Analysis of Geographic Areas
Texas Instruments Inc. operates in 6 regions: United States; China; Rest of Asia; Europe, Middle East and Africa; Japan; and Rest of world.
Area Asset Turnover
Texas Instruments Inc., asset turnover by geographic area
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | 0.77 | 0.71 | 0.77 | 0.44 | 0.52 |
| China | 5.61 | 4.09 | 4.50 | 15.19 | 17.54 |
| Rest of Asia | 0.77 | 0.90 | 1.20 | 2.94 | 3.03 |
| Europe, Middle East and Africa | 52.77 | 47.55 | 68.26 | 80.00 | 59.62 |
| Japan | 3.59 | 4.42 | 10.54 | 9.69 | 6.90 |
| Rest of world | 9.74 | 6.05 | 5.34 | 17.94 | 32.80 |
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).
An examination of area asset turnover reveals significant variations across geographic regions and over the five-year period. Generally, asset turnover decreased from 2021 to 2023, followed by some recovery in 2024 and 2025, though performance remains unevenly distributed.
- United States
- Asset turnover in the United States experienced a decline from 0.52 in 2021 to a low of 0.44 in 2022. A substantial increase to 0.77 was observed in 2023, followed by a slight decrease to 0.71 in 2024, and a return to 0.77 in 2025. This suggests improved asset utilization in recent years, though fluctuations persist.
- China
- China exhibited a marked decrease in asset turnover, falling dramatically from 17.54 in 2021 to 4.50 in 2023. While a modest recovery to 5.61 occurred by 2025, the level remains considerably lower than the initial value. This indicates a significant reduction in the efficiency of asset use within the Chinese market.
- Rest of Asia
- The “Rest of Asia” region demonstrated a consistent downward trend in asset turnover. Starting at 3.03 in 2021, it decreased to 0.77 by 2025. This continuous decline suggests diminishing asset utilization efficiency in this area.
- Europe, Middle East and Africa
- This region showed considerable volatility. Asset turnover increased substantially from 59.62 in 2021 to 80.00 in 2022, before declining to 47.55 in 2024. A partial recovery to 52.77 was noted in 2025. These fluctuations may be attributable to specific market conditions or strategic shifts within the region.
- Japan
- Japan experienced an initial increase in asset turnover from 6.90 in 2021 to 10.54 in 2023, followed by a substantial decrease to 3.59 in 2025. This pattern suggests a period of improved efficiency followed by a significant decline in asset utilization.
- Rest of World
- Asset turnover in the “Rest of World” category decreased from 32.80 in 2021 to 5.34 in 2023, then showed a recovery to 9.74 in 2025. This indicates a period of reduced efficiency followed by a notable improvement, though it did not reach the initial levels.
Overall, the geographic distribution of asset turnover is highly variable. While some regions, like the United States, show signs of stabilization or improvement, others, particularly China and the Rest of Asia, demonstrate a clear downward trend. The significant fluctuations observed in Europe, Middle East and Africa, and Japan warrant further investigation to understand the underlying drivers.
Area Asset Turnover: United States
Texas Instruments Inc.; United States; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | 6,763) | 5,957) | 5,814) | 2,267) | 1,906) |
| Property, plant and equipment | 8,764) | 8,342) | 7,548) | 5,134) | 3,648) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 0.77 | 0.71 | 0.77 | 0.44 | 0.52 |
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).
1 2025 Calculation
Area asset turnover = Revenue ÷ Property, plant and equipment
= 6,763 ÷ 8,764 = 0.77
Analysis of the provided financial information reveals fluctuating performance in revenue and asset utilization within the United States geographic area between 2021 and 2025. Revenue experienced substantial growth, while property, plant, and equipment also increased, impacting the area asset turnover ratio.
- Revenue
- Revenue in the United States demonstrated a consistent upward trajectory over the five-year period. Starting at US$1,906 million in 2021, it increased to US$2,267 million in 2022. A significant jump occurred in 2023, reaching US$5,814 million, followed by a moderate increase to US$5,957 million in 2024, and further growth to US$6,763 million in 2025. This indicates a strong and accelerating revenue growth trend.
- Property, Plant, and Equipment
- The value of property, plant, and equipment also increased steadily throughout the period. Beginning at US$3,648 million in 2021, it rose to US$5,134 million in 2022, US$7,548 million in 2023, US$8,342 million in 2024, and finally reached US$8,764 million in 2025. The increases in property, plant, and equipment suggest investments in capacity expansion to support the growing revenue.
