이번 보고서
2025 연차보고서
10-K · 기간 말 2025. 12. 31. · 제출 2026. 2. 6.
비교 기준
2024 연차보고서
10-K · 기간 말 2024. 12. 31.
0
새 리스크 항목
0
신규 문단
15
수정 문단
3
삭제
+2%
분량 변화
AI 한국어 요약
한 줄 요약
TI는 중국 의존도를 더 구체적으로 공개했고(중국향 출하 매출 약 50%), 미·중 관세·수출통제가 판매·유통·소재 조달 전반에 미치는 위험을 크게 강조했습니다. 반면 ESG 관련 리스크 서술은 축소했습니다.
주목할 변화
- 강화중국 매출 노출도 추가 공개기존에는 중국 본사 고객 매출이 약 20%라는 수치만 있었습니다. 이번에는 중국으로 출하된 제품 매출이 약 50%라는 수치를 새로 밝혔습니다. 원문: "revenue from products shipped into China represented about 50% of our revenue in 2025".
- 강화미·중 갈등과 반도체 특정 관세 명시지정학적 긴장의 주체로 미국과 중국을 직접 지목하고, TI 판매 제품을 겨냥한 관세와 반도체 산업 규제를 추가했습니다. 영향 범위도 시장 접근 제한, 공급사·고객의 TI 제품 접근 제한까지 넓혔습니다. 원문: "particularly the United States and China", "tariffs specific to the products that we sell", "limit our access to markets". 대형 고객 이탈 요인에도 "tariffs, export controls or other trade measures"가 추가됐습니다.
- 신규핵심 소재 지역 편중과 광물 수출통제반도체 핵심 소재가 일부 지역에 편중돼 있고, 각국 정부의 광물·소재·장비 수출통제가 조달 가용성과 비용에 영향을 줄 수 있다는 문장이 새로 들어갔습니다. 원문: "primarily sourced from limited geographies", "export controls on certain minerals, materials and equipment".
- 신규유통사에 대한 행정 조치 위험유통사의 재무 부실 위험에 더해, 정부의 행정 조치로 유통사의 영업이나 TI의 고객 공급이 차질을 빚을 수 있다는 위험을 추가했습니다. 원문: "distributors are subject to administrative measures that materially affect their ability to operate".
- 강화중국 자국 반도체 육성에 따른 경쟁중국의 반도체 산업 육성이 경쟁 심화에 그치지 않고 TI가 효과적으로 경쟁하지 못하게 할 수도 있다는 표현이 붙었습니다. 원문: "which could prevent us from competing effectively". 기존에 중국 시장 참여 제한을 다루던 문장은 삭제되고 위 문구들로 재배치된 것으로 보입니다.
- 삭제ESG 공시 부담 문단 제거ESG 보고 요구 확대에 따른 비용 부담 문단이 삭제됐습니다. 남은 문장도 "stated goals or meet stakeholder expectations" 대신 "applicable reporting standards or regulatory expectations"로 바뀌어, 규제 준수 중심으로 범위가 좁아졌습니다.
- 완화생산능력 투자 표현 톤다운"significant investments"가 "investments … consistent with our capital management strategy"로 바뀌었습니다. "planned capacity expansions"에서도 "planned"가 빠져, 증설이 계획 단계에서 실행 단계로 넘어갔음을 시사합니다.
- 강화글로벌 최저한세(BEPS)의 불확실성OECD BEPS 관련 법률이 미국 다국적 기업에 어떻게 적용될지 불확실하다는 문구가 추가됐습니다. 원문: "application of these laws to U.S.-based multinational corporations remains uncertain".
읽는 법
이번 변화의 중심은 중국입니다. 중국향 출하 비중 약 50%라는 수치가 처음 공개되면서, 미·중 관세와 수출통제가 매출, 유통망, 소재·장비 조달에 동시에 영향을 줄 수 있다는 점이 구체적으로 드러났습니다. 반면 ESG 서술 축소와 설비투자 표현 완화는 공시 환경 변화와 대규모 증설 사이클의 진행 단계를 반영한 것으로 읽힙니다. 앞으로 실적 발표에서 중국 관련 매출 추이와 관세·수출통제 관련 언급을 함께 확인하는 것이 도움이 될 수 있습니다.
