Reports › TXN › 10-K FY2025

SEC filings, compared

What changed in Texas Instruments's 10-K for the fiscal year ended December 31, 2025

Compared with the 10-K for the fiscal year ended December 31, 2024. Item 1A and Item 7 analysed; every summary checked against the quoted filing text.

Registrant: TEXAS INSTRUMENTS INC · TXN
This filing: 0000097476-26-000059 ↗ · filed Feb 6, 2026
Compared with: 0000097476-25-000007 ↗ · filed Feb 14, 2025
Processed: Sep 20, 2026 UTC · parser-v5 · classify-v4 · select-v1

Research tool. Describes what filings say. Not investment advice. Verify independently. Read the cited paragraph before relying on it.

How a report is made

36 material changes among 55 changed paragraphs

10 shown by default across the three sections below; each section's "Show all" reaches the rest, in filing order.

Numbers from XBRL

Each figure is the one the filing itself tagged, taken from the filing that reported it. Not written by a model.

Concept	FY2025	FY2024	Change (our arithmetic)
Revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax	17,682,000,000USD · Jan 1, 2025 to Dec 31, 2025	15,641,000,000USD · Jan 1, 2024 to Dec 31, 2024	+2,041,000,000+13%
Net income or lossus-gaap:NetIncomeLoss	5,001,000,000USD · Jan 1, 2025 to Dec 31, 2025	4,799,000,000USD · Jan 1, 2024 to Dec 31, 2024	+202,000,000+4.2%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	3,225,000,000USD · at Dec 31, 2025	3,200,000,000USD · at Dec 31, 2024	+25,000,000+0.8%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	7,153,000,000USD · Jan 1, 2025 to Dec 31, 2025	6,318,000,000USD · Jan 1, 2024 to Dec 31, 2024	+835,000,000+13.2%

Values as tagged in the filing's inline XBRL, resolved by accession rather than by period matching. When a value is not tagged, we show that instead of estimating it. FY2025: 0000097476-26-000059 · FY2024: 0000097476-25-000007

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

5 material additions

Item 1A · Risk Factors

1 of 1 shown · In filing order, too few to rank

01AddedItem 1A › Risks related to our business and industry

Summary · quote-checked

Added a risk disclosure addressing regulatory scrutiny, geopolitical tensions, and trade measures affecting semiconductor markets, supply chains, operations, and financial results.

The new paragraph identifies specific trade restrictions, sanctions, investment limits, and geopolitical effects that could constrain markets, suppliers, customers, and operations.

Filing text · FY2024 10-K · filed Feb 14, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Feb 6, 2026

[added] The semiconductor industry has recently been the focus of increased regulatory activity and scrutiny, which has contributed to variability in global trade conditions and supply chains. Certain countries where we operate, particularly the United States and China, have experienced, and other countries may experience, geopolitical tensions and administrative measures that affect global trade and macroeconomic conditions through the imposition of tariffs, including tariffs specific to the products that we sell, import or export restrictions, trade embargoes and sanctions, restrictions on cross-border investment and other trade barriers applicable to the semiconductor industry. Geopolitical tensions and administrative measures could limit our access to markets or impact our ability to deliver products, support customers, purchase or receive manufacturing equipment or materials, limit our suppliers' and customers' access to our products, or cause customers to seek alternate suppliers, which could adversely affect our operations and financial results.

Cite this change

"The semiconductor industry has recently been the focus of increased regulatory activity and scrutiny, which has contributed to variability in global trade conditions and supply chains."

Texas Instruments, Form 10-K for FY2025, Item 1A, accession 0000097476-26-000059, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97476/000009747626000059/txn-20251231.htm

Comparison: https://yearover.com/reports/txn/0000097476-26-000059?ref=quote

Item 7 · MD&A

4 of 4 shown · In filing order, too few to rank

01AddedItem 7 › Results of operations

Summary · quote-checked

Added disclosure about LFAB’s ramp-up, expected factory loading increases, and disproportionate manufacturing costs affecting Embedded Processing operating profit.

The new paragraph introduces a facility ramping dependency and states its expected effect on manufacturing costs and segment operating profit, changing the MD&A substance.

Filing text · FY2024 10-K · filed Feb 14, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Feb 6, 2026

[added] ◦ Our LFAB facility, which primarily supports our Embedded Processing business, was purchased as an operating fab and is in the early stages of ramping, so we expect factory loadings to increase over time. Until LFAB ramps, we expect Embedded to carry manufacturing costs that disproportionately affect Embedded Processing operating profit as compared to Analog.

Cite this change

"◦ Our LFAB facility, which primarily supports our Embedded Processing business, was purchased as an operating fab and is in the early stages of ramping, so we expect factory loadings to increase over time. Until LFAB ramps, we expect Embedded to carry manufacturing costs that disproportionately affect Embedded Processing operating profit as compared to Analog."

Texas Instruments, Form 10-K for FY2025, Item 7, accession 0000097476-26-000059, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97476/000009747626000059/txn-20251231.htm

Comparison: https://yearover.com/reports/txn/0000097476-26-000059?ref=quote

02AddedItem 7 › Macroeconomic factors

Summary · quote-checked

Added disclosure on semiconductor market recovery, shipment levels, product demand, and inventory and capacity positioning.

The new paragraph adds substantive macroeconomic conditions and management statements about demand, inventory, and capacity, changing the disclosed business outlook and dependencies.

Filing text · FY2024 10-K · filed Feb 14, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Feb 6, 2026

[added] In 2025, the overall analog and embedded semiconductor market recovery continued, though at a slower pace than prior upturns, likely related to broader macroeconomic dynamics and overall uncertainty. At the same time, global semiconductor shipments remain at levels below the prior peak. In addition, growth of semiconductor content in electronics has continued to drive demand for our products, particularly in the automotive, industrial and data center end markets, and we believe we are well-positioned with inventory and capacity to meet immediate customer demand.

