Texas Instruments · Earnings release · 8-K Exhibit 99

TI reports second quarter 2025 financial results and shareholder returns

Conference call at 3:30 p.m. Central time today on ti.com/ir

DALLAS (July 22, 2025) – Texas Instruments Incorporated (TI) (Nasdaq: TXN) today reported second quarter revenue of $4.45 billion, net income of $1.30 billion and earnings per share of $1.41. Earnings per share included a 2-cent benefit that was not in the company's original guidance.

Regarding the company's performance and returns to shareholders, Haviv Ilan, TI's president and CEO, made the following comments:

•"T1Revenue increased 9% sequentially, led by continued broad recovery in industrial, and 16% from the same quarter a year ago.

•"Our T2cash flow from operations of $6.4 billion for the trailing 12 months again underscored the strength of our business model, the quality of our product portfolio and the benefit of 300mm production. Free cash flow for the same period was $1.8 billion.

•"Over the past 12 months we invested $3.9 billion in R&D and SG&A, T3invested $4.9 billion in capital expenditures and T4returned $6.7 billion to owners.

•"G1G2TI's third quarter outlook is for revenue in the range of $4.45 billion to $4.80 billion and earnings per share between $1.36 and $1.60, T5which does not include changes related to recently enacted U.S. tax legislation."

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Free cash flow, a non-GAAP financial measure, is cash flow from operations less capital expenditures, T6plus proceeds from U.S. CHIPS and Science Act (CHIPS Act) incentives.

Earnings summary

(In millions, except per-share amounts)

Change

Revenue

$

$

%

Operating profit

$

$

%

Net income

$

$

%

Earnings per share

$

$

%

Cash generation

Trailing 12 Months

(In millions)

Change

Cash flow from operations

$

$

$

0

%

Free cash flow

$

$

$

%

Free cash flow % of revenue

%

%

Cash return

Trailing 12 Months

(In millions)

Change

Dividends paid

$

$

$

5

%

Stock repurchases

$

$

$

%

Total cash returned

$

$

$

%

2

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Income

For Three Months Ended

(In millions, except per-share amounts)

Revenue

$

$

Cost of revenue (COR)

Gross profit

Research and development (R&D)

Selling, general and administrative (SG&A)

Operating profit

Other income (expense), net (OI&E)

Interest and debt expense

Income before income taxes

Provision for income taxes

Net income

$

$

Diluted earnings per common share

$

$

Average shares outstanding:

Basic

Diluted

Cash dividends declared per common share

$

$

Supplemental Information

(Quarterly, except as noted)

Provision for income taxes is based on the following:

Operating taxes (calculated using the estimated annual effective tax rate)

$

$

Discrete tax items

Provision for income taxes (effective taxes)

$

$

A portion of net income is allocated to unvested restricted stock units (RSUs) on which we pay dividend equivalents. Diluted EPS is calculated using the following:

Net income

$

$

Income allocated to RSUs

(7)

(6)

Income allocated to common stock for diluted EPS

$

$

3

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Balance Sheets

(In millions, except par value)

Assets

Current assets:

Cash and cash equivalents

$

$

Short-term investments

Accounts receivable, net of allowances of ($24) and ($28)

Raw materials

Work in process

Finished goods

Inventories

Prepaid expenses and other current assets

Total current assets

Property, plant and equipment at cost

Accumulated depreciation

Property, plant and equipment

Goodwill

Deferred tax assets

Capitalized software licenses

Overfunded retirement plans

Other long-term assets

Total assets

$

$

Liabilities and stockholders' equity

Current liabilities:

Current portion of long-term debt

$

—

$

Accounts payable

Accrued compensation

Income taxes payable

Accrued expenses and other liabilities

Total current liabilities

Long-term debt

Underfunded retirement plans

Deferred tax liabilities

Other long-term liabilities

Total liabilities

Stockholders' equity:

Preferred stock, $25 par value. Shares authorized – 10; none issued

—

—

Common stock, $1 par value. Shares authorized – 2,400; shares issued – 1,741

Paid-in capital

Retained earnings

Treasury common stock at cost

Accumulated other comprehensive income (loss), net of taxes (AOCI)

Total stockholders' equity

Total liabilities and stockholders' equity

$

$

4

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Cash Flows

For Three Months Ended

(In millions)

Cash flows from operating activities

Net income

$

$

Adjustments to net income:

Depreciation

Amortization of capitalized software

Stock compensation

Losses on sales of assets

—

3

Deferred taxes

Increase (decrease) from changes in:

Accounts receivable

Inventories

Prepaid expenses and other current assets

(9)

Accounts payable and accrued expenses

Accrued compensation

Income taxes payable

Changes in funded status of retirement plans

9

Other

Cash flows from operating activities

Cash flows from investing activities

Capital expenditures

Proceeds from CHIPS Act incentives

—

—

Proceeds from asset sales

—

2

Purchases of short-term investments

Proceeds from short-term investments

Other

Cash flows from investing activities

—

Cash flows from financing activities

Proceeds from issuance of long-term debt

—

Repayment of debt

—

Dividends paid

Stock repurchases

Proceeds from common stock transactions

Other

(6)

