Excuse me, ladies and gentlemen. If you'll take your seat, we'll start the meeting. Thank you. I would like to point out in the unlikely event it's necessary, we have 4 emergency exits in the cafeteria here. 2 are in the back wall, 1 is in that corner there, and 1 is immediately to my right. With that, Mr. Chairman.
Good morning. Thank you, Joe. The 2015 annual meeting of the stockholders of Texas Instruments Incorporated is hereby called to order. I'm Rich Templeton, Chairman, President, and Chief Executive Officer, and it's my pleasure to welcome you here to this year's meeting. First on our agenda today is the election of directors, followed by the consideration of 2 proposals, an advisory vote on executive compensation, or it is more commonly known, say on pay, and the ratification of independent auditors. While the polls are open for voting, I will review our strategic direction. The secretary's report on voting will follow, after which questions or comments from the floor will be in order. If you would please hold questions or comments until that time, as they may be covered during the course of the meeting.
Before we begin, I want to introduce some special guests who are with us today. First is Margaret McDermott and Mary McDermott Cook, wife and daughter of TI founder, Eugene McDermott. Mary and Margaret, would you please wave to the audience? We are also pleased to have with us a former director of TI, Jerry Junkins. Jerry, would you please stand? Finally, Hallie Harris, wife of former TI director, Buddy Harris. Hallie, would you please stand or wave to the audience? Joe Hubach, Secretary of the company, will act as Secretary of this meeting. The board of directors has appointed an independent inspector to conduct a vote at this meeting. Joe has advised me that holders of more than 89% of the outstanding common stock are represented at the meeting by proxy or in person. This constitutes a quorum.
At this time, I'm pleased to introduce the nominees for election to the TI board. All were elected at last year's annual meeting. As I introduce the nominees, I ask that they please stand and remain standing. In addition to myself, the nominees are Ralph Babb, Mark Blinn, Dan Carp, Carrie Cox, Ron Kirk, Pamela Patsley, Robert Sanchez, Wayne Sanders, Ruth Simmons, and Christine Whitman. Each of these nominees and their qualifications as directors are listed in a proxy statement. TI's bylaws require advance notice of proposed nominations. Since no notice of other nominations has been submitted in accordance with the bylaws, the nominations are closed. We'll now consider the 2 board proposals.
The board of directors recommends that stockholders cast an advisory vote for the proposal approving executive compensation for 2014, as disclosed in our proxy statement, and that stockholders ratify the appointment of EY as the company's independent registered public accounting firm for 2015. The text and related discussion of the board proposals are in our proxy statement. I won't take additional time to describe the proposals. This would be an appropriate time for comment on the nominations and the board proposals. Please limit your comments to a total of three minutes. We will now open the polls and take the vote on the election of the board of directors and the proposals. The polls will remain open for 10 minutes. The votes of the 401 participants and those that have been sent in proxy or voted by telephone or internet have already been counted.
If any stockholder of record has not submitted a proxy or voted by telephone or internet and wishes to submit a ballot, you may do so now. The right to vote directly at this meeting is limited to stockholders of record and proxy holders. Also, if you have previously submitted a proxy or voted by telephone or internet, you may change your vote by submitting a ballot. Please raise your hand if you need a ballot. Okay, thank you. While the votes are being tabulated, I will take a few moments to share my thoughts with you about our strategic direction and the progress that we're making. A lot of thought, energy, and discipline have gone into creating the TI of today. It's a TI that is strategically and financially stronger than it's ever been.
It's a TI that is using technology to help make the world safer, greener, and healthier. It's a TI that is generating record levels of cash and steadily returning it to you, our shareholders. While we are pleased with the progress, we are working to ensure that these improvements continue for years into the future. Today, I will touch on two points. First, I'll review why we are focused on Analog and Embedded and provide some deeper insight into our business model. Second, I'll review how we're spending our time to get better. Analog and Embedded. Through a series of strategic moves, some small, some large, TI today is a company centered on Analog and Embedded Processing, two of the semiconductor industry's most attractive markets. Analog chips are used literally in every electronic product sold, and Embedded Processing chips are used in most.
These markets are large, they are highly fragmented. While TI has leadership positions in each, we have ample room to grow and to gain share. In addition, Analog and Embedded use less capital-intensive manufacturing technologies and assets. This adds up to an opportunity to grow revenue, convert it into free cash flow, and return it to our investors. If you look closer, we have designed our business model around four attributes that collectively are unique to TI. These attributes are what some would call sustainable competitive advantages. I believe that they are the foundation of what will make TI a great company for many years to come. While we've been working to develop these attributes for a long time, I believe we are just now starting to see the true potential of them. They are important to our future.
We continue to invest to make them stronger. For that reason, I want to give you some deeper insight into them. The first attribute is our foundation of manufacturing and technology. We invest in manufacturing capacity and process technologies that provide a cost advantage and provide us control over our supply chain. The most visible example of this is our 300-millimeter wafer fab for analog manufacturing. In 2010, we started the industry's first 300-millimeter wafer fab dedicated to analog production in Richardson, Texas. We call it our fab. A chip built on 300-millimeter wafers costs 40% less than a chip built on 200-millimeter wafers, which is typical and most advanced size used by our competitors. In 2014, our fab produced $2 billion of analog revenue, about 25% of our total analog business. Our fab is capable of $5 billion of annual output when filled up.
