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Taiwan Semiconductor Manufacturing Co. (TSM)

NYSE: TSM · Semiconductors & Related Devices · Hsinchu, TW · filing with the SEC since 1998
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The company now

TSMC reported third-quarter 2026 revenue of NT$1,494.24 billion on 15 October, up 50.9 percent from a year earlier 1. Net income was NT$763.06 billion and diluted earnings per share were NT$29.43 1. In US dollars, revenue was $46.72 billion, up 41.2 percent 1.

Gross margin, the share of revenue left after the cost of making the chips, was 66.4 percent 1. Chips on 7-nanometer and finer processes made up 79 percent of wafer revenue, and the newest 2-nanometer process made up 8 percent 1.

CRNasia reported that high-performance computing, the chips for AI and data centers, was 68 percent of the quarter's revenue 4. Chairman C.C. Wei said demand remained far above what the company could currently supply 4.

The company expects fourth-quarter revenue of US$52.3 billion to US$54.3 billion 1. Wei said full-year 2026 revenue growth should be around 44 percent in US dollars, and that the capital budget stays at US$60 billion to US$64 billion 4.

September revenue was NT$511.86 billion, up 54.6 percent from September 2025 2. The open question is 2027, where Wei said TSMC is being prudent in its planning 4.

As of Nov 4, 2026. Written by the desk, an AI model, from the sources listed. Nothing here is advice.

Newer filings are on file since this was written; an update is queued.

Where the revenue comes from

No split of its revenue is on file yet.

The desk's written account, in full. As of Nov 4, 2026. Written by the desk, an AI model, from the sources listed. Nothing here is advice.

Past

TSMC was founded in 1987 as a joint venture of the government and private investors 3. It makes chips from designs its customers provide, a business the company calls a dedicated semiconductor foundry 3.

Its common shares have listed on the Taiwan Stock Exchange since September 5, 1994, and its American depositary shares on the New York Stock Exchange since October 8, 1997 3.

In 1994 TSMC helped found Vanguard International Semiconductor, then a memory chip maker that stopped making memory in 2004 and became a foundry, in which TSMC still owns about 27.6 percent 3. In 1996 it started the WaferTech venture in the United States, commercial production there began in October 1998, and it is now the wholly owned TSMC Washington 3.

In March 1999 it agreed with Philips and EDB Investment to found SSMC, a Singapore fab that began commercial production in December 2000 and is now 38.8 percent owned by TSMC 3. In January 2003 it took a 52.0 percent stake in Global Unichip, a chip design services firm, and now holds about 34.8 percent 3.

In 2008 TSMC unveiled its Open Innovation Platform, a program that lines up design tools and partners so customers can design chips for its processes 3. Leadership has been continuous: C.C. Wei was chief executive and vice chairman from June 2018 to June 2024 and has been chairman and chief executive since 3.

Net revenue was NT$2,161,736 million in 2023, NT$2,894,308 million in 2024 and NT$3,809,054 million in 2025, growth of 33.9 percent and then 31.6 percent 3. The 2025 gain came mainly from a higher average selling price as advanced chips took a bigger share, and from more wafers shipped 3.

Wafer shipments, counted in 12-inch equivalents, rose from 12,002 thousand in 2023 to 12,910 thousand in 2024 and 15,022 thousand in 2025 3. Gross margin went from 54.4 percent to 56.1 percent to 59.9 percent over the same years 3.

High-performance computing was 43 percent of revenue in 2023, 51 percent in 2024 and 58 percent in 2025, while smartphones fell from 38 percent to 29 percent 3. The 3-nanometer process went from 6 percent of wafer revenue in 2023 to 18 percent in 2024 and 24 percent in 2025 3.

Spending on research and development rose from NT$182,370 million in 2023 to NT$246,427 million in 2025, mainly for 10-angstrom, 14-angstrom and 16-angstrom processes 3. Earthquakes in April 2024 and January 2025 damaged inventories and equipment, with net losses of about NT$3 billion and NT$5.3 billion 3. Net income attributable to shareholders reached NT$1,697,604 million in 2025, against NT$1,158,380 million in 2024 3.

Present

What TSMC sells

TSMC manufactures semiconductors on silicon wafers from circuit designs its customers supply, and the same customers keep the designs 3. It says it is the technology leader among dedicated foundries by revenue from chips on 7-nanometer and finer processes 3. Its factories also offer advanced packaging, such as CoWoS and SoIC, which join several chips into one unit 3.

High performance computing

This platform, chips for AI accelerators, data centers and PCs, brought in NT$2,192,931 million in 2025, 58 percent of net revenue, up from NT$1,476,891 million in 2024 3. In the third quarter it rose 22 percent from the previous quarter to 68 percent of revenue, CRNasia reported 4.

Smartphone, Internet of Things and automotive

Smartphone chips brought in NT$1,110,816 million in 2025, 29 percent of revenue, up from NT$1,005,130 million 3. Internet of Things, the chips for connected devices, was NT$191,047 million and 5 percent, and automotive was NT$186,667 million and 5 percent 3. In the third quarter, smartphone revenue was 21 percent of the total and automotive 4 percent, CRNasia reported 4.

Consumer electronics and other

Digital consumer electronics, such as smart TV chips, held flat at NT$47,997 million, or 1 percent of revenue, in 2025 3. Other platforms brought in NT$79,596 million, or 2 percent 3.

Process technologies

In the third quarter the 3-nanometer process was 33 percent of wafer revenue, 5-nanometer 28 percent, 7-nanometer 10 percent and 2-nanometer 8 percent 1. The 2-nanometer process entered volume production in 2025, and the company says development of its 16-angstrom technology is on track 3. Wei said TSMC already produces advanced packages at five times the reticle size, the largest area one exposure can print 4.

Customers and rivals

TSMC sells to hundreds of customers, but the ten largest accounted for about 78 percent of net revenue in 2025, up from 70 percent in 2023 3. The largest customer was 19 percent and the second largest 17 percent, and the filing does not name them 3. By customer headquarters, North America was NT$2,875,270 million, 75 percent of 2025 revenue 3.

The annual report names no competitor, and Wei acknowledged that a competitor offers a very competitive packaging solution, though he called CoWoS customers' first choice so far 4.

Plants

TSMC operates one 150mm wafer fab, six 200mm fabs, nine 300mm fabs and seven advanced backend fabs, with its headquarters and nine fabs in the Hsinchu Science Park 3. Capacity exceeded 17 million 12-inch equivalent wafers in 2025 3.

In Arizona, the first facility entered high volume production at the end of 2024, the second is under construction and the third began construction in 2025 3. In Kumamoto, Japan, the JASM fab began volume production in December 2024, and a second site began construction in October 2025 3.

In Dresden, Germany, ESMC began construction in 2024 3. TSMC Arizona has U.S. agreements for up to US$6.6 billion in direct funding and up to US$5 billion in loans 3. ESMC has an agreement for up to EUR5 billion of German state aid 3.

People

C.C. Wei is chairman and chief executive 3. The board has ten directors, seven of them independent 3. TSMC had 90,557 full-time employees at the end of 2025, up from 76,478 at the end of 2023 3.

Current problems

Taiwan's earthquakes in April 2024 and January 2025 damaged TSMC's inventories and equipment 3. U.S. export rules since January 2025 may require a license before shipping chips made on 16-nanometer or finer processes to specified destinations 3.

The Nanjing fab's standing U.S. equipment authorization expired in December 2025 and was replaced by an annual export license 3. On tariffs, the annual report says the effects of a Supreme Court decision and of preferential Section 232 treatment are still unclear 3.

The umbrella, in words

TSMC sells under its own name, and its registered marks include CoWoS, SoIC and 3DFabric for packaging and the Open Innovation Platform for design 3.

The annual report's subsidiaries exhibit names two significant subsidiaries: TSMC Global in the British Virgin Islands and TSMC Arizona in Arizona 5. TSMC Global is wholly owned and handles corporate treasury investment, and the monthly report shows TSMC guaranteeing obligations of both 32.

TSMC owns about 72.6 percent of JASM in Japan, where Sony and DENSO took minority stakes 3. It owns 70.0 percent of ESMC in Germany, where Bosch, Infineon and NXP each took 10 percent 3. It owns 100 percent of TSMC Washington, about 38.8 percent of SSMC, about 34.8 percent of Global Unichip and about 27.6 percent of Vanguard International Semiconductor 3.

