TSMC
What matters nowUpdated 22 h ago
- TSMC reported third-quarter 2026 revenue of about US$46.7 billion, up 41.2% year over year, with a 66.4% gross margin, a 58.7% operating margin and diluted EPS of NT$29.43; high-performance computing was 68% of revenue. The quarter beat the US$44.6-45.8 billion guidance, as the monthly revenue reports had signalled.
- Guidance: fourth-quarter revenue of US$52.3-54.3 billion at a 65-67% gross margin, and 2026 US-dollar revenue growth raised to about 44%. Capital spending guidance of US$60-64 billion was unchanged.
- Early-October narrative: the TSM ADR touched an intraday record on October 5 after Elon Musk confirmed early Terafab talks, then on October 7 Musk said Tesla and SpaceX would build and run Terafab themselves, with TSMC possibly limited to a sublease. Goldman Sachs kept Buy and raised its Taiwan target to NT$3,300 on October 6, projecting 2026 US-dollar growth of 42.0%.
- Customers and tool makers are committing capacity alongside TSMC: Applied Materials opened its US$5 billion EPIC Center on October 12 with TSMC, Intel, Samsung, Micron and SK hynix as founding partners. ASML's record Q3 and its warning that 2027-2028 supply may not cover demand add to the equipment read-across.
- Next on the calendar: October revenue report on November 10 (not confirmed), the December revenue report on December 10, A16 and N2P volume production targeted for the second half of 2026, and the 4Q26 earnings conference around January 14, 2027 (estimated).
TSMC makes chips for other companies. It was founded in 1987 to pioneer the pure-play foundry model and describes itself as the world's leading dedicated semiconductor foundry. Its customers design the chips; TSMC manufactures them on its leading-edge (3nm, 2nm), specialty and advanced-packaging lines. Demand is led by high-performance computing (AI accelerators and CPUs, 66% of 2Q26 revenue), with smartphones as the other large driver (22%). 2025 revenue was NT$3,809.05 billion (US$122.42 billion, up 35.9% in US dollars). 2Q26 revenue was US$40.20 billion with a 67.7% gross margin, and 3Q26 guidance is US$44.6-45.8 billion.↗ source
How it makes money
TSMC is paid for the wafers and packaging services it delivers to its customers. The mix between leading-edge and older nodes drives gross margin, and new nodes weigh on margin while they ramp (management guided 3-4 points of 3Q26 gross margin dilution from the 2nm ramp). Capex is large and rising (US$60-64 billion guided for 2026 on the 2Q26 call, up from US$52-56 billion in January), which makes utilization and pricing the main levers on returns. Revenue is reported monthly, so the monthly revenue report is the first hard read on each quarter.
Last 12 monthsChart & venues →
Valuation & fundamentalsFull financials →
TTM through 2024-12-31 from SEC filings↗. Ratios use our pooled 24/7 price. Statements are in TWD; ratios convert at the latest Fed/ECB reference rate. Quarterly statements →
Biggest businessesAll products & projects →
Pure-play foundry (core business)
2Q26 revenue up 33.7% year over year in US$; 3Q26 guided to US$44.6-45.8 billion
Next: 3Q26 results and 4Q26 guidance · 2026-10-15
Monthly revenue report
September 2026 revenue NT$511.86 billion, up 54.6% year over year; January-September up 41.1%
HPC platform (AI accelerators and CPUs)
66% of 2Q26 net revenue, up from 61% in 1Q26; HPC revenue up 20% quarter over quarter
Smartphone platform
22% of 2Q26 net revenue; platform revenue down 4% quarter over quarter
Latest newsAll news →
TSMC Q3 2026 revenue about US$46.7B and EPS NT$29.43; Q4 guided to US$52.3-54.3B, 2026 growth raised to about 44%
TSMC reported third-quarter 2026 revenue of about US$46.7 billion, up 41.2% year over year, with gross margin of 66.4%, operating margin of 58.7% and net income of NT$763.06 billion (diluted EPS NT$29.43).
ASML Q3 2026 net sales a record €11.7B; Q4 guided to €14.2-15.2B
ASML reported record third-quarter 2026 net sales of €11.7 billion and net income of about €5.0 billion, up from €9.3 billion of sales in the second quarter.
