TSMC November Revenue Hits NT$343.6B, Down 6.5% MoM
On December 10, TSMC released its revenue results for November 2025, reporting NT$343.614 billion for the month. The figure slipped 6.5 percent from October but rose 24.5 percent year-on-year, marking the third-highest monthly revenue of 2025 and the best performance for any November in the company's history. For the first eleven months of 2025, cumulative revenue reached NT$3.474 trillion, up 32.8 percent from the same period in 2024.
For the third quarter of 2025, TSMC posted consolidated revenue of NT$989.92 billion and net income of NT$452.30 billion, with diluted EPS at NT$17.44 (US$2.92 per ADR). Compared with Q3 2024, revenue grew 30.3 percent, while net income and diluted EPS increased 39.1 percent and 39.0 percent, respectively. Versus Q2 2025, TSMC achieved sequential growth of 6.0 percent in revenue and 13.6 percent in net income.
During its Q3 earnings call, TSMC projected Q4 2025 revenue between US$32.2 billion and US$33.4 billion. Using a mid-range exchange rate assumption of NT$30.6 per US dollar, the midpoint equals roughly NT$1.00368 trillion—down 1 percent quarter-on-quarter but up 22 percent year-on-year. Gross margin is expected to land between 59 and 61 percent, with a midpoint of 60 percent, about 50 basis points higher than Q3. The improvement is supported by favorable currency movement, though partly offset by ongoing dilution from overseas fabs. Operating margin is forecast to range from 49 to 51 percent.
Based on current performance, TSMC's October revenue (NT$367.473 billion) and November revenue (NT$343.614 billion) indicate that reaching its Q4 guidance will be straightforward if December revenue meets NT$292.593 billion. Given current momentum, the target appears easily achievable.
Recent market chatter suggested that TSMC might build three additional 2 nm fabs in the Southern Taiwan Science Park. The company clarified that it will continue investing in advanced process and advanced packaging facilities in Taiwan, emphasizing that all capacity-related information should be based on official announcements.
TSMC reiterated that multiple phases of its 2 nm expansion are already underway in the Hsinchu and Kaohsiung science parks. The company is also scaling advanced-node capacity in Taichung, including progress on its A14 process technology. Overall, TSMC expects 2025 capital expenditures to range from US$40 billion to US$42 billion, with approximately 70 percent earmarked for advanced process technologies, 10 to 20 percent for specialty technologies, and another 10 to 20 percent for advanced packaging, testing, mask fabrication, and other manufacturing infrastructure.
