Texas Instruments (TXN) FY2016 results: revenue $13.4 billion, up 2.8% on the year
Texas Instruments Inc. (TXN) reported revenue of $13.4 billion for fiscal 2016, the year ended 31 December 2016, up 2.8% on the year before. Net income was $3.6 billion, up 20.4%, and diluted earnings per share $3.48. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2019.
Revenue
$13.4 billion
+2.8% on the year
FY2009FY2016
Operating margin
36.3%
33.2% a year earlier
FY2009FY2016
Net income
$3.6 billion
+20.4% on the year
FY2009FY2016
Diluted EPS
$3.48
+23.4% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
13,370
13,000
13,045
+2.8%
Cost of revenue
5,113
5,425
5,618
-5.8%
Gross profit
8,257
7,560
7,427
+9.2%
Gross margin
61.8%
58.2%
56.9%
Research and development
1,356
1,267
1,358
+7.0%
Selling, general and administrative
1,742
1,728
1,843
+0.8%
Operating income
4,855
4,322
3,947
+12.3%
Operating margin
36.3%
33.2%
30.3%
Pre-tax income
4,930
4,216
3,874
+16.9%
Income tax
1,335
1,230
1,053
+8.5%
Effective tax rate
27.1%
29.2%
27.2%
Net income
3,595
2,986
2,821
+20.4%
Net margin
26.9%
23.0%
21.6%
Diluted EPS
$3.48
$2.82
$2.57
+23.4%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
4,614
n/a
n/a
Capital expenditure
531
551
385
-3.6%
Free cash flow
4,083
n/a
n/a
Free cash flow margin
30.5%
n/a
n/a
Cash from investing
-650
n/a
n/a
Cash from financing
-3,810
n/a
n/a
Depreciation and amortisation
924
1,085
1,171
-14.8%
Share-based compensation
252
286
277
-11.9%
Buybacks
2,132
2,741
2,831
-22.2%
Dividends paid
1,646
1,444
1,323
+14.0%
Dividend per share
$1.64
$1.40
$1.24
+17.1%
Diluted shares, weighted
1,021m
1,043m
1,080m
-2.1%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
10,473
9,946
10,390
+5.3%
Debt
3,609
4,120
4,631
-12.4%
Other liabilities
2,349
2,164
2,351
+8.5%
Total liabilities and equity
16,431
16,230
17,372
+1.2%
Fixed assets
2,512
2,596
2,840
-3.2%
Goodwill
4,362
4,362
4,362
0.0%
Intangible assets
1,264
1,583
1,902
-20.2%
Investments
2,571
2,439
2,566
+5.4%
Cash and equivalents
1,154
1,000
1,199
+15.4%
Receivables
1,267
1,165
1,246
+8.8%
Inventory
1,790
1,691
1,784
+5.9%
Other assets
1,511
1,394
1,473
+8.4%
Total assets
16,431
16,230
17,372
+1.2%
10-K for the year ended 31 December 2016, filed 22 February 2019: the filing.