Texas InstrumentsTXN

01TI states that 300mm wafer production 'costs about 40% less than a chip built on a 200mm wafer' The filing describes 'creating a competitive structural cost advantage by investing in our 300mm wafer production' Gross profit margin increased to 61.4% from 57.9% in Q2 and to 59.8% from 57.4% for the first half, 'primarily due to higher revenue, partially offset by higher manufacturing costs associated with our planned capacity expansions' The filing states this approach 'supports free cash flow per share growth across a range of market conditions'

02TI describes 'the reach of our market channels that gives access to more customers and more of their design projects, leading to better insight and knowledge of customer needs and the opportunity to sell more of our products into each design' The filing identifies this channel reach as one of 'four sustainable competitive advantages' that are 'powerful in combination' TI states the advantages 'help position TI in a unique class of companies capable of generating and returning significant amounts of cash for our owners'

03Trailing-twelve-month cash flow from operations was $8.7 billion and free cash flow was $6.5 billion The filing states 'the growth of free cash flow per share over the long term' is 'the best metric for owners to measure our progress' Dividends paid were $2.59 billion in the first half of 2026, reflecting an increased dividend rate

04TI's geographically diversified, U.S.-heavy manufacturing footprint positions it to capture reshoring demand and subsidy flows that fabless competitors cannot access; CHIPS Act cash and tax credits effectively lower TI's cost of capacity additions, widening the gap versus rivals dependent on Asian foundries