Taiwan Semiconductor Manufacturing Co.

The grade, in three tenses

Headline 7.1 out of ten, 8 of 9 metrics filed and 1 estimated: past 7.4 out of ten, present 7.3 out of ten, future 6.7 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 7.6 out of ten. No warning events in its filings since 2017. 76th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 8.1 out of ten. +14.7% a year over 10 filed years; profitable in 10 of 10. 81st percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 5.8 out of ten. Share count steady. 20% of cash flow returned. Insiders: 2 sales, 228 purchases. 57th percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 6.7 out of ten. ROE 27%: 27¢ of profit per shareholder dollar. Leverage 36%: owes 36¢ per asset dollar. 67th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 8.7 out of ten. top 13% of 97 in its family; net margin 40%. 87th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 5.3 out of ten. CrossAssetData estimate 5.3/10, confidence 20 of 100 (family median). 50th percentile among 78 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.
• Room to expand (future): 6.8 out of ten. top 32% of 94 in its family for room to expand. 68th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 7.3 out of ten. top 27% of 93 in its family for growth drivers. 73rd percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 5.7 out of ten. top 43% of 88 in its family for expectations against reality. 57th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 20-F filed 2026-04-16 for the period ended 2025-12-31 (on EDGAR). Newest filing: Form 4, 2026-10-08. Filings on record since 1998. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 20-F filed 2026-04-16.

The people

C.C. Wei is chairman and chief executive of Taiwan Semiconductor Manufacturing Company (TSMC). He was chief executive and vice chairman from June 2018 to June 2024, and president and co-chief executive from November 2013 to June 2018. He joined in 1998 from Chartered Semiconductor Manufacturing in Singapore, where he was senior vice president of technology, after managing logic and SRAM technology development at STMicroelectronics in Texas, and holds a Ph.D. in electrical engineering from Yale University. [1, 2, 3]

Two long-serving insiders share the job of chief operating officer: Y.P. Chyn, who joined in 1987, and Y.J. Mii, who joined in 1994 and ran research and development as senior vice president from November 2016 to February 2024. Their deputies are Cliff Hou, with the company since 1997, and Kevin Zhang, who came from Intel in November 2016 and runs business development and global sales. Wendell Huang, who joined in 1999 from ING Barings, has been chief financial officer since September 2019. Ray Chuang became chief executive of TSMC Arizona on October 1, 2025, and Lora Ho, senior vice president of corporate strategy development, retired on April 4, 2026. [4, 5, 6, 7, 8, 9, 10, 11, 12, 13]

The board has ten directors, seven of them independent, and five of the seven are former chief executives: Sir Peter L. Bonfield of British Telecommunications, Michael R. Splinter of Applied Materials, Moshe N. Gavrielov of Xilinx, Ursula M. Burns of Xerox and Lynn L. Elsenhans of Sunoco, joined by L. Rafael Reif, president of MIT from 2012 to 2022, and Chuan Lin, a former Minister of Finance and Premier of the Executive Yuan. F.C. Tseng, vice chairman from July 2005 to June 2018, is a director. The National Development Fund of the R.O.C., which has held a board seat since the founding and owns 6.38% of the shares, has been represented by Chun-Hsien Yeh since September 1, 2025. The SEC's insider record of its officers begins in 2026: all 42 people on it first filed that year. [14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26]

TSMC had 90,557 full-time employees at the end of 2025, up from 83,825 a year earlier and 76,478 in 2023: 9,582 managers, 44,690 professionals, 11,368 assistant engineers and clerical staff, and 24,917 technicians. Most work in Taiwan's science parks, 33,507 in Hsinchu, 24,702 in the south and 8,830 in central Taiwan; abroad, 5,290 work in North America, 4,402 in China, 2,447 in Japan and 209 in Europe. Of the whole workforce, 3.6% hold doctorates and 49.8% master's degrees. Employees share in the profits: for 2025 the company paid a business performance bonus of NT$103,073 million and says an equal cash profit sharing bonus is to be distributed in July 2026. [27, 28, 29, 30, 31]

How it operates

TSMC is a dedicated foundry, meaning it manufactures chips to designs its customers provide rather than selling chips of its own design. Wafer fabrication brought in about 86% of 2025 net revenue; the rest came mainly from packaging and testing, mask making, design services and royalties. It makes chips mainly with CMOS, the mainstream process, for logic, mixed-signal, radio frequency and embedded memory chips, and it stacks and packages chips together under its 3DFabric services, which include CoWoS and SoIC. Its customers range from fabless chip companies, which design chips but own no factories, to system companies and integrated device manufacturers. [32, 33, 34, 35, 36, 37, 38]

