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Texas Instruments Incorporated (TXN) UBS Global Technology and AI Conference 2025 December 2, 2025 1:35 PM EST
Company Participants
Haviv Ilan – CEO, President & Director
Conference Call Participants
Timothy Arcuri – UBS Investment Bank, Research Division
Presentation
Timothy Arcuri
UBS Investment Bank, Research Division
Okay. Good morning, and good afternoon. I’m Tim Arcuri. I’m the semi and semi equipment analyst here at UBS. Very pleased to have Texas Instruments with us next and very pleased to have Haviv Ilan, who is the President and the CEO of TI. So thank you, Haviv.
Haviv Ilan
CEO, President & Director
Thank you, Tim. Good to be here. Thanks for having us.
Question-and-Answer Session
Timothy Arcuri
UBS Investment Bank, Research Division
Great. Well, Haviv, let me just start by a question that I’m sure you’re getting all day and I get a lot, too, that your recovery sort of came out of the gates pretty strong. You were above seasonal a few quarters and things have sort of come back to being more seasonal. So can you just talk about some of the drivers and maybe some of the puts and takes that are occurring in each of your bigger end markets?
Haviv Ilan
CEO, President & Director
Yes. When I look at ’25, we are in a recovery. If I go back, I think we almost like had a 0 growth in Q4 2024. So finally stopped declining. And then in ’25, every quarter, we saw growth. It’s in the double digit. I think company at the midpoint for ’25 is somewhere around 13% growth. But you are right that it was not smooth. So we have seen a building momentum in the earlier part of the year. Q1 and especially Q2 with all the tariff noise, it was really hard to decouple what is the root cause or what’s driving that recovery. But it took a little bit of
