Texas Instruments (TXN) FY2017 results: revenue $15.0 billion, up 11.9% on the year
Texas Instruments Inc. (TXN) reported revenue of $15.0 billion for fiscal 2017, the year ended 31 December 2017, up 11.9% on the year before. Net income was $3.7 billion, up 2.4%, and diluted earnings per share $3.61. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2019.
Revenue
$15.0 billion
+11.9% on the year
FY2010FY2017
Operating margin
40.7%
36.3% a year earlier
FY2010FY2017
Net income
$3.7 billion
+2.4% on the year
FY2010FY2017
Diluted EPS
$3.61
+3.7% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
14,961
13,370
13,000
+11.9%
Cost of revenue
5,347
5,113
5,425
+4.6%
Gross profit
9,614
8,257
7,560
+16.4%
Gross margin
64.3%
61.8%
58.2%
Research and development
1,508
1,356
1,267
+11.2%
Selling, general and administrative
1,694
1,742
1,728
-2.8%
Operating income
6,083
4,855
4,322
+25.3%
Operating margin
40.7%
36.3%
33.2%
Pre-tax income
6,080
4,930
4,216
+23.3%
Income tax
2,398
1,335
1,230
+79.6%
Effective tax rate
39.4%
27.1%
29.2%
Net income
3,682
3,595
2,986
+2.4%
Net margin
24.6%
26.9%
23.0%
Diluted EPS
$3.61
$3.48
$2.82
+3.7%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
5,363
4,614
n/a
+16.2%
Capital expenditure
695
531
551
+30.9%
Free cash flow
4,668
4,083
n/a
+14.3%
Free cash flow margin
31.2%
30.5%
n/a
Cash from investing
-1,127
-650
n/a
Cash from financing
-3,734
-3,810
n/a
Depreciation and amortisation
857
924
1,085
-7.3%
Share-based compensation
242
252
286
-4.0%
Buybacks
2,556
2,132
2,741
+19.9%
Dividends paid
2,104
1,646
1,444
+27.8%
Dividend per share
$2.12
$1.64
$1.40
+29.3%
Diluted shares, weighted
1,012m
1,021m
1,043m
-0.9%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
10,337
10,473
9,946
-1.3%
Debt
4,077
3,609
4,120
+13.0%
Other liabilities
3,228
2,349
2,164
+37.4%
Total liabilities and equity
17,642
16,431
16,230
+7.4%
Fixed assets
2,664
2,512
2,596
+6.1%
Goodwill
4,362
4,362
4,362
0.0%
Intangible assets
946
1,264
1,583
-25.2%
Investments
3,081
2,571
2,439
+19.8%
Cash and equivalents
1,656
1,154
1,000
+43.5%
Receivables
1,278
1,267
1,165
+0.9%
Inventory
1,957
1,790
1,691
+9.3%
Other assets
1,698
1,511
1,394
+12.4%
Total assets
17,642
16,431
16,230
+7.4%
10-K for the year ended 31 December 2017, filed 22 February 2019: the filing.