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 Reports Strong Q4 2025 Results and Provides Q1 2026 Guidance

TSM

Earnings

Guidance Update

New Projects/Investments

TSMC reported Q4 2025 consolidated revenue of NT$1,046.09 billion (US$33.73 billion), marking a 25.5% increase year-over-year in US dollars, and diluted EPS of NT$19.50, which was up 35.0% year-over-year.
For Q1 2026, the company anticipates revenue to be between US$34.6 billion and US$35.8 billion, with a gross profit margin expected to be between 63% and 65%.
Advanced technologies, defined as 7-nanometer and more advanced, contributed 77% of total wafer revenue in Q4 2025, with 3-nanometer accounting for 28% and 5-nanometer for 35%.
Management expects the 2026 capital budget to range from US$52 billion to US$56 billion, and projects 2026 revenue to increase by close to 30% in US dollar terms.

7 days ago

6-K

TSMC Reports Strong Results and Raises Capex

TSM

Earnings

Guidance Update

New Projects/Investments

Taiwan Semiconductor Manufacturing Co. (TSMC) reported record annual revenue of approximately $116 billion and net income of $52 billion for full-year 2024, alongside strong fourth-quarter revenue of approximately $32 billion and net income of $15.4 billion.
The company's fourth-quarter gross margin expanded to 62.3%, and earnings per share rose approximately 35% year-over-year, driven by leading-edge AI demand.
TSMC lifted its capital-expenditure plans to roughly $52–$56 billion and forecasted materially stronger near-term sales, underscoring durable AI-driven chip demand.
Taiwan concluded tariff negotiations with the United States, which includes Taiwanese companies (including semiconductor firms) investing roughly $250 billion in the U.S..

7 days ago

Bloomberg

TSMC reports record Q4 2025 results and raises capital expenditures

TSM

Earnings

Guidance Update

New Projects/Investments

TSMC reported record Q4 2025 results, with revenue of NT$1.046 trillion (~$33.7B) and net income of NT$505.74 billion (~$16.0B), marking about a 35% year-over-year profit increase and a 62.3% gross margin.
The company issued bullish guidance, projecting roughly 30% revenue growth for fiscal 2026 and indicating upcoming quarterly sales could be nearly 38% higher year-over-year.
Management raised capital expenditures to $52–56 billion (approximately a 32% increase), signaling that the demand for AI chips has made TSMC a capacity bottleneck for advanced nodes.
Analysts reacted positively, with BofA raising its price target to NT$2,360 and forecasting blended wafer pricing growth of about 30% CAGR through 2027 and gross margins expanding into the mid-60s.

7 days ago

Morningstar

TSMC Posts Record Q4 Profit and Raises 2026 Capex Guidance

TSM

Earnings

Guidance Update

New Projects/Investments

Taiwan Semiconductor Manufacturing Co. (TSMC) reported a record fourth-quarter net profit of NT$505.7 billion (about $16 billion), up approximately 35%, and revenue of about NT$1.05–1.07 trillion, exceeding forecasts.
The company raised its 2026 capital-expenditure plan sharply to $52–$56 billion, a 37–40% increase over 2025's actual spending of approximately $40.9 billion, driven by multiyear AI-driven demand and surpassing analyst expectations of around $46 billion.
TSMC guided first-quarter revenue to NT$1.09–1.13 trillion (midpoint NT$1.11 trillion), with projected gross margins of 63–65% and operating margins of 54–56%.
These results and the substantial capital expenditure plan lifted TSMC and related AI chip stocks, underscoring the company's role in manufacturing over 60% of the world's semiconductors and more than 90% of the most advanced chips.

7 days ago

Barron's

TSM Reports Strong Q4 2025 Results, Provides Robust 2026 Outlook, and Long-Term Growth Projections

TSM

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

TSM reported strong Q4 2025 results, with revenue of $33.7 billion, a gross margin of 62.3%, and EPS of TWD 19.5. For the full year 2025, revenue increased 35.9% in U.S. dollar terms and 31.6% in NT dollar terms to TWD 3.8 trillion.
The company provided Q1 2026 revenue guidance between $34.6 billion and $35.8 billion, representing a 38% year-over-year increase at the midpoint. They also forecast full-year 2026 revenue to increase by close to 30% in U.S. dollar terms.
TSM expects its 2026 capital budget to be between $52 billion and $56 billion, a significant increase from $40.9 billion in 2025 and $29.8 billion in 2024, driven by investments in advanced process technologies and advanced packaging to support customer growth.
The company projects a mid to high 50s% CAGR for AI accelerator revenue from 2024 to 2029 and expects overall long-term revenue growth to approach 25% CAGR in U.S. dollar terms for the same five-year period.
TSM is expanding its global manufacturing footprint, with its first Arizona fab in high volume production in Q4 2024, and plans to pull forward the production schedule for its second Arizona fab to enter high volume manufacturing in H2 2027 due to strong demand.

