TSMC 2Q26 Preview: A Record June Lands 2Q Revenue at the Upper End of the Guide

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156 Views14 Jul 2026 13:17

SUMMARY

A record June (NT$442.68bn, +67.9% YoY) puts fully-reported 2Q26 revenue at NT$1,270.4bn, about US$40.1bn, at the upper end of the US$39.0-40.2bn guide. Revenue is settled pre-print.
The question is now the full-year guide. First-half revenvue is up 35.6% YoY, past the "above 30%" bar; the street implies +37%, so a guide raise is partially baked in.
Also watch whether management repeats the 2-3pp N2 margin dilution and how it frames FY27 capex. At 24.4x forward, TSMC remains relatively inexpensive.

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