Total Revenue

+11% (from $3,661M in Q1 2024 to $4,069M in Q1 2025)

Revenue increased by 11% YoY primarily because of stronger performance across key segments—especially Analog—and improved market dynamics relative to the previous period, building on the trends seen in Q1 2024. " "

US Revenue

+18% (from $1,288M in Q1 2024 to $1,518M in Q1 2025)

The US revenue rose by 18% YoY as a result of robust domestic demand and an improved revenue mix in the US market, reflecting a stronger economic environment and product adoption compared to Q1 2024. " "

China Revenue

+33% (from $623M in Q1 2024 to $826M in Q1 2025)

China revenue surged 33% YoY due to a significant recovery in export demand and a rebound in market conditions relative to the previous period’s challenges in the region. " "

Operating Profit

+3% (from $1,286M in Q1 2024 to $1,324M in Q1 2025)

Operating profit grew modestly by 3% YoY driven by higher revenues in core segments like Analog that helped partially offset increased cost pressures seen in Q1 2024, reflecting incremental efficiency gains. " "

Net Income

+7% (from $1,105M in Q1 2024 to $1,179M in Q1 2025)

Net income increased by 7% YoY thanks to a combination of higher operating profit and a notably lower effective tax rate (8% in Q1 2025 vs. 15% in Q1 2024), which amplified the bottom‐line improvement relative to the previous period. " "

Cash Flows from Operating Acts.

-16% (from $1,017M in Q1 2024 to $849M in Q1 2025)

Operating cash flow declined by 16% YoY primarily because higher cash was used for working capital changes in Q1 2025, despite the increase in net income, contrasting with more efficient working capital management in the previous period. " "

Cash and Cash Equivalents

+11% (rose to $2,763M in Q1 2025)

An 11% YoY increase in cash and cash equivalents was achieved as improved proceeds from short-term investments and moderated investment outflows boosted the overall liquidity, relative to the prior period’s cash position. " "

Total Liabilities

Decreased by $1,255M (from $18,606M as of Dec 2024 to $17,351M in Q1 2025)

Total liabilities reduced by $1,255M YoY due to repayment of the current portion of long-term debt, lower accrued obligations (such as accrued compensation and other short-term liabilities), and a decrease in other long-term liabilities compared to the previous period’s higher balance. " "

Revenue

Q2 2025

no prior guidance

$4.17B to $4.53B "

no prior guidance

EPS

Q2 2025

no prior guidance

$1.21 to $1.47 "

no prior guidance

Effective Tax Rate

Q2 2025

no prior guidance

12% to 13% "

no prior guidance

Industrial Market Trends

In Q2–Q4 2024, the industrial market was described as experiencing prolonged weakness, with some sectors bottoming out or stabilizing. " " " " "

Q1 2025 shows a broad, cyclical recovery across sectors and geographies with sequential growth approaching 10% and low customer inventories supporting renewed demand. " "

Improvement from weakness to robust recovery, indicating an upward cyclical turnaround.

Automotive Market Trends

Across Q2–Q4 2024, the automotive market was noted for persistent weakness outside of China, with only modest recovery signals—particularly in China—and overall shallow recovery trends. " " " "

In Q1 2025, automotive revenue increased by low single digits sequentially and showed year‐over‐year growth, reflecting a progressive but modest recovery. " "

Slow, steady recovery with modest improvements, especially as compared to the broader industrial recovery.

Inventory Management and Demand Visibility

Previous periods highlighted detailed inventory management practices—including high inventory levels, low pull‐forward buying, real‐time ordering behavior, and balanced factory loadings—with varying focus across Q2, Q3, and Q4. " " " " "

Q1 2025 emphasizes that customer inventories remain low, factory loadings are healthy, and no significant pull‐forward buying was observed, supporting the demand recovery. " "

Consistent cautious management with improved demand signals and an ongoing focus on balancing supply and customer order visibility.

