Cerebras vs Texas Instruments: Revenue, Profit and Business Model
Cerebras had $510M of annual revenue in FY2025 and $87.9M of net income. Texas Instruments had $17.7B of annual revenue in FY2025 and $5B of net income.
Latest financial snapshot
Cerebras
- Latest annual revenue
- $510M (FY2025)
- Net income
- $87.9M
- Net margin
- 17.2%
- Revenue growth
- +154.6% a year, FY2023–FY2025
Texas Instruments
- Latest annual revenue
- $17.7B (FY2025)
- Net income
- $5B
- Net margin
- 28.3%
- Revenue growth
- +3.2% a year, FY2016–FY2025
Financial summary
Cerebras
Cerebras reported revenue of $510 million in 2025, up about 76% from roughly $290 million in 2024, and swung to net income of $87.9 million from a $485 million loss. After its May 2026 IPO it began reporting 'core revenue', which excludes pass-through revenue and amortization of customer warrant assets. Q1 2026 core revenue was $191.3 million (up 92%), and Q2 2026 core revenue was $209.9 million (up 103%), against GAAP revenue of $180.1 million. Q2 GAAP net loss was $450.5 million, mostly from $386.6 million of stock-based compensation tied to the listing. Management raised 2026 core revenue guidance to $880-890 million and guided Q3 to $214-216 million. Remaining performance obligations stood at $25.4 billion. Cerebras Systems is a highly valued AI hardware startup, reaching a private valuation of over $4 billion as it prepares for an IPO.
Texas Instruments
TI's revenue fell from a $20.03 billion peak in 2022 to $15.64 billion in 2024 during an industry inventory correction, then recovered to $17.68 billion in 2025 with net income of $5.00 billion. The upturn accelerated in 2026: Q2 revenue reached $5.46 billion, operating profit rose 48% to $2.31 billion and net income rose 53% to $1.98 billion. With heavy fab spending past its peak, trailing 12-month free cash flow climbed to $6.5 billion from $1.8 billion a year earlier. TI guided Q3 2026 revenue to $5.65-$6.15 billion.
Revenue and profit by year
Cerebras
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $510M | $87.9M | 17.2% | +75.7% | Source |
| FY2024 | $290.3M | -$485M | -167.1% | +268.9% | Source |
| FY2023 | $78.7M | — | — | — | Source |
Texas Instruments
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $17.7B | $5B | 28.3% | +13.0% | Source |
| FY2024 | $15.6B | $4.8B | 30.7% | -10.7% | Source |
| FY2023 | $17.5B | $6.5B | 37.2% | -12.5% | Source |
| FY2022 | $20B | $8.7B | 43.7% | +9.2% | Source |
| FY2021 | $18.3B | $7.8B | 42.4% | +26.9% | Source |
| FY2020 | $14.5B | $5.6B | 38.7% | +0.5% | Source |
| FY2019 | $14.4B | $5B | 34.9% | -8.9% | Source |
| FY2018 | $15.8B | $5.6B | 35.4% | +5.5% | Source |
| FY2017 | $15B | $3.7B | 24.6% | +11.9% | Source |
| FY2016 | $13.4B | $3.6B | 26.9% | — | Source |
Where the revenue comes from
Cerebras
- Cloud & Other Services (Fast Inference)
~61% of Q2 2026 core revenue
Per-token API fees and dedicated capacity contracts for running AI models on Cerebras systems in leased data centers, led by OpenAI. $127.7 million in Q2 2026.
- Hardware Systems
~39% of Q2 2026 core revenue
Sales of CS-3 systems and clusters to sovereign AI programs, universities, national labs, and enterprises. $82.1 million in Q2 2026.
Texas Instruments
- Analog
~78% (2024)
Power management and signal chain chips such as amplifiers, data converters, interface and isolation products. Analog revenue was about $12.16 billion of TI's $15.64 billion in 2024, and it led 2026 growth, rising 22% year over year in Q1 2026.
