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TSM earnings: EPS beat by 10.5%, revenue missed by 1.2%

Foundry & Memory Desk · RegardingSemi Engine · Jul 16, 2026 · updated Jul 18

Taiwan Semiconductor ADR reported results (Jul 16, 2026). EPS came in at NT$4.22 against a NT$3.82 consensus, beat by 10.5%. Revenue was NT$39.4B versus NT$39.8B expected, missed by 1.2%.

§ Noticed on the call
  1. Tsmc - qtrly revenue guidance for Q3 of 2023 is $44.6 billion to $45.8 billion.
    show quote
    “Based on the current business outlook, we expect our third quarter revenue to be between $44.6 billion and $45.8 billion, which represents a 12% sequential increase or a 37% year-over-year increase at the midpoint.”
  2. Tsmc - qtrly revenue guidance for Q3 of 2023 is a 12% sequential increase and a 37% year-over-year increase at the midpoint.
    show quote
    “Based on the current business outlook, we expect our third quarter revenue to be between $44.6 billion and $45.8 billion, which represents a 12% sequential increase or a 37% year-over-year increase at the midpoint.”
  3. Tsmc - qtrly gross margin is expected to be between 65% and 67%.
    show quote
    “Based on the exchange rate assumption of $1 to TWD 32, gross margin is expected to be between 65% and 67%.”
  4. Tsmc - qtrly operating margin is expected to be between 56% and 58%.
    show quote
    “Based on the exchange rate assumption of $1 to TWD 32, gross margin is expected to be between 65% and 67%.”
§ From the call / model-read, verbatim-grounded
Sentiment
0.31
Net tone of the full call — above 0 positive, below 0 negative
Q&A Evasiveness
+49.2
Question-dodging vs this company's own baseline — spikes matter, not the level
Guidance Tone
0.45
Tone of the forward-guidance language
Novelty Share
94%
Language not seen in this company's prior calls
Guidance “Compared to the first quarter, our second quarter gross margin increased by 150 basis points sequentially to 67.7%, slightly ahead of our guidance, primarily due to cost improvement efforts and a slightly higher overall capacity utilization rate, partially offset by dilution from our overseas fabs.”
Guidance “We concluded our second quarter with revenue of $40.2 billion at the high end of our guidance in U.S. dollar terms, driven by strong demand for our leading-edge process technologies.”

4 more flagged statements from this call are in the Pro read.

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the fully annotated transcript →

§ The quarter in numbers
Metric Actual Consensus Surprise
EPS NT$4.22 NT$3.82 beat by 10.5%
Revenue NT$39.4B NT$39.8B missed by 1.2%
§ The trend

Revenue is up 35.1% from the same quarter last year. Gross margin sits at 66.2%, a new high for the period charted.

§ How it stacks up Pro

This section is part of the Pro report for TSM.

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§ Go deeper on TSM
The annotated call — full transcript, ML highlights → Everything on TSM → Who owns it (13F) → Insider tape →
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