TSMC Arizona owns about 4,775,885 square meters of land in Arizona, JASM about 476,290 square meters in Kumamoto and ESMC about 513,557 square meters in Dresden 3.

Taiwan's National Development Fund owned 6.38 percent of TSMC as of February 28, 2026 3. BlackRock, Inc. reported holding 5.1 percent of the common stock in a Schedule 13G 6.

Future

The annual report said capital spending for 2026 was expected between US$52 billion and US$56 billion, to be adjusted with market conditions 3. CRNasia reported the 2026 budget now stands at US$60 billion to US$64 billion, after US$13.8 billion spent in the third quarter 4.

The annual report says the money goes mainly to 2-nanometer and 3-nanometer capacity at Fab 20, Fab 21 and Fab 22, and to specialty and advanced packaging capacity, including Fab 24 3. It also expects capital spending from 2026 to 2028 to be significantly higher than in the previous three years, CRNasia reported 4.

For the fourth quarter, the company expects revenue of US$52.3 billion to US$54.3 billion 1. It expects a gross profit margin of 65 to 67 percent and an operating profit margin of 56.5 to 58.5 percent at 31.8 NT dollars to the US dollar 1.

Wei said full-year 2026 revenue growth is now expected around 44 percent in US-dollar terms 4. CRNasia also reported that annual capacity for the 2-nanometer family is expected to more than double in 2027 4.

TSMC's second Arizona fab is scheduled to begin volume production in the third quarter of 2027, slightly ahead of its previous schedule, CRNasia reported 4. The CFO said gross margin dilution from overseas fabs should be closer to 2 percent, widening to 3 to 4 percent later in a five-year period as more U.S. fabs ramp up 4.

The annual report says risk production on the 16-angstrom process is expected in 2026, and that the company expects to advance to 16-angstrom and below in the coming years 3. It describes a period of higher growth as the megatrends of 5G, AI and high performance computing are expected to fuel strong demand 3.

Pending decisions are outside the company's hands: the annual report says the effects of the Supreme Court decision on tariffs and of the preferential Section 232 treatment are still unclear 3.

What it may be looking into

Speculation Speculation, labeled as such: where the clues point, how sure the desk is of each, and what would change it. It is not a forecast and not advice.

  1. Speculation

    TSMC may be adding advanced packaging capacity beyond Taiwan to meet demand it says it cannot yet fill.

    Because

    • Wei said demand remained far above what the company could currently supply and that it was working to narrow the gap 4.
    • The annual report lists advanced packaging expansion among the uses of capital spending, and it says the company operates seven advanced backend fabs 3.
    • Wei described CoWoS as customers' first choice so far and said TSMC already produces packages at five times the reticle size 4.
    Confidence 58 of 100What would change this A later results release that trims the US$60 billion to US$64 billion capital budget, or drops packaging from its stated uses, would count against this 43.
  2. Speculation

    TSMC may be shifting more of its leading-edge output to the United States over the next several years.

    Because

    • The second Arizona fab is scheduled for volume production in the third quarter of 2027, slightly ahead of schedule, and the third fab began construction in 2025 43.
    • The CFO expects overseas fab margin dilution to widen to 3 to 4 percent later in a five-year period as more U.S. fabs ramp up 4.
    • The company holds up to US$6.6 billion in direct funding and up to US$5 billion in loans under the CHIPS Act agreements 3.
    Confidence 62 of 100What would change this A later quarterly release or annual report that delays the second Arizona fab beyond the third quarter of 2027 would count against this 43.
  3. Speculation

    TSMC may be planning for a 2027 in which AI chips keep growing while consumer chips grow more slowly.

    Because

    • Wei said consumer and price-sensitive segments face rising component prices and macroeconomic uncertainty, and that TSMC is being prudent in its planning for 2027 4.
    • Smartphone revenue was 29 percent of net revenue in 2025 and 21 percent in the third quarter, while high-performance computing rose to 68 percent 34.
    Confidence 48 of 100What would change this A rising smartphone share of quarterly revenue in the next results releases would count against this 4.

How the company works

the annual report, read by the desk

Read by the desk, an AI model, from its Form 20-F filed Apr 16, 2026 on EDGAR ↗, read Sep 20, 2026. The numbers point to the sources at the foot of this tab. Nothing here is advice.

How it operates

TSMC is a dedicated foundry, meaning it manufactures chips to designs its customers provide rather than selling chips of its own design. Wafer fabrication brought in about 86% of 2025 net revenue; the rest came mainly from packaging and testing, mask making, design services and royalties. It makes chips mainly with CMOS, the mainstream process, for logic, mixed-signal, radio frequency and embedded memory chips, and it stacks and packages chips together under its 3DFabric services, which include CoWoS and SoIC. Its customers range from fabless chip companies, which design chips but own no factories, to system companies and integrated device manufacturers. 32333435363738

It sells to hundreds of customers, but a few dominate: the ten largest took about 78% of net revenue in 2025, up from 70% in 2023; the largest took 19% and the second largest 17%. The financial statements, which do not name them, show a change at the top. Customer A, below 10% in 2023 and 12% in 2024, rose to 19%, NT$726,974.3 million, while Customer B, the largest in 2023 and 2024 at 25% and 22%, slipped to 17%. The filing also notes a growing trend of system companies designing their own chips and working directly with foundries. Some customers pay in advance, as temporary receipts, to retain specified capacity at its fabs; NT$189,858 million of such receipts stood among its obligations at the end of 2025. 394041424344

Counted by where customers are headquartered, which may differ from where the chips are shipped, North America brought in 75% of 2025 net revenue, NT$2,875,270 million, up from 70% in 2024; China and the rest of Asia Pacific took 9% each, Japan 4% and Europe, the Middle East and Africa 3%. The year's gain came mainly from North America, whose orders rose 42%. TSMC reports in New Taiwan dollars, but substantially all of its sales are in US dollars, so the stronger NT dollar in 2025, NT$31.11 to the US dollar on a weighted average against NT$32.13 in 2024, held down reported revenue. 4546474849

It makes the chips in its own fabs and owns all their buildings and equipment, apart from some leased equipment in testing areas. It runs one 150mm wafer fab, six 200mm fabs, nine 300mm fabs and seven advanced backend fabs, where chips are packaged. Its headquarters and nine fabs sit in the Hsinchu Science Park, two fabs in the Central Taiwan Science Park and seven in the Southern Taiwan Science Park; abroad, two are in the United States, one each in Shanghai and Nanjing and one in Japan, and a fab is to be built in Dresden, Germany. Annual capacity exceeded 17 million 12-inch equivalent wafers in 2025, and it shipped about 15 million, against 13 million in 2024. 5051525354

The filing names none of its suppliers. Its main tools are scanners, etchers, deposition, cleaning and inspection equipment, some of it available from only a limited number of suppliers, and it meets suppliers periodically to co-develop the next generation. Its most important raw material is the silicon wafer, the majority supplied by a limited number of suppliers in Taiwan, Japan, Germany and Singapore under long-term agreements; it also uses chemicals, gases and precious metals, some from a single source. It buys some wafers from Vanguard International Semiconductor, 27.6% owned, which reserves capacity for it each month: NT$878 million in 2025, 0.1% of its cost of revenue. 555657585960616263

The specifics

By its own account TSMC is the technology leader among dedicated foundries in revenue from chips of 7-nanometer and below, which made up 74% of its wafer revenue in 2025, up from 69%; the 3-nanometer process alone brought in 24%. Its 2-nanometer process, built with nanosheet transistors (N2), entered volume production in 2025, and risk production on its 16-angstrom process is expected in 2026. Research and development cost NT$246,427 million in 2025, 6.5% of revenue and up 20.7%, mainly for 10-angstrom, 14-angstrom and 16-angstrom processes. It relies mainly on its own engineering and know-how and holds a substantial number of patents, and since 2008 its Open Innovation Platform has lined up the design tools and building blocks customers need for each new process. 646566676869707172

