Texas Instruments (TXN): revenue back to growth, a 23rd dividend increase, and funds piling in
By Gabriel Zacarkim · Published Oct 11, 2026 · Data as of Oct 9, 2026 close (13F positions as of June 30, 2026)
Texas Instruments closed at $283.74 on October 9, 2026, worth $259 billion. The stock is up 58.5% over twelve months and 63.5% in 2026, though 14.6% below its high of $332.28 on June 22. The dividend yield is 2.1%.
Back to growth
The chipmaker’s revenue fell from $20.0 billion in 2022 to $17.5 billion in 2023 and $15.6 billion in 2024, and profit roughly halved. It recovered to $17.7 billion in 2025, and the 2026 quarters show the turn speeding up: second-quarter revenue was $5.46 billion, up 23% from a year earlier and 13% from the first quarter, with growth led by industrial, data center and automotive customers, according to the company. Net income rose 53% to $1.98 billion. For the third quarter, TI guided to revenue of $5.65 billion to $6.15 billion.
| Period | Revenue | Net income | Net margin |
|---|---|---|---|
| 2022 | $20.0B | $8.75B | 43.7% |
| 2023 | $17.5B | $6.51B | 37.2% |
| 2024 | $15.6B | $4.80B | 30.7% |
| 2025 | $17.7B | $5.00B | 28.3% |
| Q1 2026 | $4.83B | $1.55B | 32.0% |
| Q2 2026 | $5.46B | $1.98B | 36.2% |
TI’s release credits its cash generation in part to “the benefit of 300mm production.” Free cash flow over the twelve months to June was $6.5 billion, against $1.8 billion a year earlier, after $3.3 billion of capital spending (the figure includes U.S. CHIPS Act incentives received). Of the $5.8 billion returned to shareholders in that period, $5.1 billion was dividends and $0.7 billion buybacks.
On September 17, TI said it will raise its quarterly dividend 7%, from $1.42 to $1.52 ($6.08 a year), payable November 10, 2026 — “23 consecutive years of dividend increases,” in the company’s words; our count of annual totals shows 22 through 2025, consistent with that. Julie Knecht became chief financial officer on August 1, 2026, succeeding Rafael Lizardi, who retired after 25 years.
Who held it at the end of June
| Manager | Shares, Jun 30 | Value, Jun 30 | Change in shares vs. Mar 31 |
|---|---|---|---|
| Ken Griffin (Citadel) | 2,055,598 | $612.7M | +459.3% |
| Baillie Gifford | 1,546,937 | $461.1M | −24.1% |
| Renaissance Technologies | 1,402,100 | $417.9M | +64.7% |
| Cliff Asness (AQR) | 1,402,334 | $412.4M | +397.2% |
| Steve Cohen (Point72) | 1,377,090 | $410.5M | new (held in 2025) |
| Two Sigma | 1,371,840 | $408.9M | +962.6% |
| Tom Gayner (Markel) | 724,000 | $215.8M | unchanged |
| Israel Englander (Millennium) | 631,666 | $188.3M | +231.2% |
| Daniel Sundheim (D1) | 405,474 | $120.9M | −76.9% |
| Lansdowne Partners (Lansdowne) | 92,578 | $27.6M | +0.6% |
| George Soros (Soros) | 6,640 | $2.0M | new (held in 2025) |
| Lee Ainslie (Maverick) | 3,924 | $1.2M | new (held in 2024) |
| Ray Dalio (Bridgewater) | 1,865 | $0.6M | new (held until 2023) |
Thirteen of the 38 managers held TI at the end of June, up from nine in March, and their combined shares rose from 6.4 million to 11.0 million. Most of the buying was by quantitative and multi-strategy funds: Ken Griffin’s Citadel more than quintupled its stake, Cliff Asness’s AQR nearly did, and Two Sigma’s grew tenfold. Daniel Sundheim’s D1 sold 77% and Baillie Gifford 24%. Tom Gayner’s Markel kept its 724,000 shares. A 13F does not say on which day of the quarter shares were bought.
Insiders were quiet: from late July to mid-September, the only open-market sales were two by senior vice president Tsedeniya Abraham, $1.85 million in total, and no insider bought. Daily data is on the Texas Instruments page. Not investment advice.
Sources
- Q2 2026 results (Jul 22, 2026)
- Texas Instruments 10-Q, Q2 2026
- 8-K: new chief financial officer (Jun 2, 2026)
- Dividend increase release (Sep 17, 2026)
For information only, not investment advice. The figures come from the filings listed above and describe what happened, not what will.