Major ClientsWide moat

Texas Instruments (TXN) — moat facet

A hundred thousand customers, no concentration table, and the lowest revenue concentration in this collection.

Texas Instruments has no major clients, and the 10-K contains no customer-concentration table because there is nothing to put in one.

Revenue growth by customer headquarters, first half of 2026 (%)+21.8%United States+24.1%China+25.5%Rest of Asia+17.4%EMEA+8.6%JapanTexas Instruments Form 10-Q, quarter ended 30 June 2026
No customer reaches 10%, and every region grew in the first half.

The disclosure is a single sentence: TI sells its products to over 100,000 customers, with a diverse base and about half of revenue derived from customers outside its largest 50.1 No customer reaches the 10% threshold that would require naming. In a collection where Qualcomm names three customers each above a tenth, Nvidia discloses two at 22% and 14%, Marvell's largest relationship is a distributor at 37% and CoreWeave gets 67% from a single buyer, TI is the outlier — and it is the outlier deliberately.5

The structure that produces it is the same structure that produces the moat. More than 80,000 products means a customer can buy one part or four hundred; more than 80% of revenue sold direct, including TI.com, means a customer buying a few tens of thousands of dollars a year is economically servable without a salesperson. Breadth plus a website is how a hundred thousand relationships become profitable.

What that buys commercially is pricing power of an unusual kind. No customer is large enough to demand a concession, which is why TI could begin customer-by-customer price increases from the third quarter of 2026 without a negotiation that mattered anywhere.2 Qualcomm's own filing, by contrast, warns that its customers' purchasing power may result in lower prices.

By end market the base is genuinely spread: industrial 33%, automotive 33%, personal electronics 21%, data centre 9%, communications equipment 3%, and calculators about 1%.3 About 60% of revenue comes from customers headquartered outside the United States.

The limit is the one this page has to be honest about. Customer diversification protects against losing a relationship; it does nothing about the cycle, because all 100,000 customers buy analog parts for the same reasons at the same time. Revenue fell 22% from the 2022 peak to the 2024 trough with no customer lost that mattered.4

Rated wide, because the absence of concentration is real, structural and rare — and because the thing that can hurt this customer base arrives from a government rather than from a buyer.

Moat trajectory: Holding steady

No customer above the 10% disclosure threshold, about half of revenue outside the largest fifty, and no concentration table in the filing. This is the most static and most favourable customer profile in the collection.

The number that tests this moat
Reported
Revenue from end customers headquartered in Germany
9% of revenue in Q2 2026, from 10%

The only single country TI names besides the US and China, and no customer reaches 10%; a named customer appearing would end the diversification argument.