Cite this change

"In 2025, the overall analog and embedded semiconductor market recovery continued, though at a slower pace than prior upturns, likely related to broader macroeconomic dynamics and overall uncertainty. At the same time, global semiconductor shipments remain at levels below the prior peak. In addition, growth of semiconductor content in electronics has continued to drive demand for our products, particularly in the automotive, industrial and data center end markets, and we believe we are well-positioned with inventory and capacity to meet immediate customer demand."

Texas Instruments, Form 10-K for FY2025, Item 7, accession 0000097476-26-000059, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97476/000009747626000059/txn-20251231.htm

Comparison: https://yearover.com/reports/txn/0000097476-26-000059?ref=quote

03AddedItem 7 › U.S. legislative update

Summary · quote-checked

Added disclosure of the OBBBA, its U.S. tax changes, the resulting 2025 effective tax rate increase, and expected lower future tax rates and payments.

The new paragraph identifies enacted legislation, tax provisions, a current-year tax-rate effect, and changed expectations for future tax rates and cash payments.

Filing text · FY2024 10-K · filed Feb 14, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Feb 6, 2026

[added] On July 4, 2025, the U.S. government enacted the One Big Beautiful Bill Act (OBBBA). The OBBBA provides changes to U.S. federal tax law, including expensing of U.S. research expenditures and eligible capital expenditures, increasing the U.S. CHIPS and Science Act (CHIPS Act) investment tax credit (ITC) and changing other tax provisions. The effect of the new law resulted in a higher effective tax rate in 2025. For 2026 and beyond, we expect the effective tax rate and tax-related cash payments to be lower than they would have been under prior tax law.

Cite this change

"On July 4, 2025, the U.S. government enacted the One Big Beautiful Bill Act (OBBBA)."

Texas Instruments, Form 10-K for FY2025, Item 7, accession 0000097476-26-000059, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97476/000009747626000059/txn-20251231.htm

Comparison: https://yearover.com/reports/txn/0000097476-26-000059?ref=quote

04AddedItem 7 › Liquidity and capital resources

Summary · quote-checked

Added disclosure of a definitive agreement to acquire Silicon Labs, including transaction terms, expected closing conditions and planned cash and debt financing.

The new paragraph discloses a specific acquisition, a substantial funding requirement, regulatory and shareholder approvals, and financing dependencies; these are new obligations and events.

Filing text · FY2024 10-K · filed Feb 14, 2025

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Feb 6, 2026

[added] As announced on February 4, 2026, we have entered into a definitive agreement to acquire Silicon Labs for $231.00 per share in an all-cash transaction, representing a total enterprise value of approximately $7.5 billion. Under the terms of the agreement, Silicon Labs stockholders will receive $231.00 in cash for each share of Silicon Labs common stock they hold at the time of closing, which is currently expected to close in the first half of 2027, subject to receipt of regulatory approvals and other customary closing conditions, including approval by Silicon Labs stockholders. We expect to fund the transaction with a combination of cash on hand and debt financing to be arranged prior to closing.

Cite this change

"As announced on February 4, 2026, we have entered into a definitive agreement to acquire Silicon Labs for $231.00 per share in an all-cash transaction, representing a total enterprise value of approximately $7.5 billion."

Texas Instruments, Form 10-K for FY2025, Item 7, accession 0000097476-26-000059, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97476/000009747626000059/txn-20251231.htm

Comparison: https://yearover.com/reports/txn/0000097476-26-000059?ref=quote

What the company no longer says

Paragraphs of the prior filing that this filing dropped. Only last year's text can show these.

0 material removals

Nothing material was dropped from the analysed Items.

What the company says differently

Paragraphs that changed between the two filings, shown as a word diff.

31 material changes

Item 1A · Risk Factors

2 of 10 shown · Ordered by the model, quote-checked

01ChangedItem 1A › Risks related to our business and industry

Summary · quote-checked

The paragraph adds a 2025 China shipment concentration disclosure and removes the discussion of geopolitical tensions and related operational risks.

A new 50% China-shipment exposure is disclosed, while risks involving tariffs, trade restrictions, sanctions and supply disruption are removed; both change the stated risk profile.

Why the model ranked it here

The newly disclosed concentration of products shipped into China materially changes the company’s geographic revenue dependency and replaces broader geopolitical-risk language.

Filing text · FY2024 10-K · filed Feb 14, 2025

We have facilities in more than 30 countries. About 60% of our revenue comes from customers with headquarter locations outside the United ~~[removed] States; revenue~~ from end customers headquartered in China ~~[removed] represents~~ about 20% of our [removed] revenue. We also continue to expand our offerings of online transactions and services worldwide. Certain countries where we operate have experienced, and other countries may experience, geopolitical tensions that affect global trade and macroeconomic conditions through the enactment of tariffs, import or export restrictions, trade embargoes and sanctions, restrictions on cross-border investment and other trade barriers. Geopolitical tensions may impact our ability to deliver products, support customers, receive manufacturing equipment or cause customers to seek alternate suppliers, which could adversely affect our operations and financial results.

Filing text · FY2025 10-K · filed Feb 6, 2026

We have facilities in more than 30 countries. About 60% of our revenue comes from customers with headquarter locations outside the United [added] States. Revenue from end customers headquartered in China [added] represented about 20% of our [added] revenue in 2025, while revenue from products shipped into China represented about 50% of our revenue in 2025. We also continue to expand our offerings of online transactions and services worldwide.

Cite this change

"Revenue from end customers headquartered in China represented about 20% of our revenue in 2025, while revenue from products shipped into China represented about 50% of our revenue in 2025."

Texas Instruments, Form 10-K for FY2025, Item 1A, accession 0000097476-26-000059, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97476/000009747626000059/txn-20251231.htm

Comparison: https://yearover.com/reports/txn/0000097476-26-000059?ref=quote

02ChangedItem 1A › Risks related to our business and industry

Summary · quote-checked

The risk disclosure adds geopolitical supply-chain disruption, geographic sourcing concentration, and government measures including export controls.

The current paragraph introduces new causes and mechanisms of potential material and equipment constraints, including limited sourcing geographies and export controls, changing the disclosed risk substance.

