The earnings call highlighted strong revenue growth, particularly from advanced technologies and platforms like HPC and IoT. However, challenges such as foreign exchange headwinds, margin dilution from overseas fabs, and cautious guidance for the fourth quarter were noted. Despite these challenges, the long-term outlook remains positive due to robust AI and HPC demand.

Company Guidance -

Q3 2025

During TSMC's second quarter 2025 earnings call, the company provided guidance for the third quarter, projecting revenue between TWD 31.8 billion and USD 33 billion, which represents an 8% sequential increase and a 38% year-over-year increase at the midpoint. Gross margin is expected to be between 55.5% and 57.5%, while operating margin is anticipated to range from 45.5% to 47.5%. The guidance was based on an exchange rate assumption of $1 to TWD 29. TSMC also maintained its 2025 capital budget between USD 38 billion and USD 42 billion, despite challenges posed by an unfavorable foreign exchange rate and margin dilution from overseas fabs, such as those in Arizona and Kumamoto. The company remains committed to leveraging its manufacturing technology leadership and large-scale production base to manage these headwinds and achieve a long-term gross margin of 53% or higher.

Strong Revenue Growth

Revenue increased 11.3% sequentially in NT and 17.8% sequentially in USD, reaching TWD 30.1 billion, exceeding second quarter guidance.

Record EPS and ROE

Second quarter EPS was TWD 15.36, up 60.7% year-over-year, and ROE was 34.8%.

High Demand for Advanced Technologies

3-nanometer process technology contributed 24% of wafer revenue, while 5-nanometer and 7-nanometer accounted for 36% and 14% respectively. Advanced technologies accounted for 74% of wafer revenue.

Strong Platform Growth

HPC revenue increased 14% quarter-over-quarter, accounting for 60% of second quarter revenue. IoT revenue also increased 14%.

Positive AI and HPC Outlook

AI and HPC-related demand remains strong, with expected full-year revenue growth of around 30% in USD terms.

TSMC (TSM) Earnings, Revenues Date & History

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TSM Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 16, 2025	2025 (Q3)	2.59 / -	1.95	―	―	―
Jul 17, 2025	2025 (Q2)	2.38 / 2.61	1.466	78.17% (+1.15)
Apr 17, 2025	2025 (Q1)	2.07 / 2.14	1.345	59.33% (+0.80)
Jan 16, 2025	2024 (Q4)	2.19 / 2.19	1.458	50.48% (+0.74)
Oct 17, 2024	2024 (Q3)	1.79 / 1.95	1.258	55.01% (+0.69)
Jul 18, 2024	2024 (Q2)	1.41 / 1.47	1.128	29.96% (+0.34)
Apr 18, 2024	2024 (Q1)	1.30 / 1.34	1.303	3.22% (+0.04)
Jan 18, 2024	2023 (Q4)	1.39 / 1.46	1.874	-22.20% (-0.42)
Oct 19, 2023	2023 (Q3)	1.16 / 1.26	1.698	-25.91% (-0.44)
Jul 20, 2023	2023 (Q2)	1.07 / 1.13	1.529	-26.23% (-0.40)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

TSM Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 17, 2025	$237.56	$245.60	+3.38%
Apr 17, 2025	$151.25	$151.32	+0.05%
Jan 16, 2025	$205.60	$213.54	+3.86%
Oct 17, 2024	$185.93	$204.14	+9.79%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.