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Arphra AIPlain-English read on Texas Instruments Incorporated’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $18.34B | $20.03B | $17.52B | $15.64B | $17.68B | $20.93B | $23.31B | $25.56B | $29.65B |
| Cost of revenue | $5.97B | $6.26B | $6.5B | $6.55B | $7.6B | $8.31B | $9.27B | $10.18B | $12.12B |
| Gross profit | $12.38B | $13.77B | $11.02B | $9.09B | $10.08B | $12.56B | $13.96B | $15.46B | $17.66B |
| Gross margin | +67.47% | +68.76% | +62.90% | +58.14% | +57.02% | +60.03% | +59.90% | +60.48% | +59.56% |
| Operating | |||||||||
| Research & development | $1.55B | $1.67B | $1.86B | $1.96B | $2.08B | $2.4B | $2.69B | $2.91B | $3.42B |
| Selling, general & administrative | $1.67B | $1.7B | $1.83B | $1.79B | $1.86B | $2.3B | $2.47B | $2.77B | $3.13B |
| Total operating expenses | $3.42B | $3.63B | $3.69B | $3.63B | $4.06B | $4.7B | $5.12B | $5.56B | $6.53B |
| Operating income | $8.96B | $10.14B | $7.33B | $5.47B | $6.02B | $7.62B | $8.36B | $9.51B | $10.97B |
| Operating margin | +48.84% | +50.63% | +41.85% | +34.94% | +34.06% | +36.40% | +35.84% | +37.22% | +37.00% |
| EBITDA | $10.06B | $11.23B | $9.01B | $7.54B | $8.25B | $10.31B | $11.61B | $12.11B | $14.57B |
| EBIT | $9.1B | $10.25B | $7.77B | $5.96B | $6.25B | $8.01B | $9.25B | $9.83B | $11.31B |
| Below the line | |||||||||
| Interest expense | $184M | $214M | $353M | $508M | $543M | $595.81M | $643.14M | $716.31M | $824.24M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$41M | -$108M | $87M | -$12M | -$313M | — | — | — | — |
| Pre-tax income | $8.92B | $10.03B | $7.42B | $5.45B | $5.71B | $7.7B | $8.63B | $9.55B | $10.5B |
| Income tax expense | $1.15B | $1.28B | $908M | $654M | $709M | $912.82M | $1.02B | $1.12B | $1.31B |
| Earnings | |||||||||
| Net income | $7.77B | $8.75B | $6.51B | $4.8B | $5B | $6.79B | $7.53B | $8.36B | $9.27B |
| Net income · continuing ops | $7.77B | $8.75B | $6.51B | $4.8B | $5B | $6.65B | $7.44B | $8.08B | $9.5B |
| Net margin | +42.35% | +43.68% | +37.16% | +30.68% | +28.28% | +32.45% | +32.29% | +32.69% | +31.26% |
| EPS · basic | $8.38 | $9.51 | $7.13 | $5.24 | $5.45 | $7.65 | $8.90 | $10.08 | $11.58 |
| EPS · diluted | $8.27 | $9.41 | $7.07 | $5.20 | $5.45 | $7.60 | $8.87 | $9.95 | $11.64 |
| EPS · low estimate | — | — | — | — | — | $6.99 | $7.89 | $7.64 | $10.57 |
| EPS · high estimate | — | — | — | — | — | $8.09 | $10.60 | $12.73 | $12.95 |
| Shares · basic | 923M | 916M | 908M | 912M | 909M | 912.46M | 902.93M | 907.18M | 906.17M |
| Shares · diluted | 936M | 926M | 916M | 919M | 913M | 906.34M | 919.06M | 917.27M | 920.3M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 25 | 26 | 19 | 10 |
| Analysts (EPS) | — | — | — | — | — | 24 | 23 | 14 | 8 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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