Cash flows from financing activities

Net change in cash and cash equivalents

Cash and cash equivalents at beginning of period

Cash and cash equivalents at end of period

$

$

Supplemental cash flow information

Investment tax credit (ITC) used to reduce income taxes payable

$

$

Proceeds from CHIPS Act incentives

—

—

Total cash benefit related to the CHIPS Act

$

$

5

Segment results

(In millions)

Change

Analog:

Revenue

$

$

%

Operating profit

$

$

%

Embedded Processing:

Revenue

$

$

%

Operating profit

$

$

6

%

Other:

Revenue

$

$

%

Operating profit

$

$

%

6

Non-GAAP financial information

This release includes references to free cash flow and ratios based on that measure. These are financial measures that were not prepared in accordance with GAAP. Free cash flow is calculated as cash flows from operating activities (also referred to as cash flow from operations) less capital expenditures, plus proceeds from CHIPS Act incentives.

We believe that free cash flow and the associated ratios provide insight into our liquidity, our cash-generating capability and the amount of cash potentially available to return to shareholders, as well as insight into our financial performance. These non-GAAP measures are supplemental to the comparable GAAP measures.

Reconciliation to the most directly comparable GAAP measures is provided in the table below.

For Three Months Ended

For 12 Months Ended

(In millions)

Change

Cash flow from operations (GAAP)*

$

$

$

0

%

Capital expenditures

Proceeds from CHIPS Act incentives

—

—

Free cash flow (non-GAAP)

$

$

$

%

Revenue

$

$

Cash flow from operations as a percentage of revenue (GAAP)

%

%

Free cash flow as a percentage of revenue (non-GAAP)

%

%

* Includes cash benefits of $203 million, $479 million and $312 million from the CHIPS Act ITC used to reduce income taxes payable for the three months ended June 30, 2025, and the twelve months ended June 30, 2025 and 2024, respectively.

This release also includes references to operating taxes, a non-GAAP term we use to describe taxes calculated using the estimated annual effective tax rate, a GAAP measure that by definition does not include discrete tax items. We believe the term operating taxes helps to differentiate from effective taxes, which include discrete tax items.

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Notice regarding forward-looking statements

This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as TI or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe TI's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.

We urge you to carefully consider the following important factors that could cause actual results to differ materially from the expectations of TI or our management:

•Economic, social and political conditions, and natural events in the countries in which we, our customers or our suppliers operate, including global trade policies;

•Market demand for semiconductors, particularly in the industrial and automotive markets, and customer demand that differs from forecasts;

•Our ability to compete in products and prices in an intensely competitive industry;

•Evolving cybersecurity and other threats relating to our information technology systems or those of our customers, suppliers and other third parties;

•Our ability to successfully implement and realize opportunities from strategic, business and organizational changes, or our ability to realize our expectations regarding the amount and timing of associated restructuring charges and cost savings;

•Our ability to develop, manufacture and market innovative products in a rapidly changing technological environment, our timely implementation of new manufacturing technologies and installation of manufacturing equipment, and our ability to realize expected returns on significant investments in manufacturing capacity;

•Availability and cost of key materials, utilities, manufacturing equipment, third-party manufacturing services and manufacturing technology;

•Our ability to recruit and retain skilled personnel and effectively manage key employee succession;

•Product liability, warranty or other claims relating to our products, software, manufacturing, delivery, services, design or communications, or recalls by our customers for a product containing one of our parts;

•Compliance with or changes in the complex laws, rules and regulations to which we are or may become subject, or actions of enforcement authorities, that restrict our ability to operate our business or subject us to fines, penalties or other legal liability;

•Changes in tax law and accounting standards that impact the tax rate applicable to us, the jurisdictions in which profits are determined to be earned and taxed, adverse resolution of tax audits, increases in tariff rates, and the ability to realize deferred tax assets;

•Financial difficulties of our distributors or semiconductor distributors' promotion of competing product lines to our detriment; or disputes with current or former distributors;

•Losses or curtailments of purchases from key customers or T7the timing and amount of customer inventory adjustments;

•Our ability to maintain or improve profit margins, including our ability to utilize our manufacturing facilities at sufficient levels to cover our fixed operating costs, in an intensely competitive and cyclical industry and changing regulatory environment;

•Our ability to maintain and enforce a strong intellectual property portfolio and maintain freedom of operation in all jurisdictions where we conduct business; or our exposure to infringement claims;

•Instability in the global credit and financial markets; and

•Impairments of our non-financial assets.

For a more detailed discussion of these factors, see the Risk factors discussion in Item 1A of TI's most recent Form 10-K. The forward-looking statements included in this release are made only as of the date of this release, and we undertake no obligation to update the forward-looking statements to reflect subsequent events or circumstances. If we do update any forward-looking statement, you should not infer that we will make additional updates with respect to that statement or any other forward-looking statement.

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About Texas Instruments

Texas Instruments Incorporated (Nasdaq: TXN) is a global semiconductor company that designs, manufactures and sells analog and embedded processing chips for markets such as industrial, automotive, personal electronics, enterprise systems and communications equipment. At our core, we have a passion to create a better world by making electronics more affordable through semiconductors. This passion is alive today as each generation of innovation builds upon the last to make our technology more reliable, more affordable and lower power, making it possible for semiconductors to go into electronics everywhere. Learn more at TI.com.

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