787)	1,895)	1,701)
Inventories	4,804)	4,527)	3,999)	2,757)	1,910)
CHIPS Act incentives	1,709)	904)	497)	—)	—)
Other	393)	296)	264)	302)	335)
Prepaid expenses and other current assets	2,102)	1,200)	761)	302)	335)
Current assets	13,750)	15,026)	15,122)	14,021)	13,685)
Property, plant and equipment	12,320)	11,347)	9,999)	6,876)	5,141)
Goodwill	4,330)	4,362)	4,362)	4,362)	4,362)
Deferred tax assets	967)	936)	757)	473)	263)
Capitalized software licenses	238)	257)	223)	152)	85)
Overfunded retirement plans	324)	233)	173)	188)	392)
CHIPS Act incentives	1,639)	2,246)	859)	395)	—)
Other	1,017)	1,102)	853)	740)	748)
Other long-term assets	2,656)	3,348)	1,712)	1,135)	748)
Long-term assets	20,835)	20,483)	17,226)	13,186)	10,991)
Total assets	34,585)	35,509)	32,348)	27,207)	24,676)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

Total assets exhibited a generally increasing trend over the five-year period, rising from $24.676 billion in 2021 to $35.509 billion in 2024 before decreasing slightly to $34.585 billion in 2025. This growth was primarily driven by significant increases in long-term assets, particularly property, plant, and equipment, and the emergence of substantial CHIPS Act incentives.

Current Assets: Current assets demonstrated initial growth, peaking at $15.122 billion in 2023, before declining to $13.750 billion in 2025. Fluctuations within current assets reveal a decrease in cash and cash equivalents from $4.631 billion in 2021 to a relatively stable level between $2.964 billion and $3.225 billion from 2022-2025. Short-term investments experienced an increase from $5.108 billion in 2021 to $6.017 billion in 2022, followed by a decline to $1.656 billion in 2025. Inventories showed a substantial increase from $1.910 billion in 2021 to $4.804 billion in 2025, indicating a potential build-up of stock. Prepaid expenses and other current assets increased significantly, particularly from 2023 onwards, reaching $2.102 billion in 2025.
Long-Term Assets: Long-term assets experienced considerable growth, increasing from $10.991 billion in 2021 to $20.835 billion in 2025. Property, plant, and equipment contributed significantly to this increase, more than doubling from $5.141 billion to $12.320 billion over the period. Goodwill remained relatively stable, with a slight decrease from $4.362 billion in 2021 to $4.330 billion in 2025. Deferred tax assets also increased consistently, reaching $967 million in 2025. The most notable change within long-term assets is the introduction and growth of CHIPS Act incentives, beginning in 2023 and reaching $1.639 billion in 2025. Other long-term assets also increased substantially, particularly in 2024 and 2025.

The increasing investment in property, plant, and equipment suggests expansionary capital expenditure. The emergence of CHIPS Act incentives represents a significant influx of funding, likely earmarked for semiconductor manufacturing initiatives. The inventory build-up warrants further investigation to determine if it is strategic or indicative of slowing demand. The fluctuations in short-term investments may reflect active cash management strategies.

Texas Instruments Inc. (NASDAQ:TXN)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items