Texas Instruments Q2 2026 Results (Actual Print) — 8-K Ex-99
ACTUAL Q2 2026: revenue $5.46B beat the $5.00-5.40B guide top, 'data center' named a growth leader; analog upcycle confirmed (Analog +26% YoY, Q3 guide steps up to $5.65-6.15B). Supply-side mirror: TXN capex falling ($4.9B->$3.3B TTM), FCF +271% YoY as its 300mm buildout crests.
Texas Instruments Q2 2026 Results (Actual Print)
Filed: 8-K, 2026-07-22 (items 2.02, 9.01), Exhibit 99 earnings release. Quarter ended June 30, 2026. All figures [primary: 8-K Ex-99, 2026-07-22] unless noted. (Datacenter-relevant as a supply-side read; TXN has no entity page in this KB, so this source is not tied to an entity touch-up.)
The Print — Load-Bearing Actuals
Headline vs guide
- Revenue: $5,463M (~$5.46B), +23% YoY, +13% sequential. This is above the top of the prior $5.00–5.40B guide range.
[primary: 8-K Ex-99, 2026-07-22] - Operating profit $2,310M (+48% YoY); net income $1,980M (+53%); EPS $2.14 (+52%), including a 5-cent benefit not in original guidance.
[primary: 8-K Ex-99, 2026-07-22] - CEO Haviv Ilan: revenue growth "broad, led by industrial, data center and automotive."
[primary: 8-K Ex-99, 2026-07-22]
End-market / segment mix
- Analog: revenue $4,365M (+26% YoY), operating profit $1,992M (+50%).
[primary: 8-K Ex-99, 2026-07-22] - Embedded Processing: revenue $788M (+16%), operating profit $168M (+98%).
[primary: 8-K Ex-99, 2026-07-22] - Other: revenue $310M (-2%).
[primary: 8-K Ex-99, 2026-07-22] - Data center is now called out as a named end-market growth driver alongside industrial and automotive — a demand read that connects TXN to this KB's datacenter buildout beat.
[primary: 8-K Ex-99, 2026-07-22]
Capex + cash flow (the supply-side story)
- Capex: Q2 2026 = $514M (down from $1,305M a year ago). TTM capex = $3,312M (down from $4,936M a year ago) — TXN's 300mm fab buildout is cresting/declining off peak, the opposite of the hyperscalers.
[primary: 8-K Ex-99, 2026-07-22] - Operating cash flow Q2 $2,703M; TTM OCF $8,667M (+35% YoY).
[primary: 8-K Ex-99, 2026-07-22] - Free cash flow: Q2 $2,738M; TTM $6,534M, +271% YoY; FCF = 33.6% of revenue (vs 10.6% a year ago). FCF is defined as OCF − capex + CHIPS Act incentive proceeds.
[primary: 8-K Ex-99, 2026-07-22] - CHIPS Act: proceeds $549M in Q2 (TTM $1,179M); ITC $301M used to reduce taxes; total Q2 cash benefit $850M. Government is subsidizing part of the fab base.
[primary: 8-K Ex-99, 2026-07-22] - Cash returned to owners: TTM $5,819M (dividends $5,112M + buybacks $707M).
[primary: 8-K Ex-99, 2026-07-22]
2026 guidance AS PRINTED (Q3 outlook)
- Q3 2026 revenue: $5.65B–$6.15B; EPS $2.23–$2.57. A sequential step-up from the Q2 print — the guide itself rising.
[primary: 8-K Ex-99, 2026-07-22]
Reaction Delta — What Printed vs What the Pre-Print Watched
| Pre-print "tell" | What printed | Read |
|---|---|---|
| Beat/miss vs the $5.00–5.40B guide | $5.46B revenue | CONFIRMED beat — above the high end of the range |
| Does the analog-cycle read hold? | Revenue +23% YoY / +13% seq; Analog +26% YoY; industrial + data center + automotive all up; Q3 guide steps up to $5.65–6.15B | CONFIRMED and strengthening — broad-based analog upcycle, forward guide rising |
Value-Capture Trace (Money/Quinn)
TXN is the clean supply-side mirror of the GOOGL/TSLA prints. Where the buyers' capex is surging and their free cash flow is going negative to fund the buildout, TXN — a seller into that buildout ("data center" now a named growth leader) — has the opposite profile: its own capex is falling ($4.9B→$3.3B TTM) as the 300mm fab wave crests, so free cash flow exploded +271% YoY to 33.6% of revenue, and it returned $5.8B to owners on the trailing year. Government is footing part of the fab bill via the CHIPS Act ($1.18B TTM proceeds + ITC). Mechanism ending at a business decision: the analog supplier is now in harvest — capex burden declining, cash generation and buybacks rising — precisely as the demand it sells into (data center included) accelerates. The seam the KB tracks: buyers' funding gaps widen; the equipped, subsidized supplier harvests the cash.
Source: Texas Instruments Q2 2026 8-K Ex-99 — SEC accession 0000097476-26-000148, filed 2026-07-22. First-party earnings release; fetched via EDGAR with declared User-Agent.