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: 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).
The income statement reveals a period of initial growth followed by contraction and subsequent stabilization. Revenue peaked in 2022 at US$20,028 million before declining to US$15,641 million in 2024, and then showing a modest recovery to US$17,682 million in 2025. Cost of revenue consistently increased throughout the period, rising from US$-5,968 million in 2021 to US$-7,599 million in 2025, outpacing revenue growth in the later years. This resulted in a fluctuating gross profit, peaking at US$13,771 million in 2022 and falling to US$9,094 million in 2024 before recovering to US$10,083 million in 2025.
- Profitability
- Operating profit mirrored the revenue trend, increasing from US$8,960 million in 2021 to US$10,140 million in 2022, then decreasing to US$5,465 million in 2024, and recovering to US$6,023 million in 2025. Net income followed a similar pattern, peaking at US$8,749 million in 2022 and declining to US$4,799 million in 2024 before a slight increase to US$5,001 million in 2025. The net income margin decreased over the period, indicating diminishing profitability despite the revenue recovery in 2025.
- Operating Expenses
- Research and development expenses steadily increased from US$-1,554 million in 2021 to US$-2,083 million in 2025, indicating a continued investment in innovation. Selling, general and administrative expenses also exhibited a consistent upward trend, rising from US$-1,666 million in 2021 to US$-1,860 million in 2025. Restructuring charges were present in 2021, 2022, 2024 and 2025, with a significant impact in 2022 and a smaller impact in 2024 and 2025. A goodwill impairment charge of US$-32 million was recorded in 2025.
- Non-Operating Items
- Other income, net, fluctuated throughout the period, with a peak in 2023 at US$440 million. Interest and debt expense consistently increased from US$-184 million in 2021 to US$-543 million in 2025, reflecting potentially increased borrowing or higher interest rates. The provision for income taxes generally decreased alongside net income, although the tax rate remained relatively stable.
Overall, the period began with strong revenue and profit growth, followed by a significant downturn in 2023 and 2024. While revenue showed some recovery in 2025, profitability remained below the 2022 peak, and increasing costs and debt expenses present ongoing challenges. The consistent investment in research and development suggests a long-term focus on innovation, but the impact on revenue and profitability will require continued monitoring.