Why the model ranked it here

The disclosure now identifies geopolitical disruption, concentrated sourcing, and export controls as specific mechanisms that could constrain critical supplies and equipment.

Filing text · FY2024 10-K · filed Feb 14, 2025

In particular, our manufacturing processes and critical manufacturing equipment, and those of our suppliers, require that certain key materials, services and utilities be available. ~~[removed] Suppliers~~ of these items have and might continue to extend lead times, limit supply or increase prices due to factors beyond our control. Limited or delayed access to and high costs of key materials, services and utilities could adversely affect our results of operations.

Filing text · FY2025 10-K · filed Feb 6, 2026

In particular, our manufacturing processes and critical manufacturing equipment, and those of our suppliers, require that certain key materials, services and utilities be available. [added] Geopolitical tensions are disrupting and reshaping global supply chains, and suppliers of these items have and might continue to extend lead times, limit supply or increase prices due to factors beyond our control. [added] Further, certain key materials used in semiconductor manufacturing are primarily sourced from limited geographies. Governments have adopted or proposed measures, including export controls on certain minerals, materials and equipment, that could adversely affect equipment and material availability, cost or movement. Limited or delayed access to and high costs of key materials, services and utilities could adversely affect our results of operations.

Cite this change

"Geopolitical tensions are disrupting and reshaping global supply chains, and suppliers of these items have and might continue to extend lead times, limit supply or increase prices due to factors beyond our control."

Texas Instruments, Form 10-K for FY2025, Item 1A, accession 0000097476-26-000059, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97476/000009747626000059/txn-20251231.htm

Comparison: https://yearover.com/reports/txn/0000097476-26-000059?ref=quote

Show all 10 in Item 1A (8 more, in filing order)

Item 7 · MD&A

3 of 21 shown · Ordered by the model, quote-checked

01ChangedItem 7 › Financial condition

Summary · quote-checked

Reported total cash decreased to $4.88 billion, with a $2.70 billion decrease from the end of 2024.

The updated liquidity figure and decrease are substantively different, changing the stated cash position and potentially the reader’s assessment of liquidity exposure.

Why the model ranked it here

The lower total cash balance and steeper decline materially change the company’s disclosed liquidity position.

Filing text · FY2024 10-K · filed Feb 14, 2025

At the end of ~~[removed] 2024,~~ total cash (cash and cash equivalents plus short-term investments) was ~~[removed] $7.58~~ billion, a decrease of ~~[removed] $995 million~~ from the end of ~~[removed] 2023.~~

Filing text · FY2025 10-K · filed Feb 6, 2026

At the end of [added] 2025, total cash (cash and cash equivalents plus short-term investments) was [added] $4.88 billion, a decrease of [added] $2.70 billion from the end of [added] 2024.

Cite this change

"At the end of 2025, total cash (cash and cash equivalents plus short-term investments) was $4.88 billion, a decrease of $2.70 billion from the end of 2024."

Texas Instruments, Form 10-K for FY2025, Item 7, accession 0000097476-26-000059, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97476/000009747626000059/txn-20251231.htm

Comparison: https://yearover.com/reports/txn/0000097476-26-000059?ref=quote

02ChangedItem 7 › Liquidity and capital resources

Summary · quote-checked

Capital-expenditure disclosure shifts from expected elevated spending and projected CHIPS Act receipts to a 2026 spending range, revenue-dependent spending thereafter, and updated tax-credit terms.

The stated capital-spending outlook changes materially, including a defined 2026 range and revenue dependence, while the prior projected receipts and 2024 cash-benefit statement are removed.

Why the model ranked it here

The capital-spending outlook shifts from sustained elevated investment to a defined near-term range and revenue-dependent spending thereafter.

Filing text · FY2024 10-K · filed Feb 14, 2025

[removed] As we continue to invest to strengthen our competitive advantages in manufacturing and technology, as part of our long-term capacity planning, our capital expenditures are expected to remain at elevated levels. We expect to receive between $7.5 billion to $9.5 billion through 2034 from the CHIPS ~~[removed] Act. This includes the ITC for qualified U.S.~~ manufacturing investments and direct funding of up to $1.6 billion for our three large-scale 300mm wafer fabs ~~[removed] currently under construction~~ in Sherman, Texas, and Lehi, Utah.~~[removed] We received $588 million in associated cash benefit from qualifying capital expenditures in 2024.~~

Filing text · FY2025 10-K · filed Feb 6, 2026

[added] We are nearing the end of our six-year elevated capital expenditures cycle, and consistent with our capital management strategy, we are expecting to spend about $2 billion to $3 billion in 2026. Beyond 2026, capital expenditures will be dependent on revenue and growth expectations. We expect to continue benefiting from the CHIPS [added] Act, including the 35% ITC on qualifying manufacturing investments [added] for assets placed in service after December 31, 2025, and direct funding of up to $1.6 billion for our three large-scale 300mm wafer fabs [added] located in Sherman, Texas, and Lehi, Utah.

Cite this change

"We are nearing the end of our six-year elevated capital expenditures cycle, and consistent with our capital management strategy, we are expecting to spend about $2 billion to $3 billion in 2026. Beyond 2026, capital expenditures will be dependent on revenue and growth expectations."

Texas Instruments, Form 10-K for FY2025, Item 7, accession 0000097476-26-000059, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97476/000009747626000059/txn-20251231.htm

Comparison: https://yearover.com/reports/txn/0000097476-26-000059?ref=quote

03ChangedItem 7 › Details of financial results - 2025 compared with 2024

Summary · quote-checked

Restructuring charges/other changed from a $124 million credit to a $117 million charge, with factory closures, operational-efficiency efforts and goodwill impairment identified as drivers.

The direction changed from a credit to a charge, and the current disclosure adds planned factory closures and a non-cash goodwill impairment, substantively changing the reported drivers.

Why the model ranked it here

The change to a restructuring charge, planned factory closures, and goodwill impairment materially alters the company’s operating and asset outlook.

