TXN · 10-Q · 2026Q2 · Full report
Liquidity and Cash Position
TEXAS INSTRUMENTS INC · 2026-07-24 · Importance 64 · Surprise 56 · No source text
Total cash, including cash equivalents and short-term investments, was $7.00 billion at the end of the second quarter of 2026, up $2.12 billion from year-end 2025. Cash and cash equivalents were $3.66 billion and short-term investments were $3.34 billion as of June 30, 2026. First-half operating cash flow was $4.22 billion, up $1.51 billion year over year, driven by higher net income, non-cash items and lower working-capital usage. TI’s revolving credit facility was undrawn, no commercial paper was outstanding, and management stated that available resources should fund requirements for at least the next 12 months.
Key facts
- In 2026, CHIPS Act incentives provided cash proceeds of $1.10 billion compared with $260 million in the year-ago period. source
- Cash flows from operating activities for the first six months of 2026 include cash benefits of $301 million from the CHIPS Act ITC used to reduce income taxes payable (versus $203 million in 2025). source
- In June 2026 entered into a 364-day delayed draw term loan credit facility for borrowings up to $5 billion to support the Silicon Labs acquisition and related expenses. source
- Total cash (cash and cash equivalents plus short-term investments) as of end of Q2 2026: $7.00 billion, an increase of $2.12 billion from end of 2025. source
- Cash flows from operating activities for the first six months of 2026: $4.22 billion, an increase of $1.51 billion from the year-ago period. source
- Short-term investments used cash of $1.66 billion in first six months of 2026 compared with $2.10 billion of cash provided in the year-ago period. source
- Employee exercises of stock options provided cash proceeds of $754 million in first six months of 2026 compared with $233 million in the year-ago period. source
- For 12 months ended June 30, free cash flow (non-GAAP): $6,534 million compared with $1,763 million prior year. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| margin | positive | realized | +23.0% | Free cash flow as a percentage of revenue for 12 months ended June 30: 33.6% versus 10.6% prior year. |
| cash | positive | realized | +13.3% | For 12 months ended June 30, free cash flow (non-GAAP): $6,534 million compared with $1,763 million prior year. |
| cash | negative | realized | -10.5% | Short-term investments used cash of $1.66 billion in first six months of 2026 compared with $2.10 billion of cash provided in the year-ago… |
| cash | positive | realized | +6.2% | For 12 months ended June 30, cash flow from operations (GAAP): $8,667 million compared with $6,439 million prior year. |
| cash | positive | realized | +5.9% | Total cash (cash and cash equivalents plus short-term investments) as of end of Q2 2026: $7.00 billion, an increase of $2.12 billion from… |
| cash | positive | realized | +4.2% | Cash flows from operating activities for the first six months of 2026: $4.22 billion, an increase of $1.51 billion from the year-ago period. |
| cash | positive | realized | +3.3% | For 12 months ended June 30, proceeds from CHIPS Act incentives: $1,179 million. |
| cash | positive | realized | +2.3% | In 2026, CHIPS Act incentives provided cash proceeds of $1.10 billion compared with $260 million in the year-ago period. |
| assets | positive | realized | +1.6% | Accounts receivable as of end of Q2 2026: $2.52 billion, an increase of $557 million compared with end of 2025; days sales outstanding… |
| cash | positive | realized | +1.4% | Employee exercises of stock options provided cash proceeds of $754 million in first six months of 2026 compared with $233 million in the… |
| cash | positive | realized | +0.3% | Cash flows from operating activities for the first six months of 2026 include cash benefits of $301 million from the CHIPS Act ITC used to… |