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 +21 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 FY 2025 Results, Approves Q4 Dividend, and Significant Capital Investments

TSM

Earnings

Dividends

New Projects/Investments

TSMC reported consolidated net sales of NT$3,809,054,272 thousand and net income attributable to shareholders of the parent of NT$1,717,882,627 thousand for the year ended December 31, 2025, with basic EPS of NT$66.26.
The Board approved a cash dividend of NT$6.0 per share for the fourth quarter of 2025, with an ex-dividend date of June 11, 2026, and payment on July 9, 2026.
The company approved capital appropriations of approximately US$44,962.00 million for capacity expansion and fab construction, and a capital injection of up to US$30 billion to TSMC Global Ltd. for foreign exchange hedging costs.
TSMC also approved the issuance of unsecured corporate bonds up to NT$60 billion in the domestic market to finance capacity expansion and/or green initiatives.

1 day ago

6-K

TSMC announces January 2026 Revenue

TSM

Revenue Acceleration/Inflection

Earnings

TSMC reported net revenue of approximately NT$401.26 billion for January 2026.
This represents a 19.8 percent increase from December 2025 and a 36.8 percent increase from January 2025.
The report also includes details on funds lent to other parties, endorsements and guarantees, and financial derivative transactions for January 2026.

1 day ago

6-K

TSMC Reports Strong January Revenue Driven by AI Demand

TSM

Revenue Acceleration/Inflection

Guidance Update

New Projects/Investments

Taiwan Semiconductor Manufacturing Co. (TSMC) reported record January sales of approximately NT$401.3–401.6 billion (about $12.7 billion), marking a nearly 37% year-over-year increase.
This significant growth was primarily fueled by strong demand for AI-related products, particularly chips manufactured using its advanced 3-nanometer process.
To address this demand, TSMC plans to sharply increase capital spending to approximately $52–56 billion this year and anticipates close to 30% revenue growth in 2026.
The company's shares responded positively, rising roughly 2.5–3% in early trading, while its net margin stands around 45.1%.

2 days ago

Bloomberg

TSMC Plans Significant Capital Spending for 2026

TSM

New Projects/Investments

Revenue Acceleration/Inflection

Taiwan's GDP increased by 8.63% in 2025, with a 12.68% surge in Q4, driven largely by soaring global demand for AI-related products and high-performance computing.
Taiwan Semiconductor Manufacturing Co. (TSMC) intends to set aside up to US$56 billion for capital spending in 2026, underscoring strong corporate investment linked to the AI-driven hardware boom.
Taiwan's annual exports reached a record US$640.75 billion in 2025, with an almost 90% surge in ICT shipments due to high demand for servers and graphics processing units.

Jan 30, 2026, 8:21 AM

WSJ

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.

Jan 15, 2026, 11:58 AM

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..

Jan 15, 2026, 9:54 AM

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.

Jan 15, 2026, 7:19 AM

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.

Jan 15, 2026, 6:26 AM

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.

Jan 15, 2026, 6:00 AM

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.