Filing text · FY2024 10-K · filed Feb 14, 2025

Restructuring charges/other was a credit of $124 million primarily due to a gain on the sale of a ~~[removed] property during 2024.~~ See Note 11 to the financial statements.

Filing text · FY2025 10-K · filed Feb 6, 2026

Restructuring charges/other was [added] $117 million due to efforts to drive operational efficiencies to support our long-term strategy, including the planned closures of our two remaining factories with 150mm production, as well as a non-cash goodwill impairment related to our custom ASIC products. During 2024, we recognized a credit of $124 million primarily due to a gain on the sale of a [added] property. See Note 11 to the financial statements.

Cite this change

"Restructuring charges/other was $117 million due to efforts to drive operational efficiencies to support our long-term strategy, including the planned closures of our two remaining factories with 150mm production, as well as a non-cash goodwill impairment related to our custom ASIC products. During 2024, we recognized a credit of $124 million primarily due to a gain on the sale of a property. See Note 11 to the financial statements."

Texas Instruments, Form 10-K for FY2025, Item 7, accession 0000097476-26-000059, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97476/000009747626000059/txn-20251231.htm

Comparison: https://yearover.com/reports/txn/0000097476-26-000059?ref=quote

04ChangedItem 7 › Details of financial results - 2025 compared with 2024

Summary · quote-checked

Revenue changed from a decrease driven by lower Analog and Embedded Processing revenue to an increase driven by increased segment demand and macroeconomic factors.

The direction of revenue changed, and the stated drivers changed from lower segment revenue to increased demand in both segments, substantively altering the MD&A results narrative.

Why the model ranked it here

Revenue reverses from contraction to growth, with increased demand replacing lower segment revenue as the principal stated driver.

Filing text · FY2024 10-K · filed Feb 14, 2025

Revenue of ~~[removed] $15.64 billion decreased $1.88~~ billion, or ~~[removed] 10.7%,~~ due to ~~[removed] lower~~ revenue from ~~[removed] Analog and Embedded Processing.~~

Filing text · FY2025 10-K · filed Feb 6, 2026

Revenue of [added] $17.68 billion increased $2.04 billion, or [added] 13.0%, due to [added] higher revenue from [added] increased demand in our Analog segment and, to a lesser extent, in our Embedded Processing segment, which were both impacted by the macroeconomic factors discussed above.

Cite this change

"Revenue of $17.68 billion increased $2.04 billion, or 13.0%, due to higher revenue from increased demand in our Analog segment and, to a lesser extent, in our Embedded Processing segment, which were both impacted by the macroeconomic factors discussed above."

Texas Instruments, Form 10-K for FY2025, Item 7, accession 0000097476-26-000059, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97476/000009747626000059/txn-20251231.htm

Comparison: https://yearover.com/reports/txn/0000097476-26-000059?ref=quote

05ChangedItem 7 › Liquidity and capital resources

Summary · quote-checked

The MD&A updates operating cash-flow results, reverses the change direction, changes stated drivers, and reports CHIPS Act tax-credit benefits for two years.

The results narrative changes from a decrease to an increase and replaces the stated drivers, while also adding a prior-year tax-credit comparison; these are substantive changes under the MD&A rule.

Why the model ranked it here

Operating cash flow reverses from a decrease to an increase and the disclosed drivers shift to higher earnings and non-cash items.

Filing text · FY2024 10-K · filed Feb 14, 2025

Our primary source of liquidity is cash flow from operations. Additional sources of liquidity are cash and cash equivalents, short-term investments and access to debt markets. We also have a variable-rate, revolving credit facility. As of December 31, ~~[removed] 2024,~~ our credit facility was undrawn, and we had no commercial paper outstanding. Cash flows from operating activities for ~~[removed] 2024 were $6.32 billion, a decrease of $102 million~~ due to ~~[removed] lower net income,~~ partially offset by ~~[removed] lower~~ cash used for working capital. Cash flows from operating activities for 2024 include ~~[removed] a cash benefit of $588 million from the U.S. CHIPS and Science Act (CHIPS Act) investment tax credit (ITC)~~ used to reduce income taxes payable.

Filing text · FY2025 10-K · filed Feb 6, 2026

Our primary source of liquidity is cash flow from operations. Additional sources of liquidity are cash and cash equivalents, short-term investments and access to debt markets. We also have a variable-rate, revolving credit facility. As of December 31, [added] 2025, our credit facility was undrawn, and we had no commercial paper outstanding. Cash flows from operating activities for [added] 2025 were $7.15 billion, an increase of $835 million primarily due to [added] higher net income and non-cash items, partially offset by [added] higher cash used for working capital. Cash flows from operating activities for [added] 2025 and 2024 include [added] cash benefits of $335 million and $588 million, respectively, from the CHIPS Act ITC used to reduce income taxes payable.

Cite this change

"Cash flows from operating activities for 2025 were $7.15 billion, an increase of $835 million primarily due to higher net income and non-cash items, partially offset by higher cash used for working capital."

Texas Instruments, Form 10-K for FY2025, Item 7, accession 0000097476-26-000059, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97476/000009747626000059/txn-20251231.htm

Comparison: https://yearover.com/reports/txn/0000097476-26-000059?ref=quote

06Figures updatedItem 7 › Details of financial results - 2025 compared with 2024

Summary · quote-checked

Reported net income and EPS changed from year-over-year declines to increases, with updated figures in both periods.

The figures imply a changed direction in reported results: net income and EPS declined previously but increased in the current comparison, so the statement is substantively different.

Why the model ranked it here

Net income and earnings per share reverse from declines to increases, changing the reported profitability trend.

Filing text · FY2024 10-K · filed Feb 14, 2025

Net income was ~~[removed] $4.80~~ billion compared with ~~[removed] $6.51~~ billion. EPS was ~~[removed] $5.20~~ compared with ~~[removed] $7.07.~~

Filing text · FY2025 10-K · filed Feb 6, 2026

Net income was [added] $5.00 billion compared with [added] $4.80 billion. EPS was [added] $5.45 compared with [added] $5.20.