Applied Materials unveils $5B EPIC Center in Sunnyvale with TSMC, Intel, Samsung, Micron and SK hynix as founders
Applied Materials unveiled its EPIC Center on October 12, 2026, at its Sunnyvale, California campus.
TSMC third-quarter revenue totals about NT$1.494 trillion from its July to September monthly reports
Adding TSMC's three monthly revenue reports gives third-quarter 2026 revenue of about NT$1,494.25 billion: July NT$467.58 billion, August NT$514.81 billion and September NT$511.86 billion.
Musk says Tesla and SpaceX will build and run Terafab, with TSMC limited to a possible sublease
In posts on October 7, Elon Musk said his companies would build and operate the Terafab chip complex in Texas on their own, ruling out an operating role for TSMC.
Goldman Sachs keeps TSMC at Buy and raises target to NT$3,300 from NT$3,100
Goldman Sachs kept its Buy rating on TSMC and raised its Taiwan-listed target to NT$3,300 from NT$3,100 on October 6.
Products & businesses
Pure-play foundry (core business)
2Q26 revenue up 33.7% year over year in US$; 3Q26 guided to US$44.6-45.8 billion
Next: 3Q26 results and 4Q26 guidance · 2026-10-15
Monthly revenue report
September 2026 revenue NT$511.86 billion, up 54.6% year over year; January-September up 41.1%
HPC platform (AI accelerators and CPUs)
66% of 2Q26 net revenue, up from 61% in 1Q26; HPC revenue up 20% quarter over quarter
Smartphone platform
22% of 2Q26 net revenue; platform revenue down 4% quarter over quarter
3nm (N3 family)
30% of 2Q26 wafer revenue, up from 28% in 4Q25
2nm (N2)
In high-volume manufacturing since 4Q25; 3% of 2Q26 wafer revenue; 3Q26 gross margin diluted by 3-4 points
Advanced packaging (CoWoS, InFO, SoIC, COUPE)
Packaging capacity 'so tight' it limits customer growth (2Q26 call); no capacity figure given
Wafer capacity (12-inch equivalent)
15.0 million 12-inch equivalent wafers shipped in 2025, up from 12.9 million in 2024; annual capacity above 17 million
Arizona fabs (GIGAFAB cluster)
Fab 1 in high-volume production since 4Q24; Fab 2 targeted for 2H27; extra US$100 billion announced on 2Q26 call
Next: Arizona Fab 2 enters high-volume manufacturing · 2027-07-01
Japan (JASM Kumamoto)
Kumamoto fab 1 in volume production since end-2024; TSMC evaluating 3nm for fab 2 (February 2026)
Next: TSMC evaluates converting Kumamoto fab 2 from 6-12nm to 3nm · 2026-02-05
What it's building next
A16 (1.6nm with Super Power Rail)
Volume production slipped to 2027 from 2026 (TrendForce, April 2026)
Next: A16 volume production originally planned for 2H26 · 2026-12-31
A14 (second-generation nanosheet)
Pre-production in 2027 and volume production in 2028, per the 2Q26 call
Next: A14 pre-production · 2027-01-01
Germany (ESMC Dresden)
TSMC lists Dresden among its capacity-expansion sites; ESMC has an agreement for up to EUR5 billion of German state aid.
Segments
| Segment | Revenue | Share | |
|---|---|---|---|
| Advanced nodes (7nm and below)↗ Share of 2025 wafer revenue from leading-edge wafers (3nm, 5nm and 7nm) used for AI accelerators, HPC CPUs and flagship smartphone chips. This is the segment that drives margin and capex. Share of wafer revenue, not of total revenue. | — | 74.0% | |
| Above 7nm (mature and specialty nodes)↗ Share of FY2025 wafer revenue from older and specialty wafers for automotive, IoT, power and other applications. Lower margin, steadier demand and a smaller share of capex. Share of wafer revenue, not of total revenue. | — | 26.0% |
Fiscal 2025 · from the annual report
Valuation & fundamentals
TTM through 2024-12-31 from SEC filings↗. Ratios use our pooled 24/7 price. Statements are in TWD; ratios convert at the latest Fed/ECB reference rate.
