{"schemaVersion":1,"research":true,"symbol":"txn","name":"Texas Instruments","topic":"moat","path":"/stock/txn/moat","status":"published","version":3,"updatedAt":"2026-10-18T12:16:51.497Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Texas Instruments has a current manufacturing cost advantage supported by operating 300mm capacity, owned process technology and substantial replication costs, plus more limited switching friction from customers’ embedded-software investments. Portfolio breadth and direct customer reach reinforce these advantages. A wide moat is not established: relative competitor costs are missing, utilization affects economics, multiyear growth is mixed, and realized pricing power is unproven. Recent improvement principally reflects demand and operating leverage.","advantages":[{"mechanism":"cost_advantage","claim":"Operating 300mm manufacturing and owned process and packaging technology support lower production costs and supply control. TI reports approximately 40% lower chip costs on 300mm versus 200mm wafers; this is an issuer comparison between manufacturing formats, not demonstrated superiority over every competitor.","durability":"Existing facilities, production qualifications and the time and money needed to replicate manufacturing support persistence. Broad products and customer reach help spread investment. Further factory ramps and increased internal sourcing remain potential extensions rather than fully realized benefits.","risks":"Underutilization can offset unit-cost benefits. Capacity expansion already increased manufacturing costs. Competitors can improve processes or obtain subsidies; technological change and pricing competition may erode the advantage.","invalidation":"The thesis would weaken materially if comparable-product costs ceased to favor TI’s production approach, or if persistently low utilization and expansion costs prevented existing capacity from producing economic benefits through a demand recovery.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7"],"counterEvidenceIds":["e8","e9","e10","e11","e12"]},{"mechanism":"switching_costs","claim":"Customers’ prior software-development investments create switching friction in Embedded Processing. The disclosed mechanism is credible but does not establish company-wide customer lock-in or quantified replacement costs.","durability":"Software investment can favor continued use of an existing platform. Similar disclosures in the 2023 and 2025 annual reports show continuity of the mechanism, although neither establishes retention rates or its economic magnitude.","risks":"Competing technology, software support and lower prices may justify migration. Embedded demand growth does not distinguish retained customers from new customers or cyclical recovery.","invalidation":"Evidence of customers routinely migrating embedded designs with little software rework, or sustained losses of existing platform business despite competitive products and supply, would undermine this advantage.","competitors":[],"evidenceIds":["e13","e14"],"counterEvidenceIds":["e10","e12","e15"]}],"evidence":[{"id":"e1","sourceId":"filing-2","location":"MD&A / Manufacturing / owned technology and supply control","excerpt":"The strategic decision to own our manufacturing, process and packaging technology provides us with tangible benefits of lower manufacturing costs and greater control of our supply chain and provides our customers with geopolitically dependable capacity."},{"id":"e2","sourceId":"filing-2","location":"MD&A / Manufacturing / operating facilities","excerpt":"We own and operate both wafer fabrication and assembly/test facilities in North America, Asia, Japan and Europe."},{"id":"e3","sourceId":"filing-2","location":"MD&A / Manufacturing / 300mm cost comparison","excerpt":"We have focused on creating a competitive structural cost advantage by investing in our 300mm wafer production, which describes the diameter of the wafer on which our chips are produced, and costs about 40% less than a chip built on a 200mm wafer."},{"id":"e4","sourceId":"filing-3","location":"Executive compensation / Strategic progress / qualified and ramping fabs","excerpt":"The company continued to qualify and ramp production at its 300mm wafer fabs in Richardson, Texas, Lehi, Utah and Sherman, Texas."},{"id":"e5","sourceId":"filing-1","location":"Business / Semiconductor cycle / manufacturing time and investment","excerpt":"Semiconductor cycles are affected by the significant time and money required to build and maintain semiconductor manufacturing facilities."},{"id":"e6","sourceId":"filing-1","location":"Business / Product information / portfolio breadth","excerpt":"This broad portfolio includes more than 80,000 products that are integral to almost every type of electronic equipment."},{"id":"e7","sourceId":"filing-3","location":"Executive compensation / Strategic progress / direct revenue share","excerpt":"In 2025, more than 80% of the company’s revenue was direct."