德州仪器公司（TI）发布 2026 年第一季度财务业绩与股东回报
德州仪器公司（TI）（NASDAQ: TXN） 今日公布第一季度营业收入为 48.3 亿美元，净收益为 15.5 亿美元，每股收益为 1.68 美元。每股收益包括公司原始指导中未包含的 5 美分收益。
关于公司业绩及股东回报，德州仪器董事长、总裁及首席执行官 Haviv Ilan 作如下说明：
- “本季度，营业收入较去年同期增长 19%，环比增长 9%，增长主要由工业与数据中心业务驱动。
- “过去 12 个月中，我们的经营现金流达 78 亿美元，再次凸显了公司在商业模式、高质量的产品组合以及 12 英寸产品生产方面的诸多优势。自由现金流在过去一年中达 44 亿美元。
- “过去 12 个月，我们在研发和销售及行政管理开支的投资达 39 亿美元，资本支出投资达 41 亿美元，给股东的回报达 60 亿美元。
- “预计第二季度，我们的营业收入在 50 亿美元至 54 亿美元之间，每股收益范围在 1.77 美元至 2.05 美元之间。
Free cash flow, a non-GAAP financial measure, is cash flow from operations less capital expenditures, plus proceeds from U.S. CHIPS and Science Act (CHIPS Act) incentives.
Earnings summary
(In millions, except per-share amounts) |
Q1 2026 |
Q1 2025 |
Change |
|||||
Revenue |
$ |
4,825 |
$ |
4,069 |
19 % |
|||
Operating profit |
$ |
1,808 |
$ |
1,324 |
37 % |
|||
Net income |
$ |
1,545 |
$ |
1,179 |
31 % |
|||
Earnings per share |
$ |
1.68 |
$ |
1.28 |
31 % |
|||
Cash generation
Trailing 12 Months |
|||||||||||
(In millions) |
Q1 2026 |
Q1 2026 |
Q1 2025 |
Change |
|||||||
Cash flow from operations |
$ |
1,520 |
$ |
7,824 |
$ |
6,150 |
27 % |
||||
Free cash flow |
$ |
1,399 |
$ |
4,351 |
$ |
1,715 |
154 % |
||||
Free cash flow % of revenue |
23.6 % |
10.7 % |
|||||||||
Cash return
Trailing 12 Months |
|||||||||||
(In millions) |
Q1 2026 |
Q1 2026 |
Q1 2025 |
Change |
|||||||
Dividends paid |
$ |
1,291 |
$ |
5,052 |
$ |
4,850 |
4 % |
||||
Stock repurchases |
$ |
158 |
$ |
982 |
$ |
1,579 |
(38) % |
||||
Total cash returned |
$ |
1,449 |
$ |
6,034 |
$ |
6,429 |
(6) % |
||||
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES |
||||||
Consolidated Statements of Income |
For Three Months Ended March 31, |
|||||
(In millions, except per-share amounts) |
2026 |
2025 |
||||
Revenue |
$ |
4,825 |
$ |
4,069 |
||
Cost of revenue (COR) |
2,026 |
1,756 |
||||
Gross profit |
2,799 |
2,313 |
||||
Research and development (R&D) |
510 |
517 |
||||
Selling, general and administrative (SG&A) |
464 |
472 |
||||
Acquisition charges |
17 |
— |
||||
Operating profit |
1,808 |
1,324 |
||||
Other income (expense), net (OI&E) |
47 |
80 |
||||
Interest and debt expense |
141 |
128 |
||||
Income before income taxes |
1,714 |
1,276 |
||||
Provision for income taxes |
169 |
97 |
||||
Net income |
$ |
1,545 |
$ |
1,179 |
||
Diluted earnings per common share |
$ |
1.68 |
$ |
1.28 |
||
Average shares outstanding: |
||||||
Basic |
909 |
910 |
||||
Diluted |
914 |
916 |
||||
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) |
$ |
229 |
$ |
166 |
||
Discrete tax items |
(60) |
(69) |
||||
Provision for income taxes (effective taxes) |
$ |
169 |
$ |