Cite this change

"Net income was $5.00 billion compared with $4.80 billion. EPS was $5.45 compared with $5.20."

Texas Instruments, Form 10-K for FY2025, Item 7, accession 0000097476-26-000059, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97476/000009747626000059/txn-20251231.htm

Comparison: https://yearover.com/reports/txn/0000097476-26-000059?ref=quote

07ChangedItem 7 › Details of financial results - 2025 compared with 2024

Summary · quote-checked

Gross profit changed from a decline driven primarily by lower revenue to growth driven by higher revenue, with additional cost impacts and offsets disclosed.

The result direction changes from down to up, and the stated drivers change from lower revenue to higher revenue plus factory-loading cost offsets, making the MD&A substantively different.

Why the model ranked it here

Gross profit reverses from decline to growth while the stated cost pressures and offsets change.

Filing text · FY2024 10-K · filed Feb 14, 2025

Gross profit of ~~[removed] $9.09~~ billion was ~~[removed] down $1.93 billion, or 17.5%, primarily~~ due to ~~[removed] lower revenue and, to a lesser extent,~~ higher manufacturing costs associated with our planned capacity ~~[removed] expansions.~~ As a percentage of revenue, gross profit decreased to ~~[removed] 58.1% from 62.9%.~~

Filing text · FY2025 10-K · filed Feb 6, 2026

Gross profit of [added] $10.08 billion was [added] up $989 million, or 10.9%, due to [added] higher revenue. Our gross profit was also impacted by higher manufacturing costs associated with our planned capacity [added] expansions, partially offset by reduced costs related to increased factory loadings. As a percentage of revenue, gross profit decreased to [added] 57.0% from 58.1%.

Cite this change

"Gross profit of $10.08 billion was up $989 million, or 10.9%, due to higher revenue. Our gross profit was also impacted by higher manufacturing costs associated with our planned capacity expansions, partially offset by reduced costs related to increased factory loadings."

Texas Instruments, Form 10-K for FY2025, Item 7, accession 0000097476-26-000059, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97476/000009747626000059/txn-20251231.htm

Comparison: https://yearover.com/reports/txn/0000097476-26-000059?ref=quote

08ChangedItem 7 › Segment results - 2025 compared with 2024

Summary · quote-checked

Analog revenue and operating profit changed from decreases to increases, with revised demand, macroeconomic, gross profit, and expense drivers.

The MD&A changes both reported directions and the stated drivers of segment performance, including higher demand and operating expenses replacing product mix and manufacturing-cost explanations.

Why the model ranked it here

Analog revenue and operating profit reverse direction, with higher demand replacing prior mix and manufacturing-cost explanations.

Filing text · FY2024 10-K · filed Feb 14, 2025

Analog revenue ~~[removed] decreased due to the mix of products shipped in both product lines, led by Signal Chain.~~ Operating profit ~~[removed] decreased~~ primarily due to ~~[removed] lower~~ revenue and ~~[removed] higher manufacturing costs.~~

Filing text · FY2025 10-K · filed Feb 6, 2026

Analog revenue [added] increased in both product lines about evenly due to higher demand, which was impacted by the macroeconomic factors discussed above. Operating profit [added] increased primarily due to [added] higher revenue and [added] associated gross profit, partially offset by higher operating expenses.

Cite this change

"Analog revenue increased in both product lines about evenly due to higher demand, which was impacted by the macroeconomic factors discussed above. Operating profit increased primarily due to higher revenue and associated gross profit, partially offset by higher operating expenses."

Texas Instruments, Form 10-K for FY2025, Item 7, accession 0000097476-26-000059, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97476/000009747626000059/txn-20251231.htm

Comparison: https://yearover.com/reports/txn/0000097476-26-000059?ref=quote

09Figures updatedItem 7 › Liquidity and capital resources

Summary · quote-checked

Cash and cash equivalents increased slightly, while short-term investments decreased from $4.38 billion to $1.66 billion as of December 31, 2025.

The short-term investment figure changes substantially, altering the disclosed composition and amount of near-term liquidity, although the funding assessment remains unchanged.

Why the model ranked it here

The sharp reduction in short-term investments changes the composition of near-term liquidity even as cash and cash equivalents remain broadly stable.

Filing text · FY2024 10-K · filed Feb 14, 2025

We had ~~[removed] $3.20~~ billion of cash and cash equivalents and ~~[removed] $4.38~~ billion of short-term investments as of December 31, ~~[removed] 2024.~~ We believe we have the necessary financial resources and operating plans to fund our working capital needs, capital expenditures, dividend and debt-related payments and other business requirements for at least the next 12 months.

Filing text · FY2025 10-K · filed Feb 6, 2026

We had [added] $3.23 billion of cash and cash equivalents and [added] $1.66 billion of short-term investments as of December 31, [added] 2025. We believe we have the necessary financial resources and operating plans to fund our working capital needs, capital expenditures, dividend and debt-related payments and other business requirements for at least the next 12 months.

Cite this change

"We had $3.23 billion of cash and cash equivalents and $1.66 billion of short-term investments as of December 31, 2025."

Texas Instruments, Form 10-K for FY2025, Item 7, accession 0000097476-26-000059, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97476/000009747626000059/txn-20251231.htm

Comparison: https://yearover.com/reports/txn/0000097476-26-000059?ref=quote

10ChangedItem 7 › Non-GAAP financial information

Summary · quote-checked

The cash flow table adds proceeds from CHIPS Act incentives as a separate source of cash flow.

Although most figures roll forward annually, the newly disclosed table line identifies a new incentive-related cash flow item, changing the substance of the MD&A disclosure.

Why the model ranked it here

The cash-flow presentation adds proceeds from government incentives as a distinct source of funding.