},{"id":"e8","sourceId":"filing-2","location":"MD&A / Results of operations / lower factory loadings","excerpt":"When factory loadings decrease, our fixed costs are spread over reduced output and, absent other circumstances, our profit margins decrease."},{"id":"e9","sourceId":"filing-1","location":"MD&A / 2025 results / expansion and factory-loading costs","excerpt":"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."},{"id":"e10","sourceId":"filing-1","location":"Risk factors / Competition / price and development pressure","excerpt":"The price and product development pressures that result from competition may lead to reduced profit margins and lost business opportunities in the event that we are unable to match the price declines or cost efficiencies, or meet the technological, product, support, software or manufacturing advancements of our competitors."},{"id":"e11","sourceId":"filing-1","location":"Risk factors / Competition / competitor resources and incentives","excerpt":"Certain competitors possess sufficient financial, technical and management resources and utilize available incentives offered by various countries and government entities to develop and market products that may compete favorably against our products, and consolidation among our competitors may allow them to compete more effectively."},{"id":"e12","sourceId":"filing-1","location":"Risk factors / Technological change / life cycles and selling prices","excerpt":"Rapid technological change in markets we serve could contribute to shortened product life cycles and a decline in average selling prices of our products."},{"id":"e13","sourceId":"filing-1","location":"Business / Competition / embedded software investment","excerpt":"In addition, customers’ prior investments in software development is also a competitive factor for our embedded processing products."},{"id":"e14","sourceId":"filing-5","location":"Business / Competition / process technology and embedded software","excerpt":"In addition, manufacturing process and package technologies that provide differentiated levels of performance and a structural cost advantage are competitive factors for our analog products, and customers’ prior investments in software development is a competitive factor for our embedded processing products."},{"id":"e15","sourceId":"filing-2","location":"MD&A / Embedded Processing / demand-led growth","excerpt":"Embedded Processing (includes microcontrollers and processors) Q2 2026 Q2 2025 Change Revenue $ 788 $ 679 16 % Operating profit 168 85 98 % Operating profit % of revenue 21.3 % 12.5 % Embedded Processing revenue increased due to higher demand."},{"id":"e16","sourceId":"filing-2","location":"MD&A / Results of operations / shipment-volume attribution","excerpt":"•When we discuss our results: ◦Unless otherwise noted, changes in our revenue are attributable to changes in customer demand, which are evidenced by fluctuations in shipment volumes."},{"id":"e17","sourceId":"filing-2","location":"MD&A / First-half 2026 results / demand-led revenue growth","excerpt":"Details of financial results – first six months of 2026 compared with first six months of 2025 Revenue of $10.29 billion increased $1.77 billion, or 21%, due to increased demand in our Analog segment and, to a lesser extent, in our Embedded Processing segment."},{"id":"e18","sourceId":"filing-2","location":"MD&A / First-half 2026 results / gross-profit drivers","excerpt":"Gross profit of $6.15 billion was up $1.26 billion, or 26%, primarily due to higher revenue, partially offset by higher manufacturing costs associated with our planned capacity expansions."},{"id":"e19","sourceId":"filing-2","location":"MD&A / First-half 2026 results / gross margin","excerpt":"As a percentage of revenue, gross profit increased to 59.8% from 57.4%."},{"id":"e20","sourceId":"filing-1","location":"MD&A / 2025 results / gross-margin decline","excerpt":"As a percentage of revenue, gross profit decreased to 57.0% from 58.1%."},{"id":"e21","sourceId":"filing-3","location":"Executive compensation / Three-year performance / revenue contraction","excerpt":"•Three-year performance ◦Compound annual revenue growth for 2023-2025 was -4.1%, which was below the median for Semiconductor Peers."},{"id":"e22","sourceId":"filing-1","location":"Business / Customers, sales and distribution / customer count","excerpt":"Customers, sales and distribution We sell our products to over 100,000 customers."},{"id":"e23","sourceId":"filing-1","location":"Business / Customers, sales and distribution / diversification","excerpt":"Our customer base is diverse, with about half of our revenue derived from customers outside of our largest 50."},{"id":"e24","sourceId":"filing-1","location":"MD&A / Overview / 2025 investment and shareholder returns","excerpt":"During 2025, we invested $3.94 billion in R&D and SG&A, invested $4.55 billion in capital expenditures and returned $6.48 billion to shareholders."