- Area Asset Turnover
- The area asset turnover ratio, which measures the efficiency with which assets are used to generate revenue, exhibited volatility. It began at 0.52 in 2021, decreased to 0.44 in 2022, then increased substantially to 0.77 in 2023. A slight decline to 0.71 was observed in 2024, followed by a return to 0.77 in 2025. The ratio’s peak in 2023 and 2025, coinciding with the largest revenue increases, suggests improved asset utilization efficiency during those years. The dip in 2022 may be attributed to the slower revenue growth relative to the increase in property, plant, and equipment. The ratio in 2024 suggests a possible temporary slowdown in asset utilization efficiency before recovering in 2025.
Overall, the United States area demonstrates strong revenue growth accompanied by increasing investment in property, plant, and equipment. The area asset turnover ratio indicates a generally improving trend in asset utilization, although fluctuations are present, warranting further investigation into the factors driving these changes.
Area Asset Turnover: China
Texas Instruments Inc.; China; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | 3,781) | 3,012) | 3,293) | 9,844) | 9,998) |
| Property, plant and equipment | 674) | 737) | 731) | 648) | 570) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 5.61 | 4.09 | 4.50 | 15.19 | 17.54 |
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).
1 2025 Calculation
Area asset turnover = Revenue ÷ Property, plant and equipment
= 3,781 ÷ 674 = 5.61
Analysis of the provided financial information reveals significant fluctuations in revenue and area asset turnover for the specified geographic area, alongside a generally increasing trend in property, plant, and equipment. A substantial decline in revenue is observed between 2021 and 2023, followed by a period of relative stabilization and modest growth.
- Revenue
- Revenue decreased from US$9,998 million in 2021 to US$9,844 million in 2022, representing a slight decline. A more pronounced decrease occurred in 2023, with revenue falling to US$3,293 million. Revenue remained relatively stable in 2024 at US$3,012 million before increasing to US$3,781 million in 2025. This indicates a period of significant volatility followed by a partial recovery.
- Property, Plant, and Equipment
- Property, plant, and equipment exhibited a consistent upward trend from 2021 to 2023, increasing from US$570 million to US$731 million. This growth slowed in 2024, with a slight increase to US$737 million, and then decreased to US$674 million in 2025. The overall trend suggests investment in fixed assets, although the most recent period shows a reduction.
- Area Asset Turnover
- The area asset turnover ratio mirrored the revenue trend, experiencing a substantial decline from 17.54 in 2021 to 4.50 in 2023. A slight recovery was noted in 2024, with the ratio increasing to 4.09, followed by a more significant increase to 5.61 in 2025. This indicates a decreasing efficiency in asset utilization between 2021 and 2023, with some improvement in subsequent years, though still below the initial level. The ratio’s movement is directly correlated with the fluctuations in revenue, as the denominator (property, plant, and equipment) increased at a slower rate.
The combination of declining revenue and increasing property, plant, and equipment contributed to the significant decrease in area asset turnover between 2021 and 2023. The subsequent partial recovery in revenue and stabilization of property, plant, and equipment in 2024 and 2025 led to a modest improvement in asset utilization.
Area Asset Turnover: Rest of Asia
Texas Instruments Inc.; Rest of Asia; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | 1,887) | 1,681) | 1,721) | 2,633) | 2,187) |
| Property, plant and equipment | 2,450) | 1,877) | 1,433) | 896) | 722) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 0.77 | 0.90 | 1.20 | 2.94 | 3.03 |
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).
1 2025 Calculation
Area asset turnover = Revenue ÷ Property, plant and equipment
= 1,887 ÷ 2,450 = 0.77
Analysis of the Rest of Asia geographic area reveals a declining trend in asset utilization efficiency between 2021 and 2025. Revenue initially increased before experiencing a substantial decrease, while property, plant, and equipment consistently rose throughout the period. This combination resulted in a significant reduction in the area asset turnover ratio.
- Revenue
- Revenue in the Rest of Asia increased from US$2,187 million in 2021 to US$2,633 million in 2022, representing a growth of approximately 20.4%. However, revenue then decreased significantly to US$1,721 million in 2023 and further to US$1,681 million in 2024. A modest recovery to US$1,887 million was observed in 2025, but remained below the 2021 level.