Filing text · FY2024 10-K · filed Feb 14, 2025

Filing text · FY2025 10-K · filed Feb 6, 2026

|For Years Ended December 31,2025 | 2024Cash flow from operations (GAAP) * | $ | 7,153 | $ | 6,318Capital expenditures | (4,550) | (4,820)Proceeds from CHIPS Act incentives | 335 | -Free cash flow (non-GAAP) | $ | 2,938 | $ | 1,498|Revenue | $ | 17,682 | $ | 15,641|Cash flow from operations as a percentage of revenue (GAAP) | 40.5 | % | 40.4 | %Free cash flow as a percentage of revenue (non-GAAP) | 16.6 | % | 9.6 | %

Cite this change

"Capital expenditures | (4,550) | (4,820) Proceeds from CHIPS Act incentives | 335 | - Free cash flow (non-GAAP) | $ | 2,938 | $ | 1,498"

Texas Instruments, Form 10-K for FY2025, Item 7, accession 0000097476-26-000059, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97476/000009747626000059/txn-20251231.htm

Comparison: https://yearover.com/reports/txn/0000097476-26-000059?ref=quote

11ChangedItem 7 › Segment results - 2025 compared with 2024

Summary · quote-checked

Embedded Processing revenue changed from decreasing to increasing due to higher demand, while operating profit drivers shifted to higher manufacturing costs and operating expenses.

The revenue direction reverses and the stated drivers of both revenue and operating profit change, making the MD&A disclosure substantively different rather than a period roll-forward.

Filing text · FY2024 10-K · filed Feb 14, 2025

Embedded Processing revenue ~~[removed] decreased.~~ Operating profit decreased primarily due to ~~[removed] lower revenue and associated gross profit.~~

Filing text · FY2025 10-K · filed Feb 6, 2026

Embedded Processing revenue [added] increased due to higher demand, which was impacted by the macroeconomic factors discussed above. Operating profit decreased primarily due to [added] higher manufacturing costs and operating expenses, partially offset by higher revenue.

Cite this change

"Embedded Processing revenue increased due to higher demand, which was impacted by the macroeconomic factors discussed above. Operating profit decreased primarily due to higher manufacturing costs and operating expenses, partially offset by higher revenue."

Texas Instruments, Form 10-K for FY2025, Item 7, accession 0000097476-26-000059, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97476/000009747626000059/txn-20251231.htm

Comparison: https://yearover.com/reports/txn/0000097476-26-000059?ref=quote

12ChangedItem 7 › Details of financial results - 2025 compared with 2024

Summary · quote-checked

Operating profit changed to a year-over-year increase, with higher revenue and gross profit identified as drivers, partly offset by higher operating expenses.

The paragraph adds substantive explanations for the increase and changes the reported comparison, including a stated direction and drivers, exceeding a calendar-period roll-forward.

Filing text · FY2024 10-K · filed Feb 14, 2025

Operating profit was ~~[removed] $5.47~~ billion, or ~~[removed] 34.9%~~ of revenue, compared with ~~[removed] $7.33~~ billion, or ~~[removed] 41.8%~~ of revenue.

Filing text · FY2025 10-K · filed Feb 6, 2026

Operating profit was [added] $6.02 billion, or [added] 34.1% of revenue, compared with [added] $5.47 billion, or [added] 34.9% of revenue.[added] This increase was primarily due to higher revenue and associated gross profit, partially offset by higher operating expenses.

Cite this change

"Operating profit was $6.02 billion, or 34.1% of revenue, compared with $5.47 billion, or 34.9% of revenue. This increase was primarily due to higher revenue and associated gross profit, partially offset by higher operating expenses."

Texas Instruments, Form 10-K for FY2025, Item 7, accession 0000097476-26-000059, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97476/000009747626000059/txn-20251231.htm

Comparison: https://yearover.com/reports/txn/0000097476-26-000059?ref=quote

13ChangedItem 7 › Details of financial results - 2025 compared with 2024

Summary · quote-checked

Income-tax provision increased, with new explanations citing U.S. tax-benefit changes, OBBBA, higher pretax income, and partially offsetting discrete tax benefits.

The narrative changes direction from a decrease to an increase and adds substantive tax drivers, including OBBBA and discrete benefits, beyond a routine period roll-forward.

Filing text · FY2024 10-K · filed Feb 14, 2025

Our provision for income taxes was ~~[removed] $654~~ million compared with ~~[removed] $908~~ million. This ~~[removed] decrease was~~ due to ~~[removed] lower~~ income before income ~~[removed] taxes.~~ Our effective tax rate, which includes discrete tax items, was ~~[removed] 12.0% in 2024~~ compared with ~~[removed] 12.2% in 2023.~~ See Note 4 to the financial statements for a reconciliation of the U.S. statutory corporate tax rate to our effective tax rate.

Filing text · FY2025 10-K · filed Feb 6, 2026

Our provision for income taxes was [added] $709 million compared with [added] $654 million. This [added] increase was primarily due to [added] changes in the effect of U.S. tax benefits, including the effect of OBBBA, and higher income before income [added] taxes, partially offset by higher discrete tax benefits of $37 million, primarily related to our non-U.S. operations. Our effective tax rate, which includes discrete tax items, was [added] 12.4% in 2025 compared with [added] 12.0% in 2024. See Note 4 to the financial statements for a reconciliation of the U.S. statutory corporate tax rate to our effective tax rate.

Cite this change

"This increase was primarily due to changes in the effect of U.S. tax benefits, including the effect of OBBBA, and higher income before income taxes, partially offset by higher discrete tax benefits of $37 million, primarily related to our non-U.S. operations."

Texas Instruments, Form 10-K for FY2025, Item 7, accession 0000097476-26-000059, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97476/000009747626000059/txn-20251231.htm

Comparison: https://yearover.com/reports/txn/0000097476-26-000059?ref=quote

14ChangedItem 7 › Non-GAAP financial information

Summary · quote-checked

Free cash flow calculation changed to include proceeds from CHIPS Act incentives.

The revised definition adds a new component and names a government incentive, changing the substance of the disclosed non-GAAP measure.