},{"id":"e25","sourceId":"filing-1","location":"MD&A / Non-GAAP reconciliation / operating cash flow and capital expenditures","excerpt":"For Years Ended December 31, 2025 2024 Cash flow from operations (GAAP) * $ 7,153 $ 6,318 Capital 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 % * Includes cash benefits of $335 million and $588 million from the CHIPS Act ITC used to reduce income taxes payable for 2025 and 2024, respectively."},{"id":"e26","sourceId":"filing-2","location":"Financial statements / First-half 2026 cash flows / operations and capital expenditures","excerpt":"4 For Six Months Ended Consolidated Statements of Cash Flows June 30, (In millions) 2026 2025 Cash flows from operating activities Net income $ 3,525 $ 2,474 Adjustments to net income: Depreciation 1,088 884 Amortization of capitalized software 42 41 Stock compensation 236 245 Gains on sales of assets (13) — Deferred taxes (66) (137) Increase (decrease) from changes in: Accounts receivable (557) (215) Inventories 199 (285) Prepaid expenses and other current assets (7) (16) Accounts payable and accrued expenses (24) (29) Accrued compensation (305) (255) Income taxes payable 116 61 Changes in funded status of retirement plans 7 (27) Other (18) (32) Cash flows from operating activities 4,223 2,709 Cash flows from investing activities Capital expenditures (1,190) (2,428) Proceeds from U.S."},{"id":"e27","sourceId":"filing-2","location":"Financial statements / First-half 2026 cash flows / incentives and financing","excerpt":"CHIPS and Science Act (CHIPS Act) incentives 1,104 260 Proceeds from asset sales 37 — Purchases of short-term investments (3,342) (1,839) Proceeds from short-term investments 1,679 3,938 Other (37) (13) Cash flows from investing activities (1,749) (82) Cash flows from financing activities Proceeds from issuance of long-term debt — 1,199 Repayment of debt — (750) Dividends paid (2,586) (2,473) Stock repurchases (185) (955) Proceeds from common stock transactions 754 233 Other (22) (37) Cash flows from financing activities (2,039) (2,783) Net change in cash and cash equivalents 435 (156) Cash and cash equivalents at beginning of period 3,225 3,200 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 1,104 260 Total cash benefit related to the CHIPS Act $ 1,405 $ 463 See accompanying notes."},{"id":"e28","sourceId":"filing-2","location":"Financial statements / Income / earnings and average shares","excerpt":"Financial statements For Three Months Ended For Six Months Ended Consolidated Statements of Income June 30, June 30, (In millions, except per-share amounts) 2026 2025 2026 2025 Revenue $ 5,463 $ 4,448 $ 10,288 $ 8,517 Cost of revenue (COR) 2,111 1,873 4,137 3,629 Gross profit 3,352 2,575 6,151 4,888 Research and development (R&D) 535 527 1,045 1,044 Selling, general and administrative (SG&A) 490 485 954 957 Acquisition charges 17 — 34 — Operating profit 2,310 1,563 4,118 2,887 Other income (expense), net (OI&E) 69 48 116 128 Interest and debt expense 141 133 282 261 Income before income taxes 2,238 1,478 3,952 2,754 Provision for income taxes 258 183 427 280 Net income $ 1,980 $ 1,295 $ 3,525 $ 2,474 Earnings per common share (EPS): Basic $ 2.16 $ 1.42 $ 3.85 $ 2.71 Diluted $ 2.14 $ 1.41 $ 3.82 $ 2.69 Average shares outstanding: Basic 912 908 911 909 Diluted 920 912 917 914 A portion of net income is allocated to unvested restricted stock units (RSUs) on which we pay dividend equivalents."},{"id":"e29","sourceId":"filing-2","location":"MD&A / Overview / pending acquisition agreement","excerpt":"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."},{"id":"e30","sourceId":"filing-2","location":"Notes / Debt and lines of credit / acquisition financing facility","excerpt":"In June 2026, we entered into a 364-day delayed draw term loan credit facility for borrowings up to $5 billion to support the Silicon Labs acquisition consideration and related transaction expenses."},{"id":"e31","sourceId":"filing-3","location":"Executive compensation / CEO / actual January 2025 equity award","excerpt":"◦In January 2025, Mr. Ilan received an equity compensation award with a grant date fair value of $18 million in order to align his equity compensation with the projected market range for similarly situated CEOs in the Comparator Group."},{"id":"e32","sourceId":"filing-3","location":"Executive compensation / Equity terms / four-year cliff vesting","excerpt":"Restricted stock units have a four-year cliff vest schedule in order to support retention of our executives."},{"id":"e33","sourceId":"filing-3","location":"Corporate governance / Policy against hedging","excerpt":"It is against TI policy for any employee, including an executive officer, or director to engage in trading in “puts” (options to sell at a fixed price), “calls” (similar options to buy) or other options or hedging techniques on TI stock specifically designed to limit losses on TI stock or equity compensation held by the employee or director."