TSMC was founded in 1987 as a joint venture of the R.O.C. government and private investors; its shares have been listed on the Taiwan Stock Exchange since September 5, 1994 and its ADSs on the New York Stock Exchange since October 8, 1997. It is now building abroad, often with partners. TSMC Arizona, set up in November 2020, began high volume production at its first facility at the end of 2024, is building a second and started a third in 2025. JASM in Kumamoto, Japan, 72.6% owned, with Sony, DENSO and Toyota as partners, began volume production in December 2024. ESMC in Dresden, Germany, 70.0% owned, with Robert Bosch, Infineon Technologies and NXP holding 10% each, began construction in 2024. It also holds stakes in Vanguard International Semiconductor (27.6%), Systems on Silicon Manufacturing in Singapore (38.8%) and the design service company Global Unichip (34.8%). 7374757677787980638182

Governments shape where it builds and whom it can sell to. Under the US CHIPS Act agreements of November 2024, TSMC Arizona can receive up to US$6.6 billion in direct funding and up to US$5 billion in loans, and ESMC has an agreement for up to EUR5 billion of German state aid. US export rules since October 2022 restrict advanced computing chips bound for China, and a January 2025 rule may require a license before shipping chips made on 16-nanometer or smaller processes to specified destinations. The Nanjing fab's standing authorization to receive US equipment without separate licenses expired in December 2025 and was replaced by an annual export license. On tariffs, a Section 232 investigation ended in December 2025 with a 25% tariff on certain advanced computing chips, and in January 2026 the US announced an agreement with Taiwan that would cut reciprocal tariffs on Taiwanese goods to no more than 15% and give preferential Section 232 treatment to Taiwanese chip makers investing in US capacity. 8384858687888990

It names no competitor. It says it competes with other foundries and with integrated device manufacturers on process technology, manufacturing excellence, customer trust and service, that some rivals may receive government subsidies unavailable to it, and that others have invested heavily in new foundry capacity worldwide. Its home carries physical risks too: earthquakes in April 2024 and January 2025 damaged inventories, plants and equipment, costing about NT$3 billion and NT$5.3 billion net of insurance, and it flags concerns about future supplies of electricity and water in Taiwan. 919293949596

What drives growth, line by line

High Performance Computing. High Performance Computing, the chips for AI, data centers and PCs, is now the core of the business: NT$2,192,931 million, 58% of 2025 net revenue, up NT$716,040 million or 48%, after 43% of revenue in 2023. The filing names data explosion and AI application innovation as what drives it, and lists the products as AI accelerators, both GPUs and custom ASICs, along with PC processors, server processors and high-speed networking chips. 979899100

Smartphone. NT$1,110,816 million, 29% of revenue, up NT$105,686 million or 11%; its share has fallen from 38% in 2023 as computing outgrew it. For phones TSMC offers its leading processes, down to 2-nanometer, for premium chips and a broad range of older ones for mainstream models, along with companion chips for radio, power management, sensors and displays. 9798101102103

Internet of Things. NT$191,047 million, 5% of revenue, against NT$165,516 million in 2024. The filing describes an ultra-low-power platform for connected devices and AI at the edge, with its 6-nanometer and 12-nanometer versions in volume production. 97104

Automotive. NT$186,667 million, 5% of revenue, up from NT$139,323 million. Its most advanced automotive-grade process, the 3-nanometer N3A, was released to customers at the end of 2025, for driver assistance, in-vehicle infotainment and the zonal controllers of new vehicle electronics. 97105106

Digital Consumer Electronics. Chips for smart TVs, set-top boxes and cameras held flat at NT$47,997 million, 1% of revenue, against NT$47,961 million in 2024. 97107

Others. The remaining platforms, grouped as Others, brought in NT$79,596 million, 2% of revenue, against NT$59,487 million in 2024. 97

Across the platforms, net revenue rose 31.6% to NT$3,809,054 million (US$121,423 million), mainly on higher average selling prices from the larger share of advanced technology and on more wafers shipped, partly offset by the stronger NT dollar. Gross margin, the share of revenue left after the cost of making the chips, rose to 59.9% from 56.1% on higher utilization and cost improvement, and net income attributable to shareholders reached NT$1,697,604 million, against NT$1,158,380 million in 2024. 10849109110

What comes next, in the company's words: capital spending of US$52 billion to US$56 billion in 2026, against NT$1,272,411 million in 2025, mainly for 2-nanometer and 3-nanometer capacity at Fab 20, Fab 21 and Fab 22 and for specialty and advanced packaging capacity including Fab 24; risk production on the 16-angstrom process in 2026; and, as it puts it, a period of higher growth as the multiyear megatrends of 5G, AI and high performance computing are expected to fuel strong demand. 11111211311465

The read's section on the people who run it is on the People tab.

What the desk infers Inferred

  1. Inferred

    Customer A, which rose from 12% of revenue in 2024 to 19% in 2025 to become the largest customer, is most likely a designer of AI accelerators or other high performance computing chips.

    Because

    • Customer A's revenue rose from NT$352,271.2 million to NT$726,974.3 million in one year, after staying below 10% of revenue in 2023. 42115
    • High Performance Computing revenue rose NT$716,040 million, or 48%, while Smartphone rose 11%. 98
    • The filing names data explosion and AI application innovation as the driver of High Performance Computing, and AI accelerators, GPUs and custom ASICs among its products. 99100
    • Orders from North America rose 42%, and customers headquartered there took 75% of revenue. 4647
    Confidence 70 of 100Wrong if A filing that ties most of Customer A's revenue to smartphones or another platform outside High Performance Computing.
  2. Inferred

    Customer B, the largest customer in 2023 and 2024, most likely buys mainly for smartphones: its purchases moved with the smartphone platform rather than with the computing surge.

    Because

    • Customer B's revenue edged up from NT$624,345.5 million to NT$645,178.7 million in 2025, and its share fell from 25% in 2023 to 22% and then 17%. 42
    • Smartphone revenue rose 11% while High Performance Computing rose 48%, and Smartphone's share of revenue fell from 38% in 2023 to 35% and then 29%. 9798
    Confidence 50 of 100Wrong if A filing that ties most of Customer B's revenue to High Performance Computing rather than to smartphones.
  3. Inferred

    Leading-edge capacity, more than orders, has set the pace of the business: customers pay in advance to hold space in the fabs, and the spending goes first to the most advanced processes.

    Because

    • Some customers pay temporary receipts to retain specified capacity at its fabs, and NT$189,858 million of such receipts stood among its obligations at the end of 2025. 4344
    • Gross margin rose to 59.9% mainly on higher capacity utilization. 109
    • It plans US$52 billion to US$56 billion of capital spending in 2026, mainly for 2-nanometer and 3-nanometer capacity, and bought another parcel of land in Arizona in 2026 to respond to strong customer demand. 111112116
    Confidence 60 of 100Wrong if A year in which TSMC refunds advance receipts for lack of orders, or reports idle capacity at its 3-nanometer and 2-nanometer fabs.

In its own words

Verbatim from its 20-F filed Apr 16, 2026 · read the filing on EDGAR ↗

As a foundry, we manufacture semiconductors using our manufacturing processes for our customers based on proprietary integrated circuit designs provided by them.
We believe that our scale and capacity, particularly for advanced technologies, is a major competitive advantage.
Our 2-nanometer technology entered volume production in 2025. Also, the development of our 16-angstrom technology is on track, and its risk production is expected in 2026.

What it warns about, in its own words

  • Any global systemic political, economic and financial crisis (as well as the indirect effects flowing therefrom) could negatively affect our business, results of operations, and financial condition.
  • These tensions have resulted or may result in the implementation of tariffs, non-tariff trade barriers, sanctions, export controls and other measures that have been particularly impactful to the semiconductor industry and related markets.

The record in brief

five sections from the record

By the desk, an AI model (Claude Haiku 4.5), written from the company's record on Oct 22, 2026; nothing here is advice. Every sentence rests on the numbered source beside it, and a sentence the record did not support was cut before the report was kept.

A newer current report (Form 6-K, filed 2026-11-13) is on file; this report was written before it, and the desk writes it again on request.

