AutomotiveNarrow moat

TSMC (TSM) — moat facet

Small, sticky and on the car industry's calendar: the only line that grew through the 2023 downturn, and a quadrupling since 2017 that still leaves it at 5% of revenue.

Automotive is the line that behaved best when TSMC's other markets turned. It brought in NT$186.7 billion in 2025, 4.9% of revenue, up 34% on the year.12 In the June 2026 quarter it grew 15% on the quarter, after falling 7% in March, and was 4% of revenue.34

Automotive platform revenue (NT$ billion)43.9201751.7201847.9201944.4202067.12021116.42022133.72023139.32024186.72025TSMC Forms 20-F FY2019, FY2022 and FY2025, net revenue by platform
Two years of decline to 2020, then a quadrupling; the line grew through 2023, the one year TSMC's revenue fell.

The 20-F describes what the line sells through three trends in cars, "Safer, Smarter and Greener."5 At the advanced end that means an automotive intellectual-property ecosystem on 3-, 4-, 5-, 7- and 16-nanometre FinFET processes for driver-assistance systems, in-vehicle infotainment and the zonal controllers of new electrical architectures, in both combustion and electric vehicles; its most advanced automotive-grade process, N3A, was released to customers at the end of 2025.6 At the specialty end it sells embedded flash, millimetre-wave radio, image sensors, lidar sensors and power management, and two new memory technologies passed the automotive Grade-1 requirements in 2025.7

The line also has capacity of its own outside Taiwan: in July management cited its fab in Germany, ESMC, as capacity for automotive and industrial applications, one of the few mature-node areas it said it was still increasing.8 ESMC is a TSMC subsidiary building Fab 24 in Dresden, and in December 2024 it agreed to receive up to EUR5 billion of state aid from Germany under the European Chips Act.9 A factory placed next to Europe's car makers, with a government paying part of the bill, is a statement about which customers TSMC expects to keep on mature processes.

On the restated platform basis the line was NT$43.9 billion in 2017, 4.5% of revenue.1011 It then had three bad years. It grew 18% in 2018, fell 7% in 2019 and fell again in 2020 to NT$44.4 billion, barely more than in 2017 and just 3.3% of revenue.121314 In the June 2020 quarter alone it fell 13% on the quarter, the worst drop of any line that period.15 That quarter set the pattern the line has kept since: it runs on the car industry's calendar, not the phone's or the data centre's.

Then it took off. In 2021 the line grew NT$22.7 billion, or 51%, and in 2022 another 73.5%, to NT$116.4 billion.1617 It kept growing in 2023, up 14.8% to NT$133.7 billion, while company revenue fell 4.5%; in the March 2023 quarter it was the only line whose revenue rose, by 5%, when every other line fell.181920 That is the one clear instance in the platform data of a line holding up against the company's cycle. By the June 2023 quarter automotive was 8% of TSMC's revenue, the highest share it has had since platform reporting began; three years later it is half that, not because car chips shrank but because computing grew around them.2122

Growth slowed to 4.2% in 2024 and rebounded 34% in 2025.232425 From 2017 to 2025 the line compounded at 19.8% a year, to 4.3 times its starting revenue, the fastest of any line after high-performance computing.262728

Margins by line are not published here either.29 The line mixes advanced processes, where the filing places driver-assistance and infotainment chips, with specialty mature ones. The shift toward the first is what makes the line interesting: a car with more computing in it buys wafers that look more like a phone's than a microcontroller's, and TSMC's N3A exists for that buyer.

The risks are ones this line shares with the car industry. Vehicle production volumes, electric-vehicle adoption and the inventory swings that followed the shortage all reach it; the June 2020 and March 2026 quarterly declines are reminders that it can fall on its own schedule. The 4.2% of 2024, after two years above 50% and 70%, shows how quickly the line can stall once customers have what they need.

Automotive is a real, growing and sticky line that is still small, and its share of revenue says which way it is heading: 4.9% in 2025 and 4% in the June 2026 quarter.30 If it holds near 5% while the company grows 40%, the car business is keeping pace with AI; if it slips toward 3%, it is a niche that computing has outgrown, whatever its growth rate in isolation.

Moat trajectory: Holding steady

Up 34% in 2025 after 4% in 2024; the share of revenue has halved since mid-2023 as computing outgrew it.

The number that tests this moat
Reported
Automotive share of revenue, latest quarter
4% in 2Q26, against 8% in 2Q23 and 4.9% for 2025

Holding near 5% while the company grows 40% would mean cars keep pace with AI; slipping toward 3% would mean a niche computing has outgrown.

