10-Q · July 24, 2026
Texas Instruments reported a strong Q2, with $5.46 billion of revenue (+13% sequentially, +23% year over year), $2.14 of EPS, and substantial gross and operating-margin expansion to 61.4% and 42.3%, respectively. Analog…
Earnings analysis · 10-Q
TXN earnings analysis
Filed October 23, 2026 · Our reading of the company's report
The latest report
Texas Instruments delivered a strong Q3, with revenue of $6.055 billion and diluted EPS of $2.62, representing sequential and year-over-year growth and a $0.20 EPS consensus beat. Operating margin expanded to…
Read full summary
Texas Instruments delivered a strong Q3, with revenue of $6.055 billion and diluted EPS of $2.62, representing sequential and year-over-year growth and a $0.20 EPS consensus beat. Operating margin expanded to approximately 47.5%, indicating significant operating leverage as Analog and Embedded Processing demand improved. The 10-Q excerpt contains no new quantitative guidance and incorporates risk factors from the 2025 Form 10-K; continued manufacturing-investment execution and cyclical demand remain the principal concerns.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.62
- Operating margin
- 47.5%
- Segment
- Analog: grew year over year; segment revenue was not disclosed in the supplied 10-Q text.
- Segment
- Embedded Processing: grew year over year; segment revenue was not disclosed in the supplied 10-Q text.
What stood out
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Revenue accelerated to $6.055 billion
Revenue was $6.055 billion, up approximately 10.9% from $5.46 billion in Q2 2026 and approximately 27.7% from $4.74 billion in Q3 2025.
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EPS growth and consensus beat
Diluted EPS was $2.62, up from $2.14 in the prior quarter and $1.48 a year earlier; it also exceeded the $2.42 consensus estimate by $0.20.
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Operating leverage strengthened
Operating margin was approximately 47.5%, improving from 42.6% in Q2 2026 and 35.1% in Q3 2025.
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Share repurchases continued
TI repurchased 183,870 shares during the quarter at an aggregate average price of $266.04 per share, leaving approximately $18.56 billion available under the repurchase authorizations as of September 30, 2026.
What to watch
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No quantified risk-factor update
The filing does not identify new or revised risk factors: Item 1A incorporates the risk discussion from the 2025 Form 10-K. The filing's forward-looking disclosure enumerates 18 categories, including semiconductor demand variability, customer inventory adjustments, manufacturing-capacity execution, and margin utilization.
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Capacity investment and capital allocation
The filing identifies the ability to realize expected returns on significant manufacturing-capacity investments as a risk, while the company had approximately $18.56 billion remaining under share-repurchase authorizations at September 30, 2026; capital allocation and capacity spending therefore remain important execution considerations.
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Macro and trade exposure
The filing identifies global economic, social, political, trade, and natural-event exposure as a risk. This is particularly relevant because the company operates across multiple countries and the filing provides no quantified mitigation or sensitivity for these factors.
Management's outlook
The supplied 10-Q text does not provide quantitative revenue or EPS guidance. Q4 guidance of $5.80 billion-$6.30 billion revenue and $2.45-$2.79 EPS was disclosed in the October 21, 2026 earnings release rather than this filing.
Earlier filings 2
10-Q · April 24, 2026
Texas Instruments reported Q1 2026 revenue of $4.83 billion (up 19% YoY, 9% sequentially) and EPS of $1.68 (vs. $1.28 a year ago). Margins expanded (gross margin 58.0%, operating margin 37.5%) and trailing-12-month cash…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.