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