Past

Taiwan Semiconductor Manufacturing Co.'s revenue rose from TWD 843 billion in fiscal 2015 to TWD 2894 billion in fiscal 2024, up 14.7% a year, and it was profitable in all ten of those years. Over the three fiscal years to 2024-12-31, the diluted share count held steady, and dividends and buybacks returned about 20% of its operating cash flow. Net worth has moved about 15.2% a year up since fiscal 2015. The grade's past tense reads 7.4 of 10. 123

Present

The company's Form 20-F annual report filed 2026-04-16 for the fiscal year ended 2025-12-31 carries the money story, the trend, the balance-sheet block and Financial health, Track record and Surviving crises. In the fiscal year ended 2024-12-31, the company earned about 27 cents of profit for every dollar of shareholders' money and its products earned about 24 cents per dollar of everything it owns; it owed about 36 cents per dollar of assets, and its share count was unchanged over the year. In fiscal 2024, a net margin of 40% ranks in the top 6% of its industry family, and revenue growth of 22.2% a year over the last three filed years ranks in the top 21%; the company stands in the top 13% of 97 names in its family. Wei Che-Chia is Chairman and CEO; Y. P. Chyn and Y. J. Mii are Co-Chiefs of Operations; Wendell Huang is Chief Financial Officer. The grade's present tense reads 7.3 of 10. 4153

Future

An annual report, foreign filer (Form 20-F) for the fiscal year ending 2026-12-31 is due by 2027-04-30. The company states it plans capital spending of US$52 billion to US$56 billion in 2026, mainly for 2-nanometer and 3-nanometer capacity; risk production on the 16-angstrom process in 2026; and a period of higher growth as the multiyear megatrends of 5G, AI and high performance computing are expected to fuel strong demand. Registered call: Factory and equipment spending in the next annual filing is above FY2024's $29.2 billion (confidence 80 in 100; graded by: Next annual report, Form 20-F; because: The record shows spending rising from $10 billion in 2018 to $35 billion in 2022, then two lower years; the company said in July it raised 2026 spending growth. ) Registered call: United States property, plant and equipment is a larger share of the total in the next annual filing (confidence 85 in 100; graded by: Next annual report, Form 20-F; because: The pledged construction is already under way; the filing will show it as it is spent. ) The grade's future tense reads 6.7 of 10. 4673

How the company operates From the company read

TSMC is a dedicated foundry, meaning it manufactures chips to designs its customers provide rather than selling chips of its own design. Wafer fabrication brought in about 86% of 2025 net revenue; the rest came mainly from packaging and testing, mask making, design services and royalties. It makes chips mainly with CMOS, the mainstream process, for logic, mixed-signal, radio frequency and embedded memory chips, and it stacks and packages chips together under its 3DFabric services, which include CoWoS and SoIC. Its customers range from fabless chip companies, which design chips but own no factories, to system companies and integrated device manufacturers. 9101112131415

It sells to hundreds of customers, but a few dominate: the ten largest took about 78% of net revenue in 2025, up from 70% in 2023; the largest took 19% and the second largest 17%. The financial statements, which do not name them, show a change at the top. Customer A, below 10% in 2023 and 12% in 2024, rose to 19%, NT$726,974.3 million, while Customer B, the largest in 2023 and 2024 at 25% and 22%, slipped to 17%. The filing also notes a growing trend of system companies designing their own chips and working directly with foundries. Some customers pay in advance, as temporary receipts, to retain specified capacity at its fabs; NT$189,858 million of such receipts stood among its obligations at the end of 2025. 161718192021

Counted by where customers are headquartered, which may differ from where the chips are shipped, North America brought in 75% of 2025 net revenue, NT$2,875,270 million, up from 70% in 2024; China and the rest of Asia Pacific took 9% each, Japan 4% and Europe, the Middle East and Africa 3%. The year's gain came mainly from North America, whose orders rose 42%. TSMC reports in New Taiwan dollars, but substantially all of its sales are in US dollars, so the stronger NT dollar in 2025, NT$31.11 to the US dollar on a weighted average against NT$32.13 in 2024, held down reported revenue. 2223242526

It makes the chips in its own fabs and owns all their buildings and equipment, apart from some leased equipment in testing areas. It runs one 150mm wafer fab, six 200mm fabs, nine 300mm fabs and seven advanced backend fabs, where chips are packaged. Its headquarters and nine fabs sit in the Hsinchu Science Park, two fabs in the Central Taiwan Science Park and seven in the Southern Taiwan Science Park; abroad, two are in the United States, one each in Shanghai and Nanjing and one in Japan, and a fab is to be built in Dresden, Germany. Annual capacity exceeded 17 million 12-inch equivalent wafers in 2025, and it shipped about 15 million, against 13 million in 2024. 2728293031

The filing names none of its suppliers. Its main tools are scanners, etchers, deposition, cleaning and inspection equipment, some of it available from only a limited number of suppliers, and it meets suppliers periodically to co-develop the next generation. Its most important raw material is the silicon wafer, the majority supplied by a limited number of suppliers in Taiwan, Japan, Germany and Singapore under long-term agreements; it also uses chemicals, gases and precious metals, some from a single source. It buys some wafers from Vanguard International Semiconductor, 27.6% owned, which reserves capacity for it each month: NT$878 million in 2025, 0.1% of its cost of revenue. 323334353637383940

New moves

2026-08-10, direct: July revenue of NT$467.6 billion, about $14.5 billion, up 44.7% from a year earlier. 2026-10-15, direct: TSMC says demand still runs ahead of what it can make, and expects capacity on its newest process to more than double in 2027. 2026-09-01, direct: The company's Form 20-F filed in April carries in its risk section a sequence of tariff events: emergency-powers tariffs struck down in February, a 25 percent semiconductor proclamation in force since January, and an answer measured in Arizona construction dollars. 78

