The Revenue LinesWide moat

Texas Instruments (TXN) — moat facet

Analog is four-fifths of the revenue and nine-tenths of the profit; the other two segments are smaller than in 2018.

Texas Instruments reports two segments and a remainder, and one of them is almost the whole company. In 2025 Analog had revenue of $14,006 million, Embedded Processing $2,697 million and Other $979 million, of $17,682 million.1 Operating profit was $5,412 million, $304 million and $307 million.2

Segment revenue, 2018 against 2025 ($m)$10,801mAnalog 2018$14,006mAnalog 2025$3,554mEmbedded 2018$2,697mEmbedded 2025$1,429mOther 2018$979mOther 2025Texas Instruments Forms 10-K FY2020 and FY2025; each year as reported
Only Analog is larger than in 2018.

So Analog was about 79.2% of revenue and 89.9% of operating profit.3 It is also the only one of the three larger than in 2018: Embedded Processing peaked that year at $3,554 million and Other has fallen in most years since 2016.45

The three move with the same cycle but not by the same amount. From the 2022 peak to 2024, Analog revenue fell about 20.8% and Embedded Processing about 22.3%, and Embedded Processing's operating margin kept falling after revenue recovered, to 11.3% in 2025.678

The first half of 2026 lifted all of Analog and Embedded Processing together. Analog revenue grew about 24.4% and Embedded Processing about 14.0%, while Other shrank about 7.8%; Analog's operating margin reached about 43.8% against 38.0%.910 The case for the 300mm fabs and the direct channel is argued under The Moat; these pages carry each segment's own series.

The figure that ties them together is Analog's share of operating profit, about 89.9% in 2025.11 If Embedded Processing's margin recovers toward the 38% it earned in 2021 and 2022, that share will fall for a good reason; if it stays near 11%, TI is an analog company with a small, struggling second business.

Moat trajectory: Widening

Analog and Embedded Processing both grew in H1 2026 and Analog's margin rose to about 43.8%.

The number that tests this moat
Moat Explorer calc
Analog share of segment operating profit
About 89.9% in 2025

Falling because Embedded Processing recovers is good; falling because Analog weakens is not.

