TAIWAN SEMICONDUCTOR MANUFACTURING CO (TSM) Company Report

Analyst Coverage

Research analysts who have asked questions during TAIWAN SEMICONDUCTOR MANUFACTURING CO earnings calls.

Gokul Hariharan

JPMorgan Chase & Co

5 questions for TSM

Also covers: 3711.TW, ASX, GDS +2 more

Sunny Lin

UBS

5 questions for TSM

Also covers: 3711.TW, ASX, UMC

Brett Simpson

Arete Research

4 questions for TSM

Charlie Chan

Morgan Stanley

4 questions for TSM

Also covers: 3711.TW, ASX, UMC

Chia Yi Chen

Citigroup

3 questions for TSM

Also covers: 3711.TW, ASX, UMC

Zheng Lu

Goldman Sachs

3 questions for TSM

Also covers: 3711.TW, ASX, UMC

Arthur Lai

Macquarie Group

2 questions for TSM

Brad Lin

Bank of America

2 questions for TSM

Also covers: 3711.TW, ASX, UMC

Bruce Lu

Goldman Sachs

2 questions for TSM

Also covers: ASX, UMC

Laura Chen

Citigroup

2 questions for TSM

Also covers: ASX, UMC

Sreekrishnan Sankarnarayanan

Wolfe Research, LLC

2 questions for TSM

Also covers: AAPL, AEIS, AMAT +21 more

Yu Shi

Susquehanna International Group, LLP

2 questions for TSM

Also covers: ACLS, ACMR, AMAT +11 more

Charlie Chen

China Renaissance

1 question for TSM

Also covers: EM, MOGU, RLX +1 more

Felix Pan (Junhong Pan)

KGI Securities

1 question for TSM

Also covers: ASX, UMC

Krish Sankar

TD Cowen

1 question for TSM

Also covers: AAPL, AEIS, AMAT +21 more

Mehdi Hosseini

Susquehanna Financial Group

1 question for TSM

Also covers: AEIS, ALAB, AMAT +19 more

Rick Hsu

Daiwa Securities

1 question for TSM

Also covers: ASX

Yu Jang Lai

Macquarie Group Limited

1 question for TSM

Latest news

Recent press releases and 8-K filings for TSM.

TSMC Announces November 2025 Revenue

TSM

Earnings

Revenue Acceleration/Inflection

Taiwan Semiconductor Manufacturing Company Limited (TSMC) reported consolidated net revenue of approximately NT$343.61 billion for November 2025.
This figure represents a 6.5% decrease from October 2025 but an increase of 24.5% compared to November 2024.
For the period of January through November 2025, TSMC's total consolidated revenue reached NT$3,474.05 billion, an increase of 32.8% over the same period in 2024.

Dec 10, 2025, 11:03 AM

6-K

TSMC 2nm Trade Secrets Violation Leads to Charges Against Tokyo Electron Taiwan

TSM

Legal Proceedings

Tokyo Electron Taiwan Ltd. has been indicted by Taiwanese prosecutors for alleged involvement in the theft of Taiwan Semiconductor Manufacturing Co.'s (TSMC) highly sensitive 2-nanometer semiconductor technology.
Prosecutors are seeking fines totaling approximately US$3.82 million (NT$120 million) from Tokyo Electron Taiwan for four alleged offenses. This marks the first time a corporation has been charged under Taiwan's National Security Act in a case involving national core key technology.
The indictment states that Tokyo Electron Taiwan failed to implement adequate preventive measures, leading to criminal liability, while former TSMC engineer Chen Li-ming and two other TSMC engineers face prison terms for supplying confidential information.

Dec 2, 2025, 9:44 AM

Bloomberg

TSMC Files Lawsuit Against Former Senior Vice President Over Trade Secrets

TSM

Legal Proceedings

Management Change

TSMC filed a lawsuit on November 25, 2025, against its former Senior Vice President, Wei-Jen Lo, for alleged breach of his employment contract, non-compete agreement, and the Trade Secrets Act.
Lo, who retired from TSMC on July 27, 2025, had been transferred to Corporate Strategy Development in March 2024 and was no longer responsible for R&D supervision, but allegedly continued to gather information on advanced technologies.
During his exit interview, Lo stated he would join an academic institution, but subsequently joined Intel as Executive Vice President.
TSMC believes there is a high probability that Lo will use or transfer the company's trade secrets and confidential information to Intel, necessitating legal action including claims for damages.

Nov 25, 2025, 11:24 AM

6-K

Taiwan Semiconductor Manufacturing Company Limited Reports Q3 and Nine-Month 2025 Financial Results

TSM

Earnings

Debt Issuance

Dividends

For the three months ended September 30, 2025, Taiwan Semiconductor Manufacturing Company Limited reported net revenue of $989,918,318 thousand NTD and net income of $451,755,362 thousand NTD, resulting in basic earnings per share of $17.44 NTD.
For the nine months ended September 30, 2025, the company's net revenue was $2,762,963,851 thousand NTD, with net income of $1,209,981,447 thousand NTD, and basic earnings per share of $46.75 NTD.
As of September 30, 2025, cash and cash equivalents stood at $2,470,759,384 thousand NTD.
Net cash generated by operating activities for the nine months ended September 30, 2025, was $1,549,466,838 thousand NTD.
The company recognized approximately NT$5.3 billion in earthquake losses, net of insurance claim, in the first quarter of 2025, primarily impacting cost of revenue and other operating income and expenses.