It sells to hundreds of customers, but a few dominate: the ten largest took about 78% of net revenue in 2025, up from 70% in 2023; the largest took 19% and the second largest 17%. The financial statements, which do not name them, show a change at the top. Customer A, below 10% in 2023 and 12% in 2024, rose to 19%, NT$726,974.3 million, while Customer B, the largest in 2023 and 2024 at 25% and 22%, slipped to 17%. The filing also notes a growing trend of system companies designing their own chips and working directly with foundries. Some customers pay in advance, as temporary receipts, to retain specified capacity at its fabs; NT$189,858 million of such receipts stood among its obligations at the end of 2025. [39, 40, 41, 42, 43, 44]

Counted by where customers are headquartered, which may differ from where the chips are shipped, North America brought in 75% of 2025 net revenue, NT$2,875,270 million, up from 70% in 2024; China and the rest of Asia Pacific took 9% each, Japan 4% and Europe, the Middle East and Africa 3%. The year's gain came mainly from North America, whose orders rose 42%. TSMC reports in New Taiwan dollars, but substantially all of its sales are in US dollars, so the stronger NT dollar in 2025, NT$31.11 to the US dollar on a weighted average against NT$32.13 in 2024, held down reported revenue. [45, 46, 47, 48, 49]

It makes the chips in its own fabs and owns all their buildings and equipment, apart from some leased equipment in testing areas. It runs one 150mm wafer fab, six 200mm fabs, nine 300mm fabs and seven advanced backend fabs, where chips are packaged. Its headquarters and nine fabs sit in the Hsinchu Science Park, two fabs in the Central Taiwan Science Park and seven in the Southern Taiwan Science Park; abroad, two are in the United States, one each in Shanghai and Nanjing and one in Japan, and a fab is to be built in Dresden, Germany. Annual capacity exceeded 17 million 12-inch equivalent wafers in 2025, and it shipped about 15 million, against 13 million in 2024. [50, 51, 52, 53, 54]

The filing names none of its suppliers. Its main tools are scanners, etchers, deposition, cleaning and inspection equipment, some of it available from only a limited number of suppliers, and it meets suppliers periodically to co-develop the next generation. Its most important raw material is the silicon wafer, the majority supplied by a limited number of suppliers in Taiwan, Japan, Germany and Singapore under long-term agreements; it also uses chemicals, gases and precious metals, some from a single source. It buys some wafers from Vanguard International Semiconductor, 27.6% owned, which reserves capacity for it each month: NT$878 million in 2025, 0.1% of its cost of revenue. [55, 56, 57, 58, 59, 60, 61, 62, 63]

The specifics

By its own account TSMC is the technology leader among dedicated foundries in revenue from chips of 7-nanometer and below, which made up 74% of its wafer revenue in 2025, up from 69%; the 3-nanometer process alone brought in 24%. Its 2-nanometer process, built with nanosheet transistors (N2), entered volume production in 2025, and risk production on its 16-angstrom process is expected in 2026. Research and development cost NT$246,427 million in 2025, 6.5% of revenue and up 20.7%, mainly for 10-angstrom, 14-angstrom and 16-angstrom processes. It relies mainly on its own engineering and know-how and holds a substantial number of patents, and since 2008 its Open Innovation Platform has lined up the design tools and building blocks customers need for each new process. [64, 65, 66, 67, 68, 69, 70, 71, 72]

TSMC was founded in 1987 as a joint venture of the R.O.C. government and private investors; its shares have been listed on the Taiwan Stock Exchange since September 5, 1994 and its ADSs on the New York Stock Exchange since October 8, 1997. It is now building abroad, often with partners. TSMC Arizona, set up in November 2020, began high volume production at its first facility at the end of 2024, is building a second and started a third in 2025. JASM in Kumamoto, Japan, 72.6% owned, with Sony, DENSO and Toyota as partners, began volume production in December 2024. ESMC in Dresden, Germany, 70.0% owned, with Robert Bosch, Infineon Technologies and NXP holding 10% each, began construction in 2024. It also holds stakes in Vanguard International Semiconductor (27.6%), Systems on Silicon Manufacturing in Singapore (38.8%) and the design service company Global Unichip (34.8%). [73, 74, 75, 76, 77, 78, 79, 80, 63, 81, 82]

Governments shape where it builds and whom it can sell to. Under the US CHIPS Act agreements of November 2024, TSMC Arizona can receive up to US$6.6 billion in direct funding and up to US$5 billion in loans, and ESMC has an agreement for up to EUR5 billion of German state aid. US export rules since October 2022 restrict advanced computing chips bound for China, and a January 2025 rule may require a license before shipping chips made on 16-nanometer or smaller processes to specified destinations. The Nanjing fab's standing authorization to receive US equipment without separate licenses expired in December 2025 and was replaced by an annual export license. On tariffs, a Section 232 investigation ended in December 2025 with a 25% tariff on certain advanced computing chips, and in January 2026 the US announced an agreement with Taiwan that would cut reciprocal tariffs on Taiwanese goods to no more than 15% and give preferential Section 232 treatment to Taiwanese chip makers investing in US capacity. [83, 84, 85, 86, 87, 88, 89, 90]

