TI reports second quarter 2023 financial results and shareholder returns

 

Cash return





Trailing 12 Months

(In millions)


Q2 2023


Q2 2023


Q2 2022


Change 

Dividends paid


$    1,125


$    4,424


$    4,127


7 %

Stock repurchases


$         79


$    2,026


$    2,052


(1) %

Total cash returned


$    1,204


$    6,450


$    6,179


4 %

 

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES


Consolidated Statements of Income


For Three Months Ended

June 30,

(In millions, except per-share amounts)


2023


2022

Revenue


$    4,531


$    5,212

Cost of revenue (COR)


1,621


1,587

Gross profit


2,910


3,625

Research and development (R&D)


477


414

Selling, general and administrative (SG&A)


461


422

Restructuring charges/other



66

Operating profit


1,972


2,723

Other income (expense), net (OI&E)


119


7

Interest and debt expense


89


49

Income before income taxes


2,002


2,681

Provision for income taxes


280


390

Net income


$    1,722


$    2,291






Diluted earnings per common share


$      1.87


$      2.45






Average shares outstanding:





   Basic


908


920

   Diluted


916


930






Cash dividends declared per common share


$      1.24


$      1.15






Supplemental Information

(Quarterly, except as noted)






Provision for income taxes is based on the following:



Operating taxes (calculated using the estimated annual effective tax rate)


$       289


$       395

Discrete tax items


(9)


(5)

Provision for income taxes (effective taxes)


$       280


$       390






A portion of net income is allocated to unvested restricted stock units (RSUs) on which we pay dividend

equivalents. Diluted EPS is calculated using the following:

Net income


$    1,722


$    2,291

Income allocated to RSUs


(8)


(10)

Income allocated to common stock for diluted EPS


$    1,714


$    2,281


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