Texas Instruments
Texas Instruments returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | 22.78% | 22.29% | 118.34% | 34.97% | 17.09% | 12.2 pp |
| FY 2026 Q1 | Mar 31, 2026 | 21.13% | 20.8% | 94.84% | 32.16% | 15.75% | 10.5 pp |
| FY 2025 Q4 | Dec 31, 2025 | 19.4% | 19.03% | — | 29.98% | 14.27% | 8.8 pp |
| FY 2025 Q3 | Sep 30, 2025 | 18.76% | 18.66% | — | 29.6% | 14.34% | 8.2 pp |
| FY 2025 Q2 | Jun 30, 2025 | 18.56% | 18.22% | — | 29.84% | 14.41% | 8 pp |
| FY 2025 Q1 | Mar 31, 2025 | 17.88% | 17.58% | — | 29.04% | 14.2% | 7.3 pp |
| FY 2024 Q4 | Dec 31, 2024 | 18.34% | 17.95% | -75.79% | 28.25% | 14.14% | 7.7 pp |
| FY 2024 Q3 | Sep 30, 2024 | 18.37% | 18.54% | -63.89% | 29.15% | 14.83% | 7.8 pp |
| FY 2024 Q2 | Jun 30, 2024 | 20.22% | 19.98% | -51.86% | 31.88% | 16.1% | 9.6 pp |
| FY 2024 Q1 | Mar 31, 2024 | 23.54% | 23.19% | -31.71% | 36.47% | 18.43% | 12.9 pp |
| FY 2023 Q4 | Dec 31, 2023 | 28.33% | 27.53% | -49.23% | 41.15% | 21.86% | 17.7 pp |
| FY 2023 Q3 | Sep 30, 2023 | 31.62% | 30.53% | -33.26% | 45.37% | 24.62% | 21 pp |
| FY 2023 Q2 | Jun 30, 2023 | 37.21% | 34.77% | -16.65% | 50.93% | 27.62% | 26.6 pp |
| FY 2023 Q1 | Mar 31, 2023 | 42.44% | 38.77% | 0.88% | 56.16% | 30.3% | 31.8 pp |
| FY 2022 Q4 | Dec 31, 2022 | 48.19% | 43.77% | 27.19% | 62.41% | 33.73% | 37.6 pp |
| FY 2022 Q3 | Sep 30, 2022 | 54% | 47.45% | 36.15% | 66.66% | 36.18% | 43.4 pp |
| FY 2022 Q2 | Jun 30, 2022 | 55.65% | 49.77% | 55.21% | 67.65% | 37.85% | 45 pp |
| FY 2022 Q1 | Mar 31, 2022 | 51.41% | 47.11% | 52.37% | 67.67% | 36.59% | 40.8 pp |
| FY 2021 Q4 | Dec 31, 2021 | 53.24% | 45.87% | 65.19% | 68.7% | 35.29% | 42.6 pp |
| FY 2021 Q3 | Sep 30, 2021 | 54.44% | 44.85% | 117.24% | 71.25% | 35.29% | 43.8 pp |
| FY 2021 Q2 | Jun 30, 2021 | 55.39% | 44.97% | 44.3% | 71.33% | 35.35% | 44.8 pp |
| FY 2021 Q1 | Mar 31, 2021 | 46.95% | 40.13% | 47.88% | 68.75% | 33.44% | 36.4 pp |
| FY 2020 Q4 | Dec 31, 2020 | 43.58% | 35.88% | 77.36% | 61.55% | 29.94% | 33 pp |
| FY 2020 Q3 | Sep 30, 2020 | 42.78% | 33.31% | -16.97% | 57.28% | 27.5% | 32.2 pp |
| FY 2020 Q2 | Jun 30, 2020 | 48.68% | 35.38% | — | 62.33% | 28.99% | 38.1 pp |
| FY 2020 Q1 | Mar 31, 2020 | 44.57% | 37.02% | -40.84% | 60.91% | 28.65% | 34 pp |
| FY 2019 Q4 | Dec 31, 2019 | 41.95% | 37.46% | -90.9% | 55.7% | 28.54% | 31.4 pp |
| FY 2019 Q3 | Sep 30, 2019 | 41.64% | 37.23% | — | 52.92% | 28.37% | 31 pp |
| FY 2019 Q2 | Jun 30, 2019 | 45.98% | 39.86% | — | 55.46% | 29.69% | 35.4 pp |
| FY 2019 Q1 | Mar 31, 2019 | 46.25% | 42.31% | — | 56.36% | 31.08% | 35.6 pp |
| FY 2018 Q4 | Dec 31, 2018 | 45.96% | 44.68% | — | 57.29% | 32.09% | 35.4 pp |
| FY 2018 Q3 | Sep 30, 2018 | 34.39% | 43.52% | 40.54% | 43.26% | 26.39% | 23.8 pp |
| FY 2018 Q2 | Jun 30, 2018 | 34% | 41.81% | — | 40.92% | 25.17% | 23.4 pp |
| FY 2018 Q1 | Mar 31, 2018 | 31.25% | 42.49% | 305.78% | 37.77% | 24.2% | 20.7 pp |