- Property, Plant, and Equipment
- Property, plant, and equipment exhibited a consistent upward trend throughout the analyzed period. Starting at US$722 million in 2021, it increased to US$896 million in 2022, US$1,433 million in 2023, US$1,877 million in 2024, and reached US$2,450 million in 2025. This indicates a continuous investment in fixed assets within the region.
- Area Asset Turnover
- The area asset turnover ratio, which measures the efficiency with which assets are used to generate revenue, demonstrated a clear downward trajectory. It began at 3.03 in 2021, decreased to 2.94 in 2022, and then experienced a more pronounced decline to 1.20 in 2023. This trend continued with a ratio of 0.90 in 2024 and further decreased to 0.77 in 2025. The declining ratio suggests that the company is generating less revenue for each dollar of assets invested in the Rest of Asia region.
The combination of increasing fixed assets and fluctuating, ultimately lower, revenue levels has driven the observed decrease in asset turnover. Further investigation may be warranted to understand the reasons behind the revenue decline and the effectiveness of asset utilization strategies in this geographic area.
Area Asset Turnover: Europe, Middle East and Africa
Texas Instruments Inc.; Europe, Middle East and Africa; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | 3,747) | 3,519) | 4,642) | 3,520) | 2,802) |
| Property, plant and equipment | 71) | 74) | 68) | 44) | 47) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 52.77 | 47.55 | 68.26 | 80.00 | 59.62 |
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).
1 2025 Calculation
Area asset turnover = Revenue ÷ Property, plant and equipment
= 3,747 ÷ 71 = 52.77
The financial performance of the Europe, Middle East and Africa region reveals fluctuating revenue alongside increasing property, plant and equipment, resulting in a dynamic area asset turnover ratio over the five-year period. Revenue experienced growth initially, followed by a decline and subsequent stabilization.
- Revenue
- Revenue in the region increased from US$2,802 million in 2021 to US$3,520 million in 2022, representing a substantial gain. However, revenue decreased to US$3,519 million in 2024 before modestly recovering to US$3,747 million in 2025. The peak revenue in 2022 suggests a period of strong sales, while the subsequent decline warrants further investigation.
- Property, Plant and Equipment
- Property, plant and equipment exhibited a generally increasing trend, rising from US$47 million in 2021 to US$71 million in 2025. This indicates ongoing investment in the region’s operational capacity. The increase from US$44 million in 2022 to US$68 million in 2023 is particularly notable.
- Area Asset Turnover
- The area asset turnover ratio demonstrates considerable volatility. It began at 59.62 in 2021, increased significantly to 80.00 in 2022, then decreased to 68.26 in 2023. A more pronounced decline occurred in 2024, falling to 47.55, before a partial recovery to 52.77 in 2025. The ratio’s fluctuations correlate with the revenue trends, but are also influenced by the increasing investment in property, plant and equipment. The peak in 2022 suggests efficient asset utilization during that period, while the low in 2024 indicates a less efficient use of assets relative to revenue generated.
The interplay between revenue and asset investment suggests a dynamic operating environment. While investments in property, plant and equipment are being made, maintaining a consistent and high area asset turnover ratio remains a challenge, particularly given the revenue fluctuations observed.
Area Asset Turnover: Japan
Texas Instruments Inc.; Japan; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | 1,173) | 1,212) | 1,782) | 1,172) | 959) |
| Property, plant and equipment | 327) | 274) | 169) | 121) | 139) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 3.59 | 4.42 | 10.54 | 9.69 | 6.90 |
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).
1 2025 Calculation
Area asset turnover = Revenue ÷ Property, plant and equipment
= 1,173 ÷ 327 = 3.59
Analysis of the provided financial information reveals fluctuating performance within the Japan geographic area between 2021 and 2025. Revenue exhibited an initial increase followed by a decline, while property, plant, and equipment consistently rose over the period. The area asset turnover ratio demonstrates a corresponding pattern of increase and subsequent decrease.
- Revenue
- Revenue in Japan increased from US$959 million in 2021 to US$1,172 million in 2022, representing a substantial gain. This growth continued into 2023, reaching US$1,782 million. However, revenue experienced a significant decrease in 2024, falling to US$1,212 million, and continued to decline slightly in 2025 to US$1,173 million. This suggests potential market challenges or shifts in demand following the peak in 2023.
