Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
Texas Instruments Inc., consolidated income statement
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31).
- Revenue
- The revenue increased markedly from 14,461 million US dollars in 2020 to a peak of 20,028 million in 2022. However, it declined thereafter to 15,641 million by the end of 2024, indicating a reversal of growth in the last two reported years.
- Cost of Revenue (COR)
- The cost of revenue rose steadily from 5,192 million in 2020 to 6,547 million in 2024, showing a continuous increase though at a slower pace compared to revenue growth during the earlier years. This consistent increase contributed to the compression of gross profit in the later years.
- Gross Profit
- Gross profit followed a trajectory similar to revenue, increasing from 9,269 million in 2020 to a high of 13,771 million in 2022, then declining to 9,094 million by 2024. This pattern reflects margin pressure in the most recent years, consistent with rising costs and declining revenue.
- Research and Development (R&D) Expenses
- R&D expenses increased gradually each year from 1,530 million in 2020 to 1,959 million in 2024, demonstrating consistent investment in innovation despite fluctuations in revenue and profit.
- Selling, General and Administrative (SG&A) Expenses
- SG&A expenses showed a slight overall increase from 1,623 million in 2020 to 1,794 million in 2024, with a peak of 1,825 million in 2023. This stability indicates controlled administrative and selling costs despite volatility in other expense categories.
- Acquisition Charges
- Acquisition charges were present in 2020 and 2021 but absent in subsequent years, signifying a reduction or cessation of acquisition-related expenses after 2021.
- Restructuring Charges/Other
- Restructuring charges increased significantly to 257 million in 2022 but were absent in 2023 and reversed positively to 124 million in 2024. This suggests notable restructuring activities in 2022 followed by a recovery or gain in the final year reported.
- Operating Profit
- Operating profit rose from 5,894 million in 2020 to a peak of 10,140 million in 2022 before declining sharply to 5,465 million by 2024. The decline mirrors the revenue and gross profit trends, indicating operational challenges or margin compression after 2022.
- Other Income and Expenses
- Other income fluctuated, rising to 534 million in 2024 from 327 million in 2020. Other expenses remained relatively low and stable. The net figure (Other income (expense), net) increased overall, providing a positive contribution to income before taxes, especially in later years.
- Interest and Debt Expense
- Interest and debt expenses increased considerably from 190 million in 2020 to 508 million in 2024, indicating higher financing costs or increased debt levels over the period.
- Income Before Income Taxes
- This metric followed the general profitability trend, improving from 6,017 million in 2020 to a high of 10,032 million in 2022, then contracting to 5,453 million in 2024, reflecting the combined effects of operating profit volatility and other income/expenses.
- Provision for Income Taxes
- Taxes fluctuated, peaking at 1,283 million in 2022 and then decreasing substantially to 654 million in 2024, in line with reduced pre-tax income levels.
- Net Income
- Net income exhibited growth through 2022, reaching 8,749 million, followed by a marked decline to 4,799 million by 2024. This trajectory corresponds with the overall profitability and revenue trends, indicating reduced earnings capacity in recent years.