97 |
||
A portion of net income is allocated to unvested restricted stock units (RSUs) on which we pay dividend equivalents. Diluted |
||||||
Net income |
$ |
1,545 |
$ |
1,179 |
||
Income allocated to RSUs |
(9) |
(6) |
||||
Income allocated to common stock for diluted EPS |
$ |
1,536 |
$ |
1,173 |
||
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES |
||||||
Consolidated Balance Sheets |
March 31, |
|||||
(In millions, except par value) |
2026 |
2025 |
||||
Assets |
||||||
Current assets: |
||||||
Cash and cash equivalents |
$ |
3,549 |
$ |
2,763 |
||
Short-term investments |
1,554 |
2,242 |
||||
Accounts receivable, net of allowances of ($32) and ($16) |
2,245 |
1,860 |
||||
Raw materials |
463 |
393 |
||||
Work in process |
2,355 |
2,370 |
||||
Finished goods |
1,877 |
1,924 |
||||
Inventories |
4,695 |
4,687 |
||||
Prepaid expenses and other current assets |
1,753 |
1,534 |
||||
Total current assets |
13,796 |
13,086 |
||||
Property, plant and equipment at cost |
17,870 |
16,036 |
||||
Accumulated depreciation |
(5,725) |
(4,225) |
||||
Property, plant and equipment |
12,145 |
11,811 |
||||
Goodwill |
4,330 |
4,362 |
||||
Deferred tax assets |
973 |
1,030 |
||||
Capitalized software licenses |
323 |
263 |
||||
Overfunded retirement plans |
321 |
240 |
||||
Other long-term assets |
2,505 |
2,965 |
||||
Total assets |
$ |
34,393 |
$ |
33,757 |
||
Liabilities and stockholders' equity |
||||||
Current liabilities: |
||||||
Current portion of long-term debt |
$ |
1,149 |
$ |
— |
||
Accounts payable |
638 |
866 |
||||
Accrued compensation |
389 |
418 |
||||
Income taxes payable |
138 |
284 |
||||
Accrued expenses and other liabilities |
782 |
921 |
||||
Total current liabilities |
3,096 |
2,489 |
||||
Long-term debt |
12,901 |
12,848 |
||||
Underfunded retirement plans |
121 |
115 |
||||
Deferred tax liabilities |
63 |
56 |
||||
Other long-term liabilities |
1,434 |
1,843 |
||||
Total liabilities |
17,615 |
17,351 |
||||
Stockholders' equity: |
||||||
Preferred stock, $25 par value. Shares authorized – 10; none issued |
— |
— |
||||
Common stock, $1 par value. Shares authorized – 2,400; shares issued – 1,741 |
1,741 |
1,741 |
||||
Paid-in capital |
4,722 |
4,058 |
||||
Retained earnings |
52,483 |
52,196 |
||||
Treasury common stock at cost |
||||||
Shares: March 31, 2026 – 831; March 31, 2025 – 832 |
(42,084) |
(41,442) |
||||
Accumulated other comprehensive income (loss), net of taxes (AOCI) |
(84) |
(147) |
||||
Total stockholders' equity |
16,778 |
16,406 |
||||
Total liabilities and stockholders' equity |
$ |
34,393 |
$ |
33,757 |
||
