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

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

Diluted earnings per common share

$      1.85

$      2.35

Average shares outstanding:

   Basic

907

923

   Diluted

916

934

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)

$       276

$       361

Discrete tax items

(38)

(36)

Provision for income taxes (effective taxes)

$       238

$       325

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