Filing text · FY2024 10-K · filed Feb 14, 2025

This MD&A includes references to free cash flow and ratios based on that measure. These are financial measures that were not prepared in accordance with generally accepted accounting principles in the United States (GAAP). Free cash flow ~~[removed] was calculated by subtracting capital expenditures from the most directly comparable GAAP measure,~~ cash flows from operating activities (also referred to as cash flow from ~~[removed] operations).~~

Filing text · FY2025 10-K · filed Feb 6, 2026

This MD&A includes references to free cash flow and ratios based on that measure. These are financial measures that were not prepared in accordance with generally accepted accounting principles in the United States (GAAP). Free cash flow [added] is calculated as cash flows from operating activities (also referred to as cash flow from [added] operations) less capital expenditures, plus proceeds from CHIPS Act incentives.

Cite this change

"Free cash flow is calculated as cash flows from operating activities (also referred to as cash flow from operations) less capital expenditures, plus proceeds from CHIPS Act incentives."

Texas Instruments, Form 10-K for FY2025, Item 7, accession 0000097476-26-000059, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97476/000009747626000059/txn-20251231.htm

Comparison: https://yearover.com/reports/txn/0000097476-26-000059?ref=quote

15ChangedItem 7 › Financial condition

Summary · quote-checked

Accounts receivable changed from a decrease to an increase, while days sales outstanding rose from 39 to 40.

The MD&A reverses the direction of the accounts receivable change and reports a higher days-sales-outstanding figure, substantively changing the financial-condition narrative.

Filing text · FY2024 10-K · filed Feb 14, 2025

Accounts receivable were ~~[removed] $1.72 billion, a decrease of $68~~ million compared with the end of ~~[removed] 2023.~~ Days sales outstanding at the end of ~~[removed] 2024 and 2023 were 39.~~

Filing text · FY2025 10-K · filed Feb 6, 2026

Accounts receivable were [added] $1.96 billion, an increase of $244 million compared with the end of [added] 2024. Days sales outstanding at the end of [added] 2025 were 40 compared with 39 at the end of 2024.

Cite this change

"Accounts receivable were $1.96 billion, an increase of $244 million compared with the end of 2024. Days sales outstanding at the end of 2025 were 40 compared with 39 at the end of 2024."

Texas Instruments, Form 10-K for FY2025, Item 7, accession 0000097476-26-000059, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97476/000009747626000059/txn-20251231.htm

Comparison: https://yearover.com/reports/txn/0000097476-26-000059?ref=quote

16ChangedItem 7 › Segment results - 2025 compared with 2024

Summary · quote-checked

Other revenue changed from a $164 million decrease to a $32 million increase, while operating profit changed from a $3 million increase to a $198 million decrease.

Both reported directions reversed, and the figures changed in ways that materially alter the segment’s stated results.

Filing text · FY2024 10-K · filed Feb 14, 2025

Other revenue ~~[removed] decreased $164~~ million, and operating profit ~~[removed] increased $3~~ million.

Filing text · FY2025 10-K · filed Feb 6, 2026

Other revenue [added] increased $32 million, and operating profit [added] decreased $198 million.

Cite this change

"Other revenue increased $32 million, and operating profit decreased $198 million."

Texas Instruments, Form 10-K for FY2025, Item 7, accession 0000097476-26-000059, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97476/000009747626000059/txn-20251231.htm

Comparison: https://yearover.com/reports/txn/0000097476-26-000059?ref=quote

17ChangedItem 7 › Liquidity and capital resources

Summary · quote-checked

The paragraph adds $335 million of CHIPS Act incentive proceeds, including $75 million in direct funding, alongside rolled-forward investing figures.

The cash-flow figures and periods roll forward, but the newly disclosed incentive proceeds introduce a new funding source and event, making the change substantive.

Filing text · FY2024 10-K · filed Feb 14, 2025

Investing activities for ~~[removed] 2024 used $3.20~~ billion compared with ~~[removed] $4.36~~ billion in ~~[removed] 2023.~~ Capital expenditures were ~~[removed] $4.82~~ billion compared with ~~[removed] $5.07~~ billion in ~~[removed] 2023~~ and were primarily for semiconductor manufacturing equipment and facilities in both periods. Short-term investments provided cash proceeds of ~~[removed] $1.47~~ billion in ~~[removed] 2024~~ compared with ~~[removed] $682 million in 2023.~~

Filing text · FY2025 10-K · filed Feb 6, 2026

Investing activities for [added] 2025 used $1.44 billion compared with [added] $3.20 billion in [added] 2024. Capital expenditures were [added] $4.55 billion compared with [added] $4.82 billion in [added] 2024 and were primarily for semiconductor manufacturing equipment and facilities in both periods. [added] In 2025, we received proceeds of $335 million from CHIPS Act incentives, including $75 million in direct funding. Short-term investments provided cash proceeds of [added] $2.78 billion in [added] 2025 compared with [added] $1.47 billion in 2024.

Cite this change

"In 2025, we received proceeds of $335 million from CHIPS Act incentives, including $75 million in direct funding."

Texas Instruments, Form 10-K for FY2025, Item 7, accession 0000097476-26-000059, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97476/000009747626000059/txn-20251231.htm

Comparison: https://yearover.com/reports/txn/0000097476-26-000059?ref=quote

18ChangedItem 7 › Details of financial results - 2025 compared with 2024

Summary · quote-checked

OI&E income decreased from $496 million compared with $440 million to $230 million compared with $496 million, attributed to lower interest income.

The reported income changed materially, and the explanation changed from interest income generally to lower interest income causing the decrease.

Filing text · FY2024 10-K · filed Feb 14, 2025

Other income and expense (OI&E) was ~~[removed] $496~~ million of income compared with ~~[removed] $440~~ million of ~~[removed] income,~~ due to interest income. See Note 11 to the financial statements.

Filing text · FY2025 10-K · filed Feb 6, 2026

Other income and expense (OI&E) was [added] $230 million of income compared with [added] $496 million of [added] income. This decrease was due to [added] lower interest income. See Note 11 to the financial statements.