Source: TSMC 2Q26 and 2Q23 Management Reports and Form 20-F FY2025 ↗
References
  1. ReportedIt brought in NT$186.7 billion in 2025, 4.9% of revenue, up 34% on the year.
    TSMC Form 20-F FY2025 - net revenue by platform 2023-2025 (NT$ millions): HPC 934,769 / 1,476,891 / 2,192,931; smartphone 814,914 / 1,005,130 / 1,110,816; IoT 161,917 / 165,516 / 191,047; automotive 133,654 / 139,323 / 186,667; digital consumer electronics 47,000 / 47,961 / 47,997; others 69,482 / 59,487 / 79,596; total 2,161,736 / 2,894,308 / 3,809,054; increases from HPC of NT$716,040 million (48%) and NT$542,122 million (58%) and from smartphone of NT$105,686 million (11%) and NT$190,216 million (23%); platform descriptions; only one operating segment, the foundry segment; gross margin 54.4%, 56.1% and 59.9%; 7-nanometer and below 74% of wafer revenue in 2025, up from 69%; ESMC in Dresden (Fab 24) and up to EUR5 billion of German state aid agreed December 2024 — FY2023-FY2025 · publ. April 2026 · source ↗
  2. Moat Explorer calcIt brought in NT$186.7 billion in 2025, 4.9% of revenue, up 34% on the year.
    Moat Explorer calculation from TSMC's Forms 20-F FY2019, FY2022 and FY2025 and quarterly management reports: platform shares of revenue (HPC 2,192,931/3,809,054 = 57.6% in 2025 and 265,394/977,447 = 27.2% in 2017; smartphone 29.2% in 2025 and 51.6% in 2017; IoT 5.0% and 5.3%; automotive 4.9% and 4.5%; consumer electronics 1.3% and 6.5%; the four non-HPC lines 72.8% in 2017 and 34% in 2Q26); 2025 revenue increase NT$914,746 million, of which HPC 78.3%, and 2024 NT$732,572 million, of which 74.0%; 2017-2025 compound annual growth HPC 30.2%, automotive 19.8%, IoT 17.7%, smartphone 10.4%, consumer electronics -3.4%; year-on-year changes HPC +28.8%, -7.6%, +39.3%, +33.6%, +58.6%, +0.3%, +58.0%, +48.5% (2018-2025), smartphone 2023 -8.3% and 2020 +23.2%, IoT 2023 -17.4% and 2024 +2.2%, automotive 2022 +73.5%, 2023 +14.8%, 2024 +4.2%, 2025 +34.0%, company revenue 2023 -4.5%; IoT 2025 of NT$191.0 billion 2.6% below 2022's NT$196.1 billion; consumer electronics 2025 23.9% below 2017 while company revenue grew 3.9 times, and 1/46 of HPC in 2025 against 24% in 2017; consumer electronics and others NT$127.6 billion (3.3%); 2Q26 HPC revenue about 66% x NT$1,270.38 billion against 60% x NT$933.79 billion, about half as much again, on rounded platform shares — 2017 to 2Q26 · publ. 2026-09-23 · source ↗
  3. ReportedIn the June 2026 quarter it grew 15% on the quarter, after falling 7% in March, and was 4% of revenue.
    TSMC 2Q26 Quarterly Management Report - net revenue NT$1,270.38 billion against NT$933.79 billion in 2Q25; gross margin 67.7%; HPC 66%, smartphone 22%, IoT 5%, automotive 4%, DCE 1%, others 2% of net revenue (2Q25: HPC 60%, smartphone 27%); sequentially, revenue from HPC, IoT, automotive, DCE and others increased 20%, 4%, 15%, 5% and 5%, while smartphone decreased 4%; North America 78% of net revenue; 7nm and below 77% of wafer revenue — 2Q26 · publ. July 16, 2026 · source ↗
  4. ReportedIn the June 2026 quarter it grew 15% on the quarter, after falling 7% in March, and was 4% of revenue.
    TSMC 1Q26 Quarterly Management Report - net revenue NT$1,134.10 billion; sequentially, revenue from HPC, IoT, DCE and others increased 20%, 12%, 28% and 17%, while smartphone and automotive decreased 11% and 7%; HPC 61% and smartphone 26% of net revenue — 1Q26 · publ. April 16, 2026 · source ↗
  5. ReportedThe 20-F describes what the line sells through three trends in cars, "Safer, Smarter and Greener."
    TSMC Form 20-F FY2025 - net revenue by platform 2023-2025 (NT$ millions): HPC 934,769 / 1,476,891 / 2,192,931; smartphone 814,914 / 1,005,130 / 1,110,816; IoT 161,917 / 165,516 / 191,047; automotive 133,654 / 139,323 / 186,667; digital consumer electronics 47,000 / 47,961 / 47,997; others 69,482 / 59,487 / 79,596; total 2,161,736 / 2,894,308 / 3,809,054; increases from HPC of NT$716,040 million (48%) and NT$542,122 million (58%) and from smartphone of NT$105,686 million (11%) and NT$190,216 million (23%); platform descriptions; only one operating segment, the foundry segment; gross margin 54.4%, 56.1% and 59.9%; 7-nanometer and below 74% of wafer revenue in 2025, up from 69%; ESMC in Dresden (Fab 24) and up to EUR5 billion of German state aid agreed December 2024 — FY2023-FY2025 · publ. April 2026 · source ↗