},{"id":"e34","sourceId":"filing-3","location":"Executive compensation / Recoupment policy","excerpt":"Under the policy, in the event the company is required to prepare an accounting restatement due to material noncompliance with any financial reporting requirement under securities laws, the committee shall seek to recover incentive-based compensation received by any executive officer during the three fiscal years immediately preceding the date that such a restatement is required in excess of the amount of incentive-based compensation that otherwise would have been received by the executive officer had such compensation been determined based on the restated financial results."},{"id":"e35","sourceId":"filing-3","location":"Executive compensation / Discretionary assessment","excerpt":"In assessing performance and compensation decisions, the committee does not use formulas, thresholds or multiples."},{"id":"e36","sourceId":"filing-3","location":"Executive compensation / Performance assessment and bonus increase","excerpt":"2025 Absolute Performance 2025 Relative Performance * Revenue Growth: Total TI 13.0% Above median Profit from Operations as a % of Revenue (Operating Profit Margin) 34.1% Above median Total Shareholder Return (TSR) -4.5 % Below median Assessment of Strategic Progress Strengthened strategic position in 2025 Year-on-Year Change in Bonus for NEOs (2025 Bonus Compared with 2024) 10% increase * Relative to Semiconductor Peers; includes estimates and projections of certain peer companies’ financial results."},{"id":"e37","sourceId":"filing-3","location":"Executive compensation / Outstanding options / retirement vesting provisions","excerpt":"Employment Termination due to Death or Permanent Disability or at Least Six Months after Grant When Retirement Eligible * Employment Termination for Cause Other Circumstances of Employment Termination Unexercisable portion of option Continues Stops Stops Exercisable portion of option Remains exercisable to end of term Terminates Remains exercisable for 30 days * Retirement eligibility is defined for purposes of equity awards as at least age 55 with 10 or more years of TI service or at least age 65."},{"id":"e38","sourceId":"filing-3","location":"Corporate governance / Combined chairman and CEO","excerpt":"Board leadership structure The board’s current leadership structure combines the positions of chairman and CEO and includes a lead director who presides at executive sessions and performs the duties listed below."},{"id":"e39","sourceId":"filing-3","location":"Corporate governance / Lead-director authority","excerpt":"In addition, the lead director has authority to call meetings of the independent directors."},{"id":"e40","sourceId":"filing-3","location":"Corporate governance / Executive compensation decision authority","excerpt":"No executive officer determines his or her own compensation or the compensation of any other executive officer."},{"id":"e41","sourceId":"filing-3","location":"Stockholder rights / Annual elections and majority voting","excerpt":"These practices include: •Special meetings may be called by stockholders who collectively hold 25% or more of our outstanding stock; •Our by-laws provide a “proxy access” right that conforms to market practice; •Annually elected board; •Majority vote standard for uncontested director elections; and •Robust stockholder engagement throughout the year."},{"id":"e42","sourceId":"filing-1","location":"Independent auditor report / Internal-control opinion","excerpt":"We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 6, 2026, expressed an unqualified opinion thereon."},{"id":"e43","sourceId":"filing-2","location":"Notes / Warranty costs and product liabilities / actual claims experience","excerpt":"During the periods presented, there have been no material accruals or payments regarding product warranty or product liability."},{"id":"e44","sourceId":"filing-2","location":"MD&A / Inventory / days of inventory","excerpt":"Days of inventory for the second quarter of 2026 were 196 compared with 222 at the end of 2025, which reflects the continued execution of our inventory strategy."},{"id":"e45","sourceId":"filing-3","location":"Executive compensation / Semiconductor peer comparison","excerpt":"In the comparison of relative performance, the committee used the following companies (the “Semiconductor Peers”): Advanced Micro Devices, Inc."},{"id":"e46","sourceId":"filing-3","location":"Executive compensation / Semiconductor peer comparison","excerpt":"NXP Semiconductors N.V. Analog Devices, Inc."