Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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Texas Instruments Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Net Income
- Net income shows an overall upward trend from early 2020 through 2022, peaking around 2295 million USD in Q3 2022. However, from late 2022 onward, there is a notable decline with fluctuations, dropping to lower levels near 1179 to 1295 million USD in the latest quarters to mid-2025. This indicates a weakening in profitability after a period of growth.
- Depreciation and Amortization
- Depreciation steadily increases throughout the period, rising from 186 million USD in early 2020 to 460 million USD by Q4 2025. Amortization of capitalized software shows a modest rise, with values generally increasing from around 14 million USD to over 20 million USD. Notably, amortization of acquisition-related intangibles is recorded only until 2020, after which the data is missing, suggesting possible completion or discontinuation.
- Stock Compensation
- Stock compensation expenses are generally variable but show an increasing trend with peaks in several quarters such as mid-2023 and late 2024, peaking above 100 million USD several times. This suggests increased employee compensation costs through stock awards over time.
- Gains on Sales of Assets
- Gains on sales of assets fluctuate around zero, mostly negligible but with occasional significant negative impact, notably a large negative spike of -129 million USD in mid-2024, indicating an unusual one-time loss or impairment.
- Deferred Taxes
- Deferred taxes show considerable volatility with multiple positive and negative swings from early 2020 through mid-2025. Large negative effects appear particularly in late 2022 and from 2023 onward, indicating variability in tax-related timing differences or adjustments.
- Working Capital Changes
- Accounts receivable, inventories, prepaid expenses, accounts payable, accrued compensation, and income taxes payable display inconsistent patterns characterized by frequent reversals in direction and large fluctuations. - Inventories show significant declines, especially in late 2022 and 2023, suggesting inventory reductions or write-downs. - Accounts receivable and accrued compensation also demonstrate marked volatility, with large positive and negative changes indicating variable collection periods and compensation accruals. - The aggregate increase (decrease) from changes in operating capital fluctuates widely, with significant negative swings during 2022 and early 2023, reflecting working capital pressures at these points.
- Adjustments to Net Income
- Adjustments to net income manifest large swings, including both positive and negative values, with notable negative adjustments particularly in late 2022 and early 2023, followed by positive adjustments in 2024. This reflects substantial non-operational or non-cash items impacting the reconciliation to operating cash flows.
- Cash Flows from Operating Activities
- Operating cash flows generally increase from 2020 to 2021 and maintain elevated levels through 2022, with some fluctuations. However, a dip is observed in early 2023, followed by recovery in late 2023 and variability into 2025. The pattern indicates underlying operational cash generation remains robust but subject to periodic softness.
- Capital Expenditures
- Capital expenditures grow notably from early 2020 through 2023, reaching very high levels, particularly in late 2021 and through 2023, with values often exceeding 1000 million USD per quarter. The increased capital spending suggests strategic investments or expansions occurring during this timeframe.
- Proceeds from Government Incentives
- The data shows a one-time receipt of 260 million USD in Q2 2025 linked to CHIPS Act incentives, indicating receipt of government support during this period.
- Proceeds and Purchases of Short-Term Investments
- Purchases of short-term investments exhibit high volatility with large outflows, particularly between 2020 and 2024, reaching several thousand million USD per quarter, while proceeds from such investments also fluctuate substantially with major inflows often offsetting purchases. This reflects active management of short-term investment portfolios and liquidity.
- Cash Flows from Investing Activities
- The investing cash flows are highly variable, characterized by significant negative values especially in late 2020 and 2021, consistent with heightened capital expenditures and investment outflows. Positive spikes correspond to asset sales and investment maturities, but overall, cash used in investing activities outweighs inflows during much of the period.
- Financing Activities
- Financing cash flows exhibit notable variability. Periods with sizable debt issuance occur primarily in 2021 and early 2023, contrasted with recurrent debt repayments mainly in 2020 and later years. Dividends consistently represent a significant outflow averaging over 1000 million USD quarterly, showing a stable dividend policy. Stock repurchases spike early in 2020 but decline significantly afterwards, with intermittent repurchase activity continuing at lower levels. Proceeds from common stock transactions remain relatively stable but modest. Overall, financing activities tend to be outflow-heavy, reflecting shareholder returns and debt reductions, with occasional inflows from debt issuance.
- Net Change in Cash and Cash Equivalents
- Net changes in cash fluctuate widely quarter-to-quarter, with periods of strong increases such as mid-2020 and late 2021, as well as periods of substantial decreases notably in early 2023 and multiple points in 2024. These swings correspond to the combined effects of operating, investing, and financing activities, revealing a dynamic liquidity profile influenced by investment and financing decisions alongside operational cash generation.