Taiwan Semiconductor Manufacturing Co. · ADR (1 ADR = 5 shares) · Hsinchu, Taiwan

Every leading AI chip goes through one company's fabs.

TSMC makes the chips that NVIDIA, Apple, AMD, Broadcom and Marvell design. Q3 revenue grew 41% in dollars to $46.7B, above the top of guidance, and Q4 is guided to $52.3–54.3B, up about 58% from a year ago. The costs are rising too: 2nm and overseas fabs pulled gross margin down to 66.4%, and capex stays at $60–64B for 2026 with more to come.

Last close · Oct 15, 2026

$419.53

Market cap

$2.18T

at current price

52-week range

$267–487

closing low / high

P/E (forward)

~19×

2027 consensus EPS · trailing ~27×

Revenue TTM

Q4 2026 guide

$52.3–54.3B

GM 65–67% · op. margin 56.5–58.5%

Next earnings

Mid-Jan

Q4 2026 results and 2027 capex

Price, last 12 months

Daily closes of the NYSE-listed ADR with the 50-day average. Each ADR represents five Taiwan-listed shares.

1Y closing high

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1Y closing low

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SMA 50

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SMA 200

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RSI 14

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Avg daily move

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last 20 sessions

Beta

1.24

vs. S&P 500

From peak

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Revenue and margins, by quarter

Revenue in US$ millions as reported by TSMC, with gross margin on the right axis. EPS is per ADR, converted from NT$ at each quarter's rate. The last bar is the midpoint of TSMC's Q4 2026 guidance.

RevenueGross margin (right axis)Guidance

Q3 2026

$46.7B

+41% YoY in US$ · above guide

Gross margin

66.4%

−1.3 pts QoQ on 2nm ramp · Q4 guide 65–67%

HPC share

68%

of revenue · +22% QoQ

2nm + 3nm

41%

of wafer revenue · 2nm 8% · 7nm and below 79%

EPS per ADR

$4.60

+69% YoY · consensus $4.42

2026 outlook

~+44%

US$ revenue growth, from ~40% · capex $60–64B

Quarter	Ended	Revenue, US$M	YoY	Gross margin	Op. margin	EPS (GAAP)

Watch list

What moves the thesis, sorted by direction.

Tailwind

AI demand outruns supply

CEO C.C. Wei said demand still runs well ahead of supply. Full-year US$ revenue growth was raised again to about 44%, and the Q4 guide implies about 58% year-over-year growth.

Tailwind

Pricing power

Operating margin of 58.7% beat the top of guidance even as 2nm diluted gross margin, helped by high utilization of 3nm and 5nm and price increases.

Watch

2nm and overseas dilution

Gross margin fell 1.3 points to 66.4% on the 2nm ramp and is guided to about 66% in Q4. Overseas fabs cost about 2 points this year and should widen to 3–4 points as more US fabs ramp.

Watch

Capex keeps rising

The 2026 budget stays at $60–64B ($40.6B spent through Q3), and management said 2026–2028 spending will be even more significantly higher than the past three years, with nearly 20 fabs under way.

Risk

Currency

TSMC reports in NT dollars, and the ADR trades in US dollars. Each 1% move in the NT$ shifts gross margin by about 0.4 points.

Risk

Geopolitics and tariffs

Most leading-edge capacity is in Taiwan. Cross-strait tension and US chip tariffs are risks that no amount of earnings growth removes.

Calendar

Nov 10, 2026

October sales

TSMC publishes monthly revenue around the 10th of each month. Q4 guidance implies about NT$560–590B a month.

Dec 10, 2026

November sales

Two months of Q4 sales show whether it tracks the $52.3–54.3B guide.

Mid-Jan 2027

Q4 2026 earnings

Guide: $52.3–54.3B revenue, 65–67% gross margin, 56.5–58.5% operating margin. Also the 2027 capex budget.