Texas Instruments Incorporated (TXN) Cash Flow Statement
Where TXN’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $7.15B +13.2% vs 2024
- Capital expenditures
- $4.55B 25.7% of revenue
- Free cash flow
- $2.60B 14.7% margin
- Returned to shareholders
- $6.48B 249% of free cash flow
- Change in cash
- $25.0M cash at year-end $3.23B
Drawn to scale: where the cash came from and how it was used. Hover for values.
TXN operating cash flow, capex and free cash flow
TXN cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $4.61B2016 | $7.15B2025 | +5.0%/yr | |
| Capital expenditures | $531.0M2016 | $4.55B2025 | +27.0%/yr | |
| Free cash flow | $4.08B2016 | $2.60B2025 | −4.9%/yr | |
| Free cash flow margin | 30.5%2016 | 14.7%2025 | −15.8 pts | |
| Operating cash flow / net income | 1.282016 | 1.432025 | +0.15 | |
| Stock-based compensation | $252.0M2016 | $419.0M2025 | +5.8%/yr | |
| Dividends paid | $1.65B2016 | $5.00B2025 | +13.1%/yr | |
| Share buybacks (net) | $2.13B2016 | $1.48B2025 | −4.0%/yr | |
| Capex / revenue | 4.0%2016 | 25.7%2025 | +21.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TXN cash flow by activity
TXN net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
TXN cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $5.00B | $4.80B | $6.51B | $8.75B | $7.77B | $5.59B | $5.02B | $5.58B | $3.68B | $3.60B |
| Depreciation & amortization | $2.00B | $1.58B | $1.24B | $979.0M | $954.0M | $992.0M | $1.05B | $954.0M | $904.0M | $955.0M |
| Stock-based compensation | $419.0M | $387.0M | $362.0M | $289.0M | $230.0M | $224.0M | $217.0M | $232.0M | $242.0M | $252.0M |
| Change in working capital | −$271.0M | −$111.0M | −$1.10B | −$813.0M | −$165.0M | −$428.0M | $313.0M | $602.0M | $418.0M | $153.0M |
| Other non-cash items | $5.0M | −$337.0M | −$591.0M | −$484.0M | −$32.0M | −$244.0M | $52.0M | −$179.0M | $117.0M | −$341.0M |
| Cash from operating activities | $7.15B | $6.32B | $6.42B | $8.72B | $8.76B | $6.14B | $6.65B | $7.19B | $5.36B | $4.61B |
| Investing activities | ||||||||||
| Capital expenditures | −$4.55B | −$4.82B | −$5.07B | −$2.80B | −$2.46B | −$649.0M | −$847.0M | −$1.13B | −$695.0M | −$531.0M |
| Investments (net) | $2.78B | −$3.20B | −$4.36B | −$3.58B | −$1.65B | −$241.0M | −$1.14B | $1.07B | −$460.0M | −$113.0M |
| Acquisitions & other investing | $327.0M | $4.82B | $5.07B | $2.80B | $13.0M | −$32.0M | $62.0M | −$14.0M | $28.0M | −$6.0M |
| Cash from investing activities | −$1.44B | −$3.20B | −$4.36B | −$3.58B | −$4.09B | −$922.0M | −$1.92B | −$78.0M | −$1.13B | −$650.0M |
| Financing activities | ||||||||||
| Dividends paid | −$5.00B | −$4.79B | −$4.56B | −$4.30B | −$3.89B | −$3.43B | −$3.01B | −$2.56B | −$2.10B | −$1.65B |
| Share repurchases & issuance (net) | −$1.48B | −$929.0M | −$293.0M | −$3.62B | −$527.0M | −$2.55B | −$2.96B | −$5.10B | −$2.56B | −$2.13B |
