台积电2025年第四季度及全年业绩报告
Operating Results Review: CONTACT Jeff SuInvestor Relations Divisioninvest@tsmc.com Topics in This Report:•Revenue Analysis •Profit & ExpenseAnalysis •Financial ConditionReview •Cash Flow •CapEx •Recap of RecentImportant Events &Announcements Financial Highlights: Fourth Quarter 2025 lNet revenue was NT$1,046.09 billion, representing a 5.7% increase fromNT$989.92 billion in 3Q25 and a 20.5% increase from NT$868.46 billion in4Q24.lGross margin was 62.3%, 2.8 percentage points higher than 3Q25 and 3.3percentage points higher than 4Q24.lOperating margin was 54.0%, up 3.4 percentage points from 3Q25 and up Full Year 2025 lNet revenue was NT$3,809.05 billion, representing a 31.6% increase from2024. In US dollar terms, net revenue increased 35.9% to US$122.42billion in 2025.lGross margin was 59.9%, up 3.8 percentage points from 56.1% in 2024. I. Revenue Analysis Revenue Analysis: In the fourth quarter, revenue increased 5.7% quarter-over-quarter, as our business was supported by strong Bytechnology,3nm process technology contributed28% of total wafer revenue in 4Q25 while 5nm and 7nmaccounted for 35% and 14% respectively. Advanced By platform, HPC and Smartphone represented 55%and32%of net revenue respectively,while IoT, Sequentially, revenue from HPC, Smartphone, IoT, andOthers increased 4%, 11%, 3%, and 14% respectively.Automotiveand DCE decreased 1%and 22% Fromageographicperspective,revenuefromcustomers based in North America accounted for 74%of total net revenue in 4Q25, while revenue from AsiaPacific, China, Japan, and EMEA (Europe, Middle East, On a full year basis, 3nm contribution reached 24% oftotalwafer revenue in 2025 while 5nm and 7nmprocesstechnologycontributed36%and14%respectively. Advanced technologies (7nm and below) Byplatform,revenue from HPC,Smartphone,IoT,Automotive,and Others increased 48%,11%,15%,34%, and 34% respectively from 2024. Revenue from In2025,revenue from customers based in NorthAmerica accounted for 75% of total net revenue, whilerevenue from Asia Pacific, China, Japan, and EMEA II. Profit & Expense Analysis Gross Profit Analysis: Grossmargin was 62.3%in 4Q25,2.8 percentagepointshigher than 3Q25,primarily due to costimprovement efforts, favorable foreign exchange rate, On a full year basis, gross margin was 59.9% in 2025,up 3.8 percentage points from 2024, mainly reflecting ahigher capacity utilization rate and cost improvement Operating Income Analysis: Total operating expenses increased by NT$0.43 billionto NT$88.19 billion in 4Q25, representing 8.4% of netrevenue in 4Q25, as compared to 8.9% in 3Q25, mainlydue to operating leverage. Operating margin improved For full year 2025, total operating expenses represented9.1% of net revenue as compared to 10.4% in 2024, Non-Operating Items: Totalnon-operating items were a gain of NT$27.46billion in 4Q25, compared to a gain of NT$24.68 billionin 3Q25. The increase was mainly due to higher interest On a full year basis, total non-operating items increasedby NT$21.78 billion to a gain of NT$105.57 billion in2025, also mainly reflecting a higher interest income. Net Profit and EPS: Net income attributable to shareholders of the parentcompany was NT$505.74 billion in 4Q25, up 11.8% from3Q25, and up 35.0% from 4Q24. On a full year basis, both net income and EPS increased III. Financial Condition Review Liquidity Analysis: On a sequential basis, total current assets increased byNT$381.11billion,mainly due to the increase of Total current liabilities increased by NT$182.11 billion,mainlydue to the increase of NT$95.23 billion inaccruedliabilities and others,and the increase of Net working capital was NT$2,359.11 billion and currentratio was 2.6x in 4Q25. Receivable and Inventory Days: Days of receivable increased 1 day to 26 days in 4Q25. Days of inventory was flat at 74 days in 4Q25. Debt Service: Net cash reserves increasedby NT$278.99 billion toNT$2,035.60 billion in 4Q25, mainly due to the increaseof NT$317.53 billion in cash and marketable securities IV. Cash Flow Summary of Cash Flow: Duringthe fourth quarter,net cash generated fromoperating activities totaled NT$725.51 billion, including(1)NT$592.36 billion from income before tax,(2)NT$162.11billion from depreciation&amortization Net cash used in investing activities was NT$365.96billionin4Q25,primarilyattributabletocapital Net cash used in financing activities was NT$107.69billion,mainly reflecting the payment of 1Q25 cash As a result, cash position increased by NT$297.10 billionto NT$2,767.86 billion at the end of 4Q25. On a full year basis, cash generated from operatingactivitiestotaled NT$2,274.98 billion,including(1)NT$2,041.66billion from income before tax,(2)NT$688.10 billion from depreciation & amortization, and Net cash used in investing activities was NT$1,144.39billion,primarily including capital expenditures of Net cash used in financing activities totaled NT$440.35billion, mainly reflecting the payment of cash dividends