Source: Texas Instruments Form 10-Q, quarter ended 30 June 2026 ↗
Dig deeper
DIG DEEPER 01
A Hundred Thousand Customers, and Half Outside the Top Fifty
Half the revenue comes from customers outside the largest fifty — which is what eighty thousand parts and a website buy.
DIG DEEPER 02
Industrial and Automotive: Thirty-Three Percent Each
Two-thirds of the revenue is bought once, during a design cycle, and then repeats for a decade.
DIG DEEPER 03
Twenty Percent Buy There, Fifty Percent Ships There
Twenty percent of the revenue is bought in China and fifty percent of it ships there, and only the second number is what a customs authority sees.
DIG DEEPER 04
Nobody Big Enough to Argue About Price
No customer is big enough to argue about price, which is why TI could start raising prices without a negotiation that mattered.
References
  1. ReportedThe disclosure is a single sentence: TI sells its products to over 100,000 customers, with a diverse base and about half of revenue derived from customers outside its largest 50.
    Texas Instruments Incorporated, Form 10-K for the year ended 31 December 2025 (SEC, CIK 97476) — Item 1, Business. TI's two reportable segments are Analog and Embedded Processing, with remaining activities in Other; operations began in 1930 and it has design, manufacturing or sales operations in more than 30 countries. The product portfolio includes more than 80,000 products. TI states four sustainable competitive advantages: a strong foundation of manufacturing and technology, a broad portfolio of analog and embedded processing products, the reach of its market channels, and the diversity and longevity of its products, markets and customer positions, which in combination it describes as difficult to replicate. An unpackaged chip built on a 300mm wafer costs about 40% less than one built on a 200mm wafer; TI continued qualifying and ramping production at its newest 300mm fabs in Richardson and Sherman, Texas, and Lehi, Utah, supporting external foundry transfers and internal transfers from its legacy 150mm facilities, and expects to maintain sufficient internal capacity to meet the majority of its production needs, offering customers geopolitically dependable capacity. TI sells to over 100,000 customers, with about half of revenue derived from customers outside its largest 50; more than 80% of revenue was direct in 2025, including TI.com. End markets as a percentage of 2025 revenue: industrial 33%, automotive 33%, personal electronics 21%, data centre 9%, communications equipment 3%, and calculators about 1%. About 60% of revenue comes from customers headquartered outside the United States; revenue from end customers headquartered in China represented about 20% of revenue in 2025, while revenue from products shipped into China represented about 50%. The analog and embedded processing markets remain highly fragmented, with significant global competition from dozens of large and small companies including emerging companies, particularly in Asia. The company's stated objective is the growth of free cash flow per share over the long term. — FY2025 · publ. 2026-02-06 · source ↗
  2. ReportedNo customer is large enough to demand a concession, which is why TI could begin customer-by-customer price increases from the third quarter of 2026 without a negotiation that mattered anywhere.
    Coverage of Texas Instruments' second-quarter 2026 results, July 2026 — revenue of $5.46 billion, up 23% year over year and 13% sequentially against consensus near $5.24 billion; net income of $1.98 billion, up 53%, and EPS of $2.14, up 52% and above the high end of guidance. By segment, Analog revenue was $4.37 billion (up 26%), Embedded Processing $788 million (up 16%) and Other $310 million (down 2%). Industrial revenue grew more than 30% year over year across all sectors and regions, automotive re-accelerated, and data centre revenue roughly doubled. Management guided third-quarter revenue to $5.65-6.15 billion and confirmed 2026 capital expenditure of $2-3 billion, declining to bias the range toward the lower end. After holding pricing flat through the first half, TI began executing customer-by-customer price increases from the third quarter, extending into the fourth quarter and into 2027, concentrated in Analog. Management has framed free cash flow per share of $8 or more as probable for 2026, having earlier suggested $12. The shares fell after hours. — Q2 2026 · publ. 2026-07-24 · source ↗
  3. ReportedBy end market the base is genuinely spread: industrial 33%, automotive 33%, personal electronics 21%, data centre 9%, communications equipment 3%, and calculators about 1%.
    Texas Instruments Incorporated, Form 10-K for the year ended 31 December 2025 (SEC, CIK 97476) — Item 1, Business. TI's two reportable segments are Analog and Embedded Processing, with remaining activities in Other; operations began in 1930 and it has design, manufacturing or sales operations in more than 30 countries. The product portfolio includes more than 80,000 products. TI states four sustainable competitive advantages: a strong foundation of manufacturing and technology, a broad portfolio of analog and embedded processing products, the reach of its market channels, and the diversity and longevity of its products, markets and customer positions, which in combination it describes as difficult to replicate. An unpackaged chip built on a 300mm wafer costs about 40% less than one built on a 200mm wafer; TI continued qualifying and ramping production at its newest 300mm fabs in Richardson and Sherman, Texas, and Lehi, Utah, supporting external foundry transfers and internal transfers from its legacy 150mm facilities, and expects to maintain sufficient internal capacity to meet the majority of its production needs, offering customers geopolitically dependable capacity. TI sells to over 100,000 customers, with about half of revenue derived from customers outside its largest 50; more than 80% of revenue was direct in 2025, including TI.com. End markets as a percentage of 2025 revenue: industrial 33%, automotive 33%, personal electronics 21%, data centre 9%, communications equipment 3%, and calculators about 1%. About 60% of revenue comes from customers headquartered outside the United States; revenue from end customers headquartered in China represented about 20% of revenue in 2025, while revenue from products shipped into China represented about 50%. The analog and embedded processing markets remain highly fragmented, with significant global competition from dozens of large and small companies including emerging companies, particularly in Asia. The company's stated objective is the growth of free cash flow per share over the long term. — FY2025 · publ. 2026-02-06 · source ↗
  4. ReportedRevenue fell 22% from the 2022 peak to the 2024 trough with no customer lost that mattered.
    Texas Instruments Incorporated, Form 10-K FY2025 — consolidated statements of income and segment results. Revenue $17,682M, up $2.04bn or 13.0%; gross profit $10,081M; operating profit $6,023M; other income net $230M; interest and debt expense $543M; income before income taxes $5,710M; provision for income taxes $709M at an effective rate of 12.4% (12.0% in 2024); net income $5,001M against $4,799M in 2024 and $6,510M in 2023. Basic EPS $5.47 and diluted EPS $5.45, against $5.20 and $7.07 in the two prior years, on 913 million diluted shares. By segment, Analog revenue $14,006M (2024 $12,161M, +15%) with operating profit $5,412M (2024 $4,608M, +17%) at 38.6% of revenue (37.9%); Embedded Processing $2,700M; Other the remainder. Revenue peaked at $20,028M in 2022 with operating profit of $10,140M, and troughed at $15,641M in 2024 with operating profit of $5,465M. — FY2025 · publ. 2026-02-06 · source ↗
  5. ReportedNvidia disclosed two direct customers at 22% and 14% of revenue in fiscal 2026 — the concentration TI's own filing has nothing equivalent to disclose.
    NVIDIA Form 10-K, FY2026 — "For fiscal year 2026, sales to one direct customer represented 22% of total revenue and sales to another direct customer represented 14% of total revenue"; FY2025: one at 12% and two at 11% each; FY2024: one at 13%. Direct customers include OEMs, ODMs, distributors and system integrators; indirect customers (CSPs, Neocloud builders, AI model makers, enterprises, public sector) buy through them, and NVIDIA "estimate[s] some individually representing 10% or more of our revenue". "Our revenue is concentrated among a limited number of direct and indirect customers and this trend may continue." — FY2026 (ended Jan 25, 2026) · publ. February 2026 · source ↗
Sources
Generated September 23, 2026