| Net borrowing (repayment) | $449.0M | $2.38B | $2.50B | $994.0M | $945.0M | $998.0M | $741.0M | $1.00B | $474.0M | −$501.0M |
| Shares issued | $400.0M | $517.0M | $268.0M | $241.0M | $377.0M | $470.0M | $539.0M | $373.0M | $0 | $0 |
| Other financing | −$62.0M | −$53.0M | −$62.0M | −$41.0M | −$46.0M | −$36.0M | −$42.0M | −$47.0M | $452.0M | $469.0M |
| Cash from financing activities | −$5.69B | −$2.88B | −$2.14B | −$6.72B | −$3.14B | −$4.55B | −$4.73B | −$6.33B | −$3.73B | −$3.81B |
| Summary | ||||||||||
| Net change in cash | $25.0M | $236.0M | −$86.0M | −$1.58B | $1.52B | $670.0M | −$1.0M | $782.0M | $502.0M | $154.0M |
| Cash at end of period | $3.23B | $3.20B | $2.96B | $3.05B | $4.63B | $3.11B | $2.44B | $2.44B | $1.66B | $1.15B |
| Free cash flow | $2.60B | $1.50B | $1.35B | $5.92B | $6.29B | $5.49B | $5.80B | $6.06B | $4.67B | $4.08B |
| Free cash flow margin | 14.7% | 9.6% | 7.7% | 29.6% | 34.3% | 38.0% | 40.3% | 38.4% | 31.2% | 30.5% |
| Capex / revenue | 25.7% | 30.8% | 28.9% | 14.0% | 13.4% | 4.5% | 5.9% | 7.2% | 4.6% | 4.0% |
| Operating cash flow / net income | 1.43 | 1.32 | 0.99 | 1.00 | 1.13 | 1.10 | 1.33 | 1.29 | 1.46 | 1.28 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.98B | $1.54B | $1.16B | $1.36B | $1.29B | $1.18B | $1.21B | $1.35B | $1.13B | $1.10B | $1.37B | $1.71B |
| Depreciation & amortization | $568.0M | $562.0M | $557.0M | $517.0M | $481.0M | $424.0M | $435.0M | $402.0M | $381.0M | $362.0M | $337.0M | $320.0M |
| Stock-based compensation | $127.0M | $109.0M | $210.0M | $93.0M | $129.0M | $116.0M | $78.0M | $87.0M | $116.0M | $106.0M | $68.0M | $79.0M |
| Change in working capital | $49.0M | −$691.0M | $235.0M | $213.0M | −$15.0M | −$724.0M | $300.0M | −$47.0M | $29.0M | −$356.0M | $280.0M | −$6.0M |
| Other non-cash items | −$21.0M | −$5.0M | $89.0M | $3.0M | −$30.0M | −$146.0M | −$20.0M | −$65.0M | −$82.0M | −$195.0M | −$132.0M | −$165.0M |
| Cash from operating activities | $2.70B | $1.52B | $2.25B | $2.19B | $1.86B | $849.0M | $2.00B | $1.73B | $1.57B | $1.02B | $1.92B | $1.94B |
| Investing activities | ||||||||||||
| Capital expenditures | −$514.0M | −$676.0M | −$925.0M | −$1.20B | −$1.30B | −$1.12B | −$1.19B | −$1.32B | −$1.06B | −$1.25B | −$1.15B | −$1.50B |
| Investments (net) | −$1.77B | $108.0M | $230.0M | −$681.0M | −$1.33B | $1.25B | $614.0M | −$487.0M | $0 | −$3.33B | −$311.0M | −$1.69B |
| Acquisitions & other investing | $583.0M | $521.0M | $19.0M | $1.20B | $1.30B | $1.12B | $1.19B | $1.32B | — | $1.25B | $1.15B | $1.50B |
| Cash from investing activities | −$1.70B | −$47.0M | −$676.0M | −$681.0M | −$1.33B | $1.25B | $614.0M | −$487.0M | — | −$3.33B | −$311.0M | −$1.69B |
| Financing activities | ||||||||||||
| Dividends paid | −$1.29B | −$1.29B | −$1.29B | −$1.24B | −$1.24B | −$1.24B | −$1.24B | −$1.19B | −$1.19B | −$1.18B | −$1.18B | −$1.13B |
| Share repurchases & issuance (net) | −$27.0M | −$158.0M | −$403.0M | −$119.0M | −$302.0M | −$653.0M | −$537.0M | −$318.0M | −$71.0M | −$3.0M | −$65.0M | −$46.0M |