- Property, Plant, and Equipment
- The value of property, plant, and equipment in Japan showed a consistent upward trend throughout the analyzed period. Starting at US$139 million in 2021, it decreased to US$121 million in 2022, then increased to US$169 million in 2023. Further increases were observed in 2024 (US$274 million) and 2025 (US$327 million). This indicates ongoing investment in fixed assets within the region, despite revenue fluctuations.
- Area Asset Turnover
- The area asset turnover ratio initially increased from 6.90 in 2021 to 9.69 in 2022, and further to 10.54 in 2023, indicating improving efficiency in asset utilization relative to revenue generation. However, this positive trend reversed in 2024, with the ratio declining to 4.42. This decline continued in 2025, reaching 3.59. The decreasing ratio suggests a diminishing ability to generate revenue from the existing asset base, potentially linked to the revenue decline observed in the same period. The increase in property, plant, and equipment may not be translating into proportional revenue gains.
The combination of rising fixed assets and declining revenue, as reflected in the area asset turnover ratio, warrants further investigation to understand the underlying causes and potential implications for future performance in the Japan geographic area.
Area Asset Turnover: Rest of world
Texas Instruments Inc.; Rest of world; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenue | 331) | 260) | 267) | 592) | 492) |
| Property, plant and equipment | 34) | 43) | 50) | 33) | 15) |
| Area Activity Ratio | |||||
| Area asset turnover1 | 9.74 | 6.05 | 5.34 | 17.94 | 32.80 |
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).
1 2025 Calculation
Area asset turnover = Revenue ÷ Property, plant and equipment
= 331 ÷ 34 = 9.74
Analysis of the Rest of World geographic area reveals significant fluctuations in revenue and asset utilization over the five-year period. Revenue experienced an initial increase followed by a substantial decline, while property, plant, and equipment exhibited a more gradual, albeit volatile, pattern. Consequently, the area asset turnover ratio demonstrates considerable variability.
- Revenue
- Revenue in the Rest of World area increased from US$492 million in 2021 to US$592 million in 2022, representing a growth of approximately 20.3%. However, a marked decrease occurred in subsequent years, falling to US$267 million in 2023 and US$260 million in 2024. A modest recovery to US$331 million is observed in 2025, but remains below the 2022 peak.
- Property, Plant, and Equipment
- The value of property, plant, and equipment increased from US$15 million in 2021 to US$33 million in 2022. This growth continued to US$50 million in 2023, before decreasing to US$43 million in 2024 and further declining to US$34 million in 2025. These changes suggest potential investment and subsequent adjustments in the area’s fixed assets.
- Area Asset Turnover
- The area asset turnover ratio peaked at 32.80 in 2021, reflecting efficient asset utilization relative to revenue. The ratio decreased substantially to 17.94 in 2022, coinciding with the initial revenue increase and a moderate increase in property, plant, and equipment. A significant decline to 5.34 in 2023 occurred alongside the substantial revenue decrease and continued asset growth. A slight improvement to 6.05 is noted in 2024, followed by a further increase to 9.74 in 2025, potentially indicating improved efficiency as revenue begins to recover and assets are adjusted.
The fluctuations in the area asset turnover ratio are strongly correlated with the revenue trends. The decline in revenue from 2022 to 2024 significantly impacted asset utilization, while the modest revenue recovery in 2025 contributed to a higher, though still below peak, turnover ratio. The changes in property, plant, and equipment may also contribute to the observed variations, but the primary driver appears to be revenue performance.
Revenue
Texas Instruments Inc., revenue by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | 6,763) | 5,957) | 5,814) | 2,267) | 1,906) |
| China | 3,781) | 3,012) | 3,293) | 9,844) | 9,998) |
| Rest of Asia | 1,887) | 1,681) | 1,721) | 2,633) | 2,187) |
| Europe, Middle East and Africa | 3,747) | 3,519) | 4,642) | 3,520) | 2,802) |
| Japan | 1,173) | 1,212) | 1,782) | 1,172) | 959) |
| Rest of world | 331) | 260) | 267) | 592) | 492) |
| Total | 17,682) | 15,641) | 17,519) | 20,028) | 18,344) |
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 geographic revenue distribution exhibits significant shifts over the five-year period. While total revenue initially increased from 2021 to 2022, it subsequently declined through 2024 before showing a modest recovery in 2025. A notable divergence in performance is observed across the different regions.
- United States
- Revenue from the United States demonstrates a consistent upward trend, increasing substantially from US$1,906 million in 2021 to US$6,763 million in 2025. This represents the most significant growth among all regions analyzed, becoming a dominant contributor to overall revenue.
