Texas Instruments (TXN) FY2018 results: revenue $15.8 billion, up 5.5% on the year
Texas Instruments Inc. (TXN) reported revenue of $15.8 billion for fiscal 2018, the year ended 31 December 2018, up 5.5% on the year before. Net income was $5.6 billion, up 51.5%, and diluted earnings per share $5.59. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2019.
Revenue
$15.8 billion
+5.5% on the year
FY2011FY2018
Operating margin
42.5%
40.7% a year earlier
FY2011FY2018
Net income
$5.6 billion
+51.5% on the year
FY2011FY2018
Diluted EPS
$5.59
+54.8% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
15,784
14,961
13,370
+5.5%
Cost of revenue
5,507
5,347
5,113
+3.0%
Gross profit
10,277
9,614
8,257
+6.9%
Gross margin
65.1%
64.3%
61.8%
Research and development
1,559
1,508
1,356
+3.4%
Selling, general and administrative
1,684
1,694
1,742
-0.6%
Operating income
6,713
6,083
4,855
+10.4%
Operating margin
42.5%
40.7%
36.3%
Pre-tax income
6,686
6,080
4,930
+10.0%
Income tax
1,106
2,398
1,335
-53.9%
Effective tax rate
16.5%
39.4%
27.1%
Net income
5,580
3,682
3,595
+51.5%
Net margin
35.4%
24.6%
26.9%
Diluted EPS
$5.59
$3.61
$3.48
+54.8%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
7,189
5,363
4,614
+34.0%
Capital expenditure
1,131
695
531
+62.7%
Free cash flow
6,058
4,668
4,083
+29.8%
Free cash flow margin
38.4%
31.2%
30.5%
Cash from investing
-78.0
-1,127
-650
Cash from financing
-6,329
-3,734
-3,810
Depreciation and amortisation
908
857
924
+6.0%
Share-based compensation
232
242
252
-4.1%
Buybacks
5,100
2,556
2,132
+99.5%
Dividends paid
2,555
2,104
1,646
+21.4%
Dividend per share
$2.63
$2.12
$1.64
+24.1%
Diluted shares, weighted
990m
1,012m
1,021m
-2.2%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
8,994
10,337
10,473
-13.0%
Debt
5,068
4,077
3,609
+24.3%
Other liabilities
3,075
3,228
2,349
-4.7%
Total liabilities and equity
17,137
17,642
16,431
-2.9%
Fixed assets
3,183
2,664
2,512
+19.5%
Goodwill
4,362
4,362
4,362
0.0%
Intangible assets
628
946
1,264
-33.6%
Investments
2,046
3,081
2,571
-33.6%
Cash and equivalents
2,438
1,656
1,154
+47.2%
Receivables
1,207
1,278
1,267
-5.6%
Inventory
2,217
1,957
1,790
+13.3%
Other assets
1,056
1,698
1,511
-37.8%
Total assets
17,137
17,642
16,431
-2.9%
10-K for the year ended 31 December 2018, filed 22 February 2019: the filing.