| Net borrowing (repayment) | $0 | $0 | $0 | $0 | $1.20B | −$750.0M | −$300.0M | $0 | — | — | — | — |
| Shares issued | $445.0M | $309.0M | $42.0M | $125.0M | $115.0M | $118.0M | $87.0M | $117.0M | $248.0M | $65.0M | $45.0M | $68.0M |
| Other financing | −$13.0M | −$9.0M | −$13.0M | −$12.0M | −$21.0M | −$16.0M | −$11.0M | −$8.0M | −$306.0M | $2.95B | −$14.0M | −$12.0M |
| Cash from financing activities | −$890.0M | −$1.15B | −$1.66B | −$1.24B | −$244.0M | −$2.54B | −$2.00B | −$1.40B | −$1.31B | $1.83B | −$1.22B | −$1.12B |
| Summary | ||||||||||||
| Net change in cash | $111.0M | $324.0M | −$86.0M | $267.0M | $281.0M | −$437.0M | $611.0M | −$151.0M | $257.0M | −$481.0M | $398.0M | −$873.0M |
| Cash at end of period | $3.66B | $3.55B | $3.23B | $3.31B | $3.04B | $2.76B | $3.20B | $2.59B | $2.74B | $2.48B | $2.96B | $2.57B |
| Free cash flow | $2.19B | $844.0M | $1.33B | $993.0M | $555.0M | −$274.0M | $806.0M | $416.0M | $507.0M | −$231.0M | $776.0M | $442.0M |
| Free cash flow margin | 40.1% | 17.5% | 30.0% | 20.9% | 12.5% | −6.7% | 20.1% | 10.0% | 13.3% | −6.3% | 19.0% | 9.8% |
| Capex / revenue | 9.4% | 14.0% | 20.9% | 25.2% | 29.3% | 27.6% | 29.7% | 31.7% | 27.8% | 34.1% | 28.2% | 33.0% |
| Operating cash flow / net income | 1.37 | 0.98 | 1.94 | 1.61 | 1.44 | 0.72 | 1.66 | 1.28 | 1.39 | 0.92 | 1.40 | 1.13 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
TXN cash generation
In fiscal 2025 (ended December 31, 2025), Texas Instruments generated $7.2 billion of cash from operations (up 13.2%) and spent $4.5 billion on capital expenditures, leaving free cash flow of $2.6 billion, 14.7% of revenue. It returned $6.5 billion to shareholders through dividends ($5.0 billion) and net share buybacks ($1.5 billion). Cash and equivalents rose by $25.0 million over the year.
Related: TXN income statement, TXN balance sheet, TXN dividend history. See the TXN stock overview for the latest quote and news.
TXN cash flow FAQ
What is Texas Instruments's free cash flow?
Texas Instruments's free cash flow was $2.6 billion in fiscal 2025: $7.2 billion of operating cash flow minus $4.5 billion of capital expenditures It was $1.5 billion a year earlier..
How much cash does Texas Instruments generate from operations?
Texas Instruments generated $7.2 billion of cash from operating activities in fiscal 2025, 1.43 times its net income of $5.0 billion.
How much does Texas Instruments spend on capital expenditures?
Texas Instruments spent $4.5 billion on capital expenditures in fiscal 2025, 25.7% of revenue, compared with $4.8 billion the year before.
How much stock does Texas Instruments buy back?
Texas Instruments spent $1.5 billion on net share repurchases in fiscal 2025.
How much does Texas Instruments pay in dividends?
Texas Instruments paid $5.0 billion in dividends in fiscal 2025, 192.0% of free cash flow.