  6. ReportedAt the advanced end that means an automotive intellectual-property ecosystem on 3-, 4-, 5-, 7- and 16-nanometre FinFET processes for driver-assistance systems, in-vehicle infotainment and the zonal controllers of new electrical architectures, in both combustion and electric vehicles; its most advanced automotive-grade process, N3A, was released to customers at the end of 2025.
    TSMC Form 20-F FY2025 - net revenue by platform 2023-2025 (NT$ millions): HPC 934,769 / 1,476,891 / 2,192,931; smartphone 814,914 / 1,005,130 / 1,110,816; IoT 161,917 / 165,516 / 191,047; automotive 133,654 / 139,323 / 186,667; digital consumer electronics 47,000 / 47,961 / 47,997; others 69,482 / 59,487 / 79,596; total 2,161,736 / 2,894,308 / 3,809,054; increases from HPC of NT$716,040 million (48%) and NT$542,122 million (58%) and from smartphone of NT$105,686 million (11%) and NT$190,216 million (23%); platform descriptions; only one operating segment, the foundry segment; gross margin 54.4%, 56.1% and 59.9%; 7-nanometer and below 74% of wafer revenue in 2025, up from 69%; ESMC in Dresden (Fab 24) and up to EUR5 billion of German state aid agreed December 2024 — FY2023-FY2025 · publ. April 2026 · source ↗
  7. ReportedAt the specialty end it sells embedded flash, millimetre-wave radio, image sensors, lidar sensors and power management, and two new memory technologies passed the automotive Grade-1 requirements in 2025.
    TSMC Form 20-F FY2025 - net revenue by platform 2023-2025 (NT$ millions): HPC 934,769 / 1,476,891 / 2,192,931; smartphone 814,914 / 1,005,130 / 1,110,816; IoT 161,917 / 165,516 / 191,047; automotive 133,654 / 139,323 / 186,667; digital consumer electronics 47,000 / 47,961 / 47,997; others 69,482 / 59,487 / 79,596; total 2,161,736 / 2,894,308 / 3,809,054; increases from HPC of NT$716,040 million (48%) and NT$542,122 million (58%) and from smartphone of NT$105,686 million (11%) and NT$190,216 million (23%); platform descriptions; only one operating segment, the foundry segment; gross margin 54.4%, 56.1% and 59.9%; 7-nanometer and below 74% of wafer revenue in 2025, up from 69%; ESMC in Dresden (Fab 24) and up to EUR5 billion of German state aid agreed December 2024 — FY2023-FY2025 · publ. April 2026 · source ↗
  8. ReportedThe line also has capacity of its own outside Taiwan: in July management cited its fab in Germany, ESMC, as capacity for automotive and industrial applications, one of the few mature-node areas it said it was still increasing.
    TSMC 2Q26 earnings call transcript - third-quarter gross margin guided down 1.7 points to 66% at the midpoint as the 2-nanometre ramp dilutes by about 3 to 4 points; full-year 2026 revenue growth slightly above 40% in US dollars; 2026 capital budget raised to US$60-64 billion; agentic AI bringing back the CPU in AI data centres, with x86, Arm and RISC-V designers almost all TSMC customers; mature-node capacity increased at JASM in Japan for CMOS image sensors and ESMC in Germany for automotive and industrial, with commodity mature-node demand outside power management and image sensors not strong — 2Q26 call · publ. July 16, 2026 · source ↗
  9. ReportedESMC is a TSMC subsidiary building Fab 24 in Dresden, and in December 2024 it agreed to receive up to EUR5 billion of state aid from Germany under the European Chips Act.
    TSMC Form 20-F FY2025 - net revenue by platform 2023-2025 (NT$ millions): HPC 934,769 / 1,476,891 / 2,192,931; smartphone 814,914 / 1,005,130 / 1,110,816; IoT 161,917 / 165,516 / 191,047; automotive 133,654 / 139,323 / 186,667; digital consumer electronics 47,000 / 47,961 / 47,997; others 69,482 / 59,487 / 79,596; total 2,161,736 / 2,894,308 / 3,809,054; increases from HPC of NT$716,040 million (48%) and NT$542,122 million (58%) and from smartphone of NT$105,686 million (11%) and NT$190,216 million (23%); platform descriptions; only one operating segment, the foundry segment; gross margin 54.4%, 56.1% and 59.9%; 7-nanometer and below 74% of wafer revenue in 2025, up from 69%; ESMC in Dresden (Fab 24) and up to EUR5 billion of German state aid agreed December 2024 — FY2023-FY2025 · publ. April 2026 · source ↗