- Embedded Processing
~16% (2024)
Microcontrollers and processors, including C2000 real-time control MCUs, MSP430 low-power MCUs and automotive radar and processor chips. Revenue was about $2.56 billion in 2024 and grew 12% year over year in Q1 2026.
- Other (DLP, calculators, custom)
~6% (2024)
DLP display and light-steering products, education calculators such as the TI-84 Plus, and custom and legacy products.
Business model and strategy
Cerebras
How it makes money
Cerebras makes money in two ways. First, it sells hardware: CS-3 systems built around the WSE-3 chip, bought by sovereign AI programs, national labs, universities, and enterprises that want to own their compute. Second, and now larger, it sells cloud and services: customers pay to run models on Cerebras systems hosted in data centers it leases, either through per-token inference APIs or dedicated capacity contracts.
Growth strategy
Cerebras' growth strategy centers on fast inference. It is building out leased data center capacity to serve OpenAI and other model providers, distributing its service through Amazon Web Services under a March 2026 agreement, and pricing low-latency token generation at a premium to GPU clouds.
Competitive advantage
Cerebras' edge is its wafer-scale architecture. A GPU cluster splits a model across many chips and spends time and energy moving data between them over external links. The WSE-3 keeps 900,000 cores and 44 GB of SRAM on one piece of silicon, so weights and activations move across the wafer at 21 PB/s.
Texas Instruments
How it makes money
Texas Instruments operates an integrated semiconductor design and manufacturing model, specializing in high-margin analog chips and embedded processing solutions. The company manufactures tens of thousands of differentiated products sold to over 100,000 global customers across the industrial, automotive, personal electronics, communications, and enterprise systems sectors.
Growth strategy
TI's strategy has four parts. First, manufacturing: it has spent heavily on 300mm analog fabs in Richardson (RFAB2), Lehi, Utah (LFAB, bought from Micron in 2021 for $900 million) and Sherman, Texas, where SM1 began production in December 2025, with support from the U.S. CHIPS Act.
Competitive advantage
TI's edge rests on owned, mostly 300mm analog manufacturing, a very broad catalog of long-lived parts, direct reach to customers through ti.com, and a cost structure that let it generate $6.5 billion of free cash flow in the 12 months to June 2026.
Questions about Cerebras vs Texas Instruments
Which company has higher revenue — Cerebras Systems Inc. or Texas Instruments Inc.?
Cerebras Systems Inc. had $510.0M (FY2025), while Texas Instruments Inc. had $17.7B (FY2025). By latest annual revenue, Texas Instruments Inc. is the larger business, with Cerebras Systems Inc. showing a smaller revenue base.
What is the market cap of Cerebras Systems Inc. vs Texas Instruments Inc.?
Cerebras Systems Inc.'s market capitalisation stands at $46.3B, while Texas Instruments Inc.'s is $236.0B. Texas Instruments Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Cerebras Systems Inc..
How does revenue per employee compare for Cerebras Systems Inc. and Texas Instruments Inc.?
Cerebras Systems Inc. has $720k / employee in revenue per employee, while Texas Instruments Inc. has $536k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Cerebras Systems Inc. and Texas Instruments Inc. make money?
Cerebras Systems Inc. and Texas Instruments Inc. generate revenue in fundamentally different ways. Cerebras Systems Inc.: Cerebras makes money in two ways. Texas Instruments Inc.: Texas Instruments operates an integrated semiconductor design and manufacturing model, specializing in high-margin analog chips and embedded processing solutions.
Which company is valued higher relative to revenue — Cerebras Systems Inc. or Texas Instruments Inc.?
On a price-to-sales (P/S) basis, Cerebras Systems Inc. trades at 90.8x P/S and Texas Instruments Inc. at 13.3x P/S. Cerebras Systems Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Texas Instruments Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Cerebras Systems Inc. bigger than Texas Instruments Inc.?
By last reported revenue, Texas Instruments Inc. ($17.7B (FY2025)) is the larger company compared to Cerebras Systems Inc. ($510.0M (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Cerebras vs Texas Instruments overview