TSMC (NYSE: TSM) November revenue hits NT$343.6B, YTD up 32.8%

Rhea-AI Filing Summary

Taiwan Semiconductor Manufacturing Company Limited (TSMC) reported consolidated net revenue of approximately NT$343.61 billion for November 2025. This was a 6.5% decrease from October 2025 but a strong 24.5% increase compared with November 2024, showing solid year-on-year growth despite month-to-month volatility. Revenue for January through November 2025 reached NT$3,474.05 billion, up 32.8% from the same period in 2024, indicating robust demand over the year.

TSMC also disclosed intra-group financing and support activities. TSMC China and TSMC Development had outstanding loans of NT$15,068,120 thousand and NT$1,881,780 thousand, respectively. The parent company provided guarantees to wholly owned subsidiaries including TSMC North America, TSMC Global, and TSMC Arizona, with outstanding guarantee amounts up to the hundreds of billions of NT dollars.

In derivatives, TSMC and its subsidiaries held foreign exchange forwards and futures. For TSMC, outstanding forward contracts had a notional amount of NT$308,342,427 thousand, with a negative mark-to-market of NT$6,084,016 thousand, reflecting unrealized losses primarily from hedging activities.

Insights

Semiconductor equity analyst

TSMC posts strong double-digit revenue growth year-on-year despite a softer month.

TSMC’s November 2025 consolidated revenue of NT$343.61B rose 24.5% from November 2024, while year-to-date revenue of NT$3,474.05B increased 32.8% versus the same period in 2024. This suggests sustained demand for advanced foundry capacity over 2025, even though monthly revenue fell 6.5% from October 2025.

The company continues to use intra-group loans and guarantees to support expansion in China, the United States, and globally, with outstanding loans at TSMC China and TSMC Development and sizable guarantees for TSMC North America, TSMC Global, and TSMC Arizona. These figures highlight ongoing capital deployment into overseas manufacturing and support entities.

TSMC and its affiliates also maintain substantial foreign-exchange derivative positions. At the parent level, forwards had an outstanding notional of NT$308,342,427K with a negative mark-to-market of NT$6,084,016K, and cumulative unrealized loss of NT$5,658,080K. These numbers indicate currency-hedging costs that will move with exchange-rate swings in subsequent periods.

1934 Act Registration No. 1-14700

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

_____________________________

FORM 6-K

_____________________________

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of December 2025

(Commission File Number: 001-14700)

_____________________________

Taiwan Semiconductor Manufacturing Company Limited

(Translation of Registrant’s Name Into English)

_____________________________

No. 8, Li-Hsin Road 6

Hsinchu Science Park

Hsinchu 300-096, Taiwan

Republic of China

(Address of Principal Executive Offices)

_____________________________

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  x            Form 40-F  o

Indicate by check mark if the registrant is submitting the Form 6-K in papers as permitted by Regulation S-T Rule 101(b)(1):o

Indicate by check mark if the registrant is submitting the Form 6-K in papers as permitted by Regulation S-T Rule 101(b)(7):o

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Taiwan Semiconductor Manufacturing Company Limited

Date: December 10, 2025

By

/s/ Wendell Huang

Wendell Huang

Senior Vice President and Chief Financial Officer

TSMC November 2025 Revenue Report

HSINCHU, Taiwan, R.O.C. – Dec. 10, 2025 - TSMC (TWSE: 2330, NYSE: TSM) today announced its net revenue for November 2025: On a consolidated basis, revenue for November 2025 was approximately NT$343.61 billion, a decrease of 6.5 percent from October 2025 and an increase of 24.5 percent from November 2024. Revenue for January through November 2025 totaled NT$3,474.05 billion, an increase of 32.8 percent compared to the same period in 2024.

			TSMC November Revenue Report (Consolidated):
																								(Unit:NT$ million)
			Period			November 2025			October 2025			M-o-M Increase (Decrease) %			November 2024			Y-o-Y Increase (Decrease) %			January to November 2025			January to November 2024			Y-o-Y Increase (Decrease) %
			Net Revenue			343,614			367,473			(6.5)			276,058			24.5			3,474,051			2,616,145			32.8

TSMC Spokesperson:

TSMC Media Contacts

Wendell Huang Senior Vice President and CFO

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

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

Taiwan Semiconductor Manufacturing Company Limited

This is to report the changes or status of 1) revenue, 2) funds lent to other parties, 3) endorsements and guarantees, and 4) financial derivative transactions for November 2025 (“Current Month”).

Note: “Outstanding” herein means the outstanding balance at the end of Current Month; and “Cumulative” herein represents the accumulated amounts from the beginning of this year till the end of Current Month.

1. Revenue (in NT$ thousands)

Period			Items			2025			2024
Nov.			Net Revenue			343,613,802			276,058,358
Jan. ~ Nov.			Net Revenue			3,474,050,704			2,616,144,592

2. Funds lent to other parties (in NT$ thousands)

Lending Company			Limit of lending			Amount approved by the Board of Directors			Outstanding amount
TSMC China*			117,878,297			29,181,470			15,068,120
TSMC Development**			33,730,907			1,881,780			1,881,780

* The borrower is TSMC Nanjing, a wholly-owned subsidiary of TSMC.