  10. ReportedOn the restated platform basis the line was NT$43.9 billion in 2017, 4.5% of revenue.
    TSMC Form 20-F FY2019 - net revenue by platform 2017-2019 on the platform basis adopted in 2019 (NT$ millions): smartphone 504,175 / 466,452 / 523,613; HPC 265,394 / 341,910 / 315,822; IoT 51,776 / 65,092 / 86,343; automotive 43,871 / 51,710 / 47,914; digital consumer electronics 63,097 / 58,470 / 53,733; others 49,134 / 47,840 / 42,560; total 977,447 / 1,031,474 / 1,069,985; 2019 increases from smartphone NT$57,161 million (12%) and IoT NT$21,251 million (33%), offset by HPC down NT$26,088 million (8%); 2018 increases from HPC NT$76,516 million (29%) and IoT NT$13,316 million (26%), offset by smartphone down NT$37,723 million (7%) — FY2017-FY2019 · publ. April 2020 · source ↗
  11. Moat Explorer calcOn the restated platform basis the line was NT$43.9 billion in 2017, 4.5% of revenue.
    Moat Explorer calculation from TSMC's Forms 20-F FY2019, FY2022 and FY2025 and quarterly management reports: platform shares of revenue (HPC 2,192,931/3,809,054 = 57.6% in 2025 and 265,394/977,447 = 27.2% in 2017; smartphone 29.2% in 2025 and 51.6% in 2017; IoT 5.0% and 5.3%; automotive 4.9% and 4.5%; consumer electronics 1.3% and 6.5%; the four non-HPC lines 72.8% in 2017 and 34% in 2Q26); 2025 revenue increase NT$914,746 million, of which HPC 78.3%, and 2024 NT$732,572 million, of which 74.0%; 2017-2025 compound annual growth HPC 30.2%, automotive 19.8%, IoT 17.7%, smartphone 10.4%, consumer electronics -3.4%; year-on-year changes HPC +28.8%, -7.6%, +39.3%, +33.6%, +58.6%, +0.3%, +58.0%, +48.5% (2018-2025), smartphone 2023 -8.3% and 2020 +23.2%, IoT 2023 -17.4% and 2024 +2.2%, automotive 2022 +73.5%, 2023 +14.8%, 2024 +4.2%, 2025 +34.0%, company revenue 2023 -4.5%; IoT 2025 of NT$191.0 billion 2.6% below 2022's NT$196.1 billion; consumer electronics 2025 23.9% below 2017 while company revenue grew 3.9 times, and 1/46 of HPC in 2025 against 24% in 2017; consumer electronics and others NT$127.6 billion (3.3%); 2Q26 HPC revenue about 66% x NT$1,270.38 billion against 60% x NT$933.79 billion, about half as much again, on rounded platform shares — 2017 to 2Q26 · publ. 2026-09-23 · source ↗
  12. ReportedIt grew 18% in 2018, fell 7% in 2019 and fell again in 2020 to NT$44.4 billion, barely more than in 2017 and just 3.3% of revenue.
    TSMC Form 20-F FY2019 - net revenue by platform 2017-2019 on the platform basis adopted in 2019 (NT$ millions): smartphone 504,175 / 466,452 / 523,613; HPC 265,394 / 341,910 / 315,822; IoT 51,776 / 65,092 / 86,343; automotive 43,871 / 51,710 / 47,914; digital consumer electronics 63,097 / 58,470 / 53,733; others 49,134 / 47,840 / 42,560; total 977,447 / 1,031,474 / 1,069,985; 2019 increases from smartphone NT$57,161 million (12%) and IoT NT$21,251 million (33%), offset by HPC down NT$26,088 million (8%); 2018 increases from HPC NT$76,516 million (29%) and IoT NT$13,316 million (26%), offset by smartphone down NT$37,723 million (7%) — FY2017-FY2019 · publ. April 2020 · source ↗
  13. ReportedIt grew 18% in 2018, fell 7% in 2019 and fell again in 2020 to NT$44.4 billion, barely more than in 2017 and just 3.3% of revenue.
    TSMC Form 20-F FY2022 - net revenue by platform 2020-2022 (NT$ millions): HPC 439,810 / 587,780 / 932,384; smartphone 645,304 / 695,091 / 888,879; IoT 110,355 / 133,006 / 196,115; automotive 44,367 / 67,077 / 116,381; digital consumer electronics 54,556 / 55,577 / 56,159; others 44,863 / 48,884 / 73,973; total 1,339,255 / 1,587,415 / 2,263,891; 2022 increases from HPC NT$344,604 million (59%), smartphone NT$193,788 million (28%) and IoT NT$63,109 million (47%); 2021 increases from HPC NT$147,970 million (34%), smartphone NT$49,787 million (8%) and automotive NT$22,710 million (51%) — FY2020-FY2022 · publ. April 2023 · source ↗