Financial statements
| Metric | TTM | Q4 FY2025↗ 2025-12-31 | Q4 FY2024↗ 2024-12-31 | Q4 FY2023↗ 2023-12-31 | Q4 FY2022↗ 2022-12-31 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| Net income | — | — | — | — | — |
| EPS (diluted) | — | — | — | — | — |
| Operating cash flow | — | — | — | — | — |
| Capital expenditure | — | — | — | — | — |
| Cash & equivalents | — | — | $2.13T | $1.47T | $1.34T |
| Total debt | — | — | $958.43Bd | $918.28Bd | $839.10Bd |
| Shares outstanding | 25.93B | 25.93B | 25.93B | 25.93B | 25.93B |
| Metric | FY2025↗ 2025-12-31 | FY2024↗ 2024-12-31 | FY2023↗ 2023-12-31 | FY2022↗ 2022-12-31 |
|---|---|---|---|---|
| Revenue | — | $2.89T +34% | $2.16T -5% | $2.26T |
| Cost of revenue | — | $1.27T +29% | $986.63B +8% | $915.54B |
| Gross profit | — | $1.62T +38% | $1.18T -13% | $1.35T |
| Research & development | — | $204.18B +12% | $182.37B +12% | $163.26B |
| Operating income | — | $1.32T +43% | $921.47B -18% | $1.12T |
| EBIT | — | $1.32T +43% | $921.47B -18% | $1.12T |
| Pre-tax income | — | $1.41T +44% | $979.32B -14% | $1.14T |
| Depreciation & amortization | — | $662.80Bd +25% | $532.19Bd +22% | $437.25Bd |
| Interest expense | — | $10.50B -13% | $12.00B +2% | $11.75B |
| Income tax | — | $248.32B +94% | $128.29B -15% | $150.78B |
| Net income | — | $1.16T +36% | $851.74B -14% | $992.92B |
| EPS (diluted) | — | $44.67 +36% | $32.85 -14% | $38.29 |
| Diluted shares (weighted) | — | 25.93B | 25.93B | 25.93B |
| Operating cash flow | — | $1.83T +47% | $1.24T -23% | $1.61T |
| Capital expenditure | — | $956.01B +1% | $949.82B -12% | $1.08T |
| Dividends paid | — | $363.06B +24% | $291.72B +2% | $285.23B |
| Cash & equivalents | — | $2.13T | $1.47T | $1.34T |
| Total debt | — | $958.43Bd | $918.28Bd | $839.10Bd |
| Total assets | — | $6.69T | $5.53T | $4.96T |
| Total liabilities | — | $2.41T | $2.08T | $2.05T |
| Shareholders' equity | — | $4.24T | $3.43T | $2.90T |
| Shares outstanding | 25.93B | 25.93B | 25.93B | 25.93B |
From XBRL data in SEC filings; the ↗ on each period opens the filing it was read from. Small figures under each value: change vs the same period a year earlier. d = derived (e.g. Q4 = full year − first nine months).
NewsFull archive →
TSMC Q3 2026 revenue about US$46.7B and EPS NT$29.43; Q4 guided to US$52.3-54.3B, 2026 growth raised to about 44%
TSMC reported third-quarter 2026 revenue of about US$46.7 billion, up 41.2% year over year, with gross margin of 66.4%, operating margin of 58.7% and net income of NT$763.06 billion (diluted EPS NT$29.43).
ASML Q3 2026 net sales a record €11.7B; Q4 guided to €14.2-15.2B
ASML reported record third-quarter 2026 net sales of €11.7 billion and net income of about €5.0 billion, up from €9.3 billion of sales in the second quarter.
Applied Materials unveils $5B EPIC Center in Sunnyvale with TSMC, Intel, Samsung, Micron and SK hynix as founders
Applied Materials unveiled its EPIC Center on October 12, 2026, at its Sunnyvale, California campus.
TSMC third-quarter revenue totals about NT$1.494 trillion from its July to September monthly reports
Adding TSMC's three monthly revenue reports gives third-quarter 2026 revenue of about NT$1,494.25 billion: July NT$467.58 billion, August NT$514.81 billion and September NT$511.86 billion.
Musk says Tesla and SpaceX will build and run Terafab, with TSMC limited to a possible sublease
In posts on October 7, Elon Musk said his companies would build and operate the Terafab chip complex in Texas on their own, ruling out an operating role for TSMC.