Earlier this year, we also announced plans for a second fab to produce 300-millimeter analog wafers, also here in Dallas. Combined, these two fabs can produce $8 billion of annual revenue on 300 millimeters. The size, cost, and complexity of a 300-millimeter wafer fab make it very unlikely that our traditional analog competitors will ever attempt to build similar factories. The net result is that we have an ongoing cost advantage and more control of our supply chain to support our 100,000 customers. The second attribute of our business model is that we have the industry's broadest portfolio of Analog and Embedded Processing chips. Our portfolio provides two benefits. First, the products in the portfolio are differentiated, which means they generate high margins and good returns on investment.
Second, perhaps most interesting relative to competitive advantage, is that the size and breadth of our portfolio creates a lot of customer traffic, meaning ti.com, our website, receives more visits from our customers because we literally have more parts that might meet their needs. To give you a sense of comparison, ti.com received 70 million visits in 2014, at least five times our nearest competitor. This leads to our third attribute, the reach of our market channels. Our global sales force is large, two, three, and sometimes five times larger than those of our competitors. We put more feet on the street. We call on more customers.
Likewise, because ti.com attracts significantly more traffic, as I previously mentioned, every visit is an opportunity to not only meet the single chip that they came looking for, but potentially propose multiple chips to solve their multiple challenges inside every electronic system that a customer designs. The net result is that the reach of our market channels gives us access to more customers and more projects. Therefore, the opportunity to win more sockets in each project. At the same time, we get smarter about how to help customers in the future because with every interaction, we learn more about what they need and how our products should support those needs. These first three attributes combine to create the fourth, which is diversity and longevity, both in our products and in the markets we serve.
Diversity means that we are not overly dependent on any one market, one end equipment, any one customer, or any one chip. This somewhat insulates TI from any one market rising or falling, or a customer rising or falling, which will translate into higher revenue and more sustainable long-term growth. Longevity means the chips we design or the sockets that we win live for a longer period of time. In the case of automotive or industrial markets, a design win could last from three to even 10 years. Longevity directly translates into higher returns on investment that we make. Each of these sustainable attributes, manufacturing and technology, the broadest portfolio of Analog and Embedded chips, the reach of our market channels, and diversity and longevity, has taken years to develop and hone. They are solidly in place, and we are continuing to work to make them stronger.
This leads to my second point today, how we're spending our time to get better. Over the past few years, we've spent a lot of time defining, developing, and implementing a plan to ensure that TI keeps getting stronger for many years to come. Much of this is based on our belief that there are three keys to success, focus, execution, and innovation. Focus is about having your investments in the right products and markets. We've made clear choices about areas we believe that have the best growth opportunity, Analog and Embedded. I'm pleased to say that combined, Analog and Embedded are now 85% of TI's revenue and will likely approach 90% within a few years. In terms of markets, industrial and automotive are now 44% of our revenue, and will continue to grow as semiconductors enable new and revolutionized old applications in each.
At the same time, we will grow our customer diversity and increase our focus on parts that can be sold to many customers as opposed to just a few. To translate these objectives into actions, we launched a set of playbooks and a series of company-level initiatives designed to strengthen our execution. Combined, they are changing how we work, where we spend our time, and how we judge performance. Playbooks provide our product lines, our sales force, our manufacturing teams with a common language and a baseline of what good looks like. In turn, this discipline has accelerated our rates of learning and our improvement. The company-level initiatives range from acceleration of our capabilities in serving the industrial and automotive markets, to acceleration of our ability to make ti.com both the starting point and ending point for customers as they choose chips for new systems they are designing.
I've been impressed with the energy and the adoption of playbooks and initiatives by TI-ers. Our people inside product lines, sales, manufacturing, and support functions have all literally raised the bar for Texas Instruments. My message to all TI-ers is thank you and keep going. Innovation is what we do. Whether we are creating new products or taking existing products to new levels, our mission is to deliver differentiated and market-changing chips for the world's electronic makers. It's why we exist, it's what we invest in, and ultimately, it's how we're able to generate returns to our shareholders. The ultimate measure for any enterprise is superior long-term growth and free cash flow. In 2014, free cash flow grew 18% to $3.5 billion. We have the opportunity to grow free cash flow well into the future through both top-line growth and incremental gains in free cash flow margin.
While we know there will be good and bad market environments, there always are, we will stay focused on the long term. The design of our business model enables us to commit to a capital management strategy that allows us to make all the required investments in R&D, in marketing, in manufacturing, yet still return 100% of free cash flow, excluding debt repayments to our shareholders. In 2014, we returned $4.2 billion to shareholders through dividends and share repurchase. While we have accomplished many good things with our strategy, our work is not done, and it is critical that we and you understand that it really never will be. In the years ahead, I expect our company to be known for its focus on the best opportunities, its flawless execution in product development and manufacturing, and its ability to use semiconductor technology to turn dreams into reality.
I thank all TI-ers and our shareholders for being part of it. Mr. Secretary, have you received the results of the balloting?
I have, Mr. Chairman. According to the report of the inspectors, the 11 persons nominated by the board have been elected. Over 97% of the shares cast were voted for the election of each of them, about 2% voted against, and 1% abstained. On the advisory vote regarding executive compensation, approximately 95% of the shares cast were voted to approve executive compensation, about 4% voted to disapprove, 1% abstained. The board of directors' proposal to ratify the appointment of EY as the company's independent registered public accounting firm was approved. Approximately 99% of the shares cast were voted in favor of the proposal, 1% voted against, and less than 1% abstained. That concludes my report.
Thank you, Joe. The floor is now open. At this time, I would be pleased to take any questions or comments regarding TI's business from the floor. As a courtesy to all present or listening via webcast, our rules call for comments to be limited to five minutes per person, regardless of the number of topics you wish to address. Do we have any questions?