United Microelectronics (UMC) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue was NT$61,810M, up 4.5% QoQ and 2.4% YoY; gross margin was 30.7%.

• Q4 net income attributable to shareholders was NT$10,055M and EPS was NT$0.81; net income fell 33% QoQ but rose 18% YoY.

• 2025 revenue increased 2.3% to NT$237,553M; net income fell 11.6% to NT$41,716M and EPS was NT$3.34.

• 2025 wafer shipments rose 12.3% and USD revenue increased 5.3%; record 22nm growth lifted Q4 technology mix.

Financial highlights

• Q4 gross profit rose 7.6% QoQ to NT$18.96B; operating income rose 10.0% to NT$12.23B, with a 19.8% operating margin.

• 2025 gross profit declined 8.9% to NT$68.91B and operating income fell 14.8% to NT$43.95B; gross margin was 29.0%.

• Year-end cash and cash equivalents were NT$110.66B; total equity was NT$379.855B.

• 2025 operating cash flow was NT$99.864B; cash dividends paid totaled NT$35.784B.

Outlook and guidance

• Q1 2026 wafer shipments expected flat, USD ASP firm, gross margin in the high-20% range, and utilization in the mid-70% range.

• 2026 cash-based CAPEX budget is US$1.5B, with 90% allocated to 12-inch and 10% to 8-inch fabs; 2025 CAPEX was US$1.6B.

• Q1 2026 capacity is estimated at 1,283K 12-inch equivalent wafers, slightly below Q4 due to annual maintenance.

• 2026 expected to be another growth year as 22nm tape-outs accelerate and new solutions gain traction; second half expected to outperform the first.

• Depreciation expenses expected to increase by low teens percent in 2026, peaking this year or next.