It names no competitor. It says it competes with other foundries and with integrated device manufacturers on process technology, manufacturing excellence, customer trust and service, that some rivals may receive government subsidies unavailable to it, and that others have invested heavily in new foundry capacity worldwide. Its home carries physical risks too: earthquakes in April 2024 and January 2025 damaged inventories, plants and equipment, costing about NT$3 billion and NT$5.3 billion net of insurance, and it flags concerns about future supplies of electricity and water in Taiwan. [91, 92, 93, 94, 95, 96]

What drives growth, line by line

High Performance Computing. High Performance Computing, the chips for AI, data centers and PCs, is now the core of the business: NT$2,192,931 million, 58% of 2025 net revenue, up NT$716,040 million or 48%, after 43% of revenue in 2023. The filing names data explosion and AI application innovation as what drives it, and lists the products as AI accelerators, both GPUs and custom ASICs, along with PC processors, server processors and high-speed networking chips. [97, 98, 99, 100]

Smartphone. NT$1,110,816 million, 29% of revenue, up NT$105,686 million or 11%; its share has fallen from 38% in 2023 as computing outgrew it. For phones TSMC offers its leading processes, down to 2-nanometer, for premium chips and a broad range of older ones for mainstream models, along with companion chips for radio, power management, sensors and displays. [97, 98, 101, 102, 103]

Internet of Things. NT$191,047 million, 5% of revenue, against NT$165,516 million in 2024. The filing describes an ultra-low-power platform for connected devices and AI at the edge, with its 6-nanometer and 12-nanometer versions in volume production. [97, 104]

Automotive. NT$186,667 million, 5% of revenue, up from NT$139,323 million. Its most advanced automotive-grade process, the 3-nanometer N3A, was released to customers at the end of 2025, for driver assistance, in-vehicle infotainment and the zonal controllers of new vehicle electronics. [97, 105, 106]

Digital Consumer Electronics. Chips for smart TVs, set-top boxes and cameras held flat at NT$47,997 million, 1% of revenue, against NT$47,961 million in 2024. [97, 107]

Others. The remaining platforms, grouped as Others, brought in NT$79,596 million, 2% of revenue, against NT$59,487 million in 2024. [97]

Across the platforms, net revenue rose 31.6% to NT$3,809,054 million (US$121,423 million), mainly on higher average selling prices from the larger share of advanced technology and on more wafers shipped, partly offset by the stronger NT dollar. Gross margin, the share of revenue left after the cost of making the chips, rose to 59.9% from 56.1% on higher utilization and cost improvement, and net income attributable to shareholders reached NT$1,697,604 million, against NT$1,158,380 million in 2024. [108, 49, 109, 110]

What comes next, in the company's words: capital spending of US$52 billion to US$56 billion in 2026, against NT$1,272,411 million in 2025, mainly for 2-nanometer and 3-nanometer capacity at Fab 20, Fab 21 and Fab 22 and for specialty and advanced packaging capacity including Fab 24; risk production on the 16-angstrom process in 2026; and, as it puts it, a period of higher growth as the multiyear megatrends of 5G, AI and high performance computing are expected to fuel strong demand. [111, 112, 113, 114, 65]

What the desk infers (inferred, not filed)

• Customer A, which rose from 12% of revenue in 2024 to 19% in 2025 to become the largest customer, is most likely a designer of AI accelerators or other high performance computing chips. Because: Customer A's revenue rose from NT$352,271.2 million to NT$726,974.3 million in one year, after staying below 10% of revenue in 2023. [42, 115] High Performance Computing revenue rose NT$716,040 million, or 48%, while Smartphone rose 11%. [98] The filing names data explosion and AI application innovation as the driver of High Performance Computing, and AI accelerators, GPUs and custom ASICs among its products. [99, 100] Orders from North America rose 42%, and customers headquartered there took 75% of revenue. [46, 47] Confidence 70 of 100. Wrong if: A filing that ties most of Customer A's revenue to smartphones or another platform outside High Performance Computing.
• Customer B, the largest customer in 2023 and 2024, most likely buys mainly for smartphones: its purchases moved with the smartphone platform rather than with the computing surge. Because: Customer B's revenue edged up from NT$624,345.5 million to NT$645,178.7 million in 2025, and its share fell from 25% in 2023 to 22% and then 17%. [42] Smartphone revenue rose 11% while High Performance Computing rose 48%, and Smartphone's share of revenue fell from 38% in 2023 to 35% and then 29%. [97, 98] Confidence 50 of 100. Wrong if: A filing that ties most of Customer B's revenue to High Performance Computing rather than to smartphones.
• Leading-edge capacity, more than orders, has set the pace of the business: customers pay in advance to hold space in the fabs, and the spending goes first to the most advanced processes. Because: Some customers pay temporary receipts to retain specified capacity at its fabs, and NT$189,858 million of such receipts stood among its obligations at the end of 2025. [43, 44] Gross margin rose to 59.9% mainly on higher capacity utilization. [109] It plans US$52 billion to US$56 billion of capital spending in 2026, mainly for 2-nanometer and 3-nanometer capacity, and bought another parcel of land in Arizona in 2026 to respond to strong customer demand. [111, 112, 116] Confidence 60 of 100. Wrong if: A year in which TSMC refunds advance receipts for lack of orders, or reports idle capacity at its 3-nanometer and 2-nanometer fabs.

