Cash return
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| Trailing 12 Months | ||||
(In millions) |
| Q1 2023 |
| Q1 2023 |
| Q1 2022 |
| Change |
Dividends paid |
| $ 1,125 |
| $ 4,359 |
| $ 4,009 |
| 9 % |
Stock repurchases |
| $ 103 |
| $ 3,129 |
| $ 1,016 |
| 208 % |
Total cash returned |
| $ 1,228 |
| $ 7,488 |
| $ 5,025 |
| 49 % |
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES | ||||
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Consolidated Statements of Income |
| For Three Months Ended March 31, | ||
(In millions, except per-share amounts) |
| 2023 |
| 2022 |
Revenue |
| $ 4,379 |
| $ 4,905 |
Cost of revenue (COR) |
| 1,516 |
| 1,463 |
Gross profit |
| 2,863 |
| 3,442 |
Research and development (R&D) |
| 455 |
| 391 |
Selling, general and administrative (SG&A) |
| 474 |
| 422 |
Restructuring charges/other |
| — |
| 66 |
Operating profit |
| 1,934 |
| 2,563 |
Other income (expense), net (OI&E) |
| 80 |
| 15 |
Interest and debt expense |
| 68 |
| 52 |
Income before income taxes |
| 1,946 |
| 2,526 |
Provision for income taxes |
| 238 |
| 325 |
Net income |
| $ 1,708 |
| $ 2,201 |
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| Diluted earnings per common share |
| $ 1.85 |
| $ 2.35 |
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| Average shares outstanding: |
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| Basic |
| 907 |
| 923 |
| Diluted |
| 916 |
| 934 |
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| Cash dividends declared per common share |
| $ 1.24 |
| $ 1.15 |
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| Supplemental Information (Quarterly, except as noted) | ||||
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| Provision for income taxes is based on the following: |
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| Operating taxes (calculated using the estimated annual effective tax rate) |
| $ 276 |
| $ 361 |
| Discrete tax items |
| (38) |
| (36) |
| Provision for income taxes (effective taxes) |
| $ 238 |
| $ 325 |
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| 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 |
| $ 1,708 |
| $ 2,201 |
| Income allocated to RSUs |
| (9) |
| (9) |
| Income allocated to common stock for diluted EPS |
| $ 1,699 |
| $ 2,192 |
