Income Statement
Quarterly Data
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.
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- 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., consolidated income statement (quarterly data)
US$ in millions
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).
An analysis of the quarterly financial results reveals a cyclical revenue pattern characterized by a period of expansion, a subsequent contraction, and a gradual recovery. Revenue grew steadily from March 2021, peaking in September 2022 at 5,241 million USD, before entering a decline that reached a trough of 3,661 million USD in March 2024. A recovery phase followed, with revenue trending upward to 4,825 million USD by March 2026.
- Gross Profitability and Cost Structure
- Gross profit mirrored the revenue cycle, peaking at 3,625 million USD in June 2022 and falling to a low of 2,095 million USD in March 2024. However, the cost of revenue exhibited a long-term upward trajectory, rising from 1,492 million USD in March 2021 to 2,026 million USD by March 2026. This indicates a compression of gross margins over the analyzed period, as costs continued to climb even during periods of revenue volatility.
- Operating Expenditure Trends
- Research and development (R&D) spending showed a consistent and disciplined increase, growing from 386 million USD in March 2021 to 510 million USD in March 2026. This suggests a strategic commitment to long-term innovation regardless of short-term revenue fluctuations. Selling, general and administrative (SG&A) expenses remained relatively stable, though a slight increase is noted, moving from 425 million USD in the early periods to approximately 464 million USD by the end of the period.
- Operating and Net Income Performance
- Operating profit experienced significant volatility, coinciding with the revenue cycle. The peak operating profit of 2,723 million USD in June 2022 shifted to a low of 1,248 million USD in June 2024. Net income followed a similar trajectory, with a high of 2,295 million USD in September 2022 and a low of 1,105 million USD in March 2024. By March 2026, net income recovered to 1,545 million USD, though it remained below the 2022 peaks.
- Financial Expenses and Other Income
- A pronounced increase in interest and debt expense is observed, rising from 46 million USD in March 2021 to a plateau of 141 million USD from June 2025 through March 2026. This represents a substantial increase in financing costs over the period. Other income and expenses remained positive throughout, providing a modest offset to operating costs, particularly between March 2023 and September 2024.