Texas Instruments (TXN) FY2011 results: revenue $13.7 billion, down 1.7% on the year
Texas Instruments Inc. (TXN) reported revenue of $13.7 billion for fiscal 2011, the year ended 31 December 2011, down 1.7% on the year before. Net income was $2.2 billion, down 30.7%, and diluted earnings per share $1.88. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2012.
Revenue
$13.7 billion
-1.7% on the year
FY2007FY2011
Operating margin
21.8%
32.3% a year earlier
FY2007FY2011
Net income
$2.2 billion
-30.7% on the year
FY2007FY2011
Diluted EPS
$1.88
-28.2% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
13,735
13,966
10,427
-1.7%
Cost of revenue
6,963
6,474
5,428
+7.6%
Gross profit
6,772
7,492
4,999
-9.6%
Gross margin
49.3%
53.6%
47.9%
Research and development
1,715
1,570
1,476
+9.2%
Selling, general and administrative
1,638
1,519
1,320
+7.8%
Operating income
2,992
4,514
1,991
-33.7%
Operating margin
21.8%
32.3%
19.1%
Pre-tax income
2,955
4,551
2,017
-35.1%
Income tax
719
1,323
547
-45.7%
Effective tax rate
24.3%
29.1%
27.1%
Net income
2,236
3,228
1,470
-30.7%
Net margin
16.3%
23.1%
14.1%
Diluted EPS
$1.88
$2.62
$1.15
-28.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
3,256
3,820
2,643
-14.8%
Capital expenditure
816
1,199
753
-31.9%
Free cash flow
2,440
2,621
1,890
-6.9%
Free cash flow margin
17.8%
18.8%
18.1%
Depreciation and amortisation
1,015
913
925
+11.2%
Share-based compensation
269
190
186
+41.6%
Buybacks
1,973
2,454
n/a
-19.6%
Dividends paid
644
592
567
+8.8%
Dividend per share
$0.56
$0.49
$0.45
+14.3%
Diluted shares, weighted
1,171m
1,213m
1,269m
-3.5%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
10,952
10,437
9,722
+4.9%
Debt
5,592
0.0
n/a
Other liabilities
3,953
2,964
2,397
+33.4%
Total liabilities and equity
20,497
13,401
12,119
+53.0%
Fixed assets
4,428
3,680
3,158
+20.3%
Goodwill
4,452
924
926
+381.8%
Intangible assets
2,900
76.0
124
+3,715.8%
Investments
2,208
2,206
2,380
+0.1%
Cash and equivalents
992
1,319
1,182
-24.8%
Receivables
1,545
1,518
1,277
+1.8%
Inventory
1,788
1,520
1,202
+17.6%
Other assets
2,184
2,158
1,870
+1.2%
Total assets
20,497
13,401
12,119
+53.0%
10-K for the year ended 31 December 2011, filed 24 February 2012: the filing.