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES |
||||||
Consolidated Statements of Cash Flows |
For Three Months Ended March 31, |
|||||
(In millions) |
2026 |
2025 |
||||
Cash flows from operating activities |
||||||
Net income |
$ |
1,545 |
$ |
1,179 |
||
Adjustments to net income: |
||||||
Depreciation |
541 |
424 |
||||
Amortization of capitalized software |
21 |
20 |
||||
Stock compensation |
109 |
116 |
||||
Gains on sales of assets |
(5) |
— |
||||
Deferred taxes |
(4) |
(87) |
||||
Increase (decrease) from changes in: |
||||||
Accounts receivable |
(282) |
(141) |
||||
Inventories |
109 |
(160) |
||||
Prepaid expenses and other current assets |
(9) |
(7) |
||||
Accounts payable and accrued expenses |
(125) |
(121) |
||||
Accrued compensation |
(447) |
(427) |
||||
Income taxes payable |
130 |
132 |
||||
Changes in funded status of retirement plans |
4 |
(9) |
||||
Other |
(67) |
(70) |
||||
Cash flows from operating activities |
1,520 |
849 |
||||
Cash flows from investing activities |
||||||
Capital expenditures |
(676) |
(1,123) |
||||
Proceeds from CHIPS Act incentives |
555 |
260 |
||||
Proceeds from asset sales |
5 |
— |
||||
Purchases of short-term investments |
(935) |
(647) |
||||
Proceeds from short-term investments |
1,043 |
2,807 |
||||
Other |
(39) |
(44) |
||||
Cash flows from investing activities |
(47) |
1,253 |
||||
Cash flows from financing activities |
||||||
Repayment of debt |
— |
(750) |
||||
Dividends paid |
(1,291) |
(1,238) |
||||
Stock repurchases |
(158) |
(653) |
||||
Proceeds from common stock transactions |
309 |
118 |
||||
Other |
(9) |
(16) |
||||
Cash flows from financing activities |
(1,149) |
(2,539) |
||||
Net change in cash and cash equivalents |
324 |
(437) |
||||
Cash and cash equivalents at beginning of period |
3,225 |
3,200 |
||||
Cash and cash equivalents at end of period |
$ |
3,549 |
$ |
2,763 |
||
Supplemental cash flow information |
||||||
Investment tax credit (ITC) used to reduce income taxes payable |
$ |
— |
$ |
— |
||
Proceeds from CHIPS Act incentives |
555 |
260 |
||||
Total cash benefit related to the CHIPS Act |
$ |
555 |
$ |
260 |
||
Segment results
(In millions) |
Q1 2026 |
Q1 2025 |
Change |
||||||
Analog: |
|||||||||
Revenue |
$ |
3,924 |
$ |
3,210 |
22 % |
||||
Operating profit |
$ |
1,638 |
$ |
1,206 |
36 % |
||||
Embedded Processing: |
|||||||||
Revenue |
$ |
723 |
$ |
647 |
12 % |
||||
Operating profit |
$ |
122 |
$ |
40 |
205 % |
||||
Other: |
|||||||||
Revenue |
$ |
178 |
$ |
212 |
(16) % |
||||
Operating profit * |
$ |
48 |
$ |
78 |
(38) % |
||||
* Includes Acquisition charges |
|||||||||
非 GAAP 财务信息