Supply Chain Resilience and Flexible Manufacturing

In Q2 2024 and Q4 2024, TI stressed its geopolitically dependable, flexible manufacturing capacity based in the U.S. (including plans for 300‐mm fabs and dual flow capabilities), though Q3 2024 did not discuss this topic. " " "

Q1 2025 highlights its dual flow capability and global manufacturing footprint that supports rapid reconfiguration and dependable capacity in response to geopolitical shifts. " " "

Steady focus on flexibility and resilience, with evolving emphasis on dual flow operations to manage geopolitical risks effectively.

Geopolitical and Tariff Uncertainty

Q2 2024 referenced geopolitical concerns by stressing the importance of U.S.-based dependable capacity, while Q3 and Q4 2024 had little direct discussion on tariffs or uncertainty. "

Q1 2025 acknowledges a high level of geopolitical and tariff uncertainty, but emphasizes TI’s ability to adapt—with dependable capacity and global operations mitigating risks. " " "

Continued emphasis on mitigating geopolitical risks; the theme remains present and is reinforced by TI’s flexible and globally distributed operations.

Capital Management and Financial Strategy

Q2–Q4 2024 demonstrated disciplined use of free cash flow, robust share repurchases, and a strong balance sheet—with consistent dividend increases, strategic debt repayment, and ongoing capital investments. " " "

In Q1 2025, TI maintained its disciplined free cash flow usage, repurchased stock, and reported a strong balance sheet with $5 billion in cash, underscoring a commitment to return cash to shareholders. " "

Consistent disciplined financial strategy, with ongoing shareholder-friendly activities and strong cash flow management across periods.

CHIPS Act Funding and 300mm Manufacturing Capacity Investment

In Q2 and Q4 2024, TI provided detailed discussions of CHIPS Act funding (up to $1.6B in direct funding plus ITC benefits) and strategic investments in 300‑mm manufacturing capacity—highlighting cost efficiency and depreciation adjustments. " " "

There is no specific mention of CHIPS Act funding or 300‑mm capacity investments in Q1 2025.

Reduced emphasis in Q1 2025, suggesting that while previously a key focus, this topic is not being highlighted in the current period’s discussion.

Embedded Processing Business Performance

In Q2–Q4 2024, the Embedded Processing segment was a focus, with discussions centering on revenue declines, margin pressures from fixed cost challenges (such as underutilization of the LFAB), and strategic shifts toward internal manufacturing. " " " "

Q1 2025 lacks specific discussion of the mixed sentiments noted earlier; revenue was mentioned as about flat year‐over‐year, omitting detailed commentary on margin or fixed cost issues. "

Diminished focus on challenges; while prior periods concentrated on embedded processing difficulties, Q1 2025 does not emphasize these issues.

Analog Revenue Recovery

Earlier periods (especially Q4 2024) noted a turnaround in Analog, with modest growth (2% YoY in Q4) coming after eight quarters of decline, while Q2 and Q3 saw further declines. " " "

Q1 2025 reported a robust 13% YoY growth in Analog revenue, though the discussion focused more broadly on overall recovery, with less narrative emphasis on the turnaround story. "

Recovery continues with significantly stronger growth, yet the turnaround narrative is less emphasized compared to prior detailed focus.

Depreciation Expenses and Margin Pressure

Q2–Q4 2024 featured repeated mentions of rising depreciation expenses due to increased capital investments—impacting gross margins and highlighting fixed cost pressures, including adjustments for new assets like SM1. " " " "

Q1 2025 does not specifically mention depreciation expenses or the resultant margin pressure associated with capital investment costs.

Reduced focus on depreciation-related margin pressure in Q1 2025, indicating either an attenuation of the issue or a shift in discussion priorities.

Competition and Market Dynamics in China

In Q2–Q4 2024, TI discussed intensifying local competition in China along with significant growth opportunities—especially in automotive and personal electronics—with an acknowledgment of aggressive local players and dynamic market behavior. " " "

Q1 2025 reiterated that while local competition in China remains intense with aggressive, fast-moving competitors, there are also notable growth opportunities, supported by strong market fundamentals. " "

Consistent, balanced outlook that combines recognition of intensifying local competition with continued growth prospects in key Chinese markets.