德州仪器发布2026年二季度财报，收入和EPS高于市场预期并给出三季度增长指引

TI reports second quarter 2026 financial results and shareholder returns
Conference call at
Regarding the company's performance and returns to shareholders,
- "Revenue increased 13% sequentially and 23% from the same quarter a year ago with broad growth led by industrial, data center and automotive.
- "Our cash flow from operations of
$8.7 billion for the trailing 12 months again underscored the strength of our business model, the quality of our product portfolio and the benefit of 300mm production. Free cash flow for the same period was$6.5 billion . - "Over the past 12 months we invested
$3.9 billion in R&D and SG&A, invested$3.3 billion in capital expenditures and returned$5.8 billion to owners. - "TI's third quarter outlook is for revenue in the range of
$5.65 billion to$6.15 billion and earnings per share between$2.23 and$2.57 ."
Free cash flow, a non-GAAP financial measure, is cash flow from operations less capital expenditures, plus proceeds from
Earnings summary
|
(In millions, except per-share amounts) |
Q2 2026 |
Q2 2025 |
Change |
|||||
|
Revenue |
$ |
5,463 |
$ |
4,448 |
23 % |
|||
|
Operating profit |
$ |
2,310 |
$ |
1,563 |
48 % |
|||
|
Net income |
$ |
1,980 |
$ |
1,295 |
53 % |
|||
|
Earnings per share |
$ |
2.14 |
$ |
1.41 |
52 % |
Cash generation
|
Trailing 12 Months |
|||||||||||
|
(In millions) |
Q2 2026 |
Q2 2026 |
Q2 2025 |
Change |
|||||||
|
Cash flow from operations |
$ |
2,703 |
$ |
8,667 |
$ |
6,439 |
35 % |
||||
|
Free cash flow |
$ |
2,738 |
$ |
6,534 |
$ |
1,763 |
271 % |
||||
|
Free cash flow % of revenue |
33.6 % |
10.6 % |
Cash return
|
Trailing 12 Months |
|||||||||||
|
(In millions) |
Q2 2026 |
Q2 2026 |
Q2 2025 |
Change |
|||||||
|
Dividends paid |
$ |
1,295 |
$ |
5,112 |
$ |
4,900 |
4 % |
||||
|
Stock repurchases |
$ |
27 |
$ |
707 |
$ |
1,810 |
(61) % |
||||
|
Total cash returned |
$ |
1,322 |
$ |
5,819 |
$ |
6,710 |
(13) % |
|
|
||||||
|
Consolidated Statements of Income |
For Three Months Ended |
|||||
|
(In millions, except per-share amounts) |
2026 |
2025 |
||||
|
Revenue |
$ |
5,463 |
$ |
4,448 |
||
|
Cost of revenue (COR) |
2,111 |
1,873 |
||||
|
Gross profit |
3,352 |
2,575 |
||||
|
Research and development (R&D) |
535 |
527 |
||||
|
Selling, general and administrative (SG&A) |
490 |
485 |
||||
|
Acquisition charges |
17 |
— |
||||
|
Operating profit |
2,310 |
1,563 |
||||
|
Other income (expense), net (OI&E) |
69 |
48 |
||||
|
Interest and debt expense |
141 |
133 |
||||
|
Income before income taxes |
2,238 |
1,478 |
||||
|
Provision for income taxes |
258 |
183 |
||||
|
Net income |
$ |
1,980 |
$ |
1,295 |
||
|
Diluted earnings per common share |
$ |
2.14 |
$ |
1.41 |
||
|
Average shares outstanding: |
||||||
|
Basic |
912 |
908 |
||||
|
Diluted |
920 |
912 |
||||
|
Cash dividends declared per common share |
$ |
1.42 |
$ |
1.36 |
||
|
Supplemental Information (Quarterly, except as noted) |
||||||
|
Provision for income taxes is based on the following: |
||||||
|
Operating taxes (calculated using the estimated annual effective tax rate) |
$ |
309 |
$ |
199 |
||
|
Discrete tax items |
(51) |
(16) |
||||
|
Provision for income taxes (effective taxes) |
$ |
258 |
$ |
183 |
||
|
A portion of net income is allocated to unvested restricted stock units (RSUs) on which we pay dividend equivalents. Diluted |
||||||
|
Net income |
$ |
1,980 |
$ |
1,295 |
||
|
Income allocated to RSUs |
(11) |
(7) |
||||
|
Income allocated to common stock for diluted EPS |
$ |
1,969 |
$ |
1,288 |
|
|
||||||
|
Consolidated Balance Sheets |
|
|||||
|
(In millions, except par value) |
2026 |
2025 |
||||
|
Assets |
||||||
|
Current assets: |
||||||
|
Cash and cash equivalents |
$ |
3,660 |
$ |
3,044 |
||
|
Short-term investments |
3,341 |
2,315 |
||||
|
Accounts receivable, net of allowances of ( |
2,520 |
1,934 |
||||
|
Raw materials |
467 |
402 |
||||
|
Work in process |
2,407 |
2,429 |
||||
|
Finished goods |
1,731 |
1,981 |
||||
|
Inventories |
4,605 |
4,812 |
||||
|
Prepaid expenses and other current assets |