Sources

a number beside a sentence opens its entry in its own document's list
The written account 6 sources · as of Nov 4, 2026
  1. Form 6-K, TSMC Reports Third Quarter EPS of NT$29.43 (Exhibit 99.1) ↗Taiwan Semiconductor Manufacturing Company Limited (SEC filing) · filed Oct 15, 2026
  2. Form 6-K, TSMC September 2026 Revenue Report ↗Taiwan Semiconductor Manufacturing Company Limited (SEC filing) · filed Oct 8, 2026
  3. Form 20-F, annual report for the year ended 31 December 2025 ↗Taiwan Semiconductor Manufacturing Company Limited (SEC filing) · filed Apr 16, 2026
  4. TSMC third quarter revenue tops guidance as CEO says AI demand still exceeds supply ↗CRNasia · Oct 15, 2026
  5. Exhibit 8.1, subsidiaries of Taiwan Semiconductor Manufacturing Company Ltd. ↗Taiwan Semiconductor Manufacturing Company Limited (SEC filing) · filed Apr 16, 2026
  6. Schedule 13G, Taiwan Semiconductor Manufacturing Co Ltd ↗BlackRock, Inc. (SEC filing) · filed Oct 27, 2026
How the company works 116 sources · the read of its Form 20-F filed Apr 16, 2026
  1. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsC.C. Wei is the Chairman and CEO. Dr. C.C. Wei was our CEO and Vice Chairman from June 2018 to June 2024, and President and Co-CEO from November 2013 to June 2018.
  2. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsBefore joining us in 1998, he was Senior Vice President of Technology at Chartered Semiconductor Manufacturing Ltd. in Singapore and Senior Manager for Logic and SRAM technology development at STMicroelectronics N.V. in Texas.
  3. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsHe holds a Ph.D. in electrical engineering from Yale University.
  4. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsY.P. Chyn is our Executive Vice President and Co-Chief Operating Officer.
  5. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsHe joined us in 1987 and has held various positions in product and engineering functions.
  6. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsY.J. Mii is our Executive Vice President and Co-Chief Operating Officer. He was Senior Vice President of Research & Development from November 2016 to February 2024.
  7. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsHe joined us in 1994 and has been involved continuously in the development and manufacturing of advanced CMOS technologies in both Operations and Research & Development.
  8. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsCliff Hou is our Senior Vice President, Deputy Co-Chief Operating Officer and Chief Information Security Officer.
  9. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsHe joined us in 1997 and established the Company’s technology design kit and reference flow development organizations.
  10. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsKevin Zhang is our Senior Vice President of Business Development and Global Sales and Deputy Co-Chief Operating Officer. He was promoted to Senior Vice President in August 2020. He joined us in November 2016 as Vice President of Research & Development/ Design and Technology Platform. Prior to joining us in November 2016, he was a Vice President of Technology and Manufacturing Group of Circuit Technology at Intel.
  11. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsWendell Huang is our Senior Vice President of Finance and Chief Financial Officer/ Spokesperson. He was promoted to Senior Vice President in February 2024. Prior to that, he was Vice President of Finance and Chief Financial Officer/ Spokesperson from September 2019 to February 2024, Deputy Chief Financial Officer from January 2019 to August 2019, and Senior Director of Finance Division from 2010 to 2018. Prior to joining us in 1999, he was Vice President of Corporate Finance at ING Barings.
  12. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsMr. Ray Chuang was appointed as CEO of TSMC Arizona, effective October 1, 2025.
  13. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsLora Ho was our Senior Vice President of Corporate Strategy Development since July 2025, the ESG Committee Chairwoman since 2011, and retired on April 4, 2026.
  14. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsOur Board of Directors is currently composed of ten directors. Of our current ten directors, seven are independent directors: Sir Peter L. Bonfield, Mr. Michael R. Splinter, Mr. Moshe N. Gavrielov, Dr. L. Rafael Reif, Ms. Ursula M. Burns, Ms. Lynn L. Elsenhans and Mr. Chuan Lin.
  15. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsSir Peter L. Bonfield was the Chief Executive Officer and Chairman of the Executive Committee of British Telecommunications from January 1996 to January 2002
  16. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsMr. Michael R. Splinter served as Chief Executive Officer of Applied Materials from 2003 to 2012
  17. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsMr. Moshe N. Gavrielov served as President and CEO of Xilinx, Inc. in the United States from January 2008 to January 2018
  18. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsMs. Ursula M. Burns was the Chairwoman of the Board of Xerox Corporation from 2010 to 2017 and Chief Executive Officer from 2009 to 2016
  19. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsMs. Lynn L. Elsenhans was the Chairwoman and CEO of Sunoco, Inc. and Sunoco Logistics Partners L.P., serving Sunoco from 2008 to 2012.
  20. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsDr. Reif was the President of MIT from 2012 to 2022.
  21. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsthe Minister of Finance and Premier of Executive Yuan.
  22. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsF.C. Tseng is a director. Dr. F.C. Tseng was our Vice Chairman from July 2005 to June 2018.
  23. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsFor example, the National Development Fund of the R.O.C., one of our largest shareholders, has served as our director since our founding.
  24. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsEffective September 1, 2025, Dr. Chun-Hsien Yeh has been appointed to replace Mr. Chin-Ching Liu as the representative of the National Development Fund.
  25. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsNational Development Fund, Executive Yuan 1,653,709,980 6.38%
  26. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)a part of the company's record on this site
  27. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsFunction 2023 2024 2025 Managers 7,861 8,737 9,582 Professionals 36,807 40,477 44,690 Assistant Engineers/Clericals 9,235 10,207 11,368 Technicians 22,575 24,404 24,917 Total 76,478 83,825 90,557
  28. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsHsinchu Science Park, Taiwan 31,524 32,703 33,507 Southern Taiwan Science Park, Taiwan 24,444 23,059 24,702 Central Taiwan Science Park, Taiwan 8,775 8,540 8,830
  29. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsChina 4,484 4,478 4,402 North America 2,668 4,497 5,290 Europe 60 78 209 Japan 804 1,791 2,447
  30. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsAs of December 31, 2025, our total employee population was 90,557 with an educational makeup of 3.6% PhDs, 49.8% masters, 29.7% university bachelors, 7.0% college degrees and 9.9% others.
  31. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsIn 2025 and 2026, we distributed employees’ business performance bonus of NT$103,073 million (US$3,286 million) to our employees in relation to year 2025 profits. Employees’ cash profit sharing bonus of NT$103,073 million (US$3,286 million) in relation to year 2025 profits will be distributed in July 2026.
  32. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsAs a foundry, we manufacture semiconductors using our manufacturing processes for our customers based on proprietary integrated circuit designs provided by them.
  33. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsOur business model is commonly called a “dedicated semiconductor foundry.”
  34. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsThe principal source of our revenue is wafer fabrication, which accounted for approximately 86% of our net revenue in 2025. The rest of our net revenue was mainly derived from packaging and testing services, mask making, design, and royalty income.
  35. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsWe manufacture semiconductors mainly using the CMOS process. The CMOS process is currently the mainstream semiconductor manufacturing process.
  36. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsWe offer a comprehensive range of wafer fabrication processes, including processes to manufacture complementary metal-oxide-semiconductor (“CMOS”) logic, mixed-signal, radio frequency (“RF”), embedded memory
  37. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsWe also offer multiple TSMC 3DFabric® advanced silicon stacking and packaging solutions, such as TSMC- SoIC® manufacturing services and CoWoS® advanced packaging services
  38. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsWe count among our customers many of the world’s leading semiconductor companies, ranging from fabless semiconductor companies, system companies to integrated device manufacturers.
  39. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsWhile we generate revenue from hundreds of customers worldwide, our ten largest customers in 2023, 2024 and 2025 accounted for approximately, 70%, 76% and 78% of our net revenue in the respective year. Our largest customer in 2023, 2024 and 2025 accounted for 25%, 22% and 19% of our net revenue in the respective year. Our second largest customer in 2023, 2024 and 2025 accounted for 11%, 12%, and 17% of our net revenue in the respective year.
  40. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsFor example, there is a growing trend among system companies designing their own semiconductors and working directly with the semiconductor foundries
  41. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsNote: Revenue less than 10% of the Company’s net revenue.
  42. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsMajor customers representing at least 10% of net revenue Years Ended December 31 2023 2024 2025 Amount % Amount % Amount % NT$ NT$ NT$ (In Millions) (In Millions) (In Millions) Customer A NA (Note) NA $352,271.2 12 $726,974.3 19 Customer B 546,550.9 25 624,345.5 22 645,178.7 17 Customer C 241,152.4 11
  43. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsHowever, some of our customers have entered into agreements with us to pay temporary receipts in order to retain specified capacity at our fabs.
  44. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted words(in NT$ millions) Long-Term Debt(1) 1,229,859 156,822 321,847 238,883 512,307 Capital Leases(2) 39,470 4,381 6,574 5,805 22,710 Temporary Receipts(3) 189,858 146,559 43,299
  45. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsWe categorize our net revenue mainly based on the countries where our customers are headquartered, which may be different from the countries to which we actually sell or ship our products or different from where products are actually ordered.
