Texas Instruments (TXN) executives have projected that the company could achieve revenues of $26 billion by 2026 under ideal market conditions. The transition away from 150mm production is expected to be completed by the end of 2026. Additionally, the analog chipmaker anticipates a significant increase in free cash flow, with estimates suggesting it could rise to between $8 and $12 per share in 2026, up from $1.47 in 2023. This anticipated growth comes as the company tightens its capital spending following pressure from Elliott Investment Management, which holds a $2.5 billion stake in Texas Instruments. The company has revised its capital expenditures for 2026 to a range of $2 billion to $5 billion, down from previous estimates of $5 billion. Analysts have responded positively, with Citi upgrading Texas Instruments to a 'Buy' rating and raising its price target from $200 to $235, citing expectations for margin recovery and potential for significant earnings per share growth.