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Taiwan Semiconductor (TSM) investor relations material
Taiwan Semiconductor Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary16 Oct, 2025
Executive summary
Q3 2025 revenue reached NT$989.92 billion (US$33.10 billion), up 10.1% sequentially and 30.3%–40.8% year-over-year, driven by strong demand for advanced nodes and HPC.
Net income attributable to shareholders was NT$452.30 billion, up 13.6% sequentially and 39.1% year-over-year.
EPS was NT$17.44, up 13.6% sequentially and 39% year-over-year; ROE was 37.8%.
Q4 2025 revenue is guided between $32.2B and $33.4B, a 1% sequential decrease but 22% year-over-year growth at midpoint.
Full-year 2025 revenue expected to increase by close to mid-30% year-over-year in USD terms.
Financial highlights
Gross margin improved to 59.5%, up 0.9 percentage points sequentially and 1.7 points year-over-year; operating margin rose to 50.6%.
Net profit margin was 45.7%, up 3.0 points from 2Q25.
Free cash flow for Q3 2025 was NT$139.38 billion.
Cash and marketable securities at quarter-end were TWD 2.8T ($90B); cash balance increased by TWD 106B to TWD 2.5T.
CapEx for Q3 2025 was NT$287.45 billion (US$9.70 billion); Q2 2024 dividend payout was TWD 117B.
Outlook and guidance
Q4 2025 gross margin expected between 59%-61%, operating margin 49%-51%.
CapEx for 2025 narrowed to $40B-$42B, with 70% allocated to advanced process technologies.
AI-related demand remains robust, supporting continued investment and growth.
Gross margin dilution from overseas fabs expected to be 1%-2% for full-year 2025, lower than previous guidance.
Board approved a NT$5.00 cash dividend for 2Q25, with distribution scheduled for January 8, 2026.
What is the trend in 3nm wafer revenue share?
Explain flat HPC revenue QoQ.
What caused the non-operating gain decrease?
Why did overseas fab dilution estimates improve?
How does TSMC forecast Cloud AI demand?
N2 profitability vs N3, what's the outlook?
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Next Taiwan Semiconductor earnings date
Q4 202515 Jan, 2026
Next Taiwan Semiconductor earnings date
Q4 202515 Jan, 2026
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Frequently asked questions
TSMC - The Asian Chip Juggernaut
TSMC, or Taiwan Semiconductor Manufacturing Company Limited, not only have one of the longest corporate names in history but is also currently the largest semiconductor manufacturer in the world. As the name implies, TSMC was established in Taiwan back in 1987 and is today by far the largest Asian company with its 450 billion dollar market cap.
No end-customer relations or own products
The key success factor of TSMC is said to be their decision to become a pure-play foundry business, meaning no end-customer relations or own products. By choosing not to market any semiconductor products under its own name, TSMC can ensure that their incentives are well-aligned with their customers.
Prominent companies as customers
It is said that Apple accounts for roughly one-fifth of TSMC's revenue, and other customers on the list are Advanced Micro Devices, Broadcom, NVIDIA, and Qualcomm.
Further reading: Understanding the Semiconductor Value Chain: Key Players & Dynamics
TSMC produced more than 12,000 different products for its customers in 2021 and reached revenues of 57 billion dollars, up 20 percent year-over-year. In fact, they astonshingly did more EBITDA in 2021 than revenue in 2019.
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