TSM — Taiwan Semiconductor Manufacturing Company (TSMC)

Quarterly Earnings Performance

Calendar 2025

Quarter Period Report Date Revenue YoY Growth EPS (GAAP, per ADR) Guidance (next qtr) Notes
Q1 2025 Jan–Mar 2025 2025-04-17 $25.53B +41.6% $2.12 — 3nm shipments +; AI/HPC demand surge
Q2 2025 Apr–Jun 2025 2025-07-17 $30.07B +38.6% $2.47 — Net income +60.7% YoY; beat consensus
Q3 2025 Jul–Sep 2025 2025-10-16 $33.10B +30.3% $2.92 — N3 volume ramp; CoWoS packaging eased
Q4 2025 Oct–Dec 2025 2026-01-15 $33.73B +20.5% $3.14 $35.0–36.0B Record quarter; 2nm sampling began
FY 2025 Full Year — $122.4B +35.9% $10.65 — Record; net income +37%; EPS TWD 66.25

Calendar 2026

Quarter Period Report Date Revenue YoY Growth EPS (GAAP, per ADR) Guidance (next qtr) Notes
Q1 2026 Jan–Mar 2026 2026-04-16 $35.90B +40.6% $3.49 $39.0–40.2B Gross margin 66.2%; beat $35.5B consensus

Upcoming

Quarter Est. Report Date Est. Revenue Est. EPS Source
Q2 2026 ~2026-07-17 $39.0–40.2B (est.) ~$4.05 (est.) Co. guidance; analyst consensus

Commentary

TSMC delivered exceptional growth in 2025, driven by relentless AI accelerator demand — NVIDIA, AMD, Apple, and Broadcom all rely on TSMC's leading nodes for their flagship chips. Revenue growth reaccelerated to +40.6% in Q1 2026 after briefly dipping to +20.5% in Q4 2025, as HPC/AI now dominates the wafer mix. Gross margin expanded to 66.2% in Q1 2026, above the high end of TSMC's own guidance, reflecting N3/N2 premium pricing power. With Q2 2026 guided at $39.0–40.2B and $52–56B in 2026 capex committed, TSMC is clearly betting that AI infrastructure investment is durable; the next earnings release is expected around July 17, 2026.

Sources

  • TSMC Q1 2025 Form 6-K — SEC
  • TSMC Q2 2025 Form 6-K — SEC
  • TSMC Q3 2025 Form 6-K — SEC
  • TSMC Q4 2025 Form 6-K — SEC
  • TSMC Q1 2026 Revenue Filing — SEC
  • TSMC Q1 2026 Earnings: $35.7B Revenue Beats — TECHi
  • TSMC Q1 2026 Earnings Call Transcript — Investing.com

    • Generated: 2026-05-23