Texas Instruments (TXN) FY2019 results: revenue $14.4 billion, down 8.9% on the year
Texas Instruments Inc. (TXN) reported revenue of $14.4 billion for fiscal 2019, the year ended 31 December 2019, down 8.9% on the year before. Net income was $5.0 billion, down 10.1%, and diluted earnings per share $5.24. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2020.
Revenue
$14.4 billion
-8.9% on the year
FY2012FY2019
Operating margin
39.8%
42.5% a year earlier
FY2012FY2019
Net income
$5.0 billion
-10.1% on the year
FY2012FY2019
Diluted EPS
$5.24
-6.3% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
14,383
15,784
14,961
-8.9%
Cost of revenue
5,219
5,507
5,347
-5.2%
Gross profit
9,164
10,277
9,614
-10.8%
Gross margin
63.7%
65.1%
64.3%
Research and development
1,544
1,559
1,508
-1.0%
Selling, general and administrative
1,645
1,684
1,694
-2.3%
Operating income
5,723
6,713
6,083
-14.7%
Operating margin
39.8%
42.5%
40.7%
Pre-tax income
5,728
6,686
6,080
-14.3%
Income tax
711
1,106
2,398
-35.7%
Effective tax rate
12.4%
16.5%
39.4%
Net income
5,017
5,580
3,682
-10.1%
Net margin
34.9%
35.4%
24.6%
Diluted EPS
$5.24
$5.59
$3.61
-6.3%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
6,649
7,189
5,363
-7.5%
Capital expenditure
847
1,131
695
-25.1%
Free cash flow
5,802
6,058
4,668
-4.2%
Free cash flow margin
40.3%
38.4%
31.2%
Cash from investing
-1,920
-78.0
-1,127
Cash from financing
-4,730
-6,329
-3,734
Depreciation and amortisation
996
908
857
+9.7%
Share-based compensation
217
232
242
-6.5%
Buybacks
2,960
5,100
2,556
-42.0%
Dividends paid
3,008
2,555
2,104
+17.7%
Dividend per share
$3.21
$2.63
$2.12
+22.1%
Diluted shares, weighted
952m
990m
1,012m
-3.8%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
8,907
8,994
10,337
-1.0%
Debt
5,803
5,068
4,077
+14.5%
Operating lease liabilities
259
n/a
n/a
Other liabilities
3,049
3,075
3,228
-0.8%
Total liabilities and equity
18,018
17,137
17,642
+5.1%
Fixed assets
3,303
3,183
2,664
+3.8%
Goodwill
4,362
4,362
4,362
0.0%
Intangible assets
340
628
946
-45.9%
Investments
3,250
2,046
3,081
+58.8%
Cash and equivalents
2,437
2,438
1,656
-0.0%
Receivables
1,074
1,207
1,278
-11.0%
Inventory
2,001
2,217
1,957
-9.7%
Other assets
1,251
1,056
1,698
+18.5%
Total assets
18,018
17,137
17,642
+5.1%
10-K for the year ended 31 December 2019, filed 20 February 2020: the filing.