Texas Instruments — Jan 23, 2025 release

• "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   $ 17,519  Cost of revenue (COR) 1,693   1,646  6,547   6,500  Gross profit 2,314   2,431  9,094   11,01