Texas Instruments (TXN) FY2014 results: revenue $13.0 billion, up 6.9% on the year
Texas Instruments Inc. (TXN) reported revenue of $13.0 billion for fiscal 2014, the year ended 31 December 2014, up 6.9% on the year before. Net income was $2.8 billion, up 30.5%, and diluted earnings per share $2.57. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2015.
Revenue
$13.0 billion
+6.9% on the year
FY2007FY2014
Operating margin
30.3%
23.2% a year earlier
FY2007FY2014
Net income
$2.8 billion
+30.5% on the year
FY2007FY2014
Diluted EPS
$2.57
+34.6% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
13,045
12,205
12,825
+6.9%
Cost of revenue
5,618
5,841
6,457
-3.8%
Gross profit
7,427
6,364
6,368
+16.7%
Gross margin
56.9%
52.1%
49.7%
Research and development
1,358
1,522
1,877
-10.8%
Selling, general and administrative
1,843
1,858
1,804
-0.8%
Operating income
3,947
2,832
1,973
+39.4%
Operating margin
30.3%
23.2%
15.4%
Pre-tax income
3,874
2,754
1,935
+40.7%
Income tax
1,053
592
176
+77.9%
Effective tax rate
27.2%
21.5%
9.1%
Net income
2,821
2,162
1,759
+30.5%
Net margin
21.6%
17.7%
13.7%
Diluted EPS
$2.57
$1.91
$1.51
+34.6%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
n/a
3,384
3,414
Capital expenditure
385
412
495
-6.6%
Free cash flow
n/a
2,972
2,919
Free cash flow margin
n/a
24.4%
22.8%
Depreciation and amortisation
1,171
1,215
1,299
-3.6%
Share-based compensation
277
287
263
-3.5%
Buybacks
2,831
2,868
1,800
-1.3%
Dividends paid
1,323
1,175
819
+12.6%
Dividend per share
$1.24
$1.07
$0.72
+15.9%
Diluted shares, weighted
1,080m
1,113m
1,146m
-3.0%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
10,390
10,807
10,961
-3.9%
Debt
4,631
5,158
5,686
-10.2%
Other liabilities
2,351
2,973
3,374
-20.9%
Total liabilities and equity
17,372
18,938
20,021
-8.3%
Fixed assets
2,840
3,399
3,912
-16.4%
Goodwill
4,362
4,362
4,362
0.0%
Intangible assets
1,902
2,223
2,558
-14.4%
Investments
2,566
2,418
2,764
+6.1%
Cash and equivalents
1,199
1,627
1,416
-26.3%
Receivables
1,246
1,203
1,230
+3.6%
Inventory
1,784
1,731
1,757
+3.1%
Other assets
1,473
1,975
2,022
-25.4%
Total assets
17,372
18,938
20,021
-8.3%
10-K for the year ended 31 December 2014, filed 24 February 2015: the filing.