TSM
Taiwan Semiconductor Manufacturing Company Limited
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Taiwan Semiconductor Manufacturing Company Limited.
Taiwan Semiconductor Manufacturing Company Limited is a dedicated semiconductor foundry that manufactures integrated circuits for fabless and IDM customers. It offers leading-edge and mature process technologies, advanced packaging, and related services used in smartphones, high-performance computing, automotive, and IoT chips.
Coverage
TSMC's $265 Billion Is 4.3 Years of Capex at This Year's Rate, and Has No Schedule
TSMC's total planned US investment reached $265 billion in July. That is 4.3 years of its 2026 capital budget, and C.C. Wei will not put a schedule on it.
TSMC Has Filed Two Thirds of Its Quarter. September Has to Fall 6.1% for the Guide to Hold.
TSMC's July and August are filed and unrevisable. September must fall 6.1% for Q3 to land inside TSMC's own guide - steeper than any September in five years.
Waymo Is Driving on 5nm. Xiaomi Has Validated 3nm. Tesla Is Moving From 7nm AI4 to a Reported 2nm-Class AI5.
The robotaxi silicon ladder runs from Tesla's 7nm AI4 to a 2nm-class AI5, yet Waymo's mature 5nm ASIC leads the production test: it carries passengers today.
Xiaomi Unveiled Three Chips. Our Model Still Prices the Entire AI and EV Segment as 104,199 Cars.
Xiaomi unveiled three XRING chips, but reports them beside EVs in one segment — which our model drives entirely from 104,199 vehicle deliveries at $35,118 each.
Waymo's Custom Chip Cuts Cost, but a $125,000 Car Is Still No Threat to Tesla's Scale.
Waymo cut $75,000 from its robotaxi and its 5nm ASIC is real engineering — but it is a sensor pre-processor on a $125,000 car, four to six times a Cybercab.
TSMC Added 14 Points of Gross Margin While Tripling Its Quarterly Revenue
TSMC joins coverage at a Rule of 40 of 56 after tripling quarterly revenue to $40.2B while adding 14 points of gross margin — which almost nothing manages.
Where the revenue goes next
Latest: $40.20B (2026Q2)
| Period | Value |
|---|---|
| 2023Q1 | $16.72B |
| 2023Q2 | $15.68B |
| 2023Q3 | $17.28B |
| 2023Q4 | $19.62B |
| 2024Q1 | $18.87B |
| 2024Q2 | $20.82B |
| 2024Q3 | $23.50B |
| 2024Q4 | $26.88B |
| 2025Q1 | $25.53B |
| 2025Q2 | $30.07B |
| 2025Q3 | $33.10B |
| 2025Q4 | $33.73B |
| 2026Q1 | $35.90B |
| 2026Q2 | $40.20B |
Latest: $4.31 (2026Q2)
| Period | Value |
|---|---|
| 2023Q1 | $1.31 |
| 2023Q2 | $1.14 |
| 2023Q3 | $1.29 |
| 2023Q4 | $1.44 |
| 2024Q1 | $1.38 |
| 2024Q2 | $1.48 |
| 2024Q3 | $1.94 |
| 2024Q4 | $2.24 |
| 2025Q1 | $2.12 |
| 2025Q2 | $2.47 |
| 2025Q3 | $2.92 |
| 2025Q4 | $3.14 |
| 2026Q1 | $3.49 |
| 2026Q2 | $4.31 |
Latest: 34.5 (2026Q2)
| Period | Value |
|---|---|
| 2023Q1 | 14.4 |
| 2023Q2 | 16.6 |
| 2023Q3 | 15.6 |
| 2023Q4 | 20.1 |
| 2024Q1 | 25.9 |
| 2024Q2 | 31.1 |
| 2024Q3 | 27.8 |
| 2024Q4 | 28.1 |
| 2025Q1 | 21.3 |
| 2025Q2 | 25.8 |
| 2025Q3 | 28.6 |
| 2025Q4 | 28.5 |
| 2026Q1 | 28.1 |
| 2026Q2 | 34.5 |
Latest: $9.09B (2026Q2)
| Period | Value |
|---|---|
| 2023Q1 | $2.72B |
| 2023Q2 | −$2.72B |
| 2023Q3 | $2.15B |
| 2023Q4 | $7.05B |
| 2024Q1 | $8.12B |
| 2024Q2 | $5.32B |
| 2024Q3 | $5.72B |
| 2024Q4 | $7.99B |
| 2025Q1 | $8.97B |
| 2025Q2 | $6.44B |
| 2025Q3 | $4.66B |
| 2025Q4 | $11.89B |
| 2026Q1 | $11.02B |
| 2026Q2 | $9.09B |
Latest: 5.19B (2026Q2)
| Period | Value |
|---|---|
| 2023Q1 | 5.19B |
| 2023Q2 | 5.19B |
| 2023Q3 | 5.19B |
| 2023Q4 | 5.19B |
| 2024Q1 | 5.19B |
| 2024Q2 | 5.19B |
| 2024Q3 | 5.19B |
| 2024Q4 | 5.19B |
| 2025Q1 | 5.19B |
| 2025Q2 | 5.19B |
| 2025Q3 | 5.19B |
| 2025Q4 | 5.19B |
| 2026Q1 | 5.19B |
| 2026Q2 | 5.19B |
Latest: $88.41B (2026Q2)
| Period | Value |
|---|---|
| 2023Q1 | $2.72B |
| 2023Q2 | $4M |
| 2023Q3 | $2.15B |
| 2023Q4 | $9.20B |
| 2024Q1 | $17.32B |
| 2024Q2 | $22.64B |
| 2024Q3 | $28.36B |
| 2024Q4 | $36.35B |
| 2025Q1 | $45.32B |
| 2025Q2 | $51.75B |
| 2025Q3 | $56.41B |
| 2025Q4 | $68.30B |
| 2026Q1 | $79.32B |
| 2026Q2 | $88.41B |
Latest earnings
Next report: Oct 15, 2026 (Q3 2026)
Company History
Morris Chang founds TSMC in Hsinchu, inventing the business model of manufacturing chips exclusively for other companies' designs.
TSMC's American depositary shares begin trading on the NYSE, one ADR representing five ordinary shares.
Ramps N5 for Apple's A14 and M1, cementing a leading-edge lead that Intel and Samsung do not close.
Breaks ground on US fabs, later joined by Japan and Germany, as customers and governments press for supply outside Taiwan.
High-performance computing overtakes smartphones as the largest revenue platform as the AI buildout absorbs leading-edge capacity.
N2 enters volume production and gross margin reaches 67.7% in the June quarter, on $40.2 billion of quarterly revenue.
Key Players
The CEO view — 1 appearance →
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Funds we follow holding TSM
By latest reported 13F position value. Market value at quarter-end, not cost basis.
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