원문 비교
- We have facilities in more than 30 countries. About 60% of our revenue comes from customers with headquarter locations outside the United
States; revenue from end customers headquartered in China represents about 20% of our revenue.States. Revenue from end customers headquartered in China represented about 20% of our revenue in 2025, while revenue from products shipped into China represented about 50% of our revenue in 2025. We also continue to expand our offerings of online transactions and services worldwide. - The semiconductor industry has recently been the focus of increased regulatory activity and scrutiny, which has contributed to variability in global trade conditions and supply chains. Certain countries where we
operateoperate, particularly the United States and China, have experienced, and other countries may experience, geopolitical tensions and administrative measures that affect global trade and macroeconomic conditions through theenactmentimposition of tariffs, including tariffs specific to the products that we sell, import or export restrictions, trade embargoes and sanctions, restrictions on cross-border investment and other tradebarriers.barriers applicable to the semiconductor industry. Geopolitical tensionsmayand administrative measures could limit our access to markets or impact our ability to deliver products, support customers, purchase or receive manufacturing equipment or materials, limit our suppliers’ and customers’ access to our products, or cause customers to seek alternate suppliers, which could adversely affect our operations and financial results. - We face intense technological and pricing competition in the markets in which we operate. We expect this competition will continue to increase from large competitors and from small competitors serving niche markets, and also from emerging companies, particularly in Asia, that sell products into the same markets in which we operate. For example, we may face increased competition as a result of China actively promoting and reshaping its domestic semiconductor industry through policy changes and
investment.investment, which could prevent us from competing effectively. Certain competitors possess sufficient financial, technical and management resources and utilize available incentives offered by various countries and government entities to develop and market products that may compete favorably against our products, and consolidation among our competitors may allow them to compete more effectively. The price and product development pressures that result from competition may lead to reduced profit margins and lost business opportunities in the event that we are unable to match the price declines or cost efficiencies, or meet the technological, product, support, software or manufacturing advancements of our competitors. - Our customers include companies in a wide range of
endmarkets and sectors within those markets. If demand in one or more sectors within ourendmarkets declines or the rate of growth slows, our results of operations may be adversely affected. The cyclical nature of the semiconductor market occasionally leads to significant and rapid increases and decreases in product demand. Additionally, the loss or significant curtailment of purchases by one or more of our large customers, including curtailments due to a change in the design or manufacturing sourcing policies or practices of these customers, the timing of customer or distributor inventory adjustments, changes in demand for customer products, tariffs, export controls or other traderestrictions,measures, may adversely affect our results of operations and financial condition. - In particular, our manufacturing processes and critical manufacturing equipment, and those of our suppliers, require that certain key materials, services and utilities be available.
SuppliersGeopolitical tensions are disrupting and reshaping global supply chains, and suppliers of these items have and might continue to extend lead times, limit supply or increase prices due to factors beyond our control. Further, certain key materials used in semiconductor manufacturing are primarily sourced from limited geographies. Governments have adopted or proposed measures, including export controls on certain minerals, materials and equipment, that could adversely affect equipment and material availability, cost or movement. Limited or delayed access to and high costs of key materials, services and utilities could adversely affect our results of operations. - Our inability to timely implement new manufacturing technologies, install manufacturing equipment or secure necessary personnel for manufacturing operations could adversely affect our results of operations. We have made and will continue to make
significantinvestments in manufacturingcapacity,capacity consistent with our capital management strategy, and we might not realize our expected return on those investments. We subcontract a portion of our wafer fabrication and assembly and testing of our products, and we depend on third parties (including contractors and other service providers) to support key portions of our operations (including manufacturing operations and advanced logic manufacturing process technology development) and to construct our facilities. We do not have long-term contracts with all of these suppliers, and the number of alternate suppliers is limited. Reliance on these suppliers involves risks, including possible shortages of capacity in periods of high demand, suppliers’ inability to develop and deliver advanced logic manufacturing process technology or build facilities in a timely, cost-effective, and appropriate manner, the possibility of suppliers’ imposition of increased costs on us and the unauthorized disclosure or use of our intellectual property. In addition, failure by these suppliers to fulfill expectations, commitments and responsibilities in accordance with agreed terms or applicable laws, rules and regulations (including health, safety, forced labor, human trafficking and supply chain standards) could adversely affect our results of operations, financial condition and reputation. - Our results of operations could be adversely affected by distributors’ promotion of competing product lines or our distributors’ financial
performance.performance and operations. - In
2024, about2025, less than 20% of our revenue was generated from sales of our products through distributors. Our distributors carry competing product lines, and our sales could be affected if semiconductor distributors promote competing products over our products. Moreover, our results of operations could be affected if our distributors are subject to administrative measures that materially affect their ability to operate or our ability to supply customers with products or if our distributors suffer financial difficulties that result in their inability to pay amounts owed to us. Disputes with current or former distributors could be disruptive or harmful to our business. - Our profit margins vary due to a number of factors, which may include customer demand and shipment volume; capital expenditures and resulting depreciation; our manufacturing processes; product mix; inventory levels; tariffs; freight costs; and new accounting pronouncements or changes in existing accounting practices or standards. In addition, we operate in a highly competitive market environment that might adversely affect pricing for our products. Because we own much of our manufacturing capacity, a significant portion of our operating costs is fixed. With our
plannedcapacity expansions, capital expenditures and depreciation have increased. In general, these fixed costs do not decline with reductions in customer demand or factory loadings, and can adversely affect profit margins as a result. - We are subject to complex laws, rules and regulations on an international, national and local level that affect our domestic and international operations relating to, for example, the environment and climate change; safety; health; trade, including import and export; bribery and corruption; financial reporting; tax; data privacy and protection; labor and employment; competition; facilities and code compliance; market access; pandemics, epidemics or other public health crises; intellectual property ownership and infringement; and the movement of currency. Compliance with these laws, rules and regulations may be onerous and expensive and could restrict our ability to manufacture or ship our products and operate our business. From time to time, we receive inquiries from government entities, which could result in enforcement actions or litigation leading to potential disruptions to our operations, or significant fines, penalties or other legal liability. Furthermore, should these laws, rules and regulations be amended or expanded, or new ones enacted, we could incur materially greater compliance costs or restrictions on our ability to manufacture our products and operate our business.
