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"We commend Texas Instruments on today's capital-allocation update, which re-affirms TI's long-standing commitment to shareholders that long-term growth of free cash flow per share is the Company's true north. During today's presentation, Texas Instruments presented a path to robust free cash flow generation across a range of revenue scenarios, including a path to $12 per share of free cash flow in 2026.
Additionally, TI committed to a modular capex plan, with significant flexibility to dynamically calibrate capex beginning in 2026. As detailed in our May 28 letter to the Board, we are supportive of TI's strategy to build the world's largest footprint of US-based, 300-mm analog semiconductor capacity, and we believe today's update is well aligned with Elliott's proposed approach. We appreciate our ongoing, constructive dialogue with Texas Instruments, and we believe today's off-cycle capital-management event is another positive step toward the goal of long-term value creation for all shareholders."
Posted In: TXN