  46. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsNorth America 1,470,215 68% 2,031,326 70% 2,875,270 75% Asia Pacific(1) 174,947 8% 284,308 10% 329,269 9% China 267,154 12% 331,673 11% 327,503 9% Japan 132,072 6% 144,240 5% 150,428 4% EMEA(2) 117,348 6% 102,761 4% 126,584 3%
  47. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsIn 2025, our net revenue increased by a total of NT$914,746 million compared to 2024, which was mainly due to an increase in orders from North America of NT$843,944 million, or a 42% year-over-year increase and from Asia Pacific of NT$44,961 million, or a 16% year-over-year increase.
  48. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsSubstantially all of our sales are denominated in U.S. dollars while we publish our financial statements in NT dollars.
  49. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsThe NT dollar appreciation in 2025 had an unfavorable effect on our revenue, with weighted average exchange rates of the NT dollar per U.S. dollar appreciating from NT$32.13 in 2024 to NT$31.11 in 2025.
  50. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsOther than certain equipment under leases located at testing areas, we own all of the buildings and equipment for our fabs.
  51. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsWe currently operate one 150mm wafer fab, six 200mm wafer fabs, nine 300mm wafer fabs, and seven advanced backend fabs. Our corporate headquarters and nine of our fabs are located in the Hsinchu Science Park, two fabs are located in the Central Taiwan Science Park, seven fabs are located in the Southern Taiwan Science Park, two fabs are located in the United States, one fab is located in Shanghai, one fab is located in Nanjing, and one fab is located in Japan.
  52. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsESMC owns a parcel of land of approximately 513,557 square meters in the City of Dresden in Germany, where Fab 24 and related facilities will be located.
  53. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsIn 2025, our annual capacity (in 12-inch equivalent wafers) exceeded 17 million wafers, compared to approximately 17 million wafers in 2024.
  54. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsWe shipped approximately 15 million 12-inch equivalent wafers in 2025 compared to 13 million in 2024.
  55. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsThe principal pieces of equipment used by us to manufacture semiconductors are scanners, cleaners and track equipment, inspection equipment, etchers, furnaces, wet stations, strippers, implanters, sputterers, chemical vapor deposition (“CVD”) equipment, chemical mechanism polish (“CMP”) equipment, testers and probers.
  56. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsSome of the equipment is available from a limited number of suppliers and/or is manufactured in relatively limited quantities, and certain equipment has only recently been developed.
  57. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsWe have periodic meetings with suppliers with respect to co- developing next-generation equipment.
  58. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsOur manufacturing processes use many raw materials, primarily silicon wafers, chemicals, gases and various types of precious metals. Although most of our raw materials are available from multiple suppliers, some materials are purchased through sole-sourced suppliers.
  59. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsIn pursuit of high quality raw wafers, the majority of our raw wafers are supplied by a limited number of suppliers located in Taiwan, Japan, Germany, and Singapore.
  60. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsIn order to secure a reliable and flexible supply of high quality wafers, we have entered into long-term agreements and intend to continue to develop strategic relationships with major wafer suppliers to cover our anticipated wafer needs for future years.
  61. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsPursuant to the terms of a manufacturing agreement between both parties, VIS was obligated to use its best commercial efforts to manufacture wafers at specified yield rates for us up to a fixed amount of reserved capacity per month
  62. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsIn 2025, we had total purchases of NT$878 million (US$28 million) from VIS, representing 0.1% of our total cost of revenue.
  63. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsAs of February 28, 2026, we owned approximately 27.6% of the equity interest in VIS.
  64. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsWe also believe that we are the technology leader among the dedicated foundries in terms of our net revenue of advanced semiconductors of 7-nanometer and below
  65. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsOur 2-nanometer technology entered volume production in 2025. Also, the development of our 16-angstrom technology is on track, and its risk production is expected in 2026.
  66. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsIn 2025, the 3-nanometer, 5-nanometer and 7-nanometer revenues represented 24%, 36% and 14% of total wafer revenue, respectively. Advanced technologies (7-nanometer and below) accounted for 74% of total wafer revenue, up from 69% in 2024.
  67. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsleading-edge logic process technologies such as 2-nanometer Nanosheet Transistor (“N2”)
  68. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsIn 2023, 2024, and 2025, we spent NT$182,370 million, NT$204,182 million, and NT$246,427 million (US$7,855 million), respectively, on research and development, representing 8.5%, 7.1% and 6.5% of our net revenue, respectively.
  69. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsResearch and development expenses increased by NT$42,245 million in 2025, or 20.7%, from 2024. The increases were mainly attributed to a higher level of research activities for 10-angstrom, 14-angstrom, and 16-angstrom process technologies, as we continued to advance to smaller processing nodes.
  70. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsTo advance our process technologies, we rely primarily on our internal engineering capabilities, know-how and research and development efforts, including collaboration with our customers, equipment vendors and external research and development consortia.
  71. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsSince our inception, we have applied for and been issued a substantial number of patents in the United States and other countries, the majority of which are semiconductor related.
  72. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsWe unveiled an Open Innovation Platform® (“OIP”) initiative in 2008 to further enhance our technologies offerings.
  73. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsWe were founded in 1987 as a joint venture among the R.O.C. government and other private investors and were incorporated in the R.O.C. as a company limited by shares on February 21, 1987.
  74. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsOur common shares have been listed on the Taiwan Stock Exchange since September 5, 1994, and our ADSs have been listed on the New York Stock Exchange (“NYSE”) since October 8, 1997.
  75. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsIn November 2020, we established TSMC Arizona (of which the manufacturing entity is Fab 21), a wholly-owned subsidiary that is expected to be primarily engaged in the manufacture and sale of integrated circuits.
  76. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsOur first facility successfully entered high volume production at the end of 2024. Construction of our second facility is ongoing, and the construction of our third facility commenced in 2025.
  77. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsIn January 2022, Sony Semiconductor Solution Corporation (“Sony”) acquired a less than 20% equity interest in JASM. In April 2022, DENSO Corporation (“DENSO”) acquired a more than 10% minority equity interest in JASM. Construction on the site commenced in April 2022 and volume production commenced in December 2024.
  78. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsIn February 2024, we, Sony, DENSO and Toyota Motor Corporation (“Toyota”) announced further investment into JASM to build and operate a second semiconductor manufacturing facility.
  79. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsAs of February 28, 2026, we owned approximately 72.6% of the equity interest in JASM.
  80. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsIn January 2024, Robert Bosch GmbH, Infineon Technologies AG, and NXP Semiconductors Germany GmbH, a wholly-owned subsidiary of NXP Semiconductors N.V. (“NXP”), each acquired 10% equity interest and together acquired 30% equity interest in ESMC. Construction on the site commenced in 2024. As of February 28, 2026, we owned 70.0% of the equity interest in ESMC.
  81. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsThe SSMC fab commenced commercial production in December 2000. As of February 28, 2026, we owned approximately 38.8% of the equity interest in SSMC.
  82. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsIn January 2003, we acquired a 52.0% equity interest in GUC, a SoC design service company that provides large scale SoC implementation services. GUC listed its shares on the Taiwan Stock Exchange in November 2006. As of February 28, 2026, we owned approximately 34.8% of the equity interest in GUC.
  83. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsIn November 2024, TSMC Arizona Corporation (“TSMC Arizona”) entered into agreements with the U.S. Department of Commerce for the receipt of certain incentives pursuant to the U.S. CHIPS Act, which includes up to US$6.6 billion in total direct funding and up to US$5 billion of proposed loans.
  84. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsIn December 2024, ESMC, our subsidiary in Germany, entered into an agreement with the Federal Republic of Germany for the receipt of up to EUR5 billion state aid under the European Chips Act
  85. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsFor example, in October 2022 and October 2023, the U.S. adopted additional export controls (the “October Rules”) over specified countries (including China) under the U.S. Export Administration Regulations (“U.S. EAR”) on certain advanced computing integrated circuits (“ICs”).
  86. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsIn January 2025, the U.S. further issued new rules to reinforce controls on exports of advanced computing ICs, pursuant to which we may need to obtain an export license prior to shipping products using 16- nanometer or below process to specified destinations unless specific conditions are met.
  87. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsIn response, we obtained from the U.S. Department of Commerce a Validated End-User (the “VEU”) authorization for our fab located in Nanjing, China, which allowed our fab in Nanjing to receive exports of eligible items from the U.S. without separate licenses.