AnyAs reporting and disclosure requirements evolve, the failure, or perceived failure, toachieve stated goalsmeet applicable reporting standards ormeet stakeholderregulatory expectationsand standardscould adversely affect our results of operations and reputation.- We have facilities in more than 30 countries and as a result are subject to taxation and audit by a number of taxing authorities. Tax rates vary among the jurisdictions in which we operate. If our tax rate increases, our results of operations could be adversely affected. A number of factors could cause our tax rate to increase, including
a changechanges in the jurisdictions in which our profits are earned and taxed;a changechanges in the mix of profits from those jurisdictions; changes in available tax credits or deductions, including for amounts relating to stock compensation; changes in applicable tax rates; changes in tariff regulations or surcharges; changes in accounting principles; or adverse resolution of audits by taxing authorities. We have deferred tax assets on our balance sheet. Changes in applicable tax laws and regulations or in our business performance could affect our ability to realize those deferred tax assets, which could also affect our results of operations. - We are subject to laws and regulations in various jurisdictions that determine how much profit has been earned and when it is subject to taxation in that jurisdiction. These laws and regulations can be complex and subject to interpretation. In addition, many countries have enacted or begun the process of enacting laws that align with the Organisation for Economic Cooperation and Development’s Base Erosion and Profit Shifting
recommendations.recommendations; application of these laws to U.S.-based multinational corporations remains uncertain. Changes intheselaws and regulations could affect thelocations where wejurisdictions in which our profits aredeemed to earn income,earned and taxed, which could in turn affect our results of operations. Each quarter we forecast our tax expense based on our forecast of our performance for the year. If that performance forecast changes, our forecasted tax expense will change. - We have received and may in the future continue to receive government incentives, including but not limited to tax incentives, designed to encourage certain investments in our operations. We may be subject to increased scrutiny from government entities, shareholders and others on how these incentives are
usedearned and spent. Such incentives could be subject to reduction, modification, clawback or termination, and such changes to these incentives could adversely affect our results of operations, financial condition and reputation. - We maintain bank accounts, a portfolio of investments, access to one or more revolving credit
agreementsfacilities and the ability to issue debt to support the financing needs of the company. Our ability to fund our operations, invest in our business, make strategic acquisitions, service our debt obligations and meet our cash return objectives depends upon continuous access to our bank and investment accounts, and may depend on access to our bank credit lines that support commercial paper borrowings and provide additional liquidity through short-term bank loans. If we are unable to access these accounts and credit lines (for example, due to instability in the financial markets), our results of operations and financial condition could be adversely affected and our ability to access the capital markets or redeem our investments could be restricted. - These actions, in conjunction with trade tensions, may restrict us from participating in the China market or may prevent us from competing effectively.
- From time to time, we receive inquiries from government entities regarding our compliance with laws and regulations, and we could be subject to related litigation, investigations or enforcement activity that can be unpredictable and time-consuming, as well as disruptions to our operations, or significant fines, penalties or other legal liability.
- Increased focus from government authorities, investors, customers and other key stakeholders on environmental, social and governance (ESG) matters has led to new and more stringent reporting standards and disclosure requirements. As the nature, scope and complexity of ESG reporting, diligence and disclosure requirements expand, we might have to undertake costly efforts to control, assess and report on ESG metrics.