Goldman Sachs keeps TSMC at Buy and raises target to NT$3,300 from NT$3,100
Goldman Sachs kept its Buy rating on TSMC and raised its Taiwan-listed target to NT$3,300 from NT$3,100 on October 6.
TSMC sets another record at NT$2,585 on Oct 6 as Taiwan shares near 50,000
TSMC's Taipei shares closed at a new record of NT$2,585 on October 6, up 0.39%, after its ADRs rose 2.75% in the prior US session.
TSM ADR touches record high as Musk confirms early talks with TSMC on Terafab
The TSM ADR rose about 2% to US$484.19 on October 5 in midday trading after touching an intraday record, as Elon Musk confirmed early-stage talks with TSMC about the Terafab chip project in Texas.
TSMC closes at a record NT$2,575 on Oct 5 as US tech rebounds and AI demand holds
TSMC's Taipei-listed shares rose 3% to a record close of NT$2,575 on October 5, with an intraday high of NT$2,580.
TSMC August 2026 revenue tops NT$500B for first time at NT$514.81B, up 53.3%
TSMC reported August 2026 revenue of about NT$514.81 billion, up 10.1% from July and 53.3% from August 2025.
TSMC rises 2.07% to NT$2,460 on September 7 as Taiex nears its June record
TSMC rose 2.07% to NT$2,460 on Monday September 7, while the Taiex gained 1.67% to 47,326.27, its second-highest close on record and just short of the 47,741.51 set on June 22.
TSMC slips 1.45% to NT$2,375 on August 24 as investors take profits after Taiex rally
TSMC closed down 1.45% at NT$2,375 on Monday August 24 as the Taiex fell 1.02% to 44,762.32.
TSMC board approves US$29.4B capital appropriation, NT$7.0 Q2 dividend and Sony image-sensor JV
At its August 11 board meeting TSMC approved capital appropriations of about US$29.44 billion for advanced nodes, advanced packaging, mature and specialty capacity, and fab construction.
TSMC July 2026 revenue hits record NT$467.58B, up 44.7% year on year
TSMC reported July 2026 revenue of NT$467.58 billion (US$14.51 billion), up 44.7% from a year earlier and 5.6% from June, which was itself the prior monthly record at NT$442.68 billion.
TSMC closes up 10% to NT$2,425 on July 31 as Taiex posts record point gain
TSMC rose 10% to NT$2,425 on July 31, its daily limit, as the Taiex gained 3,186.45 points (7.98%) to 43,119.75, the largest one-day point gain on record.
TSMC shares fall 7.29% on July 17 after margin outlook, Taiex suffers record point drop
Taiwan-listed TSMC shares fell 7.29% (NT$180) to NT$2,290 on July 17, the day after record quarterly results, because the company guided to lower gross margin for the next quarter.
Barclays, D.A. Davidson and TD Cowen lift TSMC price targets after Q2 results
Three brokers raised their TSM price targets the day after the Q2 report.
TSMC posts record Q2 2026 revenue of US$40.2B with 67.7% gross margin and guides Q3 to US$44.6-45.8B
TSMC reported second-quarter 2026 revenue of NT$1,270.38 billion (US$40.20 billion), up about 34% in US dollars from a year earlier.
TSMC raises 2026 revenue growth outlook to more than 40% and lifts capex to US$60-64B
With its Q2 results TSMC raised its full-year 2026 outlook to revenue growth of more than 40% in US dollar terms, up from more than 30% given in April.
TSMC adds US$100B to its Arizona plan, bringing total US investment to a record US$265B
TSMC announced an additional US$100 billion of investment in Arizona on Thursday July 16, the same day as its Q2 results, which takes its planned US commitment to US$265 billion.
TSMC falls 4.02% to NT$2,390 as US chip selloff hits Taiwan market
TSMC closed down 4.02% at NT$2,390, its low for the day, on June 24, 2026, as the Taiex fell 2.24% to 46,043.6.
TSMC closes above NT$2,500 for first time as Taiex hits record 47,741.51
TSMC rose NT$100, or 4.15%, to NT$2,510 on June 22, 2026, its first close above NT$2,500.