}],"changes":["Retain the previous narrow verdict; current manufacturing evidence supports an advantage without establishing exceptional durability.","Add criterion-level pricing and management assessments using actual compensation, governance, cash-flow and operating disclosures.","Explicitly distinguish compensation peers from established product competitors, and pending acquisition benefits from current advantages."],"limitations":["Assessment uses only supplied passages. Source dates are filing dates (dateKind: filed), not retrieval dates; latest supplied operating results cover June 30, 2026.","The 40% cost comparison and broad sustainability claims are issuer statements. Operating fabs and production ramps substantiate implementation, but comparable competitor costs and independent moat validation are absent.","Advanced Micro Devices, Inc., NXP Semiconductors N.V. and Analog Devices, Inc. appear as compensation-performance peers, not expressly established product competitors in these passages. Competitor arrays therefore remain empty; competitive coverage is incomplete.","No realized like-for-like selling-price series, customer pricing restrictions or repricing rights are supplied. Shipment growth and margin recovery cannot establish realized pricing power.","Customer retention and dependency are assessed indirectly from software investment and operating demand; no retention rates or quantified migration costs are supplied.","The proxy supplies actual awards and governance policies, but the supplied passages do not establish executive beneficial ownership amounts or subsequent advisory-vote outcomes.","Silicon Labs remains a pending acquisition in the latest supplied filing. Integration benefits and acquisition returns are unproven."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Operating owned fabs, qualified 300mm production and substantial replication requirements demonstrate a manufacturing foundation beyond a margin-based inference. The claimed cost differential compares wafer formats rather than all competitors.","evidenceIds":["e1","e2","e3","e4","e5"]},{"criterion":"durability","grade":2,"rationale":"Capital-intensive manufacturing and recurring software-investment friction support persistence, but technological change and absent competitor cost trajectories limit confidence in long-term protection.","evidenceIds":["e5","e13","e14","e11","e12"]},{"criterion":"customer_dependency","grade":2,"rationale":"Prior embedded-software investment creates dependency in part of the portfolio. A broad customer base and large portfolio do not establish lock-in, and migration costs are unquantified.","evidenceIds":["e13","e6","e22","e23"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Demand and gross profit recovered in first-half 2026, while three-year revenue growth remained negative and fixed manufacturing costs expose economics to utilization. Competition risks are prospective, not proof of realized share loss.","evidenceIds":["e17","e18","e19","e21","e8","e10"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":null,"rationale":"Revenue growth is attributed to demand and shipment volumes. No observed comparable-product price outcome is supplied; prospective pricing pressure cannot substitute for realized pricing evidence.","evidenceIds":["e16","e17","e10"]},{"criterion":"retention","grade":2,"rationale":"Embedded-software investment supports repeat-demand friction, and embedded revenue increased with demand. This is indirect operating evidence rather than measured customer retention; cyclical demand remains a confounder.","evidenceIds":["e13","e14","e15","e16"]},{"criterion":"margin_resilience","grade":2,"rationale":"Gross margin fell from 58.1% to 57.0% in 2025, then rose from 57.4% to 59.8% in first-half 2026. Expansion costs and factory loadings explain material variation, supporting mixed resilience rather than demonstrated price protection.","evidenceIds":["e9","e20","e18","e19","e8"]},{"criterion":"contractual_freedom","grade":null,"rationale":"Direct sales penetration does not establish contractual pricing discretion. Customer repricing rights, fixed-price commitments and limits on changing terms are not supplied.","evidenceIds":["e7"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual first-half 2026 operating cash flow increased while capital spending and repurchases declined. Against that, 2025 shareholder returns exceeded disclosed free cash flow, average shares increased in first-half 2026, and the pending acquisition adds a substantial financing commitment with unproven returns. Incentives also contribute to cash generation.","evidenceIds":["e24","e25","e26","e27","e28","e29","e30"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Actual equity grants, four-year RSU vesting, anti-hedging and clawback policies support alignment. Discretionary compensation, a bonus increase despite weak multiyear growth and shareholder returns, and continued retirement vesting temper it. Executive ownership amounts are