  14. Moat Explorer calcIt grew 18% in 2018, fell 7% in 2019 and fell again in 2020 to NT$44.4 billion, barely more than in 2017 and just 3.3% of revenue.
    Moat Explorer calculation from TSMC's Forms 20-F FY2019, FY2022 and FY2025 and quarterly management reports: platform shares of revenue (HPC 2,192,931/3,809,054 = 57.6% in 2025 and 265,394/977,447 = 27.2% in 2017; smartphone 29.2% in 2025 and 51.6% in 2017; IoT 5.0% and 5.3%; automotive 4.9% and 4.5%; consumer electronics 1.3% and 6.5%; the four non-HPC lines 72.8% in 2017 and 34% in 2Q26); 2025 revenue increase NT$914,746 million, of which HPC 78.3%, and 2024 NT$732,572 million, of which 74.0%; 2017-2025 compound annual growth HPC 30.2%, automotive 19.8%, IoT 17.7%, smartphone 10.4%, consumer electronics -3.4%; year-on-year changes HPC +28.8%, -7.6%, +39.3%, +33.6%, +58.6%, +0.3%, +58.0%, +48.5% (2018-2025), smartphone 2023 -8.3% and 2020 +23.2%, IoT 2023 -17.4% and 2024 +2.2%, automotive 2022 +73.5%, 2023 +14.8%, 2024 +4.2%, 2025 +34.0%, company revenue 2023 -4.5%; IoT 2025 of NT$191.0 billion 2.6% below 2022's NT$196.1 billion; consumer electronics 2025 23.9% below 2017 while company revenue grew 3.9 times, and 1/46 of HPC in 2025 against 24% in 2017; consumer electronics and others NT$127.6 billion (3.3%); 2Q26 HPC revenue about 66% x NT$1,270.38 billion against 60% x NT$933.79 billion, about half as much again, on rounded platform shares — 2017 to 2Q26 · publ. 2026-09-23 · source ↗
  15. ReportedIn the June 2020 quarter alone it fell 13% on the quarter, the worst drop of any line that period.
    TSMC 2Q20 Quarterly Management Report - sequentially, revenue from smartphone, IoT, automotive, DCE and others decreased 4%, 5%, 13%, 9% and 5% — 2Q20 · publ. July 16, 2020 · source ↗
  16. ReportedIn 2021 the line grew NT$22.7 billion, or 51%, and in 2022 another 73.5%, to NT$116.4 billion.
    TSMC Form 20-F FY2022 - net revenue by platform 2020-2022 (NT$ millions): HPC 439,810 / 587,780 / 932,384; smartphone 645,304 / 695,091 / 888,879; IoT 110,355 / 133,006 / 196,115; automotive 44,367 / 67,077 / 116,381; digital consumer electronics 54,556 / 55,577 / 56,159; others 44,863 / 48,884 / 73,973; total 1,339,255 / 1,587,415 / 2,263,891; 2022 increases from HPC NT$344,604 million (59%), smartphone NT$193,788 million (28%) and IoT NT$63,109 million (47%); 2021 increases from HPC NT$147,970 million (34%), smartphone NT$49,787 million (8%) and automotive NT$22,710 million (51%) — FY2020-FY2022 · publ. April 2023 · source ↗
  17. Moat Explorer calcIn 2021 the line grew NT$22.7 billion, or 51%, and in 2022 another 73.5%, to NT$116.4 billion.
    Moat Explorer calculation from TSMC's Forms 20-F FY2019, FY2022 and FY2025 and quarterly management reports: platform shares of revenue (HPC 2,192,931/3,809,054 = 57.6% in 2025 and 265,394/977,447 = 27.2% in 2017; smartphone 29.2% in 2025 and 51.6% in 2017; IoT 5.0% and 5.3%; automotive 4.9% and 4.5%; consumer electronics 1.3% and 6.5%; the four non-HPC lines 72.8% in 2017 and 34% in 2Q26); 2025 revenue increase NT$914,746 million, of which HPC 78.3%, and 2024 NT$732,572 million, of which 74.0%; 2017-2025 compound annual growth HPC 30.2%, automotive 19.8%, IoT 17.7%, smartphone 10.4%, consumer electronics -3.4%; year-on-year changes HPC +28.8%, -7.6%, +39.3%, +33.6%, +58.6%, +0.3%, +58.0%, +48.5% (2018-2025), smartphone 2023 -8.3% and 2020 +23.2%, IoT 2023 -17.4% and 2024 +2.2%, automotive 2022 +73.5%, 2023 +14.8%, 2024 +4.2%, 2025 +34.0%, company revenue 2023 -4.5%; IoT 2025 of NT$191.0 billion 2.6% below 2022's NT$196.1 billion; consumer electronics 2025 23.9% below 2017 while company revenue grew 3.9 times, and 1/46 of HPC in 2025 against 24% in 2017; consumer electronics and others NT$127.6 billion (3.3%); 2Q26 HPC revenue about 66% x NT$1,270.38 billion against 60% x NT$933.79 billion, about half as much again, on rounded platform shares — 2017 to 2Q26 · publ. 2026-09-23 · source ↗
