Silicon AnalyticaTSMC
Latest quarter: Q3 FY2026, ended September 2026
2330 · Taiwan Stock Exchange · TSM · NYSE (ADR)IDM & foundry
Compare in FinancialsAbout the company
Taiwan Semiconductor Manufacturing Company is the world's largest dedicated semiconductor foundry: it manufactures chips designed by other companies and does not sell chips under its own brand. It offers leading-edge and mature process technologies, specialty processes and advanced packaging such as CoWoS and SoIC, supported by a broad design ecosystem. Revenue is reported by platform — high-performance computing, smartphone, Internet of Things, automotive and digital consumer electronics — with high-performance computing the largest. Its customers include most of the world's leading fabless chip designers. Most capacity is in Taiwan, with fabs in China, the United States, Japan and Germany in operation or under construction.
Silicon Analytica summary based on the company's latest annual report
Key figures
Q3 FY2026 · 30 Sept 2026
- Revenue
- ≈US$46.7B▲ +50.9% y/y
- Operating income
- ≈US$27.1B▲ +75.1% y/y
- Gross marginCalc.
- +7.0 pp y/y
- Operating marginCalc.
- +8.1 pp y/y
- Net income
- ≈US$23.6B▲ +68.7% y/y
- Free cash flowCalc.
- ≈US$14.8B
Figures from company filings. Calculated values marked Calc. · Methodology →
Accounting basis Annual figures follow IFRS as issued by the IASB (Form 20-F). Quarterly figures follow Taiwan-IFRS as published in TSMC's earnings releases. The two bases differ slightly (for example 2023 net income NT$851.7bn on IASB-IFRS versus NT$838.5bn on Taiwan-IFRS), so quarters do not sum exactly to the year.
How the company earns its revenue
Share of total net revenue by end-application platform.
Total of categories: NT$3,809.1B · ≈US$122.2B, reconciles to reported revenue. Different classifications are never added together.
View sources
- TSMC Form 20-F · Item 5, net revenue by platform · FY2025 · published 16 Apr 2026
Quarterly trend
US$ amounts are approximate and use Federal Reserve H.10 period-average rates for reported results.
- Reported results only. Guidance appears separately below and is never mixed into this chart.
View sources
- TSMC quarterly management report (Form 6-K) · Summary income statement (consolidated, NT$ millions) · Q3 FY2024 · published 16 Oct 2025 · covers
- TSMC quarterly management report (Form 6-K) · Summary income statement (consolidated, NT$ millions) · Q4 FY2024, Q3 FY2025 · published 15 Jan 2026 · covers
- TSMC quarterly management report (Form 6-K) · Summary income statement (consolidated, NT$ millions) · Q1 FY2025, Q4 FY2025 · published 16 Apr 2026 · covers
- TSMC quarterly management report (Form 6-K) · Summary income statement (consolidated, NT$ millions) · Q2 FY2025, Q1 FY2026, Q2 FY2026 · published 16 Jul 2026 · covers
- TSMC Reports Third Quarter EPS of NT$29.43 · Quarterly consolidated financial results; revenue; read 2026-11-05 · Q3 FY2026 · published 15 Oct 2026 · covers
Financial statements
Full page →As filed with the SEC (20-F), from XBRL data. NT$ millions, except per-share amounts; shares in millions. Figures in TWD as reported. For a rough US$ equivalent use ~NT$32.3 per US$ (October 2026).
| Line item | FY2024To 31 Dec 202420-F ↗ | FY2023To 31 Dec 202320-F ↗ | FY2022To 31 Dec 202220-F ↗ | FY2021To 31 Dec 202120-F ↗ | FY2020To 31 Dec 202020-F ↗ |
|---|---|---|---|---|---|
| Revenue | 2,894,308 | 2,161,736 | 2,263,891 | 1,587,415 | 1,339,255 |
| Cost of revenue | 1,269,954 | 986,625 | 915,537 | 767,878 | 628,125 |
| Gross profit | 1,624,354 | 1,175,111 | 1,348,355 | 819,537 | 711,130 |
| Gross margin | 56.1% | 54.4% | 59.6% | 51.6% | 53.1% |
| Research & development | 204,182 | 182,370 | 163,262 | 124,735 | 109,486 |
| Selling, general & administrative | 96,889c | 71,464c | 63,445c | 44,488c | 35,570c |
| Operating income | 1,322,053 | 921,466 | 1,121,279 | 649,981 | 566,784 |
| Operating margin | 45.7% | 42.6% | 49.5% | 40.9% | 42.3% |
| Interest & other, net | 83,787c | 57,851c | 22,793c | 13,055c | 17,963c |
| Pre-tax income | 1,405,840 | 979,317 | 1,144,072 | 663,036 | 584,746 |
| Income tax | 248,316 | 128,289 | 150,778 | 70,155 | 73,738 |
| Net income | 1,158,380 | 851,740 | 992,923 | 592,359 | 510,744 |
| Net margin | 40.0% | 39.4% | 43.9% | 37.3% | 38.1% |
| Diluted EPS | 44.67 | 32.85 | 38.29 | 22.84 | 19.70 |
| Diluted shares | 25,930 | 25,929 | 25,929 | 25,930 | 25,930 |
Columns link to the filing. c Calculated by Silicon Analytica from filed figures (hover for the formula); fourth-quarter flows are fiscal year minus nine months. Margins are calculated.