本新闻稿包括根据这一衡量标准计算的自由现金流及各种比值。这些财务衡量标准并不遵循美国一般公认会计原则(GAAP)。自由现金流的计算方法是从最直接可比 GAAP 衡量标准，经营活动所产生的现金流（也被称为经营现金流）中减去资本支出，并加上 CHIPS Act 激励措施所得。
本公司认为，自由现金流和相关的比值能够深刻反映公司的流动资金、现金生成能力和潜在可回报投资者的现金金额，并帮助更好了解公司财务业绩。这些非 GAAP 衡量指标是可比 GAAP 衡量指标的补充。
下表中的数据是基于最直接可比 GAAP 的衡量标准经调整后所得出的数据。
For Three March 31, |
For 12 Months Ended March 31, |
|||||||||||
(In millions) |
2026 |
2026 |
2025 |
Change |
||||||||
Cash flow from operations (GAAP) * |
$ |
1,520 |
$ |
7,824 |
$ |
6,150 |
27 % |
|||||
Capital expenditures |
(676) |
(4,103) |
(4,695) |
|||||||||
Proceeds from CHIPS Act incentives |
555 |
630 |
260 |
|||||||||
Free cash flow (non-GAAP) |
$ |
1,399 |
$ |
4,351 |
$ |
1,715 |
154 % |
|||||
Revenue |
$ |
18,438 |
$ |
16,049 |
||||||||
Cash flow from operations as a percentage of revenue (GAAP) |
42.4 % |
38.3 % |
||||||||||
Free cash flow as a percentage of revenue (non-GAAP) |
23.6 % |
10.7 % |
||||||||||
* Includes cash benefits of $335 million and $588 million from the CHIPS Act ITC used to reduce income taxes payable for the twelve months |
本新闻稿还包括对营业税的参考，这是一个我们用来描述使用预估年度实际税率来计算的税额的非 GAAP 数据项，从定义上看，一个 GAAP 衡量标准不包括离散税项目。我们相信，由于营业税更加清晰地描述了预估实际税所代表的内容，即税额将会对我们运营的增量变化产生怎样的影响，这一项数据是有用的。
预测性声明通知
此新闻稿包含根据美国 1995 年《私人证券诉讼改革法案》之免责条款所拟定的前瞻性声明。这些声明一般以德州仪器及其管理层“相信”、“期望”、“预期”、“预见”、“估计”或其它具有相似含义的字词呈现。同样，文中对德州仪器的业务战略、前景、目的、计划、意图或目标之陈述亦属前瞻性声明。所有此等前瞻性声明均具有一定风险及不确定性，可能导致实际结果与前瞻性声明内容存在重大差异。
我们希望读者能仔细考虑以下重要因素，它们可能导致实际结果与德州仪器或其管理层的预期产生重大差异：
- 我们、我们的客户或我们的供应商所在国家的经济、社会和政治状况，以及自然事件，包括全球贸易政策；
- 市场对半导体的需求，特别是在工业和汽车市场，以及与预测不同的客户需求；
- 我们在竞争激烈的行业中保持产品和价格竞争的能力；
- 与我们或客户或供应商和其他第三方的信息技术系统相关的网络安全和其他威胁的演进；
- 我们成功实施和实现战略、业务和组织变革机会的能力，或我们实现重组费用和相关成本节约的数量和时间预期的能力；
- 我们在快速变化的技术环境中开发、制造和销售创新产品的能力，以及我们及时实施新的制造工艺和安装制造设备的能力，以及我们从对制造能力的重大投资中获得预期回报的能力；
- 关键材料、公用事业、制造设备、第三方制造服务和制造技术的可用性和成本；
- 我们招募和留住熟练技术人才的能力，有效处理关键岗位交接问题的能力；
- 与我们的产品、制造、交付、服务、设计或传播相关的产品责任、保修或其他索赔，或由我们的客户对包含我们其中一个部件的产品进行召回；
- 遵守复杂法律和规章制度或法律制度的改变，或官方的强制措施，对我们业务运营带来限制，或我们受到罚款、处罚和其他法律责任；
- 由于税收法规和会计准则的改变所导致的税率变化同样适用于我们，在司法管辖区，必须按照获得的利润交税，税务审计的不利决议，关税税率的提升，以及实现递延所得税资产的能力；
- 分销商或半导体分销商财务困难或他们对同类竞争产品线的推广而导致我们损失；或与现有或此前分销商发生纠纷；
- 因主要客户导致的损失或采购缩减，客户调整库存所涉的时间和金额；
- 竞争激烈的周期性行业和不断变化的监管环境下保持或提高利润率的能力，包括充分利用生产设施以实现固定营业成本的能力；
- 我们维护和落实强大知识产权组合以及在我们所有开展业务的司法管辖区保持自由运营的能力，或我们遭受侵权索赔；
- 我们在到期时支付债务本金和利息的能力；
- 全球信用和金融市场的不稳定性；
- 以及我们非金融资产的减值。
有关这些因素的更详细讨论，请参阅德州仪器最新 10-K 表格 1A 项“风险因素”的讨论。本新闻稿中包含的前瞻性陈述仅截至本新闻稿发布之日有效，德州仪器不承担任何对这些前瞻性陈述进行更新以反映后续事件或情况的义务。如果我们更新任何前瞻性声明，不应推断我们将对该声明或任何其他前瞻性声明会进行额外更新。
关于德州仪器（TI）
德州仪器（TI）（纳斯达克股票代码：TXN）是一家全球性的半导体公司，从事设计、制造和销售模拟和嵌入式处理芯片，用于工业、汽车、数据中心、个人电子产品和通信设备等市场。我们致力于通过半导体技术让电子产品更经济实用，让世界更美好。如今，每一代创新都建立在上一代创新的基础上，使我们的技术变得更可靠、更经济、更节能，从而实现半导体在电子产品领域的广泛应用。访问TI.com.cn了解更多详情。