Cite this change

"Other income and expense (OI&E) was $230 million of income compared with $496 million of income. This decrease was due to lower interest income."

Texas Instruments, Form 10-K for FY2025, Item 7, accession 0000097476-26-000059, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97476/000009747626000059/txn-20251231.htm

Comparison: https://yearover.com/reports/txn/0000097476-26-000059?ref=quote

19ChangedItem 7 › Financial condition

Summary · quote-checked

Inventory and days-of-inventory figures rolled forward, with inventory days declining and management attributing the change to continued execution of its inventory strategy.

Beyond period updates, the current paragraph adds a stated explanation for the inventory trend, changing the MD&A narrative about its driver.

Filing text · FY2024 10-K · filed Feb 14, 2025

Inventory was ~~[removed] $4.53~~ billion, an increase of ~~[removed] $528~~ million from the end of ~~[removed] 2023.~~ Days of inventory at the end of ~~[removed] 2024 were 241~~ compared with ~~[removed] 219~~ at the end of ~~[removed] 2023.~~

Filing text · FY2025 10-K · filed Feb 6, 2026

Inventory was [added] $4.80 billion, an increase of [added] $277 million from the end of [added] 2024. Days of inventory at the end of [added] 2025 were 222 compared with [added] 241 at the end of [added] 2024, which reflects the continued execution of our inventory strategy.

Cite this change

"Days of inventory at the end of 2025 were 222 compared with 241 at the end of 2024, which reflects the continued execution of our inventory strategy."

Texas Instruments, Form 10-K for FY2025, Item 7, accession 0000097476-26-000059, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97476/000009747626000059/txn-20251231.htm

Comparison: https://yearover.com/reports/txn/0000097476-26-000059?ref=quote

20ChangedItem 7 › Performance summary

Summary · quote-checked

The market list changed, replacing enterprise systems and other with data center, while strategic emphasis expanded to include data center.

This changes the disclosed end-market exposure and identifies data center as an additional long-term growth focus, altering stated business priorities.

Filing text · FY2024 10-K · filed Feb 14, 2025

Our strategic focus is on analog and embedded processing products. We sell our products into ~~[removed] six end~~ markets: industrial, automotive, ~~[removed] personal electronics, enterprise systems, communications equipment and other.~~ While all of these ~~[removed] end~~ markets represent good opportunities, we place additional strategic emphasis on designing and selling our products into the ~~[removed] industrial and automotive~~ markets, which we believe represent the best long-term growth opportunities.

Filing text · FY2025 10-K · filed Feb 6, 2026

Our strategic focus is on analog and embedded processing products. We sell our products into [added] the following markets: industrial, automotive, [added] data center, personal electronics and communications equipment. While all of these markets represent good opportunities, we place additional strategic emphasis on designing and selling our products into the [added] industrial, automotive and data center markets, which we believe represent the best long-term growth opportunities.

Cite this change

"While all of these markets represent good opportunities, we place additional strategic emphasis on designing and selling our products into the industrial, automotive and data center markets, which we believe represent the best long-term growth opportunities."

Texas Instruments, Form 10-K for FY2025, Item 7, accession 0000097476-26-000059, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97476/000009747626000059/txn-20251231.htm

Comparison: https://yearover.com/reports/txn/0000097476-26-000059?ref=quote

21ChangedItem 7 › Liquidity and capital resources

Summary · quote-checked

Financing cash uses and related debt, dividend, repurchase, and stock-option proceeds figures were updated for 2025 versus 2024.

Although the periods roll forward, the changed amounts disclose a different financing cash-flow and capital-allocation profile, including debt activity, dividends, repurchases, and option-exercise proceeds.

Filing text · FY2024 10-K · filed Feb 14, 2025

Financing activities for ~~[removed] 2024 used $2.88~~ billion compared with ~~[removed] $2.14~~ billion in ~~[removed] 2023. In 2024,~~ we received net proceeds of ~~[removed] $2.98~~ billion from the issuance of fixed-rate, long-term debt and retired maturing debt of ~~[removed] $600~~ million. In ~~[removed] 2023,~~ we received net proceeds of ~~[removed] $3.00~~ billion from the issuance of fixed-rate, long-term debt and retired maturing debt of ~~[removed] $500~~ million. Dividends paid in ~~[removed] 2024 were $4.80~~ billion compared with ~~[removed] $4.56~~ billion in ~~[removed] 2023,~~ reflecting an increased dividend rate. We used ~~[removed] $929 million~~ to repurchase ~~[removed] 4.7~~ million shares of our common stock compared with ~~[removed] $293~~ million used in ~~[removed] 2023~~ to repurchase ~~[removed] 1.8~~ million shares. Employee exercises of stock options provided cash proceeds of ~~[removed] $517~~ million compared with ~~[removed] $263~~ million in ~~[removed] 2023.~~

Filing text · FY2025 10-K · filed Feb 6, 2026

Financing activities for [added] 2025 used $5.69 billion compared with [added] $2.88 billion in [added] 2024. In 2025, we received net proceeds of [added] $1.20 billion from the issuance of fixed-rate, long-term debt and retired maturing debt of [added] $750 million. In [added] 2024, we received net proceeds of [added] $2.98 billion from the issuance of fixed-rate, long-term debt and retired maturing debt of [added] $600 million. Dividends paid in [added] 2025 were $5.00 billion compared with [added] $4.80 billion in [added] 2024, reflecting an increased dividend rate. We used [added] $1.48 billion to repurchase [added] 8.5 million shares of our common stock compared with [added] $929 million used in [added] 2024 to repurchase [added] 4.7 million shares. Employee exercises of stock options provided cash proceeds of [added] $400 million compared with [added] $517 million in [added] 2024.

Cite this change

"Financing activities for 2025 used $5.69 billion compared with $2.88 billion in 2024."

Texas Instruments, Form 10-K for FY2025, Item 7, accession 0000097476-26-000059, filed 6 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/97476/000009747626000059/txn-20251231.htm

Comparison: https://yearover.com/reports/txn/0000097476-26-000059?ref=quote

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