The 28% YoY revenue growth and 73% operating profit expansion confirm the cyclical recovery in semiconductors is accelerating, with industrial and data center leading. The Q4 guidance midpoint implies sequential revenue roughly flat vs Q3, which is seasonally constructive. Monitor the earnings call for commentary on inventory levels and capacity utilization at 300mm fabs.
Price Chart
Executive Summary
Texas Instruments reported Q3 2026 revenue of $6.06B (up 28% YoY) and GAAP EPS of $2.62 (up 77% YoY), beating consensus EPS of $2.59 by 1.1%. The company guided Q4 revenue to $5.80B-$6.30B and EPS to $2.45-$2.79, with broad-based growth across industrial, automotive, and data center end markets. Trailing 12-month free cash flow surged to $8.4B (40.6% of revenue), underscoring strong operational leverage from 300mm production.
Key Financial Metrics
Key Facts
- Q3 2026 revenue $6.055B, +28% YoY from $4.742B
- Q3 2026 GAAP EPS $2.62, +77% YoY from $1.48
- EPS beat consensus of $2.59 by 1.1%
- Q4 2026 guidance: revenue $5.80B-$6.30B, EPS $2.45-$2.79
- Analog revenue $4.911B, +32% YoY; Embedded Processing $858M, +21% YoY
- Trailing 12-month free cash flow $8.422B, 249% YoY increase
- Free cash flow margin 40.6% vs 14.0% a year ago
- Operating profit $2.874B, +73% YoY; operating margin 47.5%
- Cash returned to shareholders $5.8B over trailing 12 months
Financial Impact
Revenue beat consensus by ~$15M; EPS beat by $0.03; Q4 guidance midpoint ($6.05B revenue, $2.62 EPS) in line with Q3 actuals, implying continued strong demand
Risk Factors
- Cyclical semiconductor demand could decelerate if macro conditions weaken
- Capital expenditure intensity ($2.6B trailing 12 months) may pressure free cash flow if revenue growth slows
- Geopolitical/trade policy risks, particularly export controls and tariffs
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000097476-26-000165 |
| Document: txn-20261021.htm | 0000097476-26-000165 |
| Document: 0000097476-26-000165-index-headers.html | 0000097476-26-000165 |
| Document: 0000097476-26-000165-index.html | 0000097476-26-000165 |
| Document: 0000097476-26-000165.txt | 0000097476-26-000165 |
| 8-K Data (Synthetic) | 0000097476-26-000165 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | 424B5 | $287.23 | awaiting T+20 | — | $298.12 (+3.79%) |
Oct 22, 2026 4d ago | ANALYST-UPGRADE | $284.69 | awaiting T+20 | — | $298.12 (+4.72%) |
Oct 21, 2026 5d ago | 8-K | $279.50 | awaiting T+20 | — | $298.12 (+6.66%) |
Oct 21, 2026 5d ago | Press Release | $279.50 | awaiting T+20 | — | $298.12 (+6.66%) |
Oct 20, 2026 6d ago | Institutional Cluster | $284.65 | awaiting T+20 | — | $298.12 (+4.73%) |
Oct 20, 2026 7d ago | Court Ruling | $284.65 | awaiting T+20 | — | $298.12 (+4.73%) |
Oct 15, 2026 11d ago | Press Release | $276.48 | awaiting T+20 | — | $298.12 (+7.83%) |
Oct 1, 2026 25d ago | Press Release | $281.31 | awaiting T+20 | — | $298.12 (+5.98%) |
Sep 17, 2026 5w ago | Press Release | $266.64 $276.48 | ▲ +3.69% | ▲ +3.49% | $298.12 (+11.81%) |
Jul 22, 2026 13w ago | Press Release | $284.99 $265.45 | ▼ −6.86% | ▼ −10.17% | $298.12 (+4.61%) |
US Market Status
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