TSMC petitions USPTO board to invalidate patents asserted in US ITC chip case
TSMC has filed a petition with the USPTO's Patent Trial and Appeal Board arguing that patents asserted by Longitude Licensing and Marlin Semiconductor are invalid.
Taiex suffers record intraday fall as US tech selloff spreads; TSMC down 2.96%
The Taiex closed down 3.48% on June 8, 2026, in what the report calls its biggest-ever intraday fall, as a US tech selloff spread through Asia.
TSMC 2026 shareholders' meeting accepts 2025 report and approves articles amendments
TSMC held its 2026 annual shareholders' meeting in Hsinchu on June 4.
TSMC closes up 2.61% at NT$2,355 after record intraday high of NT$2,375
TSMC rose 2.61% to NT$2,355 on May 29, 2026, after touching a record intraday high of NT$2,375.
Taiex closes above 43,600 as Nvidia's Jensen Huang and AMD's Lisa Su visit Taiwan
The Taiex closed above 43,600 on May 25, 2026, up more than 3%, after Nvidia CEO Jensen Huang and AMD CEO Lisa Su visited Taiwan ahead of Computex 2026.
AMD starts Venice EPYC production ramp on TSMC 2nm in Taiwan
AMD said its 6th Gen EPYC Venice server CPU has entered production ramp in Taiwan on TSMC's 2nm process, with a later ramp planned at TSMC's Arizona fab.
TSMC joins Applied's EPIC Center as a founding partner
TSMC joined Applied Materials' EPIC Center in Silicon Valley as a founding partner, and the two companies will co-develop materials, equipment and process technologies for leading-edge logic.
MSCI raises Taiwan weights; TSMC rises to 58.33% of MSCI Taiwan Index
MSCI's quarterly review raised Taiwan's weight in its Emerging Markets and All-Country Asia ex-Japan indexes, effective after the May 29 close.
SEC filings
| Oct 15, 26 | 6-K | 6-K: Report of foreign private issuer | sec.gov ↗ |
| Oct 8, 26 | 4 | Form 4: Yuan Lipen (VP) — open-market buy 40 sh | sec.gov ↗ |
| Oct 8, 26 | 4 | Form 4: Yeap Choh Fei (SVP) — open-market buy 52 sh | sec.gov ↗ |
| Oct 8, 26 | 4 | Form 4: Zhang Kevin Xiaoqiang (SVP and Deputy Co-COO) — open-market buy 59 sh | sec.gov ↗ |
| Oct 8, 26 | 4 | Form 4: Yoo Chue-San (VP) — open-market buy 50 sh | sec.gov ↗ |
| Oct 8, 26 | 4 | Form 4: Wu Shien-Yang (SVP) — open-market buy 53 sh | sec.gov ↗ |
| Oct 8, 26 | 4 | Form 4: Wei Che-Chia (Chairman and CEO, Director) — open-market buy 144 sh | sec.gov ↗ |
| Oct 8, 26 | 4 | Form 4: Wu Yi-Huang (VP) — open-market buy 39 sh | sec.gov ↗ |
| Oct 8, 26 | 4 | Form 4: Wang Ying-Lang (SVP) — open-market buy 52 sh | sec.gov ↗ |
| Oct 8, 26 | 4 | Form 4: Mii Yuh-Jier (EVP and Co-COO) — open-market buy 68 sh | sec.gov ↗ |
| Oct 8, 26 | 4 | Form 4: Tien Bor-Zen (VP) — open-market buy 47 sh | sec.gov ↗ |
| Oct 8, 26 | 4 | Form 4: Lu Chin-Sheng (VP) — open-market buy 36 sh | sec.gov ↗ |
