AddedRisk Factors
As reporting and disclosure requirements evolve, the failure, or perceived failure, to meet applicable reporting standards or regulatory expectations could adversely affect our results of operations and reputation.
The 10-K against last year's
54 changes: 9 added, 4 removed, 41 reworded
10-K 0000097476-26-000059 (Feb 6, 2026) vs 10-K 0000097476-25-000007 (Feb 14, 2025)
The redline
The paragraph that changed most in each section
Marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 104 words changed in this paragraph; it is 44% similar to last year's version.
Source: Item 7, 10-K 0000097476-26-000059 vs Item 7, 10-K 0000097476-25-000007
Risk Factors 95 words changed in this paragraph; it is 49% similar to last year's version.
We have facilities in more than 30 countries. About 60% of our revenue comes from customers with headquarter locations outside the United States; revenue States. Revenue from end customers headquartered in China represents represented about 20% of our revenue. revenue in 2025, while revenue from products shipped into China represented about 50% of our revenue in 2025. We also continue to expand our offerings of online transactions and services worldwide. Certain countries where we operate have experienced, and other countries may experience, geopolitical tensions that affect global trade and macroeconomic conditions through the enactment of tariffs, import or export restrictions, trade embargoes and sanctions, restrictions on cross-border investment and other trade barriers. Geopolitical tensions may impact our ability to deliver products, support customers, receive manufacturing equipment or cause customers to seek alternate suppliers, which could adversely affect our operations and financial results.
Source: Item 1A, 10-K 0000097476-26-000059 vs Item 1A, 10-K 0000097476-25-000007
Accounting Policies 48 words changed in this paragraph; it is 83% similar to last year's version.
The U.S. CHIPS and Science Act (CHIPS Act) provides funding for manufacturing grants and research investments, and it establishes a 25% established an investment tax credit (ITC) for certain investments in U.S. semiconductor manufacturing. We expect to benefit from The enactment of the One Big Beautiful Bill Act (OBBBA) in 2025 increased the ITC on from 25% to 35% for qualifying manufacturing investments through 2034. We placed in service after December 31, 2025. Additionally, we have also entered into an agreement with the U.S. Department of Commerce to receive direct funding of up to $1.6 billion for our three large-scale 300mm wafer fabs currently under construction located in Sherman, Texas, and Lehi, Utah. Direct funding of the award will be is based on the achievement of certain milestones. The agreement contains representations, warranties and covenants that relate to compliance with requirements for awards provided for in the CHIPS Act. In addition, the The agreement also includes certain events of default and related rights and remedies, including clawbacks.
Source: Item 8, Note 2 – Basis of presentation and significant accounting policies and practices, 10-K 0000097476-26-000059 vs Item 8, Note 2 – Basis of presentation and significant accounting policies and practices, 10-K 0000097476-25-000007
Every change, by type
Sentences and paragraphs added, removed or reworded
Sentences and paragraphs of TXN's Risk Factors and MD&A, 10-K Feb 6, 2026 against 10-K Feb 14, 2025. Each links to the text at sec.gov.
AddedMD&A
For more information about market and business characteristics, see the Business discussion in Item 1 of this Form 10-K.
AddedMD&A
◦Our LFAB facility, which primarily supports our Embedded Processing business, was purchased as an operating fab and is in the early stages of ramping, so we expect factory loadings to increase over time. Until LFAB ramps, we expect Embedded to carry manufacturing costs that disproportionately affect Embedded Processing operating profit as compared to Analog.
AddedMD&A
In 2025, the overall analog and embedded semiconductor market recovery continued, though at a slower pace than prior upturns, likely related to broader macroeconomic dynamics and overall uncertainty. At the same time, global semiconductor shipments remain at levels below the prior peak. In addition, growth of semiconductor content in electronics has continued to drive demand for our products, particularly in the automotive, industrial and data center end markets, and we believe we are well-positioned with inventory and capacity to meet immediate customer demand.
AddedMD&A
On July 4, 2025, the U.S. government enacted the One Big Beautiful Bill Act (OBBBA). The OBBBA provides changes to U.S. federal tax law, including expensing of U.S. research expenditures and eligible capital expenditures, increasing the U.S. CHIPS and Science Act (CHIPS Act) investment tax credit (ITC) and changing other tax provisions. The effect of the new law resulted in a higher effective tax rate in 2025. For 2026 and beyond, we expect the effective tax rate and tax-related cash payments to be lower than they would have been under prior tax law.
AddedMD&A
Revenue of $17.68 billion increased $2.04 billion, or 13.0%, due to higher revenue from increased demand in our Analog segment and, to a lesser extent, in our Embedded Processing segment, which were both impacted by the macroeconomic factors discussed above.
AddedMD&A
Analog revenue increased in both product lines about evenly due to higher demand, which was impacted by the macroeconomic factors discussed above. Operating profit increased primarily due to higher revenue and associated gross profit, partially offset by higher operating expenses.
AddedMD&A
Embedded Processing revenue increased due to higher demand, which was impacted by the macroeconomic factors discussed above. Operating profit decreased primarily due to higher manufacturing costs and operating expenses, partially offset by higher revenue.
Show the other 1
AddedMD&A
As announced on February 4, 2026, we have entered into a definitive agreement to acquire Silicon Labs for $231.00 per share in an all-cash transaction, representing a total enterprise value of approximately $7.5 billion. Under the terms of the agreement, Silicon Labs stockholders will receive $231.00 in cash for each share of Silicon Labs common stock they hold at the time of closing, which is currently expected to close in the first half of 2027, subject to receipt of regulatory approvals and other customary closing conditions, including approval by Silicon Labs stockholders. We expect to fund the transaction with a combination of cash on hand and debt financing to be arranged prior to closing.