TSMC Q3 EPS NT$29.43 Beats; Guides Q4 Revenue to US$52.3-54.3B, 2026 Growth ~44%
TSM sits 58% above its 52-week low of $266.82.
Summary
TSMC reported Q3 revenue of US$46.72 billion (+41.2% YoY) and EPS of US$4.60 per ADR, then guided Q4 revenue to US$52.3-54.3 billion with full-year 2026 growth of ~44% in US dollars.
Key Events · Earnings and Guidance · TSM
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Q3 Revenue and EPS Beat
Revenue NT$1,494.24 billion (US$46.72 billion), up 50.9% YoY and 17.6% QoQ; net income NT$763.06 billion, up 68.7% YoY; EPS NT$29.43 (US$4.60 per ADR), up 68.7% YoY.
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Q4 Guidance Above Trend
Management guides Q4 revenue to US$52.3-54.3 billion, implying roughly 12-16% sequential growth, with gross margin 65-67% and operating margin 56.5-58.5%.
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2nm Ramp Reaches 8% of Revenue
2-nanometer accounted for 8% of Q3 wafer revenue in its first ramp quarter; 3nm was 33%, 5nm 28%, 7nm 10%, with advanced nodes (7nm and below) at 79% of wafer revenue.
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Full-Year 2026 Growth Outlook ~44%
Management expects 2026 revenue to increase by around 44% in US dollar terms, with Q3 gross margin of 66.4% and operating margin of 58.7%.
Analysis · TSM · Manufacturing
The AI-driven demand cycle is still accelerating, as TSMC's Q3 results confirm: revenue of NT$1,494.24 billion (US$46.72 billion) rose 50.9% year-over-year and 17.6% sequentially, with net income up 68.7% YoY to NT$763.06 billion and EPS of NT$29.43 (US$4.60 per ADR). More important is the Q4 guide of US$52.3-54.3 billion, which implies roughly 12-16% sequential growth off an already record quarter — a signal that the 2-nanometer ramp (already 8% of wafer revenue in its first quarter) is being absorbed faster than a typical node launch. Gross margin of 66.4% held near the top of guidance despite the N2 ramp's initial margin drag, and the 2026 full-year outlook of ~44% US dollar revenue growth raises the bar for 2027. For a company of this size, the guidance is the market-moving element; the reported quarter was largely pre-announced by monthly revenue disclosures and media coverage on October 9 and October 15.
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At the time of this filing, TSM was trading at $421.79 on NYSE in the Manufacturing sector, with a market capitalization of approximately $2T. The 52-week trading range was $266.82 to $487.47. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.