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TSMC September 2025 Revenue Report

Daniel Nenni

Admin
Staff member
HSINCHU, Taiwan, R.O.C. – Oct. 9, 2025 - TSMC (TWSE: 2330, NYSE: TSM) today announced its net revenue for September 2025:

On a consolidated basis, revenue for September2025 was approximately NT$330.98 billion, a decrease of 1.4 percent from August 2025 and an increase of 31.4 percent from September 2024. Revenue for January through September 2025 totaled NT$2,762.96 billion, an increase of 36.4 percent compared to the same period in 2024.

1759988226243.png


TSMC Spokesperson
Wendell Huang
Senior Vice President and CFO

TSMC Media Contacts
Nina KaoHead of Public Relations
Tel: 886-3-563-6688 ext.7125036
Mobile: 886-988-239-163E-
Mail: press@tsmc.com

Ulric Kelly
Public Relations
Tel: 886-3-563-6688 ext. 7126541
Mobile: 886-978-111-503E-
Mail: press@tsmc.com
 
HSINCHU, Taiwan, R.O.C. – Oct. 9, 2025 - TSMC (TWSE: 2330, NYSE: TSM) today announced its net revenue for September 2025:

On a consolidated basis, revenue for September2025 was approximately NT$330.98 billion, a decrease of 1.4 percent from August 2025 and an increase of 31.4 percent from September 2024. Revenue for January through September 2025 totaled NT$2,762.96 billion, an increase of 36.4 percent compared to the same period in 2024.

View attachment 3723

TSMC Spokesperson
Wendell Huang
Senior Vice President and CFO

TSMC Media Contacts
Nina KaoHead of Public Relations
Tel: 886-3-563-6688 ext.7125036
Mobile: 886-988-239-163E-
Mail: press@tsmc.com

Ulric Kelly
Public Relations
Tel: 886-3-563-6688 ext. 7126541
Mobile: 886-978-111-503E-
Mail: press@tsmc.com

TSMC’s 2024 revenue was US$90.08 billion. If we apply a 36% increase for 2025, its revenue would reach approximately US$122 billion.
 
TSMC’s 2024 revenue was US$90.08 billion. If we apply a 36% increase for 2025, its revenue would reach approximately US$122 billion.

I was hoping for a 40% revenue increase. I think the demand is there but supply (wafers and packaging) may be the limiting factor this year.
 
I was hoping for a 40% revenue increase. I think the demand is there but supply (wafers and packaging) may be the limiting factor this year.

TSMC may reach 40% year over year (YoY) revenue growth, but it depends on several factors:
  1. Exchange rate: As of October 9, 2025, the New Taiwan Dollar (NTD) has appreciated about 7.9% against the US Dollar since January 1, 2025. In US Dollar terms, it’s possible for TSMC to achieve 40% or more revenue growth in 2025, but not necessarily in NTD terms. We will get a clearer picture after the Q3 2025 earnings call on October 16, 2025.
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  1. Scheduling and product mix: TSMC CEO C.C. Wei mentioned that demand remains very strong, but capacity for leading edge nodes (smaller than N7) is very tight. During the Q2 earnings call, he noted that it’s difficult to pull in future orders into this year’s production schedule because there isn’t much available capacity. My view is that if some customers cancel or postpone some of their 2025 orders, TSMC might be able to use that capacity for higher value contracts or products. However, aside from Intel, I don’t think any of TSMC’s customers are likely to cancel or delay orders because in this red-hot AI race, product availability and timing are critical.

  2. Market demand: Since there are only three months left in 2025, I don’t think demand will decline significantly. Otherwise we should have seen the signs of it by now.
 
UBS Raises CoWoS Demand Forecasts for NVIDIA and Broadcom, With Rubin and CPX as Key Growth Drivers UBS (T. Arcuri, Oct 8, 2025)

UBS has raised its CoWoS demand forecasts for NVIDIA and Broadcom in its latest report. The firm had previously revised TSMC’s CoWoS capacity forecast for the end of 2026 from 100,000 wafers per month to 110,000 wafers per month.

For NVIDIA, UBS increased its 2025/2026 CoWoS demand estimates by 5% and 26%, respectively, based on three key factors:
1. Strong Blackwell shipment growth, expected to rise by about 30% QoQ in Q3 (previously 17%) and remain at 1.6–1.7 million units in Q4.
2. Clearer mass production trajectory for Rubin, starting in mid-2026.
3. The newly introduced CPX variant within the Rubin family, which will bring additional CoWoS packaging demand.As a result, UBS raised NVIDIA’s total GPU production at TSMC to 6.9 million units in 2025 and 7.4 million units in 2026 (previously 6.5 million and 6.7 million).

For Broadcom, UBS also raised its 2026 CoWoS demand forecast for AI accelerators, reflecting stronger growth momentum from Google’s TPU v7p and OpenAI projects.UBS noted that NVIDIA’s Rubin project on TSMC’s N3 process is progressing smoothly, with small-scale shipments to begin in Q2 2026 and mass production starting in Q3.

Rubin’s trial production will be completed this month, and samples are expected to be distributed to supply-chain partners this quarter in preparation for mass production in the second half of the year. UBS lifted its 2026 production estimate for Rubin at TSMC from 1.3 million to 2.3 million units.In addition, NVIDIA’s newly launched Rubin CPX version, which uses a single-GPU package with GDDR7 memory, is also believed to employ TSMC’s CoWoS packaging.

The key advantage of this design lies in the use of embedded deep trench capacitors (eDTC), which enhance voltage stability by embedding capacitors into the interposer thereby preventing GPU performance degradation. UBS estimates that with Rubin ramping up and CPX contributing, NVIDIA’s CoWoS demand will rise from 444,000 wafers in 2025 to 678,000 wafers in 2026.On the investment side, UBS continues to favor TSMC as the leading cloud and edge AI foundry, benefiting from its moat in advanced process and packaging technologies.

The report also highlights ASE (Advanced Semiconductor Engineering) as a key beneficiary in advanced packaging and testing. As cloud AI demand continues to expand, UBS expects significant opportunities for the advanced packaging and CoWoS equipment supply chain.

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