Texas Instruments (TXN) · Semiconductors
Texas Instruments Q2 2026 earnings: summary, key numbers & outlook
Results filed 22 Jul 2026 · Quarter ended 30 Jun 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
Texas Instruments reported second quarter revenue of $5.46 billion, net income of $1.98 billion and earnings per share of $2.14.
Texas Instruments had a strong second quarter. Revenue was $5.46 billion, up 13% from the prior quarter and 23% from a year ago. Industrial, data center and automotive customers led the growth. Net income was $1.98 billion and earnings per share were $2.14, including a 5-cent benefit that was not in the company's original guidance. Analog revenue rose 26% and Embedded Processing rose 16%.
For the third quarter, TI expects revenue of $5.65 billion to $6.15 billion and earnings per share between $2.23 and $2.57. The range is wide, so management is signaling uncertainty about demand. The risk factors in the release name industrial and automotive demand, customer inventory adjustments and global trade policies. Free cash flow also relied partly on CHIPS Act incentives, which may not recur at the same level.
Key numbers
- Revenue · GAAP
- $5.46 billion
- Net income · GAAP
- $1.98 billion
- Diluted earnings per share · GAAP
- $2.14
- Operating profit · GAAP
- $2.3B
- Cash flow from operations (quarter) · GAAP
- $2.7B
- Free cash flow (quarter) · non-GAAP
- $2.7B
up 23% from the same quarter a year ago
up 53% from a year ago
up 52% from a year ago
up 48% from a year ago
| Segment or metric | Value | Change |
|---|---|---|
| Analog revenue | $4.4B | up 26% |
| Embedded Processing revenue | $788.0M | up 16% |
| Other revenue | $310.0M | down 2% |
Where each number comes from
- Revenue: “today reported second quarter revenue of $5.46 billion, net income of $1.98 billion and earnings per share of $2.14.”
- Net income: “today reported second quarter revenue of $5.46 billion, net income of $1.98 billion and earnings per share of $2.14.”
- Diluted earnings per share: “today reported second quarter revenue of $5.46 billion, net income of $1.98 billion and earnings per share of $2.14.”
- Operating profit: “Earnings summary (In millions, except per-share amounts) | Q2 2026 | Q2 2025 | Change Revenue | $5,463 | $4,448 | 23% Operating profit | $2,310 | $1,563 | 48% Net income”
- Cash flow from operations (quarter): “Cash flow from operations | $2,703 | $8,667 | $6,439 | 35% Free cash flow | $2,738 | $6,534 | $1,763 | 271% Free cash flow % of revenue”
- Free cash flow (quarter): “Cash flow from operations | $2,703 | $8,667 | $6,439 | 35% Free cash flow | $2,738 | $6,534 | $1,763 | 271% Free cash flow % of revenue”
- Analog revenue: “Analog: Revenue | $4,365 | $3,452 | 26% Operating profit | $1,992 | $1,325 | 50% Embedded Processing: Revenue | $788 | $679 | 16%”
- Embedded Processing revenue: “Analog: Revenue | $4,365 | $3,452 | 26% Operating profit | $1,992 | $1,325 | 50% Embedded Processing: Revenue | $788 | $679 | 16%”
- Other revenue: “Other: Revenue | $310 | $317 | (2)% Operating profit * | $150 | $153 | (2)% * Includes Acquisition charges”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $5.5B | +22.8% | +13.2% |
| Operating income | $2.3B | +47.8% | +27.8% |
| Net income | $2.0B | +52.9% | +28.2% |
| Diluted EPS | $2.14 | +51.8% | +27.4% |
| Free cash flow | $2.2B | +294.4% | +159.4% |
| Gross margin | 61.4% | +3.5 pts | +3.4 pts |
| Operating margin | 42.3% | +7.2 pts | +4.8 pts |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Third quarter revenue outlook | third quarter of 2026 | $5.65 billion to $6.15 billion |
| Third quarter earnings per share outlook | third quarter of 2026 | $2.23 to $2.57 |
Key takeaways
Revenue grew 23% with broad demand
Revenue increased 13% sequentially and 23% from the same quarter a year ago, led by industrial, data center and automotive.
Profit grew faster than revenue
Operating profit rose 48% to $2,310 million and net income rose 53% to $1,980 million, against 23% revenue growth.
Free cash flow jumped on lower capex
Quarterly capital expenditures were $514 million versus $1,305 million a year earlier. Free cash flow for the trailing 12 months was $6,534 million versus $1,763 million.
Third quarter outlook implies further growth
TI guided to revenue of $5.65 billion to $6.15 billion and earnings per share between $2.23 and $2.57, compared with $5,463 million and $2.14 in the second quarter.
Analog led segments; buybacks stayed minimal
Analog revenue rose 26% to $4,365 million and Embedded Processing rose 16% to $788 million. Stock repurchases were $27 million in the quarter, while dividends paid were $1,295 million.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q4 2024 | $4.0B * |
| Q1 2025 | $4.1B |
| Q2 2025 | $4.4B |
| Q3 2025 | $4.7B |
| Q4 2025 | $4.4B * |
| Q1 2026 | $4.8B |
| Q2 2026 | $5.5B |
| Q3 2026 | $6.1B |
Data
| Q1 2025 | $1.28 |
| Q2 2025 | $1.41 |
| Q3 2025 | $1.48 |
| Q1 2026 | $1.68 |
| Q2 2026 | $2.14 |
| Q3 2026 | $2.62 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Data
| Q4 2024 | 34.4% |
| Q1 2025 | 32.5% |
| Q2 2025 | 35.1% |
| Q3 2025 | 35.1% |
| Q4 2025 | 33.3% |
| Q1 2026 | 37.5% |
| Q2 2026 | 42.3% |
| Q3 2026 | 47.5% |
Data
| Q4 2024 | $806.0M |
| Q1 2025 | -$274.0M |
| Q2 2025 | $555.0M |
| Q3 2025 | $993.0M |
| Q4 2025 | $1.3B |
| Q1 2026 | $844.0M |
| Q2 2026 | $2.2B |
| Q3 2026 | $3.0B |
Operating cash flow minus capital expenditure, from cash flow statements.
Questions
What were Texas Instruments' second quarter 2026 results?
Revenue was $5.46 billion, up 23% from a year ago. Net income was $1.98 billion and earnings per share were $2.14, which included a 5-cent benefit not in the original guidance.
What is TI's outlook for the third quarter of 2026?
TI expects revenue of $5.65 billion to $6.15 billion and earnings per share between $2.23 and $2.57.
Which segments drove growth?
Analog revenue rose 26% to $4,365 million and Embedded Processing rose 16% to $788 million. Other revenue fell 2% to $310 million. By end market, industrial, data center and automotive led growth.
How strong was TI's cash flow?
Trailing 12-month cash flow from operations was $8.7 billion and free cash flow was $6.5 billion, or 33.6% of revenue. Free cash flow includes proceeds from CHIPS Act incentives.
How much did TI return to shareholders?
TI returned $5.8 billion over the past 12 months, made up of $5,112 million in dividends and $707 million in stock repurchases. In the quarter, dividends paid were $1,295 million and repurchases were $27 million.
Documents
SEC filing