View sources (5)
- TSMC 20-F filed 17 Apr 2025 · accession 0001193125-25-083423
- TSMC 20-F filed 18 Apr 2024 · accession 0001193125-24-099840
- TSMC 20-F filed 20 Apr 2023 · accession 0001193125-23-107214
- TSMC 20-F filed 14 Apr 2022 · accession 0001193125-22-104891
- TSMC 20-F filed 16 Apr 2021 · accession 0001193125-21-118512
Values: SEC XBRL company facts (data.sec.gov), refreshed 8 Nov 2026. A period's original filing is used unless a later filing restated it.
Earnings history
TSMC's results by period: revenue, margins and segments from stored filings.
Quarters
Fiscal years
Five-year financial history
Latest 5 completed fiscal years, IFRS, TWD, as reported in annual filings (restated comparatives used where later filings revised them). Ratios and growth are Silicon Analytica calculations from the same records.
Revenue
USD · fiscal years · IFRS · reported
Net income attributable to shareholders
USD · fiscal years · IFRS · reported
| TWD | FY2021ended 31 Dec 2021 | FY2022ended 31 Dec 2022 | FY2023ended 31 Dec 2023 | FY2024ended 31 Dec 2024 | FY2025ended 31 Dec 2025 |
|---|---|---|---|---|---|
| Revenue | |||||
| Gross profit | |||||
| Gross margin | |||||
| Operating income | |||||
| Operating margin | |||||
| Net income (attributable) | |||||
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| R&D expense | |||||
| R&D as % of revenue |
US$ amounts are approximate and use Federal Reserve H.10 period-average rates for reported results.
- Revenue CAGR over 4 annual intervals (FY2021–FY2025): 24.5%.
- R&D CAGR over 4 annual intervals: 18.6%.
- Net income CAGR over the same intervals: 30.1%.
- Growth is measured in TWD, the reporting currency. US$ equivalents use period-average Federal Reserve H.10 rates and include currency movements.
- Select any figure for its source filing, period dates, accounting basis and calculation.
Business model and industry role
Wafer manufacturing
Processed silicon wafers at nodes from 2 nm to 0.25 µm. A smaller "node" generally means more transistors per area and lower power per operation.
Advanced packaging
3DFabric technologies such as CoWoS and SoIC that place processors and high-bandwidth memory side by side or stacked, essential for current AI accelerators.
Design enablement
Process design kits and a library of IP blocks that customers use to design for TSMC processes.
Who buys it
Hundreds of chip designers; the ten largest customers were about 78% of 2025 net revenue, the largest 19% and the second largest 17% 1. TSMC does not name them in this disclosure.
How it earns revenue
Mainly by selling processed wafers priced per wafer by technology, plus packaging and other services. North America-headquartered customers accounted for 75% of 2025 revenue 1.
What it depends on
Lithography and other tools from equipment makers such as ASML, and a large engineering workforce concentrated in Taiwan. Most fixed costs do not fall when utilisation drops, so lower demand cuts margins sharply 1.
Competitive position, drivers and risks
Competitive position
Silicon Analytica view: at the leading edge the relevant rivals are Samsung Foundry and Intel Foundry; in mature nodes, UMC, GlobalFoundries and SMIC.
Evidence
Reported: 3 nm reached 24% of wafer revenue in 2025 in its third full year, and 2 nm entered volume production in Q4 2025 13. Revenue grew 35.9% in US dollar terms in 2025 3.
Growth drivers and conditions
Company view: AI-related demand, the 2 nm ramp and advanced packaging capacity 13. Conditions: customers' AI programmes must continue, and new fabs in Arizona, Japan and Germany must reach acceptable cost and yield.
Cyclicality and downside risks
Reported: high customer concentration 1; geopolitical risk around Taiwan, where most capacity sits; higher costs of overseas fabs. Our view: margins are exposed to the NT dollar exchange rate because revenue is largely in US dollars while many costs are in NT dollars.
What to watch next
- 2 nm share of wafer revenue
- Gross margin versus the 65–67% Q3 guidance
- Capital expenditure against the US$52–56bn 2026 plan
- HPC share of revenue
- Overseas fab margin dilution commentary
Peer comparison
Compare with another companySuggested peers: Samsung Electronics, Intel, GlobalFoundries, UMC, SMIC
Intel and Samsung run foundry businesses inside larger companies, so their consolidated results are not directly comparable with a pure-play foundry. Financials compares latest reported periods and labels mismatched period ends.
Latest analysis on TSMC
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More data on TSMC
Related coverage and calendar
Sources & methodology
- TSMC Form 20-F for 2025 ↗ · 16 Apr 2026 · Item 4 (history, technology mix, capacity); Item 5 (platform, geography, capex); Item 6 (directors, employees)
- TSMC Q2 2026 earnings release (Form 6-K) ↗ · 16 Jul 2026 · Release text, summary income statement, Q3 guidance
- TSMC 2025 Annual Report, letter to shareholders ↗ · 12 Mar 2026 · Letter to Shareholders
Annual and quarterly figures come from the company's SEC filings (XBRL financial data and, where needed, the filed statements). Each value keeps its filing, period dates and accounting basis. Ratios, growth rates, free cash flow, split-adjusted EPS and derived quarters are Silicon Analytica calculations, shown with their inputs. Percentage growth is not shown when the prior value is zero or negative. US$ equivalents use period-average Federal Reserve H.10 rates. Guidance is shown only as company guidance; no analyst consensus is used.
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