Nov 14, 2025, 11:05 AM

6-K

TSMC Board Approves Q3 2025 Results, Dividend, and US$15 Billion Capital Appropriations

TSM

Earnings

Dividends

New Projects/Investments

The Board of Directors approved the 2025 third quarter Business Report and Financial Statements, reporting consolidated revenue of NT$989.92 billion, net income of NT$452.30 billion, and diluted earnings per share of NT$17.44.
A cash dividend of NT$6.0 per share for the third quarter of 2025 was approved, with the ex-dividend date set for March 17, 2026, and payment on April 9, 2026.
The Board approved capital appropriations of approximately US$14,981.60 million to support long-term capacity plans, including fab construction, installation of advanced technology capacity, and 2026 R&D capital investments.
An equipment sale valued between US$20 million and US$23 million to Vanguard International Semiconductor Corporation (VIS) was also approved.

Nov 12, 2025, 11:14 AM

6-K

TSMC Reports Strong October 2025 Revenue

TSM

Earnings

Revenue Acceleration/Inflection

Taiwan Semiconductor Manufacturing Company Limited (TSMC) announced net revenue of NT$367.47 billion for October 2025.
This figure represents a 16.9% increase from October 2024 and an 11.0% increase from September 2025.
For the cumulative period of January through October 2025, TSMC's total net revenue reached NT$3,130.44 billion, which is a 33.8% increase compared to the same period in 2024.

Nov 10, 2025, 11:05 AM

6-K

TSMC Plans Chip Price Hikes Starting 2026

TSM

New Projects/Investments

Guidance Update

Taiwan Semiconductor Manufacturing Company (TSMC) is set to increase prices for its advanced semiconductor processes below 5 nanometers by 5% to 10% starting in 2026.
These price adjustments will affect major clients including Apple (A16-A20 and M3-M5 chips), NVIDIA, and AMD.
The 2nm process, anticipated for Apple's A20 chip, is expected to be significantly more expensive, potentially increasing costs by over 50% compared to 3nm chips.
The price increases are driven by TSMC's soaring capital expenditures on new fabrication facilities and rising operational costs such as energy and labor.

Nov 8, 2025, 4:39 PM

Bloomberg

TSMC Reports Strong Q3 2025 Results and Provides Q4 2025 Outlook

TSM

Earnings

Guidance Update

Revenue Acceleration/Inflection

TSMC reported diluted earnings per share of NT$17.44 (US$2.92 per ADR unit) and consolidated revenue of NT$989.92 billion (US$33.10 billion) for the third quarter ended September 30, 2025.
Third quarter revenue increased 30.3% year-over-year and 6.0% quarter-over-quarter (in NT$), while diluted EPS increased 39.0% year-over-year.
The company achieved a gross margin of 59.5%, an operating margin of 50.6%, and a net profit margin of 45.7% in Q3 2025.
Advanced technologies (7-nanometer and more advanced) contributed 74% of total wafer revenue in Q3 2025, with 3-nanometer accounting for 23% and 5-nanometer for 37%.
For the fourth quarter of 2025, TSMC expects revenue to be between US$32.2 billion and US$33.4 billion, with a gross profit margin between 59% and 61% and an operating profit margin between 49% and 51%.

Oct 16, 2025, 10:39 AM

6-K

TSMC Announces Strong Q3 2025 Results and Positive AI Outlook

TSM

Earnings

Guidance Update

Revenue Acceleration/Inflection

TSMC reported Q3 2025 revenue of $33.1 billion, a 10.1% sequential increase, with a gross margin of 59.5% and EPS of 17.44 NT, up 39% year-over-year.
For Q4 2025, the company expects revenue between $32.2 billion and $33.4 billion and a gross margin between 59% and 61%.
Full-year 2025 revenue is projected to increase by close to mid-30% year over year, and capital expenditures guidance was narrowed to $40 billion to $42 billion.
Demand for AI-related applications remains very strong, with the company's AI accelerator growth CAGR now expected to be "a little bit better" than the previously guided mid-40%.
Advanced technologies (7-nanometer and below) contributed 74% of wafer revenue in Q3, and 2-nanometer technology is on track for volume production later this quarter.

Oct 16, 2025, 6:00 AM

Transcript

TSM Reports Strong Q3 2025 Financial Results and Declares Dividend

TSM

Earnings

Dividends

Revenue Acceleration/Inflection

TSM reported Net Revenue of US$33.10 billion (NT$989.92 billion) for Q3 2025, marking a 10.1% increase over Q2 2025 and a 40.8% increase over Q3 2024 in USD terms. Net income attributable to shareholders of the parent company was NT$452.30 billion, resulting in EPS of NT$17.44.
The company achieved a Gross Margin of 59.5% and an Operating Margin of 50.6% in Q3 2025, both showing improvements compared to the prior quarter and prior year.
Cash from operating activities for Q3 2025 was NT$426.83 billion, with Free Cash Flow at NT$139.38 billion. Cash & Marketable Securities totaled NT$2,751.06 billion as of September 30, 2025.
TSM's Board of Directors approved a NT$5.00 cash dividend for the second quarter of 2025, with an ex-dividend date of December 11, 2025, and a distribution date of January 8, 2026.