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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- 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 cash flow 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).
The financial data indicates a period of strategic capital intensification characterized by fluctuating net income and a steady increase in infrastructure investment. While profitability experienced a contraction between 2022 and 2024, cash flow from operating activities remained positive, though it exhibited significant volatility driven by changes in operating capital.
- Operating Performance and Cash Generation
- Net income peaked in mid-2022 at approximately $2.3 billion per quarter before entering a downward trend that bottomed out near $1.1 billion in early 2024. A recovery trend is observable toward the end of the period, with income rising to $1.5 billion by March 2026. Cash flows from operating activities generally remained resilient, often exceeding net income due to substantial non-cash add-backs, most notably depreciation.
- Capital Expenditure and Asset Growth
- A significant and sustained increase in capital expenditures is evident, rising from approximately $308 million in March 2021 to peaks of $1.49 billion in 2023. This aggressive investment cycle is further highlighted by the steady climb in quarterly depreciation expenses, which grew from $179 million in early 2021 to $541 million by March 2026, indicating a substantial increase in the company's fixed asset base.
- Government Incentives and Investing Activities
- Starting in March 2024, the investing cash flow profile was influenced by proceeds from the U.S. CHIPS and Science Act. These incentives provided significant non-dilutive funding, with a notable peak of $555 million in March 2026, partially offsetting the heavy outflows associated with capital expenditures.
- Shareholder Returns and Capital Allocation
- Dividend payments demonstrate a consistent and disciplined upward trajectory, increasing from $940 million per quarter in early 2021 to $1.29 billion by 2026. In contrast, stock repurchases were highly volatile; a peak of $1.18 billion in June 2022 was followed by a sharp decline in 2023, before fluctuating again in 2024 and 2025.
- Financing and Liquidity Management
- Financing activities were characterized by periodic long-term debt issuances to maintain liquidity during high-CapEx phases, such as the $2.98 billion issuance in March 2024. These were balanced by intermittent debt repayments, including a $750 million repayment in March 2025. The net change in cash remained erratic, reflecting the scale of investment relative to operating cash generation.