1,631 |
2,379 |
||||
|
Total current assets |
15,757 |
14,484 |
||||
|
Property, plant and equipment at cost |
17,856 |
16,878 |
||||
|
Accumulated depreciation |
(5,945) |
(4,557) |
||||
|
Property, plant and equipment |
11,911 |
12,321 |
||||
|
|
4,330 |
4,362 |
||||
|
Deferred tax assets |
1,017 |
1,096 |
||||
|
Capitalized software licenses |
314 |
248 |
||||
|
Overfunded retirement plans |
316 |
253 |
||||
|
Other long-term assets |
2,237 |
2,169 |
||||
|
Total assets |
$ |
35,882 |
$ |
34,933 |
||
|
Liabilities and stockholders' equity |
||||||
|
Current liabilities: |
||||||
|
Current portion of long-term debt |
$ |
1,149 |
$ |
— |
||
|
Accounts payable |
680 |
881 |
||||
|
Accrued compensation |
536 |
595 |
||||
|
Income taxes payable |
70 |
53 |
||||
|
Accrued expenses and other liabilities |
809 |
963 |
||||
|
Total current liabilities |
3,244 |
2,492 |
||||
|
Long-term debt |
12,903 |
14,043 |
||||
|
Underfunded retirement plans |
123 |
122 |
||||
|
Deferred tax liabilities |
55 |
63 |
||||
|
Other long-term liabilities |
1,550 |
1,810 |
||||
|
Total liabilities |
17,875 |
18,530 |
||||
|
Stockholders' equity: |
||||||
|
Preferred stock, |
— |
— |
||||
|
Common stock, |
1,741 |
1,741 |
||||
|
Paid-in capital |
5,129 |
4,245 |
||||
|
Retained earnings |
53,161 |
52,249 |
||||
|
Treasury common stock at cost |
||||||
|
Shares: |
(41,941) |
(41,676) |
||||
|
Accumulated other comprehensive income (loss), net of taxes (AOCI) |
(83) |
(156) |
||||
|
Total stockholders' equity |
18,007 |
16,403 |
||||
|
Total liabilities and stockholders' equity |
$ |
35,882 |
$ |
34,933 |
|
|
||||||
|
Consolidated Statements of Cash Flows |
For Three Months Ended |
|||||
|
(In millions) |
2026 |
2025 |
||||
|
Cash flows from operating activities |
||||||
|
Net income |
$ |
1,980 |
$ |
1,295 |
||
|
Adjustments to net income: |
||||||
|
Depreciation |
547 |
460 |
||||
|
Amortization of capitalized software |
21 |
21 |
||||
|
Stock compensation |
127 |
129 |
||||
|
Gains on sales of assets |
(8) |
— |
||||
|
Deferred taxes |
(62) |
(50) |
||||
|
Increase (decrease) from changes in: |
||||||
|
Accounts receivable |
(275) |
(74) |
||||
|
Inventories |
90 |
(125) |
||||
|
Prepaid expenses and other current assets |
2 |
(9) |
||||
|
Accounts payable and accrued expenses |
101 |
92 |
||||
|
Accrued compensation |
142 |
172 |
||||
|
Income taxes payable |
(14) |
(71) |
||||
|
Changes in funded status of retirement plans |
3 |
(18) |
||||
|
Other |
49 |
38 |
||||
|
Cash flows from operating activities |
2,703 |
1,860 |
||||
|
Cash flows from investing activities |
||||||
|
Capital expenditures |
(514) |
(1,305) |
||||
|
Proceeds from CHIPS Act incentives |
549 |
— |
||||
|
Proceeds from asset sales |
32 |
— |
||||
|
Purchases of short-term investments |
(2,407) |
(1,192) |
||||
|
Proceeds from short-term investments |
636 |
1,131 |
||||
|
Other |
2 |
31 |
||||
|
Cash flows from investing activities |
(1,702) |
(1,335) |
||||
|
Cash flows from financing activities |
||||||
|
Proceeds from issuance of long-term debt |
— |
1,199 |
||||
|
Dividends paid |
(1,295) |
(1,235) |
||||
|
Stock repurchases |
(27) |
(302) |
||||
|
Proceeds from common stock transactions |
445 |
115 |
||||
|
Other |
(13) |
(21) |
||||
|
Cash flows from financing activities |
(890) |
(244) |
||||
|
Net change in cash and cash equivalents |
111 |
281 |
||||
|
Cash and cash equivalents at beginning of period |
3,549 |
2,763 |
||||
|
Cash and cash equivalents at end of period |
$ |
3,660 |
$ |
3,044 |
||
|
Supplemental cash flow information |
||||||
|
Investment tax credit (ITC) used to reduce income taxes payable |
$ |
301 |
$ |
203 |
||
|
Proceeds from CHIPS Act incentives |
549 |
— |
||||
|
Total cash benefit related to the CHIPS Act |
$ |
850 |
$ |
203 |
Segment results
|
(In millions) |
Q2 2026 |
Q2 2025 |
Change |
|||||
|
Analog: |
||||||||
|
Revenue |
$ |
4,365 |
$ |
3,452 |
26 % |
|||
|
Operating profit |
$ |
1,992 |
$ |
1,325 |
50 % |
|||
|
Embedded Processing: |
|||||||