Texas Instruments (TXN) FY2013 results: revenue $12.2 billion, down 4.8% on the year
Texas Instruments Inc. (TXN) reported revenue of $12.2 billion for fiscal 2013, the year ended 31 December 2013, down 4.8% on the year before. Net income was $2.2 billion, up 22.9%, and diluted earnings per share $1.91. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2014.
Revenue
$12.2 billion
-4.8% on the year
FY2007FY2013
Operating margin
23.2%
15.4% a year earlier
FY2007FY2013
Net income
$2.2 billion
+22.9% on the year
FY2007FY2013
Diluted EPS
$1.91
+26.5% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
12,205
12,825
13,735
-4.8%
Cost of revenue
5,841
6,457
6,963
-9.5%
Gross profit
6,364
6,368
6,772
-0.1%
Gross margin
52.1%
49.7%
49.3%
Research and development
1,522
1,877
1,715
-18.9%
Selling, general and administrative
1,858
1,804
1,638
+3.0%
Operating income
2,832
1,973
2,992
+43.5%
Operating margin
23.2%
15.4%
21.8%
Pre-tax income
2,754
1,935
2,955
+42.3%
Income tax
592
176
719
+236.4%
Effective tax rate
21.5%
9.1%
24.3%
Net income
2,162
1,759
2,236
+22.9%
Net margin
17.7%
13.7%
16.3%
Diluted EPS
$1.91
$1.51
$1.88
+26.5%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
3,384
3,414
3,256
-0.9%
Capital expenditure
412
495
816
-16.8%
Free cash flow
2,972
2,919
2,440
+1.8%
Free cash flow margin
24.4%
22.8%
17.8%
Depreciation and amortisation
1,215
1,299
1,015
-6.5%
Share-based compensation
287
263
269
+9.1%
Buybacks
2,868
1,800
1,973
+59.3%
Dividends paid
1,175
819
644
+43.5%
Dividend per share
$1.07
$0.72
$0.56
+48.6%
Diluted shares, weighted
1,113m
1,146m
1,171m
-2.9%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
10,807
10,961
10,952
-1.4%
Debt
5,158
5,686
5,592
-9.3%
Other liabilities
2,973
3,374
3,953
-11.9%
Total liabilities and equity
18,938
20,021
20,497
-5.4%
Fixed assets
3,399
3,912
4,428
-13.1%
Goodwill
4,362
4,362
4,452
0.0%
Intangible assets
2,223
2,558
2,900
-13.1%
Investments
2,418
2,764
2,208
-12.5%
Cash and equivalents
1,627
1,416
992
+14.9%
Receivables
1,203
1,230
1,545
-2.2%
Inventory
1,731
1,757
1,788
-1.5%
Other assets
1,975
2,022
2,184
-2.3%
Total assets
18,938
20,021
20,497
-5.4%
10-K for the year ended 31 December 2013, filed 24 February 2014: the filing.