Texas Instruments (TXN) FY2020 results: revenue $14.5 billion, up 0.5% on the year
Texas Instruments Inc. (TXN) reported revenue of $14.5 billion for fiscal 2020, the year ended 31 December 2020, up 0.5% on the year before. Net income was $5.6 billion, up 11.5%, and diluted earnings per share $5.97. The figures are the company's own, from the 10-K it filed with the SEC on 5 February 2021.
Revenue
$14.5 billion
+0.5% on the year
FY2013FY2020
Operating margin
40.8%
39.8% a year earlier
FY2013FY2020
Net income
$5.6 billion
+11.5% on the year
FY2013FY2020
Diluted EPS
$5.97
+13.9% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
14,461
14,383
15,784
+0.5%
Cost of revenue
5,192
5,219
5,507
-0.5%
Gross profit
9,269
9,164
10,277
+1.1%
Gross margin
64.1%
63.7%
65.1%
Research and development
1,530
1,544
1,559
-0.9%
Selling, general and administrative
1,623
1,645
1,684
-1.3%
Operating income
5,894
5,723
6,713
+3.0%
Operating margin
40.8%
39.8%
42.5%
Pre-tax income
6,017
5,728
6,686
+5.0%
Income tax
422
711
1,106
-40.6%
Effective tax rate
7.0%
12.4%
16.5%
Net income
5,595
5,017
5,580
+11.5%
Net margin
38.7%
34.9%
35.4%
Diluted EPS
$5.97
$5.24
$5.59
+13.9%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
6,139
6,649
7,189
-7.7%
Capital expenditure
649
847
1,131
-23.4%
Free cash flow
5,490
5,802
6,058
-5.4%
Free cash flow margin
38.0%
40.3%
38.4%
Cash from investing
-922
-1,920
-78.0
Cash from financing
-4,547
-4,730
-6,329
Depreciation and amortisation
931
996
908
-6.5%
Share-based compensation
224
217
232
+3.2%
Buybacks
2,553
2,960
5,100
-13.8%
Dividends paid
3,426
3,008
2,555
+13.9%
Dividend per share
$3.72
$3.21
$2.63
+15.9%
Diluted shares, weighted
933m
952m
990m
-2.0%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
9,187
8,907
8,994
+3.1%
Debt
6,798
5,803
5,068
+17.1%
Operating lease liabilities
249
259
n/a
-3.9%
Other liabilities
3,117
3,049
3,075
+2.2%
Total liabilities and equity
19,351
18,018
17,137
+7.4%
Fixed assets
3,269
3,303
3,183
-1.0%
Goodwill
4,362
4,362
4,362
0.0%
Intangible assets
152
340
628
-55.3%
Investments
3,510
3,250
2,046
+8.0%
Cash and equivalents
3,107
2,437
2,438
+27.5%
Receivables
1,414
1,074
1,207
+31.7%
Inventory
1,955
2,001
2,217
-2.3%
Other assets
1,582
1,251
1,056
+26.5%
Total assets
19,351
18,018
17,137
+7.4%
10-K for the year ended 31 December 2020, filed 5 February 2021: the filing.