AI-generated · cited to primary sources · not investment advice
Taiwan Semiconductor Manufacturing Company Ltd. (TSM) Dec 2025 Filing Analysis
Does management do what it says?
The company successfully managed its debt obligations and reported total liabilities of NT$2,536,623 million under IASB IFRSs as of December 31, 2025, which includes the impact of its financing activities. (1 met across 1 tracked commitment)
“total liabilities of NT$2,536,623 million... as of December 31, 2025.”
See the full cited Management analysis of Taiwan Semiconductor Manufacturing Company Ltd.
How durable is the business?
Revenue from wafer fabrication grew significantly, driven by a shift toward advanced nodes (7nm and below), which now represent 74% of total wafer revenue compared to 69% in the prior year. High Performance Computing (HPC) has overtaken smartphones as the primary platform driver. (2 expanding)
“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”
The company secured significant government subsidies under the US CHIPS Act and European Chips Act, totaling billions in direct funding and loans to offset the high cost of overseas expansion. (1 expanding)
“In November 2024, 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”
Revenue concentration shifted further toward North America, which now accounts for 75% of total revenue, up from 70% in 2024, while China and Asia Pacific shares slightly declined. (1 shifted)
“North America: 2024 (70%), 2025 (75%)”
See the full cited Business Model analysis of Taiwan Semiconductor Manufacturing Company Ltd.
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