  18. ReportedIt kept growing in 2023, up 14.8% to NT$133.7 billion, while company revenue fell 4.5%; in the March 2023 quarter it was the only line whose revenue rose, by 5%, when every other line fell.
    TSMC Form 20-F FY2025 - net revenue by platform 2023-2025 (NT$ millions): HPC 934,769 / 1,476,891 / 2,192,931; smartphone 814,914 / 1,005,130 / 1,110,816; IoT 161,917 / 165,516 / 191,047; automotive 133,654 / 139,323 / 186,667; digital consumer electronics 47,000 / 47,961 / 47,997; others 69,482 / 59,487 / 79,596; total 2,161,736 / 2,894,308 / 3,809,054; increases from HPC of NT$716,040 million (48%) and NT$542,122 million (58%) and from smartphone of NT$105,686 million (11%) and NT$190,216 million (23%); platform descriptions; only one operating segment, the foundry segment; gross margin 54.4%, 56.1% and 59.9%; 7-nanometer and below 74% of wafer revenue in 2025, up from 69%; ESMC in Dresden (Fab 24) and up to EUR5 billion of German state aid agreed December 2024 — FY2023-FY2025 · publ. April 2026 · source ↗
  19. ReportedIt kept growing in 2023, up 14.8% to NT$133.7 billion, while company revenue fell 4.5%; in the March 2023 quarter it was the only line whose revenue rose, by 5%, when every other line fell.
    TSMC 1Q23 Quarterly Management Report - revenue decreased 18.7% quarter over quarter on weakening macroeconomic conditions, end-market demand softness and customers' inventory adjustment; revenue from HPC, smartphone, IoT, DCE and others decreased 14%, 27%, 19%, 5% and 18% while automotive increased 5% — 1Q23 · publ. April 20, 2023 · source ↗
  20. Moat Explorer calcIt kept growing in 2023, up 14.8% to NT$133.7 billion, while company revenue fell 4.5%; in the March 2023 quarter it was the only line whose revenue rose, by 5%, when every other line fell.
    Moat Explorer calculation from TSMC's Forms 20-F FY2019, FY2022 and FY2025 and quarterly management reports: platform shares of revenue (HPC 2,192,931/3,809,054 = 57.6% in 2025 and 265,394/977,447 = 27.2% in 2017; smartphone 29.2% in 2025 and 51.6% in 2017; IoT 5.0% and 5.3%; automotive 4.9% and 4.5%; consumer electronics 1.3% and 6.5%; the four non-HPC lines 72.8% in 2017 and 34% in 2Q26); 2025 revenue increase NT$914,746 million, of which HPC 78.3%, and 2024 NT$732,572 million, of which 74.0%; 2017-2025 compound annual growth HPC 30.2%, automotive 19.8%, IoT 17.7%, smartphone 10.4%, consumer electronics -3.4%; year-on-year changes HPC +28.8%, -7.6%, +39.3%, +33.6%, +58.6%, +0.3%, +58.0%, +48.5% (2018-2025), smartphone 2023 -8.3% and 2020 +23.2%, IoT 2023 -17.4% and 2024 +2.2%, automotive 2022 +73.5%, 2023 +14.8%, 2024 +4.2%, 2025 +34.0%, company revenue 2023 -4.5%; IoT 2025 of NT$191.0 billion 2.6% below 2022's NT$196.1 billion; consumer electronics 2025 23.9% below 2017 while company revenue grew 3.9 times, and 1/46 of HPC in 2025 against 24% in 2017; consumer electronics and others NT$127.6 billion (3.3%); 2Q26 HPC revenue about 66% x NT$1,270.38 billion against 60% x NT$933.79 billion, about half as much again, on rounded platform shares — 2017 to 2Q26 · publ. 2026-09-23 · source ↗
  21. ReportedBy the June 2023 quarter automotive was 8% of TSMC's revenue, the highest share it has had since platform reporting began; three years later it is half that, not because car chips shrank but because computing grew around them.
    TSMC 2Q23 Quarterly Management Report - net revenue by platform in 2Q23: HPC 44%, smartphone 33%, IoT 8%, automotive 8%, DCE 3%, others 4% — 2Q23 · publ. July 20, 2023 · source ↗
  22. ReportedBy the June 2023 quarter automotive was 8% of TSMC's revenue, the highest share it has had since platform reporting began; three years later it is half that, not because car chips shrank but because computing grew around them.
