TEXAS INSTRUMENTS INC (TXN)

Texas Instruments Incorporated designs and manufactures semiconductors sold to electronics designers and manufacturers worldwide, operating since 1930 and headquartered in Dallas, Texas, with design, manufacturing or sales operations in more than 30 countries. The company generated $17.68 billion in revenue in 2025 through two reportable segments, Analog and Embedded Processing, plus an Other category. The Analog segment, generating $14.01 billion (about 79% of revenue), produces power management and signal chain products—including battery-management solutions, DC/DC regulators, power switches, amplifiers, data converters, interface products, and sensing devices—that condition, amplify and convert real-world signals and manage electrical power.

The Embedded Processing segment, generating $2.70 billion (about 15% of revenue), offers microcontrollers, processors, wireless connectivity and radar products that serve as the digital control systems for electronic equipment, often supported by customer-developed software that lengthens product life cycles. The Other category, generating $979 million, includes DLP products used in projection displays, calculators, and application-specific integrated circuits (ASICs), along with certain corporate-level items. TI's broad portfolio of more than 80,000 products serves diverse end markets including industrial (33% of revenue, covering automation, aerospace & defense, energy, medical, and other applications), automotive (33%, including infotainment, ADAS, powertrain and safety systems), personal electronics (21%, spanning mobile phones, PCs, and other consumer devices), data center (9%), and communications equipment (3%), with calculators contributing about 1%.

The company sells to over 100,000 customers globally, with roughly half of revenue coming from customers outside its top 50, primarily through direct sales channels (over 80% of 2025 revenue, including TI.com) and, to a lesser extent, through distributors. TI emphasizes in-house manufacturing as a core competitive advantage, owning and operating wafer fabrication and assembly/test facilities across North America, Asia, Japan and Europe, with continued investment in 300mm wafer capacity at newer fabs in Richardson and Sherman, Texas, and Lehi, Utah, supplementing internal capacity with select outside foundries and subcontractors. The company competes in a highly fragmented global semiconductor market against numerous large and small competitors, including emerging companies in Asia, with competitive factors including product breadth, market channel reach, technological innovation, manufacturing capability, and cost structure.

TI employed approximately 33,000 people worldwide as of December 31, 2025, with about 90% in R&D, sales or manufacturing roles, and maintains a substantial patent portfolio supporting its business, though it is not materially dependent on any single patent.