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Sep 30, 2025
TSMC Q3 2025 Earnings Report
TSMC reported strong Q3 2025 results driven by continued demand for advanced process technologies.
Key Takeaways
TSMC posted solid Q3 2025 results with $33.1 billion in revenue and $15.1 billion in net income. EPS came in at $2.92 per ADR, with robust gross and operating margins. Demand for 3nm and 5nm nodes contributed significantly to the quarter's strength.
Revenue grew to $33.1 billion, up 10.1% QoQ and 40.8% YoY.
Net income reached $15.1 billion, with EPS at $2.92 per ADR.
Gross margin improved to 59.5%, reflecting strong demand for advanced nodes.
Advanced nodes (7nm and below) accounted for 74% of total wafer revenue.
Revenue by Segment
Forward Guidance
TSMC expects Q4 2025 revenue between $32.2B and $33.4B, with strong margins driven by continued demand for leading-edge technologies.
Positive Outlook
- Revenue guidance implies sustained high demand for advanced nodes.
- Gross margin expected to remain strong between 59% and 61%.
- Operating margin guided between 49% and 51%.
- Exchange rate assumptions stable at 30.6 NT$/USD.
- Strong backlog in HPC and AI segments supports Q4 outlook.
Challenges Ahead
- Non-operating income projected to be lower than Q3.
- Capex remains elevated, pressuring free cash flow.
- Macroeconomic uncertainty may impact customer demand.
- Geopolitical tensions remain a risk factor.
- Slight sequential revenue deceleration expected from Q3 peak.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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