    TSMC 2Q26 Quarterly Management Report - net revenue NT$1,270.38 billion against NT$933.79 billion in 2Q25; gross margin 67.7%; HPC 66%, smartphone 22%, IoT 5%, automotive 4%, DCE 1%, others 2% of net revenue (2Q25: HPC 60%, smartphone 27%); sequentially, revenue from HPC, IoT, automotive, DCE and others increased 20%, 4%, 15%, 5% and 5%, while smartphone decreased 4%; North America 78% of net revenue; 7nm and below 77% of wafer revenue — 2Q26 · publ. July 16, 2026 · source ↗
  23. ReportedGrowth slowed to 4.2% in 2024 and rebounded 34% in 2025.
    TSMC Form 20-F FY2025 - net revenue by platform 2023-2025 (NT$ millions): HPC 934,769 / 1,476,891 / 2,192,931; smartphone 814,914 / 1,005,130 / 1,110,816; IoT 161,917 / 165,516 / 191,047; automotive 133,654 / 139,323 / 186,667; digital consumer electronics 47,000 / 47,961 / 47,997; others 69,482 / 59,487 / 79,596; total 2,161,736 / 2,894,308 / 3,809,054; increases from HPC of NT$716,040 million (48%) and NT$542,122 million (58%) and from smartphone of NT$105,686 million (11%) and NT$190,216 million (23%); platform descriptions; only one operating segment, the foundry segment; gross margin 54.4%, 56.1% and 59.9%; 7-nanometer and below 74% of wafer revenue in 2025, up from 69%; ESMC in Dresden (Fab 24) and up to EUR5 billion of German state aid agreed December 2024 — FY2023-FY2025 · publ. April 2026 · source ↗
  24. ReportedGrowth slowed to 4.2% in 2024 and rebounded 34% in 2025.
    TSMC 4Q25 earnings call transcript - in 4Q25 DCE decreased 22%; for 2025 HPC increased 48% and smartphone, IoT and automotive 11%, 15% and 34%, while DCE remained flat; revenue from AI accelerators accounted for high-teens percent of total revenue in 2025, with AI accelerator revenue growth forecast to approach a mid-to-high-fifties per cent CAGR for 2024-2029; N2 entered high-volume manufacturing in 4Q25 with strong demand from smartphone and HPC/AI; TSMC supplies most high-end smartphones, which are less sensitive to memory prices — 4Q25 call · publ. January 15, 2026 · source ↗
  25. Moat Explorer calcGrowth slowed to 4.2% in 2024 and rebounded 34% in 2025.
    Moat Explorer calculation from TSMC's Forms 20-F FY2019, FY2022 and FY2025 and quarterly management reports: platform shares of revenue (HPC 2,192,931/3,809,054 = 57.6% in 2025 and 265,394/977,447 = 27.2% in 2017; smartphone 29.2% in 2025 and 51.6% in 2017; IoT 5.0% and 5.3%; automotive 4.9% and 4.5%; consumer electronics 1.3% and 6.5%; the four non-HPC lines 72.8% in 2017 and 34% in 2Q26); 2025 revenue increase NT$914,746 million, of which HPC 78.3%, and 2024 NT$732,572 million, of which 74.0%; 2017-2025 compound annual growth HPC 30.2%, automotive 19.8%, IoT 17.7%, smartphone 10.4%, consumer electronics -3.4%; year-on-year changes HPC +28.8%, -7.6%, +39.3%, +33.6%, +58.6%, +0.3%, +58.0%, +48.5% (2018-2025), smartphone 2023 -8.3% and 2020 +23.2%, IoT 2023 -17.4% and 2024 +2.2%, automotive 2022 +73.5%, 2023 +14.8%, 2024 +4.2%, 2025 +34.0%, company revenue 2023 -4.5%; IoT 2025 of NT$191.0 billion 2.6% below 2022's NT$196.1 billion; consumer electronics 2025 23.9% below 2017 while company revenue grew 3.9 times, and 1/46 of HPC in 2025 against 24% in 2017; consumer electronics and others NT$127.6 billion (3.3%); 2Q26 HPC revenue about 66% x NT$1,270.38 billion against 60% x NT$933.79 billion, about half as much again, on rounded platform shares — 2017 to 2Q26 · publ. 2026-09-23 · source ↗
  26. ReportedFrom 2017 to 2025 the line compounded at 19.8% a year, to 4.3 times its starting revenue, the fastest of any line after high-performance computing.
    TSMC Form 20-F FY2019 - net revenue by platform 2017-2019 on the platform basis adopted in 2019 (NT$ millions): smartphone 504,175 / 466,452 / 523,613; HPC 265,394 / 341,910 / 315,822; IoT 51,776 / 65,092 / 86,343; automotive 43,871 / 51,710 / 47,914; digital consumer electronics 63,097 / 58,470 / 53,733; others 49,134 / 47,840 / 42,560; total 977,447 / 1,031,474 / 1,069,985; 2019 increases from smartphone NT$57,161 million (12%) and IoT NT$21,251 million (33%), offset by HPC down NT$26,088 million (8%); 2018 increases from HPC NT$76,516 million (29%) and IoT NT$13,316 million (26%), offset by smartphone down NT$37,723 million (7%) — FY2017-FY2019 · publ. April 2020 · source ↗