7 days ago

Transcript

TSMC Reports Strong Q4 2025 Results, Issues Q1 2026 Guidance, and Outlines Significant 2026 CapEx and Long-Term AI-Driven Growth

TSM

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

TSMC reported strong Q4 2025 revenue of $33.7 billion (up 1.9% sequentially) with a gross margin of 62.3% and EPS of TWD 19.5. The company provided Q1 2026 revenue guidance of $34.6 billion to $35.8 billion and a gross margin of 63% to 65%.
For full year 2025, revenue grew 35.9% to $122 billion, with EPS of TWD 66.25. TSMC forecasts full-year 2026 revenue to increase by close to 30% in U.S. dollar terms.
Driven by robust AI-related demand, TSMC plans a 2026 capital budget of $52 billion to $56 billion. The company expects AI accelerator revenue to grow at a mid to high 50%s CAGR from 2024 to 2029, contributing to an overall long-term revenue growth of 25% CAGR for the five-year period starting 2024.
Advanced technology nodes are progressing, with 2nm (N2) entering high volume manufacturing in Q4 2025 and A16 on track for volume production in 2H 2026.

7 days ago

Transcript

TSMC Announces Q4 and Full-Year 2025 Financial Results

TSM

Earnings

Dividends

Guidance Update

TSMC reported strong Q4 2025 financial results, with Net Revenue of $33.73 billion and EPS of NT$19.50, exceeding its own guidance for revenue, gross margin, and operating margin.
For the full year 2025, the company achieved Net Revenue of $122.42 billion and diluted EPS of NT$66.25, representing significant year-over-year growth.
Gross Margin was 62.3% for Q4 2025 and 59.9% for the full year 2025, while Operating Margin reached 54.0% for Q4 2025 and 50.8% for the full year.
The company generated Free Cash Flow of 368.60 billion NT$ in Q4 2025 and 1,002.57 billion NT$ for the full year 2025.
TSMC's Board of Directors approved a NT$6.00 cash dividend for the third quarter of 2025, with a distribution date of April 9, 2026.

7 days ago

Presentation

TSMC Reports Strong Q4 2025 Results, Provides Optimistic 2026 Guidance, and Outlines Significant CapEx for AI-Driven Growth

TSM

Earnings

Guidance Update

New Projects/Investments

TSMC reported Q4 2025 revenue of $33.7 billion, a 1.9% sequential increase, with a gross margin of 62.3% and EPS of TWD 19.5. For the full year 2025, revenue increased 35.9% in U.S. dollar terms to $1 billion, and EPS grew 46.4% to TWD 66.25.
The company provided Q1 2026 revenue guidance between $34.6 billion and $35.8 billion, representing a 4% sequential increase at the midpoint, with a gross margin expected between 63% and 65%. For full year 2026, TSMC forecasts revenue to increase by close to 30% in U.S. dollar terms.
TSMC plans a capital budget of $52 billion to $56 billion for 2026 , significantly higher than the $40.9 billion spent in 2025 , to support long-term growth. The company expects its overall long-term revenue to approach a 25% CAGR in U.S. dollar terms for the five-year period from 2024 to 2029, with AI accelerator revenue growing at a mid to high 50s% CAGR.
The 2 nanometer (N2) process technology successfully entered high volume manufacturing in Q4 2025, and A16 technology volume production is on track for the second half of 2026. TSMC is also expanding its global manufacturing footprint, with the Arizona first fab in high volume production in Q4 2024 and plans for further expansion.

7 days ago

Transcript

Taiwan Semiconductor Manufacturing Co. Plans Significant U.S. Expansion

TSM

New Projects/Investments

A potential trade agreement between the U.S. and Taiwan is expected to include a commitment from Taiwan Semiconductor Manufacturing Co. (TSMC) to build at least five additional fabrication plants in Arizona, effectively doubling its planned U.S. footprint.
This commitment is separate from TSMC's existing plans, which include one completed Arizona plant, a second slated to open in 2028, and four other previously pledged U.S. facilities.
Following these reports, TSMC's shares rose approximately 1.4%.

Jan 12, 2026, 6:07 PM

Bloomberg

TSMC Expands Fab Investments Amidst Growing Semiconductor Equipment Market

TSM

New Projects/Investments

Revenue Acceleration/Inflection

The global semiconductor manufacturing equipment market was valued at $93.03 billion in 2024 and is projected to reach $224.44 billion by 2033, growing at a CAGR of 10.28% from 2025 to 2033.
Overall global fab equipment spending is set to reach $110 billion in 2025, with total market sales forecast to hit $125.5 billion in the same year, driven by record investments in AI and high-performance computing.
Foundries are leading this spending, with planned expenditures of approximately $61 billion in 2025, and foundry and logic equipment sales projected to reach $64.8 billion.
TSMC is significantly expanding its capacity, with its CoWoS capacity estimated to surge to 80,000 wafers per month in 2025 from around 40,000 in 2024 to meet overwhelming customer demand.
TSMC has expanded its total investment commitment for its Arizona fabs to US$ 65 billion and plans US$ 28 billion to US$ 32 billion in capital expenditures in 2024, including a US$ 15.7 billion 2nm fab in Kaohsiung and over US$ 20 billion for two Japanese facilities.