- China
- China experienced a decline in revenue from US$9,998 million in 2021 to US$3,781 million in 2025. While initially the largest revenue source, it has experienced a substantial contraction, particularly between 2022 and 2023. Despite the 2025 increase, revenue remains significantly below the 2021 level.
- Rest of Asia
- Revenue from the Rest of Asia remained relatively stable, fluctuating between US$2,187 million and US$2,633 million in the early years, then declining to US$1,721 million in 2023 before a slight recovery to US$1,887 million in 2025. This region exhibits the least volatility but also the slowest growth.
- Europe, Middle East and Africa
- This region showed initial growth, increasing from US$2,802 million in 2021 to US$4,642 million in 2023. However, revenue then decreased to US$3,519 million in 2024, followed by a modest increase to US$3,747 million in 2025. Performance in this region appears more cyclical.
- Japan
- Japan experienced growth from US$959 million in 2021 to US$1,782 million in 2023, but then declined to US$1,212 million in 2024 and further to US$1,173 million in 2025. This suggests a potential weakening of market position in recent periods.
- Rest of World
- The Rest of World consistently represents a small portion of total revenue, ranging from US$492 million to US$592 million, with a slight increase to US$331 million in 2025. This region’s contribution remains minimal compared to others.
The shift in revenue concentration is notable. While China was the largest revenue contributor in 2021, the United States has surpassed it by 2025. The overall trend suggests a strategic realignment or changing market dynamics impacting revenue distribution across geographic areas.
Property, plant and equipment
Texas Instruments Inc., property, plant and equipment by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | 8,764) | 8,342) | 7,548) | 5,134) | 3,648) |
| China | 674) | 737) | 731) | 648) | 570) |
| Rest of Asia | 2,450) | 1,877) | 1,433) | 896) | 722) |
| Europe, Middle East and Africa | 71) | 74) | 68) | 44) | 47) |
| Japan | 327) | 274) | 169) | 121) | 139) |
| Rest of world | 34) | 43) | 50) | 33) | 15) |
| Total | 12,320) | 11,347) | 9,999) | 6,876) | 5,141) |
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).
Property, plant, and equipment (PP&E) demonstrates a clear growth trajectory overall between 2021 and 2025. However, significant variations exist when examining individual geographic regions. The United States represents the largest portion of PP&E and exhibits consistent, substantial increases throughout the period. While other regions also show growth, the rate and magnitude differ considerably.
- United States
- PP&E in the United States increased from US$3,648 million in 2021 to US$8,764 million in 2025. This represents a cumulative increase of approximately 140.7% over the five-year period. Growth was consistent year-over-year, with the largest absolute increase occurring between 2022 and 2023 (US$2,414 million).
- China
- PP&E in China experienced moderate growth, rising from US$570 million in 2021 to US$674 million in 2025. While positive, the growth rate is considerably slower than that of the United States. A slight decrease is observed between 2024 and 2025. The cumulative increase over the period is approximately 18.2%.
- Rest of Asia
- The “Rest of Asia” region shows a strong growth pattern, increasing from US$722 million in 2021 to US$2,450 million in 2025. This represents a cumulative increase of approximately 239.4%. The rate of growth accelerated between 2022 and 2024, indicating significant investment in this region.
- Europe, Middle East and Africa
- PP&E in Europe, Middle East and Africa remains the smallest in absolute terms. It increased from US$47 million in 2021 to US$71 million in 2025, a cumulative increase of approximately 51.1%. Growth is relatively stable, though the absolute increases are modest.
- Japan
- Japan demonstrates a notable increase in PP&E, growing from US$139 million in 2021 to US$327 million in 2025. This represents a cumulative increase of approximately 135.2%. The largest single-year increase occurred between 2023 and 2024 (US$105 million).
- Rest of World
- PP&E in the “Rest of World” category shows modest fluctuations, increasing from US$15 million in 2021 to US$34 million in 2025. While positive, the growth is less pronounced than in other regions, and a slight decrease is observed between 2024 and 2025.
Overall, the concentration of PP&E continues to be heavily weighted towards the United States, but investment in the Rest of Asia and Japan is increasing at a faster rate. The relatively stable, but smaller, investments in China, Europe, Middle East and Africa, and the Rest of World suggest a more measured approach to expansion in those areas.