Texas Instruments (TXN) enters its October 21 earnings release with a strong setup after delivering robust Q2 2026 results, including revenue of $5.46 billion (up 23% year-over-year) and EPS of $2.14, which exceeded consensus by roughly 8-11%. Management's Q3 guidance of $5.65-6.15 billion in revenue and $2.23-2.57 EPS sits above analyst consensus estimates near $5.67-5.91 billion and $2.36-2.42, reflecting continued momentum in industrial, data center (which doubled year-over-year), and automotive end markets. Recent quarters have featured frequent EPS beats amid improving utilization and gross margins near 61%, supporting the 78.5% market-implied probability of another outperformance despite elevated expectations.