Free cash flow for the same period was $1.5 billion. • "Over the past 12 months we invested $3.8 billion in R&D and SG&A, invested $4.8 billion in capital expenditures and returned $5.7 billion to owners. • "TI's first quarter outlook is for revenue in the range of $3.74 billion to $4.06 billion and earnings per share between $0.94 and $1.16. We now expect our 2025 effective tax rate to be about 12%." 1 Free cash flow, a non-GAAP financial measure, is cash flow from operations less capital expenditures. Earnings summary (In millions, except per-share amounts) Q4 2024 Q4 2023 Change Revenue $ 4,007 $ 4,077 (2) % Operating profit $ 1,377 $ 1,533 (10) % Net income $ 1,205 $ 1,371 (12) % Earnings per share $ 1.30 $ 1.49 (13) % Cash generation Trailing 12 Months (In millions) Q4 2024 Q4 2024 Q4 2023 Change Cash flow from operations $ 1,998 $ 6,318 $ 6,420 (2) % Capital expenditures $ 1,192 $ 4,820 $ 5,071 (5) % Free cash flow $ 806 $ 1,498 $ 1,349 11 % Free cash flow % of revenue 9.6 % 7.7 % Cash return Trailing 12 Months (In millions) Q4 2024 Q4 2024 Q4 2023 Change Dividends paid $ 1,240 $ 4,795 $ 4,557 5 % Stock repurchases $ 537 $ 929 $ 293 217 % Total cash returned $ 1,777 $ 5,724 $ 4,850 18 % 2 TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES Consolidated Statements of Income For Three Months Ended December 31, For Years Ended December 31, (In millions, except per-share amounts) 2024 2023 2024 2023 Revenue $ 4,007 $ 4,077 $ 15,641

later in the release …

the item shown at left

other guidance in this release

Text is the filed exhibit, verbatim.