Common-Size Income Statement
Quarterly Data
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- Income Statement
- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
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Texas Instruments Inc., common-size consolidated income statement (quarterly data)
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The financial performance, as represented by common-size income statements, reveals several notable trends over the period examined. Revenue consistently remained at 100% throughout the observed timeframe. However, significant shifts occurred in profitability metrics, particularly concerning cost of revenue and operating profit. A general trend of increasing costs and decreasing profitability is apparent, especially in the later years of the period.
- Cost of Revenue
- Cost of revenue as a percentage of revenue exhibited a consistent upward trend, increasing from -34.79% in March 2021 to -44.11% in September 2023, before fluctuating to -42.25% in December 2022 and -44.11% in December 2025. This indicates increasing production or procurement costs relative to sales, or a shift in product mix towards lower-margin items. The most substantial increase occurred between 2021 and 2023.
- Gross Profit
- Consequently, gross profit margin declined over the period, moving from 65.21% in March 2021 to 55.89% in December 2025. This mirrors the increase in cost of revenue and suggests a weakening ability to control production costs or maintain pricing power. The decline was most pronounced between 2021 and 2023, with some stabilization in the most recent periods.
- Operating Expenses (R&D and SG&A)
- Research and development (R&D) expenses increased steadily as a percentage of revenue, rising from -9.00% in March 2021 to -11.78% in September 2023, and peaking at -13.06% in March 2023, before stabilizing around -11% to -12%. Selling, general, and administrative (SG&A) expenses also increased, though less dramatically, from -9.91% to -10.08% in September 2023, and peaking at -12.43% in March 2023. These increases suggest a growing investment in future innovation and potentially expanding administrative overhead.
- Operating Profit
- The combined effect of rising costs and increasing operating expenses resulted in a significant decline in operating profit margin. It decreased from 45.21% in March 2021 to 33.30% in December 2025. This represents a substantial erosion of profitability from core operations. The largest declines occurred between 2021 and 2023.
- Other Income (Expense), Net & Interest Expense
- Other income (expense), net, fluctuated throughout the period, generally remaining between 0% and 3%. Interest and debt expense increased from -1.07% to -3.19% in September 2023, before decreasing to -3.19% in December 2025. These factors had a relatively minor impact on overall profitability compared to the trends in cost of revenue and operating expenses.
- Net Income
- Net income margin followed a similar trajectory to operating profit, declining from 40.87% in March 2021 to 26.29% in December 2025. This indicates that the bottom-line profitability is significantly impacted by the increasing costs and expenses. The provision for income taxes also fluctuated, but did not fully offset the decline in operating profit.
In summary, the common-size income statements reveal a pattern of increasing costs, rising operating expenses, and declining profitability. While revenue remained constant, the company experienced a significant erosion of margins over the observed period. The increases in R&D and SG&A suggest strategic investments, but these were not sufficient to offset the negative impact of rising costs of revenue.