TSMC Form 6-K Summary: February 2026 Revenue Report
Business Context and Reporting Period
Taiwan Semiconductor Manufacturing Company Limited (TSMC) filed this Form 6-K on March 10, 2026, reporting consolidated financial results for the month of February 2026. The filing covers revenue performance, funds lent to subsidiaries, endorsements and guarantees, and financial derivative transactions.
Key Financial Metrics
- Net Revenue (February 2026): NT$317.66 billion.
- Net Revenue (January–February 2026): NT$718.91 billion.
- Profitability, Cash Flow, and Margins: The filing text does not provide clear values for net income, operating margins, cash flow, or debt levels.
- Liquidity and Debt: The filing text does not provide clear values for total debt or liquidity ratios.
Material Changes vs. Prior Periods
- Month-over-Month (vs. January 2026): Revenue decreased by 20.8% (from NT$401.26 billion).
- Year-over-Year (vs. February 2025): Revenue increased by 22.2% (from NT$260.01 billion).
- Year-to-Date (Jan–Feb 2026 vs. Jan–Feb 2025): Revenue increased by 29.9% (from NT$553.30 billion).
Outlook, Risks, and Unusual Items
The filing contains no management commentary, forward-looking guidance, or specific risk disclosures beyond the standard reporting of financial derivatives and intercompany transactions.
- Financial Derivatives: TSMC reported outstanding notional amounts for forward margin payments across various entities (TSMC, TSMC China, TSMC Nanjing, etc.). Cumulative unrealized profit/loss for TSMC was NT$4.82 billion, while TSMC China and TSMC Nanjing reported small cumulative unrealized losses.
- Intercompany Lending: Outstanding loans to TSMC China (Nanjing) totaled NT$10.96 billion, and to TSMC Development (Washington) totaled NT$1.88 billion.
- Guarantees: Outstanding guarantees were provided to TSMC North America (NT$2.60 billion), TSMC Global (NT$203.19 billion), and TSMC Arizona (NT$341.62 billion).
Investor Verification Checklist
- Verify the cause of the 20.8% month-over-month revenue decline from January to February 2026.
- Confirm the impact of the reported NT$4.82 billion cumulative unrealized gain on derivatives on the consolidated balance sheet.
- Review the full Q1 2026 earnings release for missing data on net income, operating margins, and free cash flow.
- Assess the exposure related to the NT$547.41 billion in total outstanding guarantees to subsidiaries.