| Oct 8, 26 | 4 | Form 4: Lu Lee-Chung (VP) — open-market buy 49 sh | sec.gov ↗ |
| Oct 8, 26 | 4 | Form 4: Lin Shyue-Shyh (VP) — open-market buy 44 sh | sec.gov ↗ |
| Oct 8, 26 | 4 | Form 4: Lin Chris Horng-Dar (VP and CIO) — open-market buy 44 sh | sec.gov ↗ |
| Oct 8, 26 | 4 | Form 4: Lee Chun-Hsien (SVP) — open-market buy 51 sh | sec.gov ↗ |
| Oct 8, 26 | 4 | Form 4: Ku Yao-Ching (VP) — open-market buy 46 sh | sec.gov ↗ |
| Oct 8, 26 | 4 | Form 4: Hwang Yuan-Ko (VP) — open-market buy 39 sh | sec.gov ↗ |
| Oct 8, 26 | 4 | Form 4: Huang Jen-Chau (SVP and CFO) — open-market buy 28 sh | sec.gov ↗ |
| Oct 8, 26 | 4 | Form 4: Jang Syun-Ming (VP) — open-market buy 46 sh | sec.gov ↗ |
| Oct 8, 26 | 4 | Form 4: Hou Yung-Chin (SVP and Deputy Co-COO) — open-market buy 60 sh | sec.gov ↗ |
| Oct 8, 26 | 4 | Form 4: Hsu Kuo-Chin (VP) — open-market buy 52 sh | sec.gov ↗ |
| Oct 8, 26 | 4 | Form 4: He Jun (VP) — open-market buy 43 sh | sec.gov ↗ |
| Oct 8, 26 | 6-K | 6-K: Report of foreign private issuer | sec.gov ↗ |
| Oct 8, 26 | 4 | Form 4: Chuang Tzu-Sou (VP) — open-market buy 46 sh | sec.gov ↗ |
Insider trades, 12 months
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-07 | Chen Chih-Ho Controller | Buy | 31 | $79.39 | $2.5K |
| 2026-10-07 | Chuang Juiping VP | Buy | 46 | $79.39 | $3.7K |
| 2026-10-07 | Chen Pei-Hung VP | Buy | 43 | $79.39 | $3.4K |
| 2026-10-07 | Fang Shu-Hua SVP and GC | Buy | 53 | $79.39 | $4.2K |
| 2026-10-07 | Chang Tzonz-Sheng SVP | Buy | 51 | $79.39 | $4.0K |
| 2026-10-07 | Chin Yung-Pei EVP and Co-COO | Buy | 67 | $79.39 | $5.3K |
| 2026-10-07 | Cao Min VP | Buy | 51 | $79.39 | $4.0K |
| 2026-10-07 | Chuang Tzu-Sou VP | Buy | 46 | $79.39 | $3.7K |
| 2026-10-07 | He Jun VP | Buy | 43 | $79.39 | $3.4K |
| 2026-10-07 | Hsu Kuo-Chin VP | Buy | 52 | $79.39 | $4.1K |
| 2026-10-07 | Hou Yung-Chin SVP and Deputy Co-COO | Buy | 60 | $79.39 | $4.8K |
| 2026-10-07 | Jang Syun-Ming VP | Buy | 46 | $79.39 | $3.7K |
| 2026-10-07 | Huang Jen-Chau SVP and CFO | Buy | 28 | $79.39 | $2.2K |
| 2026-10-07 | Hwang Yuan-Ko VP | Buy | 39 | $79.39 | $3.1K |
| 2026-10-07 | Ku Yao-Ching VP | Buy | 46 | $79.39 | $3.7K |
| 2026-10-07 | Lee Chun-Hsien SVP | Buy | 51 | $79.39 | $4.0K |
| 2026-10-07 | Lin Chris Horng-Dar VP and CIO | Buy | 44 | $79.39 | $3.5K |
| 2026-10-07 | Lin Shyue-Shyh VP | Buy | 44 | $79.39 | $3.5K |
| 2026-10-07 | Lu Lee-Chung VP | Buy | 49 | $79.39 | $3.9K |
| 2026-10-07 | Lu Chin-Sheng VP | Buy | 36 | $79.39 | $2.9K |
| 2026-10-07 | Tien Bor-Zen VP | Buy | 47 | $79.39 | $3.7K |
| 2026-10-07 | Mii Yuh-Jier EVP and Co-COO | Buy | 68 | $79.39 | $5.4K |
| 2026-10-07 | Wang Ying-Lang SVP | Buy | 52 | $79.39 | $4.1K |
| 2026-10-07 | Wu Shien-Yang SVP | Buy | 53 | $79.39 | $4.2K |
| 2026-10-07 | Wu Yi-Huang VP | Buy | 39 | $79.39 | $3.1K |