Analysis of Inventory
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- Analysis of Reportable Segments
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Inventory Disclosure
Texas Instruments Inc., balance sheet: inventory
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Raw materials | |||||||||||
| Work in process | |||||||||||
| Finished goods | |||||||||||
| Inventories |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Inventory levels exhibited a consistent upward trend over the five-year period. Examination of the components reveals differing rates of increase, with finished goods demonstrating the most substantial proportional growth. This report details observations regarding the composition and evolution of inventory balances.
- Raw Materials
- Raw materials inventory increased from US$245 million in 2021 to US$465 million in 2025. While generally increasing, a slight decrease was observed between 2022 and 2023, followed by continued growth. The rate of increase appears relatively stable, suggesting a consistent need for base components.
- Work in Process
- Work in process inventory experienced significant growth, rising from US$1,067 million in 2021 to US$2,372 million in 2025. The increase was particularly pronounced between 2021 and 2023. This suggests a potential increase in production volume or longer production cycles. The growth rate decelerated somewhat between 2023 and 2025.
- Finished Goods
- Finished goods inventory demonstrated the most substantial increase, growing from US$598 million in 2021 to US$1,967 million in 2025. This represents a more than threefold increase. The growth in finished goods outpaced that of both raw materials and work in process, potentially indicating challenges in converting finished products into sales, or a deliberate strategy to build inventory to meet anticipated demand.
- Total Inventories
- Total inventories increased consistently from US$1,910 million in 2021 to US$4,804 million in 2025. The largest year-over-year increase occurred between 2022 and 2023. The overall trend suggests a growing investment in inventory, which warrants further investigation into the underlying drivers, such as sales growth, supply chain considerations, and production efficiency.
The composition of inventory shifted over the period. While all components increased, finished goods represented a growing proportion of the total. This shift could be indicative of changes in the company’s production or sales strategies, or potentially, a build-up of inventory due to slower sales. Continued monitoring of these trends is recommended.