TSMC Q4 2024 Revenue Up 38.8% YoY to NT$868.46B

On January 16, TSMC announced during its earnings call that its capital expenditure (CAPEX) for 2024 reached $29.76 billion, lower than the previously estimated amount of slightly over $30 billion. For the first three quarters of 2024, TSMC had used $18.53 billion in capital expenditure, with the fourth quarter alone accounting for approximately $11.23 billion.

Looking ahead to 2025, TSMC forecasts a capital expenditure range of $38 billion to $42 billion, which would set a new historical high with an average estimate of $40 billion.

Previously, TSMC revised its CAPEX forecast, adjusting its 2024 projection from the initial range of $28 billion to $32 billion in July to a new estimate of $30 billion to $32 billion in October. The final figure of $29.76 billion indicates the company's cautious approach to capital spending.

For the fourth quarter of 2024, TSMC reported revenue of NT$868.46 billion, reflecting a 14.3% quarter-over-quarter growth and a 38.8% year-over-year increase. The net income after taxes was NT$374.68 billion, representing a 15.2% quarter-over-quarter growth and a 57% year-over-year rise. In US dollar terms, Q4 2024 revenue stood at $26.88 billion, a 37.0% year-over-year increase and a 14.4% quarter-over-quarter increase. The gross margin was 59%, with operating margin at 49.0%, and net profit margin after tax reaching 43.1%.

TSMC's advanced process technologies made a significant contribution to its Q4 results, with 3nm process shipments accounting for 26% of its total wafer sales revenue for the quarter. The 5nm process accounted for 34%, while the 7nm process represented 14%. In total, revenue from advanced processes, including 7nm and more advanced nodes, contributed to 74% of TSMC's quarterly wafer sales.