TSMC Form 6-K Summary: November 2025 Revenue Report
Business Context and Reporting Period
Taiwan Semiconductor Manufacturing Company Limited (TSMC) filed this Form 6-K on December 10, 2025, reporting consolidated financial results for the month of November 2025 and the year-to-date period ending November 30, 2025. The filing covers revenue, funds lent to subsidiaries, endorsements, and financial derivative transactions.
Key Financial Metrics
- November 2025 Net Revenue: NT$343.61 billion.
- Year-to-Date (Jan-Nov) 2025 Net Revenue: NT$3,474.05 billion.
- Liquidity and Debt: The filing does not provide specific values for total debt, cash flow, or liquidity ratios. It discloses outstanding guarantees totaling approximately NT$2.95 billion across North American, Global, and Arizona subsidiaries.
- Derivatives: Outstanding notional amounts for non-hedge derivatives totaled approximately NT$316.8 billion, with a cumulative unrealized loss of NT$5.65 billion primarily driven by TSMC's main entity.
Material Changes vs. Prior Periods
- Month-over-Month (Nov 2025 vs. Oct 2025): Revenue decreased by 6.5% (from NT$367.47 billion).
- Year-over-Year (Nov 2025 vs. Nov 2024): Revenue increased by 24.5% (from NT$276.06 billion).
- Year-to-Date (Jan-Nov 2025 vs. Jan-Nov 2024): Revenue increased by 32.8% (from NT$2,616.15 billion).
Outlook, Risks, and Contingencies
The filing contains no explicit forward-looking guidance, management commentary on future market conditions, or specific risk factors beyond the disclosure of financial derivative positions. The company reported cumulative realized losses on expired derivative contracts of approximately NT$1.38 billion for the main entity and NT$129.87 million for its Japan subsidiary. Funds lent to subsidiaries include outstanding balances of NT$15.07 billion to TSMC China and NT$1.88 billion to TSMC Washington.
Investor Verification Checklist
- Verify the seasonal nature of the 6.5% month-over-month revenue decline versus the strong 24.5% year-over-year growth.
- Confirm the impact of the NT$5.65 billion cumulative unrealized loss on derivatives on the upcoming quarterly earnings.
- Review the specific exposure of the NT$316.8 billion in outstanding derivative notional amounts to currency fluctuations.
- Assess the liquidity implications of the NT$16.95 billion in total outstanding funds lent to wholly-owned subsidiaries.