TSMC released its October 2026 revenue report on Nov 10. Consolidated revenue for the month came in at NT$586.89 billion (about RMB 119.432 billion), up 59.7% year on year and 14.7% month on month. Revenue for the first 10 months of 2026 reached NT$4.49 trillion (about RMB 912.823 billion), up 43.3% year on year. Even against a high base, monthly revenue still grew nearly 60% year on year, extending the strong growth momentum of the first three quarters.
The numbers: monthly and cumulative growth both stand out
According to IT之家, TSMC's October monthly and cumulative revenue growth both came in well above market expectations for its monthly pace and extended the strong momentum indicated in its fourth-quarter earnings call guidance, with overall performance beating institutional forecasts. TSMC is the world's largest wafer foundry, focused on advanced process nodes (including 3nm and 2nm) and specialty process foundry services, and is a deep beneficiary of demand for AI chips, HPC and high-end smartphones.
Recent monthly data show TSMC's July revenue at NT$467.58 billion, up 44.7% year on year; August revenue at NT$514.806 billion, up 53.3%; September revenue at NT$511.857 billion, up 54.6%; and October growth accelerating further to 59.7%. Net profit attributable to shareholders in the third fiscal quarter was NT$763.064 billion, up 68.7% year on year.
| Month | Revenue (NT$ billion) | Year-on-year growth |
|---|---|---|
| July | 467.58 | 44.7% |
| August | 514.806 | 53.3% |
| September | 511.857 | 54.6% |
| October | 586.89 | 59.7% |
Analysis: Q4 guidance gets early validation, AI demand exceeds supply
At its Oct 15 earnings call, TSMC guided fourth-quarter revenue to $52.3 billion to $54.3 billion, raised its full-year dollar revenue growth forecast to about 44%, and maintained capital expenditure of $60 billion to $64 billion. IT之家 analysis argues that the strong October revenue offers early validation of the credibility of the fourth-quarter guidance, that demand for AI agent CPUs and HPC still exceeds supply capacity, and that advanced-node capacity utilization and pricing power remain high.
Demand for AI agent CPUs and HPC still exceeds supply capacity, and advanced-node capacity utilization and pricing power remain high.
——IT之家
Goldman Sachs raised its 12-month target price for TSMC to NT$3,300, saying that still implies considerable upside from the current share price. Its core catalysts are the 2nm production ramp, the Arizona second fab moving up to mass production in the third quarter of 2027, and the medium- to long-term growth visibility from nearly 25 expansion projects under construction worldwide.
CNBC Technology reported the same day that TSMC's October sales data showed sharp growth as the global chip upcycle continues, but did not provide further details.
What to watch: Q4 revenue delivery and advanced-node progress
Market watchers will focus on whether actual fourth-quarter revenue lands within the guidance range, the pace of the 2nm production ramp, the timetable for overseas expansion projects, and whether advanced-node pricing and capacity utilization can stay high.