| FY 2017 Q4 | Dec 31, 2017 | 28.68% | 41.17% | — | 35.06% | 21.61% | 18.1 pp |
| FY 2017 Q3 | Sep 30, 2017 | 33.93% | 40.38% | 145.99% | 40.93% | 26.46% | 23.3 pp |
| FY 2017 Q2 | Jun 30, 2017 | 31.95% | 38.54% | 117.45% | 39.06% | 25.32% | 21.3 pp |
| FY 2017 Q1 | Mar 31, 2017 | 29.83% | 36.78% | 252.76% | 36.82% | 23.95% | 19.2 pp |
| FY 2016 Q4 | Dec 31, 2016 | 26.93% | 34.47% | — | 34.77% | 22.01% | 16.3 pp |
| FY 2016 Q3 | Sep 30, 2016 | 25.78% | 32.91% | — | 31.8% | 19.85% | 15.2 pp |
| FY 2016 Q2 | Jun 30, 2016 | 23.76% | 31.32% | — | 30.26% | 18.55% | 13.2 pp |
| FY 2016 Q1 | Mar 31, 2016 | 23.04% | 30.25% | — | 29.46% | 18.15% | 12.4 pp |
| FY 2015 Q4 | Dec 31, 2015 | 22.51% | 29.75% | — | 28.94% | 17.59% | 11.9 pp |
| FY 2015 Q3 | Sep 30, 2015 | 22.58% | 28.89% | — | 28.81% | 17.28% | 12 pp |
| FY 2015 Q2 | Jun 30, 2015 | 21.97% | 27.96% | 9,870.89% | 28.75% | 16.99% | 11.4 pp |
| FY 2015 Q1 | Mar 31, 2015 | 21.37% | 26.74% | — | 28.19% | 16.48% | 10.8 pp |
| FY 2014 Q4 | Dec 31, 2014 | 20.41% | 25.26% | — | 26.2% | 15.39% | 9.8 pp |
| FY 2014 Q3 | Sep 30, 2014 | 17.87% | 22.24% | — | 23.02% | 13.5% | 7.3 pp |
| FY 2014 Q2 | Jun 30, 2014 | 16.33% | 19.65% | — | 21.19% | 12.42% | 5.7 pp |
| FY 2014 Q1 | Mar 31, 2014 | 15.65% | 18.92% | — | 20.93% | 11.84% | 5.1 pp |
| FY 2013 Q4 | Dec 31, 2013 | 15.04% | 17.28% | — | 19.52% | 11.1% | 4.4 pp |
| FY 2013 Q3 | Sep 30, 2013 | 12.81% | 13.59% | — | 16.76% | 9.63% | 2.2 pp |
| FY 2013 Q2 | Jun 30, 2013 | 14.09% | 14.12% | 104.09% | 18.29% | 10.64% | 3.5 pp |
| FY 2013 Q1 | Mar 31, 2013 | 12.36% | 11.71% | -25.18% | 16.55% | 9.35% | 1.8 pp |
| FY 2012 Q4 | Dec 31, 2012 | 11.65% | 11.75% | — | 15.77% | 8.68% | 1.1 pp |
| FY 2012 Q3 | Sep 30, 2012 | 12.05% | 12.82% | -100.65% | 15.7% | 8.66% | 1.5 pp |
| FY 2012 Q2 | Jun 30, 2012 | 13.79% | 14.01% | -29.69% | 14.35% | 8.79% | 3.2 pp |
| FY 2012 Q1 | Mar 31, 2012 | — | 17.34% | — | 16.69% | 11.02% | — |
| FY 2011 Q4 | Dec 31, 2011 | 18.35% | 21.06% | -14.58% | 20.58% | 13.19% | 7.8 pp |
| FY 2011 Q3 | Sep 30, 2011 | — | 27.5% | — | 27.04% | 17.17% | — |
| FY 2011 Q2 | Jun 30, 2011 | — | 32.88% | — | 29.94% | 21.45% | — |
| FY 2011 Q1 | Mar 31, 2011 | — | 40.35% | — | 31.31% | 25.2% | — |
| FY 2010 Q4 | Dec 31, 2010 | — | 41.13% | — | 31.59% | 25.3% | — |
| FY 2010 Q3 | Sep 30, 2010 | — | 39.51% | — | — | — | — |
| FY 2010 Q2 | Jun 30, 2010 | — | 35.76% | — | — | — | — |
| FY 2010 Q1 | Mar 31, 2010 | — | — | — | — | — | — |
| FY 2009 Q4 | Dec 31, 2009 | — | — | — | — | — | — |
| FY 2009 Q3 | Sep 30, 2009 | — | — | — | — | — | — |
| FY 2009 Q2 | Jun 30, 2009 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 10.6%, rounded from the Semiconductor benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · TXN, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.