How it's calculated: 5,412 / 6,023.
Source: Texas Instruments Form 10-K FY2025 (Moat Explorer calc) ↗
Dig deeper
DIG DEEPER 01
Analog
The moat in one segment: margins back near 46% after profit nearly halved in two years.
DIG DEEPER 02
Embedded Processing
A decade without growth and a margin that fell from 38% to 11% before the first recovery.
DIG DEEPER 03
Other
Legacy products kept for their cash, whose profit swings with company-level charges.
References
  1. ReportedIn 2025 Analog had revenue of $14,006 million, Embedded Processing $2,697 million and Other $979 million, of $17,682 million.
    Texas Instruments Form 10-K FY2025 - segment information 2023-2025 (Analog $13,040M/$12,161M/$14,006M, operating profit $5,821M/$4,608M/$5,412M; Embedded Processing $3,368M/$2,533M/$2,697M, $1,008M/$352M/$304M; Other $1,111M/$947M/$979M, $502M/$505M/$307M including restructuring charges/other of -$124M in 2024 and $117M in 2025); segment commentary; product-line descriptions; capital expenditures $5,071M/$4,820M/$4,550M; depreciation $1,175M/$1,508M/$1,918M — FY2023-FY2025 · publ. February 2026 · source ↗
  2. ReportedOperating profit was $5,412 million, $304 million and $307 million.
    Texas Instruments Form 10-K FY2025 - segment information 2023-2025 (Analog $13,040M/$12,161M/$14,006M, operating profit $5,821M/$4,608M/$5,412M; Embedded Processing $3,368M/$2,533M/$2,697M, $1,008M/$352M/$304M; Other $1,111M/$947M/$979M, $502M/$505M/$307M including restructuring charges/other of -$124M in 2024 and $117M in 2025); segment commentary; product-line descriptions; capital expenditures $5,071M/$4,820M/$4,550M; depreciation $1,175M/$1,508M/$1,918M — FY2023-FY2025 · publ. February 2026 · source ↗
  3. Moat Explorer calcSo Analog was about 79.2% of revenue and 89.9% of operating profit.
    Moat Explorer calculation from Texas Instruments' Forms 10-K FY2018-FY2025 and the Q2 2026 10-Q: shares of revenue and operating profit, segment operating margins, growth rates and compound growth — FY2016 to Q2 2026 · publ. 2026-09-23 · source ↗
  4. ReportedIt is also the only one of the three larger than in 2018: Embedded Processing peaked that year at $3,554 million and Other has fallen in most years since 2016.
    Texas Instruments Form 10-K FY2018 - segment information 2016-2018 (Analog $8,536M/$9,900M/$10,801M, operating profit $3,416M/$4,468M/$5,109M; Embedded Processing $3,023M/$3,498M/$3,554M; Other $1,811M/$1,563M/$1,429M, operating profit $622M/$472M/$399M; total revenue $13,370M in 2016); Analog product lines Power, Signal Chain and High Volume — FY2016-FY2018 · publ. February 2019 · source ↗
  5. ReportedIt is also the only one of the three larger than in 2018: Embedded Processing peaked that year at $3,554 million and Other has fallen in most years since 2016.
    Texas Instruments Form 10-K FY2025 - segment information 2023-2025 (Analog $13,040M/$12,161M/$14,006M, operating profit $5,821M/$4,608M/$5,412M; Embedded Processing $3,368M/$2,533M/$2,697M, $1,008M/$352M/$304M; Other $1,111M/$947M/$979M, $502M/$505M/$307M including restructuring charges/other of -$124M in 2024 and $117M in 2025); segment commentary; product-line descriptions; capital expenditures $5,071M/$4,820M/$4,550M; depreciation $1,175M/$1,508M/$1,918M — FY2023-FY2025 · publ. February 2026 · source ↗
  6. ReportedFrom the 2022 peak to 2024, Analog revenue fell about 20.8% and Embedded Processing about 22.3%, and Embedded Processing's operating margin kept falling after revenue recovered, to 11.3% in 2025.
    Texas Instruments Form 10-K FY2022 - segment information 2020-2022 (Analog $10,886M/$14,050M/$15,359M, operating profit $4,912M/$7,393M/$8,359M; Embedded Processing $2,570M/$3,049M/$3,261M, $743M/$1,174M/$1,253M; Other $1,005M/$1,245M/$1,408M); depreciation $733M/$755M/$925M — FY2020-FY2022 · publ. February 2023 · source ↗
  7. ReportedFrom the 2022 peak to 2024, Analog revenue fell about 20.8% and Embedded Processing about 22.3%, and Embedded Processing's operating margin kept falling after revenue recovered, to 11.3% in 2025.
    Texas Instruments Form 10-K FY2025 - segment information 2023-2025 (Analog $13,040M/$12,161M/$14,006M, operating profit $5,821M/$4,608M/$5,412M; Embedded Processing $3,368M/$2,533M/$2,697M, $1,008M/$352M/$304M; Other $1,111M/$947M/$979M, $502M/$505M/$307M including restructuring charges/other of -$124M in 2024 and $117M in 2025); segment commentary; product-line descriptions; capital expenditures $5,071M/$4,820M/$4,550M; depreciation $1,175M/$1,508M/$1,918M — FY2023-FY2025 · publ. February 2026 · source ↗
  8. Moat Explorer calcFrom the 2022 peak to 2024, Analog revenue fell about 20.8% and Embedded Processing about 22.3%, and Embedded Processing's operating margin kept falling after revenue recovered, to 11.3% in 2025.
    Moat Explorer calculation from Texas Instruments' Forms 10-K FY2018-FY2025 and the Q2 2026 10-Q: shares of revenue and operating profit, segment operating margins, growth rates and compound growth — FY2016 to Q2 2026 · publ. 2026-09-23 · source ↗
  9. ReportedAnalog revenue grew about 24.4% and Embedded Processing about 14.0%, while Other shrank about 7.8%; Analog's operating margin reached about 43.8% against 38.0%.
    Texas Instruments Form 10-Q for the quarter ended 30 June 2026 - segment information for the quarter and six months (Analog $4,365M/$8,289M against $3,452M/$6,662M, operating profit $1,992M/$3,630M against $1,325M/$2,531M; Embedded Processing $788M/$1,511M against $679M/$1,326M, $168M/$290M against $85M/$125M; Other $310M/$488M against $317M/$529M, $150M including $17M of acquisition charges); Silicon Labs agreement of 4 February 2026 at $231.00 a share in cash, enterprise value about $7.5 billion, delayed-draw term loan — Q2 2026 · publ. July 2026 · source ↗
  10. Moat Explorer calcAnalog revenue grew about 24.4% and Embedded Processing about 14.0%, while Other shrank about 7.8%; Analog's operating margin reached about 43.8% against 38.0%.
    Moat Explorer calculation from Texas Instruments' Forms 10-K FY2018-FY2025 and the Q2 2026 10-Q: shares of revenue and operating profit, segment operating margins, growth rates and compound growth — FY2016 to Q2 2026 · publ. 2026-09-23 · source ↗
  11. Moat Explorer calcThe figure that ties them together is Analog's share of operating profit, about 89.9% in 2025.
    Moat Explorer calculation from Texas Instruments' Forms 10-K FY2018-FY2025 and the Q2 2026 10-Q: shares of revenue and operating profit, segment operating margins, growth rates and compound growth — FY2016 to Q2 2026 · publ. 2026-09-23 · source ↗
Sources
Generated September 23, 2026