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Texas Instruments cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$3.0B in Q3 2026 · $7.3B over twelve months

Operating cash flow$3.4B
Capital spending−$463M
Free cash flow+$3.0B
Cash / net income1.4×
Cash conversion cycle204 days

Analysis

In Q3 2026, Texas Instruments generated $3.4B of operating cash flow and spent $463M on capital projects, leaving free cash flow of $3.0B. That is $2.0B more than in Q3 2025 ($993M).

Over the twelve months to Sep 30, 2026, operating cash flow was $9.9B; the largest uses were dividends ($5.2B), capital spending ($2.6B), other investing ($871M); besides operations, cash came from shares issued ($812M), asset & business sales ($37.0M); the cash balance rose by $900M.

Operating cash flow was $3.4B against net income of $2.4B — 1.4× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$576M, income taxes payable +$319M, receivables −$100M.

Its cash conversion cycle was 204 days (receivables 39 + inventory 197 − payables 32).

Free cash flow

Texas Instruments: free cash flow by quarterTexas Instruments: free cash flow by quarter$806MQ4 2024−$274MQ1 2025$555MQ2 2025$993MQ3 2025$1.3BQ4 2025$844MQ1 2026$2.2BQ2 2026$3.0BQ3 2026
Operating cash flow less capital spending.
Texas Instruments: operating cash flow against capital spendingTexas Instruments: operating cash flow against capital spendingOperating cash flowCapital spending$2.0B$1.2BQ4 2024$849M$1.1BQ1 2025$1.9B$1.3BQ2 2025$2.2B$1.2BQ3 2025$2.3B$925MQ4 2025$1.5B$676MQ1 2026$2.7B$514MQ2 2026$3.4B$463MQ3 2026
Latest (Q3 2026): Operating cash flow $3.4B, Capital spending $463M.

Capital allocation, year by year

Texas Instruments: where the cash came from (up) and went (down), by fiscal yearTexas Instruments: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $8.8BFY2021: Net borrowing $945MFY2021: Shares issued $377MFY2021: Asset sales $75.0MFY2021: Capital spending −$2.5BFY2021: Buybacks −$527MFY2021: Dividends −$3.9B$10.2BFY2021FY2022: Operating cash flow $8.7BFY2022: Net borrowing $994MFY2022: Shares issued $241MFY2022: Asset sales $3.0MFY2022: Capital spending −$2.8BFY2022: Buybacks −$3.6BFY2022: Dividends −$4.3B$10.0BFY2022FY2023: Operating cash flow $6.4BFY2023: Net borrowing $2.5BFY2023: Shares issued $263MFY2023: Asset sales $3.0MFY2023: Capital spending −$5.1BFY2023: Buybacks −$293MFY2023: Dividends −$4.6B$9.2BFY2023FY2024: Operating cash flow $6.3BFY2024: Net borrowing $2.4BFY2024: Shares issued $517MFY2024: Asset sales $195MFY2024: Capital spending −$4.8BFY2024: Buybacks −$929MFY2024: Dividends −$4.8B$9.4BFY2024FY2025: Operating cash flow $7.2BFY2025: Net borrowing $449MFY2025: Shares issued $400MFY2025: Asset sales $1.0MFY2025: Capital spending −$4.5BFY2025: Buybacks −$1.5BFY2025: Dividends −$5.0B$8.0BFY2025
Over these 5 years operating cash flow totalled $37.4B; the largest uses were dividends ($22.5B) and capital spending ($19.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$8.1B
Debt$13.6B
Net debt$5.4B
Due within a year$650M

Texas Instruments funds itself: free cash flow was $7.3B over the last twelve months, and $8.1B of cash and investments stands against $13.6B of debt ($650M due within a year, 12.5× covered by cash).

Where the cash came from and went

Texas Instruments: sources (+) and uses (−) of cash, Q3 2026Texas Instruments: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$3.4BDividends−$1.3BCash drawn (+) / kept (−)−$551MOther investing−$524MNet borrowing (+) / repaid (−)−$500MCapital spending−$463MOther financing−$51.0MBuybacks−$48.0MShares issued$16.0M
Texas Instruments: sources (+) and uses (−) of cash, TTM to Q3 2026Texas Instruments: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$9.9BDividends−$5.2BCapital spending−$2.6BCash drawn (+) / kept (−)−$900MOther investing−$871MShares issued$812MBuybacks−$636MNet borrowing (+) / repaid (−)−$500MOther financing−$86.0MAsset & business sales$37.0M

From profit to cash

Texas Instruments: net income to operating cash flow, Q3 2026Texas Instruments: net income to operating cash flow, Q3 2026Net income$2.4BDepreciation & amortization$576MStock-based pay$95.0MDeferred taxes−$26.0MReceivables−$100MInventory−$67.0MPayables$75.0MPrepaid and other assets$16.0MIncome taxes payable$319MOther operating capital−$23.0MOperating cash flow$3.4B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20263919732204
Q2 20264020028212
Q1 20263921131219
Q4 20254222736233
Q3 20253922038221
Q2 20253923142227
Q1 20254023643232
Q4 20244124044237

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$3.4B−$463M−$48.0M−$1.3B−$500M$16.0M−$551M$3.0B
Q2 2026$2.7B−$514M−$27.0M−$1.3B—$445M−$111M$2.2B
Q1 2026$1.5B−$676M−$158M−$1.3B—$309M−$324M$844M
Q4 2025$2.3B−$925M−$403M−$1.3B—$42.0M$86.0M$1.3B
Q3 2025$2.2B−$1.2B−$119M−$1.2B—$125M−$267M$993M
Q2 2025$1.9B−$1.3B−$302M−$1.2B$1.2B$115M−$281M$555M
Q1 2025$849M−$1.1B−$653M−$1.2B−$750M$118M$437M−$274M
Q4 2024$2.0B−$1.2B−$537M−$1.2B−$300M$87.0M−$611M$806M

Texas Instruments: income statement and cash flow

Texas Instruments, Q3 2026: revenue $6.1B (+28% year over year), operating margin 47.5%. The chart follows the revenue to costs, profit and cash.

Texas Instruments: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.