TI earnings: guidance and what to watch
TI's next results are expected on October 21, 2026. Watch whether demand becomes recurring cash.
What has TI guided for 2026?
Texas Instruments offers moderate upside if demand recovers, factories load and investment converts into durable cash. For the quarter to September 2026, management guided on July 22 to revenue of $5,650–$6,150 million. It guided to EPS of $2.23–$2.57. For 2026, TI guided capital expenditures of $2–$3 billion. It also guided free cash flow per share of at least $8.00.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Revenue | Quarter to Sep 2026 | 5,650 | 6,150 | Jul 22, 2026 |
| Earnings per share | Quarter to Sep 2026 | 2.23 | 2.57 | Jul 22, 2026 |
| Capital expenditures | Year to Dec 2026 | 2,000 | 3,000 | Jul 24, 2026 |
| Free cash flow per share | Year to Dec 2026 | 8.00 | Feb 24, 2026 |
What has TI's revenue and profit trend been?
The quarterly evidence is more encouraging. Revenue rose from $4,151 million in September 2024 to $4,742 million in September 2025, then reached $5,463 million in June 2026. In the second quarter of 2026, Analog revenue grew 26% and Embedded Processing revenue grew 16%. That difference shows where demand is strongest.
Consolidated gross margin reached 61.4% and operating margin 42.3%. Silicon Labs transaction costs reduced operating profit by $17 million, a small charge beside the underlying improvement. Net income reached $1,980 million, while diluted EPS rose to $2.14. Discrete tax benefits helped those results, so the underlying improvement was somewhat smaller.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5,463 | 4,825 | 4,423 | 4,742 | 4,448 | 4,069 | 4,007 | 4,151 |
| Gross margin | 61.4% | 58.0% | 55.9% | 57.4% | 57.9% | 56.8% | 57.7% | 59.6% |
| Operating income | 2,310 | 1,808 | 1,473 | 1,663 | 1,563 | 1,324 | 1,377 | 1,554 |
| Net income | 1,980 | 1,545 | 1,163 | 1,364 | 1,295 | 1,179 | 1,205 | 1,362 |
| EPS, diluted | 2.14 | 1.68 | 1.27 | 1.48 | 1.41 | 1.28 | 1.30 | 1.47 |
| = Free cash flow | 2,189 | 844 | 1,329 | 993 | 555 | -274 | 806 | 416 |
What should TI watch next?
The October 21, 2026 results call will test third-quarter guidance and provide the next outlook. Investors should listen for broad industrial and automotive demand, any meaningful contribution from pricing, and whether higher production becomes customer shipments or unsold inventory. Factory loadings matter because fuller plants spread fixed costs across more chips.
The key takeaway is simple: an earnings beat is not enough. TI must convert orders into recurring cash, use incentives without depending on them, and fund Silicon Labs without weakening the dividends and factories that define what comes next.