  88. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsAlthough the VEU authorization expired in December 2025, the U.S. Department of Commerce has granted TSMC Nanjing Company Limited (“TSMC Nanjing”) an annual export license that allows U.S. export-controlled items to be supplied to TSMC Nanjing, which ensures uninterrupted fab operations and product deliveries.
  89. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsAlso, in April 2025, the U.S. government initiated a Section 232 investigation related to imports of Semiconductor Items, which concluded in December 2025. As a result, the U.S. issues a proclamation imposing a 25% ad valorem tariff on the import of certain advanced computing chips and derivative products meeting specified technical performance thresholds, unless such products are imported for designated use in the U.S.
  90. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsFurther, in January 2026, the U.S. announced it had reached a trade and investment agreement with Taiwan which would reduce U.S. reciprocal tariff rates on Taiwanese goods to no more than 15%. The agreement also grants preferential Section 232 treatment for Taiwanese semiconductor producers investing in U.S. manufacturing capacity.
  91. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsWe compete internationally and domestically with other foundry service providers, as well as with a number of integrated device manufacturers. We compete primarily on process technologies, manufacturing excellence, customer trust and service quality, such as earlier technology readiness, better quality, faster yield improvement and shorter cycle time.
  92. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsOther companies may have greater financial and other resources than us, such as the possibility of receiving direct or indirect government subsidies, economic stimulus funds, or other incentives that may be unavailable to us.
  93. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsIn recent years, substantial investments have been made by others to establish new foundry capacities worldwide, or to transform certain manufacturing operations of integrated device manufacturers into foundry capacities.
  94. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsFor instance, in April 2024 and January 2025, several earthquakes struck Taiwan, causing damage to our inventories, plant facilities, machinery and equipment. We recognized approximately NT$3 billion and NT$5.3 billion in losses from earthquakes, net of insurance claim, respectively, in the second quarter of 2024 and the first quarter of 2025.
  95. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsDue to changes in government energy policy, the growth of manufacturers in Taiwan’s Science Parks, and the droughts that Taiwan experiences from time to time, raise ongoing concerns regarding future availability of sufficient electricity and water for our production in Taiwan.
  96. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsThe competition in the semiconductor foundry segment is fierce.
  97. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsYear ended December 31, 2023 2024 2025 Platform Net Revenue Percentage Net Revenue Percentage Net Revenue Percentage (NT$ in millions, except percentages) High Performance Computing 934,769 43% 1,476,891 51% 2,192,931 58% Smartphone 814,914 38% 1,005,130 35% 1,110,816 29% Internet of Things 161,917 8% 165,516 6% 191,047 5% Automotive 133,654 6% 139,323 5% 186,667 5% Digital Consumer Electronics 47,000 2% 47,961 1% 47,997 1% Others 69,482 3% 59,487 2% 79,596 2%
  98. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsThe increase in our net revenue from 2024 to 2025 mainly came from High Performance Computing of NT$716,040 million, or a 48% year-over-year increase, and from Smartphone of NT$105,686 million, or a 11% year-over-year increase.
  99. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsHigh Performance Computing (“HPC”): Driven by data explosion and AI application innovation, HPC has become the key growth driver for our business.
  100. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsBased on advanced process nodes, a variety of HPC products have been launched, such as AI accelerators, including AI graphics processor units (“GPUs”) and AI application specific integrated circuits (“ASICs”), personal computer central processing units (“CPUs”), consumer GPUs, field programmable gate arrays (“FPGAs”), server processors, and high-speed networking chips, etc.
  101. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsSmartphones: For customers’ premium product applications, we offer leading logic process technologies such as 2- nanometer Nanosheet Plus (“N2P”)
  102. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsFor mainstream product applications, we provide a broad range of logic process technologies
  103. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordswe offer leading-edge, highly competitive specialty technologies to deliver specialty companion chips for customers’ logic application processors, including radio frequency (“RF”), RF front-end, embedded non-volatile memory (“eNVM”), power management ICs (“PMICs”), sensors, and display chips
  104. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsFinFET-based 6-nanometer technology service (“N6e® ULP”) and 12-nanometer technology service (“N12e® ULP”) have both entered volume production
  105. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted words3-nanometer FinFET Automotive (“N3A”) technology, based on N3E technology, is our most advanced automotive-grade technology to date and was released to customers at the end of 2025.
  106. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsfor advanced driver-assistance systems (“ADAS”), advanced in-vehicle infotainment (“IVI”), as well as zonal controllers for new electrical/electronic (“E/E”) architectures in next-generation vehicles
  107. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsincluding smart digital TVs (“DTVs”), set-top boxes (“STBs”), AI-embedded smart cameras and associated wireless local area networks (“WLANs”), and PMICs, etc.
  108. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsOur net revenue in 2025 increased by 31.6% from 2024, which was mainly attributed to an increase in ASP due to a higher proportion of advanced technology (7-nanometer and below) revenue and an increase in wafer shipments
  109. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsIn 2025, our gross margin increased to 59.9% of net revenue from 56.1% in 2024, mainly attributable to higher capacity utilization and cost improvement, partially offset by unfavorable foreign exchange rate.
  110. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsour net revenue and net income attributable to shareholders of the parent were NT$2,894,308 million and NT$1,158,380 million in 2024, and NT$3,809,054 million (US$121,423 million) and NT$1,697,604 million (US$54,116 million) in 2025, respectively.
  111. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsOur capital expenditures in 2023, 2024 and 2025 were NT$949,817 million, NT$956,007 million and NT$1,272,411 million (US$40,895 million, translated from a weighted average exchange rate of NT$31.11 to US$1.00), respectively. Our capital expenditures in 2026 are expected to be between US$52 billion and US$56 billion, which, depending on market conditions, may be adjusted later.
  112. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsinstalling and expanding capacity, mainly for 2-nanometer and 3-nanometer nodes, including building/facility expansion for Fab 20, Fab 21 and Fab 22
  113. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsexpanding capacity for specialty technologies and advanced packaging, including building/facility expansion for Fab 24; and
  114. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsWe are entering a period of higher growth as the multiyear megatrends of 5G, AI and high performance computing are expected to fuel strong demand for our semiconductor technologies in the next several years.
  115. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsNote: Revenue less than 10% of the Company’s net revenue.
  116. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing, quoted word for word
    show the quoted wordsFurthermore, we acquired an additional parcel of land in 2026 to support our current expansion plans and provide more flexibility in response to strong customer demand.
The record in brief 40 sources · written Oct 22, 2026
  1. TSM: the nine metricsthis site's record
    show the quoted wordsTrack record (past, graded 8.1 of 10, weighs 45% of the past): Taiwan Semiconductor Manufacturing Company Ltd.'s 10 filed years say what it did: revenue went from TWD 843 billion in fiscal 2015 to TWD 2894 billion in fiscal 2024, up 14.7% a year; it rose in 8 of 9 years; the deepest fall was 5% from fiscal 2022 to fiscal 2023; net income was positive in 10 of 10 of those years (its annual reports)Shareholder treatment (past, graded 5.9 of 10, weighs 22% of the past): Over the 3 fiscal years to 2024-12-31, Taiwan Semiconductor Manufacturing Company Ltd.'s diluted share count held steady, and dividends and buybacks returned about 20% of its operating cash flow over 3 years (its filed statements).Financial health (present, graded 6.7 of 10, weighs 33% of the present): Return on equity: in the fiscal year ended 2024-12-31, Taiwan Semiconductor Manufacturing Company Ltd. earned about 27 cents of profit for every dollar of shareholders' money, and gross profitability: its products earned about 24 cents per dollar of everything the company owns. Leverage: it owed about 36 cents per dollar of aIndustry position (present, graded 8.7 of 10, weighs 45% of the present): Taiwan Semiconductor Manufacturing Company Ltd.'s standing among 97 graded names in its industry family: revenue of TWD 2894 billion in fiscal 2024 is not ranked by size, since the family reports in another currency; a net margin of 40% ranks in the top 6%; revenue growth of 22.2% a year over the last 3 filed years ranks in
  2. TSM: net worth, from the balance sheeta filing
    show the quoted wordsIn fiscal 2015, 9 filed years earlier, the net worth was 1194.97 billion TWD, so it has moved about 15.2% a year up since.
  3. TSM: the company filethis site's record
    show the quoted wordsHeadline grade 7.2 of 10; the arc reads past 7.4, present 7.3, future 6.7; 8 of 9 metrics read as filed.
  4. TSM: the filing record, ten yearsa filing
    show the quoted wordsDocument: https://www.sec.gov/Archives/edgar/data/1046179/000104617926000203 2026-04-16: Form 20-F, Annual report, foreign filer, for the period ended 2025-12-31. The money story, the trend, the balance-sheet block and Financial health, Track record and Surviving crises: the foreign filer's full yearly account.Deadline ahead: Annual report, foreign filer (Form 20-F) for the fiscal year ending 2026-12-31 is due by 2027-04-30; foreign filers have four months after the fiscal year ends.
  5. TSM: insiders and the paper traila filing
    show the quoted wordsInsider roster by name: Wei Che-Chia (Chairman and CEO, officer and director; 6 filings, 0 sales, 6 purchases, last 2026-09-09); Huang Jen-Chau (SVP and CFO, officer; 6 filings, 0 sales, 6 purchases, last 2026-09-09); Chin Yung-Pei (EVP and Co-COO, officer; 7 filings, 0 sales, 7 purchases, last 2026-10-08); Hou Yung-Chin (SVP and Deputy Co-COO, officer; 6 filings, 0 sales, 6 purchases, last 2026-0
