Taiwan Semiconductor Manufactur (TSM) closed fiscal year 2025 with net revenue of 3.81 T TWD, up 31.6 % year on year, and net income of 1.70 T TWD.
Taiwan Semiconductor Manufactur (TSM) closed fiscal year 2025, whose accounting year ends in December, with net revenue of 3.81 T TWD, up 31.6 % year on year. EBITDA came to 2.74 T TWD. Net income came in at 1.70 T TWD, up 46.5 % year on year, and diluted EPS at 327.35 TWD. Over the whole period net revenue compounds at 18.9 % a year. The series covers 4 fiscal years, from 2022 to 2025. All figures are stated in TWD and are taken from the company's own published annual accounts, with no restatements or adjustments of our own. Each line item in the table carries its year-on-year change underneath.
Fiscal year end: December
| 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E | 2029E | |
|---|---|---|---|---|---|---|---|---|
| Net revenue | 2.26T | 2.16T | 2.89T | 3.81T | 5.41T | 7.27T | 9.16T | 11.7T |
| Net revenue — YoY growth | — | -4.51 % | 33.89 % | 31.61 % | 41.95 % | 34.42 % | 26.05 % | 27.21 % |
| Cost of sales | -0.92T | -0.99T | -1.27T | -1.53T | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — |
| Gross profit — YoY growth | — | — | — | — | — | — | — | — |
| Cash operating expenses (excl. D&A) | — | — | — | — | — | — | — | — |
| EBITDA | 1.59T | 1.52T | 2.08T | 2.74T | 3.78T | 5.08T | 6.41T | 8.15T |
| EBITDA — YoY growth | — | -4.37 % | 36.47 % | 31.89 % | 37.89 % | 34.42 % | 26.05 % | 27.21 % |
| Depreciation & amortization (D&A) | -437B | -532B | -663B | -688B | — | — | — | — |
| EBIT | 1.16T | 0.99T | 1.42T | 2.05T | 2.58T | 3.46T | 4.36T | 5.55T |
| EBIT — YoY growth | — | -14.23 % | 42.87 % | 45.02 % | 25.38 % | 34.42 % | 26.05 % | 27.21 % |
| Net interest & non-operating items | -11.8B | -12.0B | -10.5B | -12.4B | — | — | — | — |
| EBT (pre-tax income) | 1.14T | 0.98T | 1.41T | 2.04T | — | — | — | — |
| EBT (pre-tax income) — YoY growth | — | -14.40 % | 43.55 % | 45.23 % | — | — | — | — |
| Income tax | -151B | -128B | -248B | -347B | — | — | — | — |
| Net income | 0.99T | 0.85T | 1.16T | 1.70T | 2.78T | 3.63T | 4.59T | 5.71T |
| Net income — YoY growth | — | -14.22 % | 36.00 % | 46.55 % | 63.54 % | 30.69 % | 26.50 % | 24.33 % |
| Unusual items (after tax) | -3.02B | -2.94B | -0.92B | -4.47B | — | — | — | — |
| Normalization adjustment (tax and other) | 371M | -712M | -856M | -2,479M | — | — | — | — |
| Normalized income (adjusted) | 0.99T | 0.85T | 1.16T | 1.69T | — | — | — | — |
| Normalized income (adjusted) — YoY growth | — | -14.36 % | 36.38 % | 46.17 % | — | — | — | — |
| Filing date | — | — | — | — | — | — | — | — |
Figures in TWD
Fiscal year end: December
| 2022 | 2023 | 2024 | 2025 | 2026E | 2027E | 2028E | 2029E | |
|---|---|---|---|---|---|---|---|---|
| Basic EPS | 196.00 | 161.70 | 226.25 | 327.35 | 535.34 | 699.61 | 885.00 | 1,100.32 |
| Basic EPS — YoY growth | — | -17.50 % | 39.92 % | 44.69 % | 63.54 % | 30.69 % | 26.50 % | 24.33 % |
| Diluted EPS | 196.00 | 161.70 | 226.25 | 327.35 | 535.34 | 699.61 | 885.00 | 1,100.32 |
| Diluted EPS — YoY growth | — | -17.50 % | 39.92 % | 44.69 % | 63.54 % | 30.69 % | 26.50 % | 24.33 % |
| Normalized basic EPS | 190.96 | 163.54 | 223.04 | 326.03 | — | — | — | — |
| Normalized basic EPS — YoY growth | — | -14.36 % | 36.39 % | 46.17 % | — | — | — | — |
| Normalized diluted EPS | 190.96 | 163.54 | 223.03 | 326.00 | — | — | — | — |
| Normalized diluted EPS — YoY growth | — | -14.36 % | 36.38 % | 46.17 % | — | — | — | — |
Figures in TWD