** The borrower is TSMC Washington, a wholly-owned subsidiary of TSMC.

3. Endorsements and guarantees (in NT$ thousands)

Guarantor			Limit of guarantee			Amount approved by the Board of Directors			Outstanding amount
TSMC*			1,999,322,789			2,609,819			2,609,819
TSMC**						203,859,500			203,859,500
TSMC***						470,262,391			342,852,051

* The guarantee was provided to TSMC North America, a wholly-owned subsidiary of TSMC.

** The guarantee was provided to TSMC Global, a wholly-owned subsidiary of TSMC.

*** The guarantee was provided to TSMC Arizona, a wholly-owned subsidiary of TSMC.

4. Financial derivative transactions (in NT$ thousands)

(1)Derivatives not applying hedge accounting.

‧TSMC

						Forward
Margin Payment						-
Premium Income (Expense)						-
Existing Contracts			Outstanding Notional Amount			308,342,427
			Mark to Market of Outstanding Contracts			(6,084,016)
			Cumulative Unrealized Profit/Loss			(5,658,080)
Expired Contracts			Cumulative Notional Amount			1,181,838,950
			Cumulative Realized Profit/Loss			(1,381,238)
Equity price linked product (Y/N)						N

‧TSMC China

						Forward
Margin Payment						-
Premium Income (Expense)						-
Existing Contracts			Outstanding Notional Amount			1,554,101
			Mark to Market of Outstanding Contracts			6,151
			Cumulative Unrealized Profit/Loss			6,109
Expired Contracts			Cumulative Notional Amount			13,702,006
			Cumulative Realized Profit/Loss			(16,884)
Equity price linked product (Y/N)						N

‧TSMC Nanjing

						Forward
Margin Payment						-
Premium Income (Expense)						-
Existing Contracts			Outstanding Notional Amount			5,900,015
			Mark to Market of Outstanding Contracts			22,406
			Cumulative Unrealized Profit/Loss			22,454
Expired Contracts			Cumulative Notional Amount			41,546,246
			Cumulative Realized Profit/Loss			(41,873)
Equity price linked product (Y/N)						N

‧Japan Advanced Semiconductor Mfg., Inc.

						Forward
Margin Payment						-
Premium Income (Expense)						-
Existing Contracts			Outstanding Notional Amount			1,959,989
			Mark to Market of Outstanding Contracts			1,031
			Cumulative Unrealized Profit/Loss			(193,131)
Expired Contracts			Cumulative Notional Amount			97,503,837
			Cumulative Realized Profit/Loss			(129,865)
Equity price linked product (Y/N)						N

(2)Derivatives applying hedge accounting.

‧TSMC Global

						Future
Margin Payment						(9,879)
Premium Income (Expense)						-
Existing Contracts			Outstanding Notional Amount			1,028,706
			Mark to Market of Outstanding Contracts			(2,018)
			Cumulative Unrealized Profit/Loss			(13,217)
Expired Contracts			Cumulative Notional Amount			12,702,015
			Cumulative Realized Profit/Loss			(34,240)
Equity price linked product (Y/N)						N

FAQ

What was TSMC (TSM) consolidated revenue for November 2025?

For November 2025, TSMC reported consolidated net revenue of approximately NT$343.61 billion, based on its monthly revenue disclosure.

How did TSMC November 2025 revenue compare month-over-month and year-over-year?

TSMC’s November 2025 revenue of NT$343.61 billion was a 6.5% decrease from October 2025, but a strong 24.5% increase compared with November 2024.

What was TSMC’s total revenue for January through November 2025?

For January through November 2025, TSMC’s consolidated net revenue totaled NT$3,474.05 billion, representing a 32.8% increase over the same period in 2024.

How much has TSMC lent to its subsidiaries as of November 2025?

TSMC China had an outstanding loan balance of NT$15,068,120 thousand, and TSMC Development had NT$1,881,780 thousand outstanding, both lent to wholly owned subsidiaries.

What are TSMC’s key guarantee exposures to subsidiaries?

TSMC provided guarantees to wholly owned subsidiaries including TSMC North America, TSMC Global, and TSMC Arizona, with individual outstanding guarantee amounts reaching into the hundreds of billions of NT dollars.

What derivative positions and unrealized results did TSMC report for November 2025?

At the parent level, TSMC’s outstanding forward contracts had a notional amount of NT$308,342,427 thousand, with a negative mark-to-market of NT$6,084,016 thousand and cumulative unrealized loss of NT$5,658,080 thousand.

Did TSMC apply hedge accounting to any derivatives in this period?

Yes. TSMC Global used futures under hedge accounting, with outstanding notional amount of NT$1,028,706 thousand and a mark-to-market of NT$2,018 thousand in the period.