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Taiwan Semiconductor Manufacturing Company
Taiwan Semiconductor Manufacturing Company (TSM) investor relations material
Taiwan Semiconductor Manufacturing Company Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary15 Jan, 2026
Executive summary
Fourth quarter 2025 revenue rose 1.9% sequentially to NT$1,046.09 billion ($33.7B), surpassing guidance, with net income at NT$505.74 billion, up 11.8% sequentially and 35.0% year-over-year.
EPS for Q4 2025 was NT$19.50, up 11.8% sequentially and 35.0% year-over-year; full-year EPS was NT$66.25, up 46.4% from 2024.
Full-year 2025 revenue grew 35.9% year-over-year to $122B (NT$3,809.05 billion), with advanced technologies (7nm and below) accounting for 74% of wafer revenue.
AI-related demand and robust growth in HPC, smartphone, IoT, and automotive platforms fueled performance.
Advanced technologies (7nm and below) contributed 77% of Q4 wafer revenue.
Financial highlights
Q4 2025 gross margin was 62.3%, up 2.8 percentage points sequentially; operating margin was 54%, up 3.4 points sequentially.
Full-year 2025 gross margin rose to 59.9%, operating margin to 50.8%, and net profit margin to 45.1%, all up year-over-year.
Free cash flow for 2025 was NT$1,002.57 billion (TWD 1T), up 15.2% from 2024; cash dividends paid increased 28.6% year-over-year.
ROE for 2025 was 35.4%, up 5.1 points year-over-year.
Outlook and guidance
Q1 2026 revenue expected between $34.6B and $35.8B, up 4% sequentially and 38% year-over-year.
Q1 2026 gross margin guided at 63%-65%, operating margin at 54%-56%.
Full-year 2026 revenue forecasted to grow close to 30% in USD terms; Foundry 2.0 industry expected to grow 14%.
Effective tax rate expected to rise to 17%-18% in 2026.
Forward-looking statements are subject to significant risks and uncertainties.
What drove the 4Q25 ASP per wafer increase?
What are the key drivers for HPC platform growth?
What factors contributed to the FCF surge in 4Q25?
Assess 3nm's impact on advanced tech revenue
Overseas fabs' impact on 2025 gross margin?
Reason for North America's 2025 revenue share growth?
US fab expansion: drivers and capacity goals
Gross margin strategy with overseas fab dilution?
AI demand validation beyond customer forecasts?
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Next Taiwan Semiconductor Manufacturing Company earnings date
Q1 202616 Apr, 2026
Taiwan Semiconductor Manufacturing Company
Next Taiwan Semiconductor Manufacturing Company earnings date
Q1 202616 Apr, 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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