---
title: "Taiwan Semiconductor Manufacturing Company Limited (TSM.US) Q4 2025 Earnings Conference Call"
description: "台积电 (TSM.US) 2025 年第四季度业绩电话会"
locale: "en"
url: "https://longbridge.com/en/lives/339833"
parent: "https://longbridge.com/en/lives.md"
category: "Earnings Call"
---

# Taiwan Semiconductor Manufacturing Company Limited (TSM.US) Q4 2025 Earnings Conference Call

**Status**: Unknown
**Category**: Earnings Call

## Description

台积电 (TSM.US) 2025 年第四季度业绩电话会

## Speakers

- **Wendell Huang** - CFO
- **C. C. Wei** - Chairman & CEO

## Live Recap

### 00:50 - Opening Remarks by Jeff Su

Jeff Su, the Director of Investor Relations at TSMC, welcomes everyone to the Q4 2025 earnings release and conference call, outlines the meeting format, and mentions Wendell Huang, the CFO, will summarize operational performance.

### 02:24 - CFO Wendell Huang Q4 2025 Financial Overview

Wendell Huang discusses the financial highlights of 2025, noting a net operating profit margin of 43% and details of revenue distribution by sector, including smartphones and IoT.

### 06:04 - CFO Wendell Huang Balance Sheet Highlights

Huang provides details about TSMC's cash and securities at quarter-end, debt increases, accounts receivable, and cash flow from operations.

### 09:11 - CFO Wendell Huang 2025 Performance and 2026 Outlook

Huang reviews 2025 revenue growth and improved gross margins, forecasts Q1 2026 revenue of $34.6B-$35.8B, and discusses capital expenditures and effective tax rate.

### 11:30 - CFO Wendell Huang Profitability Insights

Huang talks about Q4 2025 profitability, recounting a 280 basis point gross margin increase, higher productivity, and favorable exchange rates.

### 12:56 - CFO Wendell Huang 2026 Growth and Strategy

Huang elaborates on TSMC's strategies for capacity optimization and investments in wafer productivity to support growth in AI and semiconductor markets.

### 14:58 - CFO Wendell Huang Advanced Technology and Investment Plans

Huang explains TSMC's 2026 capital budget plans, emphasizing the focus on leading process technologies, and discusses depreciation trends.

### 16:53 - CEO C.C. Wei on Long-term Profitability

C.C. Wei stresses the importance of supporting customer growth and maintaining sustainable returns via technological and manufacturing excellence.

### 20:03 - CEO C.C. Wei 2026 Market Outlook

C.C. Wei observes strong AI demand and discusses TSMC’s robust growth outpacing the Foundry 2.0 industry, highlighting an expected 14% industry growth.

### 22:21 - CEO C.C. Wei AI and TSMC's Growth Potential

Wei discusses the rapid growth of the AI market and TSMC's role in supporting innovation through advanced silicon demand.

### 24:10 - CEO C.C. Wei on Capacity Planning

Wei describes TSMC's disciplined capacity planning approach, highlighting its strategic investment in Taiwan and global fabs for future demand.

### 27:57 - CEO C.C. Wei Global Expansion and Manufacturing

Wei details TSMC’s global manufacturing presence, emphasizing progress in Arizona, Japan, and future plans in Germany and Taiwan for extensive fab expansions.

### 30:43 - CEO C.C. Wei N2 and Advanced Technologies

Wei discusses TSMC's success with N2 technology and plans for N2P and A16 technologies to meet demands in smartphones and HPC AI applications.

### 33:08 - AI Demand and Semiconductor Cycle — Analyst: Gokul Harry Haran (Morgan Stanley)

C.C. Wei addresses concerns about AI demand and semi-cycle sustainability, emphasizing strong engagements and investments to meet AI-powered expansion.

### 40:09 - U.S. Expansion Plans — Analyst: Gokul Harry Haran (Morgan Stanley)

C.C. Wei outlines TSMC's strategic expansion in the U.S. with a focus on Arizona, highlighting accelerated fab construction timelines and yield improvements.

### 43:22 - Advanced Packaging Expansion — Analyst: Laura Chen (Citi)

TSMC discusses increasing investments in advanced packaging with a focus on technologies like CDIC and SOIC, projecting higher revenue contributions.

### 46:40 - AI Growth Drivers — Analyst: Charlie Chan (Morgan Stanley)

Wei emphasizes TSMC's role in supporting AI demand, noting the company's technological advancements and robust partnerships propelling AI growth.

### 53:26 - Foundry Competition — Analyst: Charlie Chan (Morgan Stanley)

Wei confidently addresses competition from integrated device manufacturers, ensuring TSMC's technological leadership and customer trust will continue to drive its growth.

### 59:34 - AI Demand and Global Capacity—Analyst: Brett Simpson

Wei discusses TSMC’s strategic focus on enhancing productivity and capacity in response to strong AI demand, highlighting planned CapEx to meet future needs.

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.