missing.","evidenceIds":["e31","e32","e33","e34","e35","e36","e37"]},{"criterion":"execution","grade":2,"rationale":"Fab qualification and ramps, lower inventory days, stronger operating cash flow and no material warranty accruals or payments demonstrate delivery. Execution is assessed partly from indirect operating results; demand-led recovery and negative three-year revenue growth prevent a strong overall grade.","evidenceIds":["e4","e44","e26","e43","e17","e21"]},{"criterion":"governance","grade":3,"rationale":"Disclosed annual elections, majority voting, lead-director powers, separation of executive compensation decisions and an unqualified internal-control opinion provide strong concrete safeguards. Combined chairman/CEO roles and discretionary pay assessment limit the conclusion; exceptional governance outcomes are not established.","evidenceIds":["e38","e39","e40","e41","e42","e35"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"ca435c9fb981b8e8bb898e2a0857dc74af284df14541dff362b401e44e01628a","updatedAt":"2026-10-18T12:16:51.497Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/97476/000009747626000059/txn-20251231.htm","publishedAt":"2026-02-06","sha256":"43008050027930e9a3c287e98ee8372fa455620f5d606881f93628fbcfc59e33","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/97476/000009747626000152/txn-20260630.htm","publishedAt":"2026-07-24","sha256":"9274e57e0e949a385ebbdc654f9aa250fff4c95cb8b5269bbe614c852afc6a3b","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/97476/000009747626000078/txn-20260303.htm","publishedAt":"2026-03-04","sha256":"a6a6a4a35445c95cd81424de404048720d7dae96ec3a8a61a24fb0a2d611e49e","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/97476/000009747625000007/txn-20241231.htm","publishedAt":"2025-02-14","sha256":"29d88db8c89a62bc05b32ba5a7b66e73ba5dfc4d3eed358fd849f1f8c0eac55a","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/97476/000009747624000007/txn-20231231.htm","publishedAt":"2024-02-02","sha256":"61f7985ae3330fa0615a9d9c825f625d67ce7033eea1349000da4ec8745e7cbe","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/97476/000009747626000101/txn-20260331.htm","publishedAt":"2026-04-24","sha256":"c0cf90935caff62a6734e92e0b020e4c0bde4118ff88987171416b15bb8431f2","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:63a8ee994e3d2a739196c522d6aab14ea29dab778dec57bfda5b9f72a2c72aa4","usage":{"input_tokens":82469,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":3768,"reasoning_output_tokens":101}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":67.46620148277366,"operating_margin":48.84430876580899,"roic":53.23633936705622,"fcf_margin":34.31094635848233,"sbc_revenue":1.2538159616223288},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":68.75873776712602,"operating_margin":50.629119233073695,"roic":48.185194382471394,"fcf_margin":29.573596964250047,"sbc_revenue":1.4429798282404633},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":62.897425652149096,"operating_margin":41.84599577601461,"roic":28.330834610061267,"fcf_margin":7.700211199269365,"sbc_revenue":2.066327986757235},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":58.14206252797136,"operating_margin":34.9402212134774,"roic":18.33785451234187,"fcf_margin":9.577392749824181,"sbc_revenue":2.4742663512563134},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","ebitda_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":57.024092297251435,"operating_margin":34.06288881348264,"roic":19.395662750371905,"fcf_margin":14.72118538626852,"sbc_revenue":2.3696414432756474},"issues":{"ev_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","ebitda_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/97476/000009747626000059/txn-20251231.htm","publishedAt":"2026-02-06","sha256":"43008050027930e9a3c287e98ee8372fa455620f5d606881f93628fbcfc59e33","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/97476/000009747626000152/txn-20260630.htm","publishedAt":"2026-07-24","sha256":"9274e57e0e949a385ebbdc654f9aa250fff4c95cb8b5269bbe614c852afc6a3b","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/97476/000009747626000078/txn-20260303.htm","publishedAt":"2026-03-04","sha256":"a6a6a4a35445c95cd81424de404048720d7dae96ec3a8a61a24fb0a2d611e49e","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/97476/000009747625000007/txn-20241231.htm","publishedAt":"2025-02-14","sha256":"29d88db8c89a62bc05b32ba5a7b66e73ba5dfc4d3eed358fd849f1f8c0eac55a","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/97476/000009747624000007/txn-20231231.htm","publishedAt":"2024-02-02","sha256":"61f7985ae3330fa0615a9d9c825f625d67ce7033eea1349000da4ec8745e7cbe","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/97476/000009747626000101/txn-20260331.htm","publishedAt":"2026-04-24","sha256":"c0cf90935caff62a6734e92e0b020e4c0bde4118ff88987171416b15bb8431f2","dateKind":"filed"}],"history":[{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}