  27. ReportedFrom 2017 to 2025 the line compounded at 19.8% a year, to 4.3 times its starting revenue, the fastest of any line after high-performance computing.
    TSMC Form 20-F FY2025 - net revenue by platform 2023-2025 (NT$ millions): HPC 934,769 / 1,476,891 / 2,192,931; smartphone 814,914 / 1,005,130 / 1,110,816; IoT 161,917 / 165,516 / 191,047; automotive 133,654 / 139,323 / 186,667; digital consumer electronics 47,000 / 47,961 / 47,997; others 69,482 / 59,487 / 79,596; total 2,161,736 / 2,894,308 / 3,809,054; increases from HPC of NT$716,040 million (48%) and NT$542,122 million (58%) and from smartphone of NT$105,686 million (11%) and NT$190,216 million (23%); platform descriptions; only one operating segment, the foundry segment; gross margin 54.4%, 56.1% and 59.9%; 7-nanometer and below 74% of wafer revenue in 2025, up from 69%; ESMC in Dresden (Fab 24) and up to EUR5 billion of German state aid agreed December 2024 — FY2023-FY2025 · publ. April 2026 · source ↗
  28. Moat Explorer calcFrom 2017 to 2025 the line compounded at 19.8% a year, to 4.3 times its starting revenue, the fastest of any line after high-performance computing.
    Moat Explorer calculation from TSMC's Forms 20-F FY2019, FY2022 and FY2025 and quarterly management reports: platform shares of revenue (HPC 2,192,931/3,809,054 = 57.6% in 2025 and 265,394/977,447 = 27.2% in 2017; smartphone 29.2% in 2025 and 51.6% in 2017; IoT 5.0% and 5.3%; automotive 4.9% and 4.5%; consumer electronics 1.3% and 6.5%; the four non-HPC lines 72.8% in 2017 and 34% in 2Q26); 2025 revenue increase NT$914,746 million, of which HPC 78.3%, and 2024 NT$732,572 million, of which 74.0%; 2017-2025 compound annual growth HPC 30.2%, automotive 19.8%, IoT 17.7%, smartphone 10.4%, consumer electronics -3.4%; year-on-year changes HPC +28.8%, -7.6%, +39.3%, +33.6%, +58.6%, +0.3%, +58.0%, +48.5% (2018-2025), smartphone 2023 -8.3% and 2020 +23.2%, IoT 2023 -17.4% and 2024 +2.2%, automotive 2022 +73.5%, 2023 +14.8%, 2024 +4.2%, 2025 +34.0%, company revenue 2023 -4.5%; IoT 2025 of NT$191.0 billion 2.6% below 2022's NT$196.1 billion; consumer electronics 2025 23.9% below 2017 while company revenue grew 3.9 times, and 1/46 of HPC in 2025 against 24% in 2017; consumer electronics and others NT$127.6 billion (3.3%); 2Q26 HPC revenue about 66% x NT$1,270.38 billion against 60% x NT$933.79 billion, about half as much again, on rounded platform shares — 2017 to 2Q26 · publ. 2026-09-23 · source ↗
  29. ReportedMargins by line are not published here either.
    TSMC Form 20-F FY2025 - net revenue by platform 2023-2025 (NT$ millions): HPC 934,769 / 1,476,891 / 2,192,931; smartphone 814,914 / 1,005,130 / 1,110,816; IoT 161,917 / 165,516 / 191,047; automotive 133,654 / 139,323 / 186,667; digital consumer electronics 47,000 / 47,961 / 47,997; others 69,482 / 59,487 / 79,596; total 2,161,736 / 2,894,308 / 3,809,054; increases from HPC of NT$716,040 million (48%) and NT$542,122 million (58%) and from smartphone of NT$105,686 million (11%) and NT$190,216 million (23%); platform descriptions; only one operating segment, the foundry segment; gross margin 54.4%, 56.1% and 59.9%; 7-nanometer and below 74% of wafer revenue in 2025, up from 69%; ESMC in Dresden (Fab 24) and up to EUR5 billion of German state aid agreed December 2024 — FY2023-FY2025 · publ. April 2026 · source ↗
  30. ReportedAutomotive is a real, growing and sticky line that is still small, and its share of revenue says which way it is heading: 4.9% in 2025 and 4% in the June 2026 quarter.
    TSMC 2Q26 Quarterly Management Report - net revenue NT$1,270.38 billion against NT$933.79 billion in 2Q25; gross margin 67.7%; HPC 66%, smartphone 22%, IoT 5%, automotive 4%, DCE 1%, others 2% of net revenue (2Q25: HPC 60%, smartphone 27%); sequentially, revenue from HPC, IoT, automotive, DCE and others increased 20%, 4%, 15%, 5% and 5%, while smartphone decreased 4%; North America 78% of net revenue; 7nm and below 77% of wafer revenue — 2Q26 · publ. July 16, 2026 · source ↗
Sources
Generated September 23, 2026