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Texas Instruments Inc. Q1 FY2024 results: revenue $3.7 billion, down 16.4% on the year

Texas Instruments Inc. (TXN) reported revenue of $3.7 billion for Q1 FY2024, the quarter ended 31 March 2024, down 16.4% on the same quarter a year earlier. Net income was $1.1 billion, down 35.3% on the year, and diluted earnings per share $1.20. The figures are the company's own, from the 10-Q it filed with the SEC on 24 April 2024.

Revenue$3.7 billiondown 16.4%
Net income$1.1 billiondown 35.3%
Diluted EPS$1.20
QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Revenue3,6614,077n/an/a
Cost of revenue1,5661,646n/an/a
Gross profit2,0952,431n/an/a
Gross margin57.2%59.6%n/a
Research and development478460n/an/a
Selling, general and administrative455438n/an/a
Operating income1,2861,533n/an/a
Operating margin35.1%37.6%n/a
Pre-tax income1,2931,548n/an/a
Income tax188177n/an/a
Effective tax rate14.5%11.4%n/a
Net income1,1051,371n/an/a
Net margin30.2%33.6%n/a
Diluted EPS$1.20$1.50n/an/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free 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 and capital returned

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Operating cash flow1,0171,924n/an/a
Capital expenditure1,2481,148n/an/a
Free cash flow-231776n/an/a
Free cash flow margin-6.3%19.0%n/a
Share-based compensation10668.0n/an/a
Buybacks3.065.0n/an/a
Dividends paid1,1831,181n/an/a
Dividend per share$1.30n/an/an/a
Diluted shares, weighted917m916mn/an/a
Shares outstanding at period end910m909mn/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Total assets34,88532,348n/an/a
Cash and equivalents2,4832,964n/an/a
Receivables1,6711,787n/an/a
Inventory4,0833,999n/an/a
Goodwill4,3624,362n/an/a
Long-term debt14,18911,223n/an/a
Borrowings, as the company tags them14,30011,300n/an/a
Operating lease liabilitiesn/a478n/an/a
Shareholders' equity16,98316,897n/an/a

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue4,5324,0773,6613,8224,1514,0074,0694,4484,7424,4234,8255,463
Cost of revenue1,7171,6461,5661,6111,6771,6931,7561,8732,0191,9512,0262,111
Gross profit2,8152,4312,0952,2112,4742,3142,3132,5752,7232,4722,7993,352
Gross margin62%60%57%58%60%58%57%58%57%56%58%61%
R&D471460478498492491517527518521510535
SG&A452438455465428446472485457446464490
Operating income1,8921,5331,2861,2481,5541,3771,3241,5631,6631,4731,8082,310
Operating margin42%38%35%33%37%34%33%35%35%33%37%42%
Pre-tax income1,9221,5481,2931,2471,5541,3591,2761,4781,5841,3721,7142,238
Tax rate11%11%15%10%12%11%8%12%14%15%10%12%
Net income1,7091,3711,1051,1271,3621,2051,1791,2951,3641,1631,5451,980
Net margin38%34%30%29%33%30%29%29%29%26%32%36%
Diluted EPS$1.85$1.50$1.20$1.22$1.47$1.31$1.28$1.41$1.48$1.28$1.68$2.14
Operating cash flow1,9371,9241,0171,5711,7321,9988491,8602,1902,2541,5202,703
Capital expenditure1,4951,1481,2481,0641,3161,1921,1231,3051,197925676514
Free cash flow442776-231507416806-2745559931,3298442,189
Buybacks46.065.03.071.031853765330211940315827.0
Dividends paid1,1261,1811,1831,1851,1871,2401,2381,2351,2361,2901,2911,295
Shares outstanding908m909m910m913m912m910m908m909m909m908m910m913m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 24 April 2024, accession 0000097476-24-000021: the filing on EDGAR. All of Texas Instruments Inc.'s filings: EDGAR company page.

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