Sources

1. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “C.C. Wei is the Chairman and CEO. Dr. C.C. Wei was our CEO and Vice Chairman from June 2018 to June 2024, and President and Co-CEO from November 2013 to June 2018.”
2. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Before joining us in 1998, he was Senior Vice President of Technology at Chartered Semiconductor Manufacturing Ltd. in Singapore and Senior Manager for Logic and SRAM technology development at STMicroelectronics N.V. in Texas.”
3. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “He holds a Ph.D. in electrical engineering from Yale University.”
4. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Y.P. Chyn is our Executive Vice President and Co-Chief Operating Officer.”
5. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “He joined us in 1987 and has held various positions in product and engineering functions.”
6. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Y.J. Mii is our Executive Vice President and Co-Chief Operating Officer. He was Senior Vice President of Research & Development from November 2016 to February 2024.”
7. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “He joined us in 1994 and has been involved continuously in the development and manufacturing of advanced CMOS technologies in both Operations and Research & Development.”
8. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Cliff Hou is our Senior Vice President, Deputy Co-Chief Operating Officer and Chief Information Security Officer.”
9. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “He joined us in 1997 and established the Company’s technology design kit and reference flow development organizations.”
10. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Kevin Zhang is our Senior Vice President of Business Development and Global Sales and Deputy Co-Chief Operating Officer. He was promoted to Senior Vice President in August 2020. He joined us in November 2016 as Vice President of Research & Development/ Design and Technology Platform. Prior to joining us in November 2016, he was a Vice President of Technology and Manufacturing Group of Circuit Technology at Intel.”
11. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Wendell Huang is our Senior Vice President of Finance and Chief Financial Officer/ Spokesperson. He was promoted to Senior Vice President in February 2024. Prior to that, he was Vice President of Finance and Chief Financial Officer/ Spokesperson from September 2019 to February 2024, Deputy Chief Financial Officer from January 2019 to August 2019, and Senior Director of Finance Division from 2010 to 2018. Prior to joining us in 1999, he was Vice President of Corporate Finance at ING Barings.”
12. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Mr. Ray Chuang was appointed as CEO of TSMC Arizona, effective October 1, 2025.”
13. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Lora Ho was our Senior Vice President of Corporate Strategy Development since July 2025, the ESG Committee Chairwoman since 2011, and retired on April 4, 2026.”
14. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Our Board of Directors is currently composed of ten directors. Of our current ten directors, seven are independent directors: Sir Peter L. Bonfield, Mr. Michael R. Splinter, Mr. Moshe N. Gavrielov, Dr. L. Rafael Reif, Ms. Ursula M. Burns, Ms. Lynn L. Elsenhans and Mr. Chuan Lin.”
15. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Sir Peter L. Bonfield was the Chief Executive Officer and Chairman of the Executive Committee of British Telecommunications from January 1996 to January 2002”
16. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Mr. Michael R. Splinter served as Chief Executive Officer of Applied Materials from 2003 to 2012”
17. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Mr. Moshe N. Gavrielov served as President and CEO of Xilinx, Inc. in the United States from January 2008 to January 2018”
18. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Ms. Ursula M. Burns was the Chairwoman of the Board of Xerox Corporation from 2010 to 2017 and Chief Executive Officer from 2009 to 2016”
19. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Ms. Lynn L. Elsenhans was the Chairwoman and CEO of Sunoco, Inc. and Sunoco Logistics Partners L.P., serving Sunoco from 2008 to 2012.”
20. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Dr. Reif was the President of MIT from 2012 to 2022.”
21. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “the Minister of Finance and Premier of Executive Yuan.”
22. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “F.C. Tseng is a director. Dr. F.C. Tseng was our Vice Chairman from July 2005 to June 2018.”
23. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “For example, the National Development Fund of the R.O.C., one of our largest shareholders, has served as our director since our founding.”
24. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Effective September 1, 2025, Dr. Chun-Hsien Yeh has been appointed to replace Mr. Chin-Ching Liu as the representative of the National Development Fund.”
25. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “National Development Fund, Executive Yuan 1,653,709,980 6.38%”
26. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
27. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Function 2023 2024 2025 Managers 7,861 8,737 9,582 Professionals 36,807 40,477 44,690 Assistant Engineers/Clericals 9,235 10,207 11,368 Technicians 22,575 24,404 24,917 Total 76,478 83,825 90,557”
28. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Hsinchu Science Park, Taiwan 31,524 32,703 33,507 Southern Taiwan Science Park, Taiwan 24,444 23,059 24,702 Central Taiwan Science Park, Taiwan 8,775 8,540 8,830”
29. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “China 4,484 4,478 4,402 North America 2,668 4,497 5,290 Europe 60 78 209 Japan 804 1,791 2,447”
30. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “As of December 31, 2025, our total employee population was 90,557 with an educational makeup of 3.6% PhDs, 49.8% masters, 29.7% university bachelors, 7.0% college degrees and 9.9% others.”
31. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “In 2025 and 2026, we distributed employees’ business performance bonus of NT$103,073 million (US$3,286 million) to our employees in relation to year 2025 profits. Employees’ cash profit sharing bonus of NT$103,073 million (US$3,286 million) in relation to year 2025 profits will be distributed in July 2026.”
32. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “As a foundry, we manufacture semiconductors using our manufacturing processes for our customers based on proprietary integrated circuit designs provided by them.”
33. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Our business model is commonly called a “dedicated semiconductor foundry.””
34. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “The principal source of our revenue is wafer fabrication, which accounted for approximately 86% of our net revenue in 2025. The rest of our net revenue was mainly derived from packaging and testing services, mask making, design, and royalty income.”
35. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “We manufacture semiconductors mainly using the CMOS process. The CMOS process is currently the mainstream semiconductor manufacturing process.”
36. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “We offer a comprehensive range of wafer fabrication processes, including processes to manufacture complementary metal-oxide-semiconductor (“CMOS”) logic, mixed-signal, radio frequency (“RF”), embedded memory”
37. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “We also offer multiple TSMC 3DFabric® advanced silicon stacking and packaging solutions, such as TSMC- SoIC® manufacturing services and CoWoS® advanced packaging services”
38. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “We count among our customers many of the world’s leading semiconductor companies, ranging from fabless semiconductor companies, system companies to integrated device manufacturers.”
39. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “While we generate revenue from hundreds of customers worldwide, our ten largest customers in 2023, 2024 and 2025 accounted for approximately, 70%, 76% and 78% of our net revenue in the respective year. Our largest customer in 2023, 2024 and 2025 accounted for 25%, 22% and 19% of our net revenue in the respective year. Our second largest customer in 2023, 2024 and 2025 accounted for 11%, 12%, and 17% of our net revenue in the respective year.”
40. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “For example, there is a growing trend among system companies designing their own semiconductors and working directly with the semiconductor foundries”
41. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Note: Revenue less than 10% of the Company’s net revenue.”
42. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Major customers representing at least 10% of net revenue Years Ended December 31 2023 2024 2025 Amount % Amount % Amount % NT$ NT$ NT$ (In Millions) (In Millions) (In Millions) Customer A NA (Note) NA $352,271.2 12 $726,974.3 19 Customer B 546,550.9 25 624,345.5 22 645,178.7 17 Customer C 241,152.4 11”
43. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “However, some of our customers have entered into agreements with us to pay temporary receipts in order to retain specified capacity at our fabs.”
44. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “(in NT$ millions) Long-Term Debt(1) 1,229,859 156,822 321,847 238,883 512,307 Capital Leases(2) 39,470 4,381 6,574 5,805 22,710 Temporary Receipts(3) 189,858 146,559 43,299”
45. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “We categorize our net revenue mainly based on the countries where our customers are headquartered, which may be different from the countries to which we actually sell or ship our products or different from where products are actually ordered.”
46. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “North America 1,470,215 68% 2,031,326 70% 2,875,270 75% Asia Pacific(1) 174,947 8% 284,308 10% 329,269 9% China 267,154 12% 331,673 11% 327,503 9% Japan 132,072 6% 144,240 5% 150,428 4% EMEA(2) 117,348 6% 102,761 4% 126,584 3%”
47. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “In 2025, our net revenue increased by a total of NT$914,746 million compared to 2024, which was mainly due to an increase in orders from North America of NT$843,944 million, or a 42% year-over-year increase and from Asia Pacific of NT$44,961 million, or a 16% year-over-year increase.”
48. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Substantially all of our sales are denominated in U.S. dollars while we publish our financial statements in NT dollars.”
49. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “The NT dollar appreciation in 2025 had an unfavorable effect on our revenue, with weighted average exchange rates of the NT dollar per U.S. dollar appreciating from NT$32.13 in 2024 to NT$31.11 in 2025.”
50. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Other than certain equipment under leases located at testing areas, we own all of the buildings and equipment for our fabs.”
51. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “We currently operate one 150mm wafer fab, six 200mm wafer fabs, nine 300mm wafer fabs, and seven advanced backend fabs. Our corporate headquarters and nine of our fabs are located in the Hsinchu Science Park, two fabs are located in the Central Taiwan Science Park, seven fabs are located in the Southern Taiwan Science Park, two fabs are located in the United States, one fab is located in Shanghai, one fab is located in Nanjing, and one fab is located in Japan.”
52. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “ESMC owns a parcel of land of approximately 513,557 square meters in the City of Dresden in Germany, where Fab 24 and related facilities will be located.”
53. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “In 2025, our annual capacity (in 12-inch equivalent wafers) exceeded 17 million wafers, compared to approximately 17 million wafers in 2024.”
54. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “We shipped approximately 15 million 12-inch equivalent wafers in 2025 compared to 13 million in 2024.”
55. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “The principal pieces of equipment used by us to manufacture semiconductors are scanners, cleaners and track equipment, inspection equipment, etchers, furnaces, wet stations, strippers, implanters, sputterers, chemical vapor deposition (“CVD”) equipment, chemical mechanism polish (“CMP”) equipment, testers and probers.”
56. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Some of the equipment is available from a limited number of suppliers and/or is manufactured in relatively limited quantities, and certain equipment has only recently been developed.”
57. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “We have periodic meetings with suppliers with respect to co- developing next-generation equipment.”
58. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Our manufacturing processes use many raw materials, primarily silicon wafers, chemicals, gases and various types of precious metals. Although most of our raw materials are available from multiple suppliers, some materials are purchased through sole-sourced suppliers.”
59. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “In pursuit of high quality raw wafers, the majority of our raw wafers are supplied by a limited number of suppliers located in Taiwan, Japan, Germany, and Singapore.”
60. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “In order to secure a reliable and flexible supply of high quality wafers, we have entered into long-term agreements and intend to continue to develop strategic relationships with major wafer suppliers to cover our anticipated wafer needs for future years.”
61. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Pursuant to the terms of a manufacturing agreement between both parties, VIS was obligated to use its best commercial efforts to manufacture wafers at specified yield rates for us up to a fixed amount of reserved capacity per month”
62. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “In 2025, we had total purchases of NT$878 million (US$28 million) from VIS, representing 0.1% of our total cost of revenue.”
63. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “As of February 28, 2026, we owned approximately 27.6% of the equity interest in VIS.”
64. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “We also believe that we are the technology leader among the dedicated foundries in terms of our net revenue of advanced semiconductors of 7-nanometer and below”
65. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Our 2-nanometer technology entered volume production in 2025. Also, the development of our 16-angstrom technology is on track, and its risk production is expected in 2026.”
66. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “In 2025, the 3-nanometer, 5-nanometer and 7-nanometer revenues represented 24%, 36% and 14% of total wafer revenue, respectively. Advanced technologies (7-nanometer and below) accounted for 74% of total wafer revenue, up from 69% in 2024.”
67. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “leading-edge logic process technologies such as 2-nanometer Nanosheet Transistor (“N2”)”
68. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “In 2023, 2024, and 2025, we spent NT$182,370 million, NT$204,182 million, and NT$246,427 million (US$7,855 million), respectively, on research and development, representing 8.5%, 7.1% and 6.5% of our net revenue, respectively.”
69. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Research and development expenses increased by NT$42,245 million in 2025, or 20.7%, from 2024. The increases were mainly attributed to a higher level of research activities for 10-angstrom, 14-angstrom, and 16-angstrom process technologies, as we continued to advance to smaller processing nodes.”
70. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “To advance our process technologies, we rely primarily on our internal engineering capabilities, know-how and research and development efforts, including collaboration with our customers, equipment vendors and external research and development consortia.”
71. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Since our inception, we have applied for and been issued a substantial number of patents in the United States and other countries, the majority of which are semiconductor related.”
72. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “We unveiled an Open Innovation Platform® (“OIP”) initiative in 2008 to further enhance our technologies offerings.”
73. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “We were founded in 1987 as a joint venture among the R.O.C. government and other private investors and were incorporated in the R.O.C. as a company limited by shares on February 21, 1987.”
74. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Our common shares have been listed on the Taiwan Stock Exchange since September 5, 1994, and our ADSs have been listed on the New York Stock Exchange (“NYSE”) since October 8, 1997.”
75. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “In November 2020, we established TSMC Arizona (of which the manufacturing entity is Fab 21), a wholly-owned subsidiary that is expected to be primarily engaged in the manufacture and sale of integrated circuits.”
76. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Our first facility successfully entered high volume production at the end of 2024. Construction of our second facility is ongoing, and the construction of our third facility commenced in 2025.”
77. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “In January 2022, Sony Semiconductor Solution Corporation (“Sony”) acquired a less than 20% equity interest in JASM. In April 2022, DENSO Corporation (“DENSO”) acquired a more than 10% minority equity interest in JASM. Construction on the site commenced in April 2022 and volume production commenced in December 2024.”
78. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “In February 2024, we, Sony, DENSO and Toyota Motor Corporation (“Toyota”) announced further investment into JASM to build and operate a second semiconductor manufacturing facility.”
79. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “As of February 28, 2026, we owned approximately 72.6% of the equity interest in JASM.”
80. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “In January 2024, Robert Bosch GmbH, Infineon Technologies AG, and NXP Semiconductors Germany GmbH, a wholly-owned subsidiary of NXP Semiconductors N.V. (“NXP”), each acquired 10% equity interest and together acquired 30% equity interest in ESMC. Construction on the site commenced in 2024. As of February 28, 2026, we owned 70.0% of the equity interest in ESMC.”
81. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “The SSMC fab commenced commercial production in December 2000. As of February 28, 2026, we owned approximately 38.8% of the equity interest in SSMC.”
82. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “In January 2003, we acquired a 52.0% equity interest in GUC, a SoC design service company that provides large scale SoC implementation services. GUC listed its shares on the Taiwan Stock Exchange in November 2006. As of February 28, 2026, we owned approximately 34.8% of the equity interest in GUC.”
83. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “In November 2024, TSMC Arizona Corporation (“TSMC Arizona”) entered into agreements with the U.S. Department of Commerce for the receipt of certain incentives pursuant to the U.S. CHIPS Act, which includes up to US$6.6 billion in total direct funding and up to US$5 billion of proposed loans.”
84. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “In December 2024, ESMC, our subsidiary in Germany, entered into an agreement with the Federal Republic of Germany for the receipt of up to EUR5 billion state aid under the European Chips Act”
85. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “For example, in October 2022 and October 2023, the U.S. adopted additional export controls (the “October Rules”) over specified countries (including China) under the U.S. Export Administration Regulations (“U.S. EAR”) on certain advanced computing integrated circuits (“ICs”).”
86. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “In January 2025, the U.S. further issued new rules to reinforce controls on exports of advanced computing ICs, pursuant to which we may need to obtain an export license prior to shipping products using 16- nanometer or below process to specified destinations unless specific conditions are met.”
87. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “In response, we obtained from the U.S. Department of Commerce a Validated End-User (the “VEU”) authorization for our fab located in Nanjing, China, which allowed our fab in Nanjing to receive exports of eligible items from the U.S. without separate licenses.”
88. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Although the VEU authorization expired in December 2025, the U.S. Department of Commerce has granted TSMC Nanjing Company Limited (“TSMC Nanjing”) an annual export license that allows U.S. export-controlled items to be supplied to TSMC Nanjing, which ensures uninterrupted fab operations and product deliveries.”
89. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Also, in April 2025, the U.S. government initiated a Section 232 investigation related to imports of Semiconductor Items, which concluded in December 2025. As a result, the U.S. issues a proclamation imposing a 25% ad valorem tariff on the import of certain advanced computing chips and derivative products meeting specified technical performance thresholds, unless such products are imported for designated use in the U.S.”
90. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Further, in January 2026, the U.S. announced it had reached a trade and investment agreement with Taiwan which would reduce U.S. reciprocal tariff rates on Taiwanese goods to no more than 15%. The agreement also grants preferential Section 232 treatment for Taiwanese semiconductor producers investing in U.S. manufacturing capacity.”
91. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “We compete internationally and domestically with other foundry service providers, as well as with a number of integrated device manufacturers. We compete primarily on process technologies, manufacturing excellence, customer trust and service quality, such as earlier technology readiness, better quality, faster yield improvement and shorter cycle time.”
92. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Other companies may have greater financial and other resources than us, such as the possibility of receiving direct or indirect government subsidies, economic stimulus funds, or other incentives that may be unavailable to us.”
93. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “In recent years, substantial investments have been made by others to establish new foundry capacities worldwide, or to transform certain manufacturing operations of integrated device manufacturers into foundry capacities.”
94. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “For instance, in April 2024 and January 2025, several earthquakes struck Taiwan, causing damage to our inventories, plant facilities, machinery and equipment. We recognized approximately NT$3 billion and NT$5.3 billion in losses from earthquakes, net of insurance claim, respectively, in the second quarter of 2024 and the first quarter of 2025.”
95. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Due to changes in government energy policy, the growth of manufacturers in Taiwan’s Science Parks, and the droughts that Taiwan experiences from time to time, raise ongoing concerns regarding future availability of sufficient electricity and water for our production in Taiwan.”
96. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “The competition in the semiconductor foundry segment is fierce.”
97. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Year ended December 31, 2023 2024 2025 Platform Net Revenue Percentage Net Revenue Percentage Net Revenue Percentage (NT$ in millions, except percentages) High Performance Computing 934,769 43% 1,476,891 51% 2,192,931 58% Smartphone 814,914 38% 1,005,130 35% 1,110,816 29% Internet of Things 161,917 8% 165,516 6% 191,047 5% Automotive 133,654 6% 139,323 5% 186,667 5% Digital Consumer Electronics 47,000 2% 47,961 1% 47,997 1% Others 69,482 3% 59,487 2% 79,596 2%”
98. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “The increase in our net revenue from 2024 to 2025 mainly came from High Performance Computing of NT$716,040 million, or a 48% year-over-year increase, and from Smartphone of NT$105,686 million, or a 11% year-over-year increase.”
99. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “High Performance Computing (“HPC”): Driven by data explosion and AI application innovation, HPC has become the key growth driver for our business.”
100. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Based on advanced process nodes, a variety of HPC products have been launched, such as AI accelerators, including AI graphics processor units (“GPUs”) and AI application specific integrated circuits (“ASICs”), personal computer central processing units (“CPUs”), consumer GPUs, field programmable gate arrays (“FPGAs”), server processors, and high-speed networking chips, etc.”
101. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Smartphones: For customers’ premium product applications, we offer leading logic process technologies such as 2- nanometer Nanosheet Plus (“N2P”)”
102. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “For mainstream product applications, we provide a broad range of logic process technologies”
103. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “we offer leading-edge, highly competitive specialty technologies to deliver specialty companion chips for customers’ logic application processors, including radio frequency (“RF”), RF front-end, embedded non-volatile memory (“eNVM”), power management ICs (“PMICs”), sensors, and display chips”
104. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “FinFET-based 6-nanometer technology service (“N6e® ULP”) and 12-nanometer technology service (“N12e® ULP”) have both entered volume production”
105. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “3-nanometer FinFET Automotive (“N3A”) technology, based on N3E technology, is our most advanced automotive-grade technology to date and was released to customers at the end of 2025.”
106. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “for advanced driver-assistance systems (“ADAS”), advanced in-vehicle infotainment (“IVI”), as well as zonal controllers for new electrical/electronic (“E/E”) architectures in next-generation vehicles”
107. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “including smart digital TVs (“DTVs”), set-top boxes (“STBs”), AI-embedded smart cameras and associated wireless local area networks (“WLANs”), and PMICs, etc.”
108. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Our net revenue in 2025 increased by 31.6% from 2024, which was mainly attributed to an increase in ASP due to a higher proportion of advanced technology (7-nanometer and below) revenue and an increase in wafer shipments”
109. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “In 2025, our gross margin increased to 59.9% of net revenue from 56.1% in 2024, mainly attributable to higher capacity utilization and cost improvement, partially offset by unfavorable foreign exchange rate.”
110. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “our net revenue and net income attributable to shareholders of the parent were NT$2,894,308 million and NT$1,158,380 million in 2024, and NT$3,809,054 million (US$121,423 million) and NT$1,697,604 million (US$54,116 million) in 2025, respectively.”
111. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Our capital expenditures in 2023, 2024 and 2025 were NT$949,817 million, NT$956,007 million and NT$1,272,411 million (US$40,895 million, translated from a weighted average exchange rate of NT$31.11 to US$1.00), respectively. Our capital expenditures in 2026 are expected to be between US$52 billion and US$56 billion, which, depending on market conditions, may be adjusted later.”
112. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “installing and expanding capacity, mainly for 2-nanometer and 3-nanometer nodes, including building/facility expansion for Fab 20, Fab 21 and Fab 22”
113. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “expanding capacity for specialty technologies and advanced packaging, including building/facility expansion for Fab 24; and”
114. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “We are entering a period of higher growth as the multiyear megatrends of 5G, AI and high performance computing are expected to fuel strong demand for our semiconductor technologies in the next several years.”
115. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Note: Revenue less than 10% of the Company’s net revenue.”
116. Taiwan Semiconductor Manufacturing Co., Form 20-F filed 2026-04-16: “Furthermore, we acquired an additional parcel of land in 2026 to support our current expansion plans and provide more flexibility in response to strong customer demand.”

Who runs it

Wei, Che-Chia (Chairman and CEO); Huang, Jen-Chau (SVP and CFO); Chin, Yung-Pei (EVP and Co-COO); Hou, Yung-Chin (SVP and Deputy Co-COO); Mii, Yuh-Jier (EVP and Co-COO); Zhang, Kevin Xiaoqiang (SVP and Deputy Co-COO); Cao, Min (VP); Chang, Tzonz-Sheng (SVP); Chen, Chih-Ho (Controller); Chen, Pei-Hung (VP); and 32 more. 42 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-10-08.

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