  6. TSM: how the company works, read from its annual report ↗a filing
    show the quoted wordsWhat comes next, in the company's words: capital spending of US$52 billion to US$56 billion in 2026, against NT$1,272,411 million in 2025, mainly for 2-nanometer and 3-nanometer capacity at Fab 20, Fab 21 and Fab 22 and for specialty and advanced packaging capacity including Fab 24; risk production on the 16-angstrom process in 2026; and, as it puts it, a period of higher growth as the multiyear m
  7. TSM: on the record, with registered callsthis site's record
    show the quoted wordsRegistered call: "Factory and equipment spending in the next annual filing is above FY2024’s $29.2 billion." (confidence 80 in 100; graded by: Next annual report, Form 20-F; because: The record shows spending rising from $10 billion in 2018 to $35 billion in 2022, then two lower years; the company said in July it raised 2026 spending growth.).Registered call: "United States property, plant and equipment is a larger share of the total in the next annual filing." (confidence 85 in 100; graded by: Next annual report, Form 20-F; because: The pledged construction is already under way; the filing will show it as it is spent.).2026-08-10, direct: July revenue up 44.7% year on year. TSMC reported July revenue of NT$467.6 billion, about $14.5 billion, up 44.7% from a year earlier, in a report also filed with the SEC on Form 6-K.
  8. TSM: the stories that name itthis site's record
    show the quoted words2026-10-15: "TSMC earns NT$763 billion in the third quarter on AI chip demand": TSMC says demand still runs ahead of what it can make, and expects capacity on its newest process to more than double in 2027.(a story by the desk; the company is named in the event; /n/tsmc-earns-nt-763-billion-in-the-third-quarter-on-ai-chip-demand/) 2026-09-01: "TSMC’s annual report doubles as a history of the tariff war": The world’s chip factory filed its Form 20-F in April. Its risk section carries the sequence in one place: emergency-powers tariffs struck down in February, a 25 percent semiconductor proclamation i
  9. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing
    show the quoted wordsAs a foundry, we manufacture semiconductors using our manufacturing processes for our customers based on proprietary integrated circuit designs provided by them.
  10. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing
    show the quoted wordsOur business model is commonly called a “dedicated semiconductor foundry.”
  11. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing
    show the quoted wordsThe principal source of our revenue is wafer fabrication, which accounted for approximately 86% of our net revenue in 2025. The rest of our net revenue was mainly derived from packaging and testing services, mask making, design, and royalty income.
  12. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing
    show the quoted wordsWe manufacture semiconductors mainly using the CMOS process. The CMOS process is currently the mainstream semiconductor manufacturing process.
  13. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing
    show the quoted wordsWe offer a comprehensive range of wafer fabrication processes, including processes to manufacture complementary metal-oxide-semiconductor (“CMOS”) logic, mixed-signal, radio frequency (“RF”), embedded memory
  14. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing
    show the quoted wordsWe also offer multiple TSMC 3DFabric® advanced silicon stacking and packaging solutions, such as TSMC- SoIC® manufacturing services and CoWoS® advanced packaging services
  15. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing
    show the quoted wordsWe count among our customers many of the world’s leading semiconductor companies, ranging from fabless semiconductor companies, system companies to integrated device manufacturers.
  16. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing
    show the quoted wordsWhile we generate revenue from hundreds of customers worldwide, our ten largest customers in 2023, 2024 and 2025 accounted for approximately, 70%, 76% and 78% of our net revenue in the respective year. Our largest customer in 2023, 2024 and 2025 accounted for 25%, 22% and 19% of our net revenue in the respective year. Our second largest customer in 2023, 2024 and 2025 accounted for 11%, 12%, and 1
  17. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing
    show the quoted wordsFor example, there is a growing trend among system companies designing their own semiconductors and working directly with the semiconductor foundries
  18. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing
    show the quoted wordsNote: Revenue less than 10% of the Company’s net revenue.
  19. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing
    show the quoted wordsMajor customers representing at least 10% of net revenue Years Ended December 31 2023 2024 2025 Amount % Amount % Amount % NT$ NT$ NT$ (In Millions) (In Millions) (In Millions) Customer A NA (Note) NA $352,271.2 12 $726,974.3 19 Customer B 546,550.9 25 624,345.5 22 645,178.7 17 Customer C 241,152.4 11
  20. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing
    show the quoted wordsHowever, some of our customers have entered into agreements with us to pay temporary receipts in order to retain specified capacity at our fabs.
  21. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing
    show the quoted words(in NT$ millions) Long-Term Debt(1) 1,229,859 156,822 321,847 238,883 512,307 Capital Leases(2) 39,470 4,381 6,574 5,805 22,710 Temporary Receipts(3) 189,858 146,559 43,299
  22. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing
    show the quoted wordsWe categorize our net revenue mainly based on the countries where our customers are headquartered, which may be different from the countries to which we actually sell or ship our products or different from where products are actually ordered.
  23. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing
    show the quoted wordsNorth America 1,470,215 68% 2,031,326 70% 2,875,270 75% Asia Pacific(1) 174,947 8% 284,308 10% 329,269 9% China 267,154 12% 331,673 11% 327,503 9% Japan 132,072 6% 144,240 5% 150,428 4% EMEA(2) 117,348 6% 102,761 4% 126,584 3%
  24. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing
    show the quoted wordsIn 2025, our net revenue increased by a total of NT$914,746 million compared to 2024, which was mainly due to an increase in orders from North America of NT$843,944 million, or a 42% year-over-year increase and from Asia Pacific of NT$44,961 million, or a 16% year-over-year increase.
  25. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing
    show the quoted wordsSubstantially all of our sales are denominated in U.S. dollars while we publish our financial statements in NT dollars.
  26. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing
    show the quoted wordsThe NT dollar appreciation in 2025 had an unfavorable effect on our revenue, with weighted average exchange rates of the NT dollar per U.S. dollar appreciating from NT$32.13 in 2024 to NT$31.11 in 2025.
  27. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing
    show the quoted wordsOther than certain equipment under leases located at testing areas, we own all of the buildings and equipment for our fabs.
  28. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing
    show the quoted wordsWe currently operate one 150mm wafer fab, six 200mm wafer fabs, nine 300mm wafer fabs, and seven advanced backend fabs. Our corporate headquarters and nine of our fabs are located in the Hsinchu Science Park, two fabs are located in the Central Taiwan Science Park, seven fabs are located in the Southern Taiwan Science Park, two fabs are located in the United States, one fab is located in Shanghai,
  29. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing
    show the quoted wordsESMC owns a parcel of land of approximately 513,557 square meters in the City of Dresden in Germany, where Fab 24 and related facilities will be located.
  30. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing
    show the quoted wordsIn 2025, our annual capacity (in 12-inch equivalent wafers) exceeded 17 million wafers, compared to approximately 17 million wafers in 2024.
  31. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing
    show the quoted wordsWe shipped approximately 15 million 12-inch equivalent wafers in 2025 compared to 13 million in 2024.
  32. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing
    show the quoted wordsThe principal pieces of equipment used by us to manufacture semiconductors are scanners, cleaners and track equipment, inspection equipment, etchers, furnaces, wet stations, strippers, implanters, sputterers, chemical vapor deposition (“CVD”) equipment, chemical mechanism polish (“CMP”) equipment, testers and probers.
  33. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing
    show the quoted wordsSome of the equipment is available from a limited number of suppliers and/or is manufactured in relatively limited quantities, and certain equipment has only recently been developed.
  34. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing
    show the quoted wordsWe have periodic meetings with suppliers with respect to co- developing next-generation equipment.
  35. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing
    show the quoted wordsOur manufacturing processes use many raw materials, primarily silicon wafers, chemicals, gases and various types of precious metals. Although most of our raw materials are available from multiple suppliers, some materials are purchased through sole-sourced suppliers.
  36. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing
    show the quoted wordsIn pursuit of high quality raw wafers, the majority of our raw wafers are supplied by a limited number of suppliers located in Taiwan, Japan, Germany, and Singapore.
  37. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing
    show the quoted wordsIn order to secure a reliable and flexible supply of high quality wafers, we have entered into long-term agreements and intend to continue to develop strategic relationships with major wafer suppliers to cover our anticipated wafer needs for future years.
  38. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing
    show the quoted wordsPursuant to the terms of a manufacturing agreement between both parties, VIS was obligated to use its best commercial efforts to manufacture wafers at specified yield rates for us up to a fixed amount of reserved capacity per month
  39. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing
    show the quoted wordsIn 2025, we had total purchases of NT$878 million (US$28 million) from VIS, representing 0.1% of our total cost of revenue.
  40. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16 ↗a filing
    show the quoted wordsAs of February 28, 2026, we owned approximately 27.6% of the equity interest in VIS.
SI Assistanton TSM · research, not advice