Taiwan Semiconductor Manufacturing Company Limited (TSM) Cash Flow Statement
Where TSM’s cash came from and went, 2025
December 31, 2025 · New Taiwan dollars- Cash from operations
- NT$2.27T +24.6% vs 2024
- Capital expenditures
- NT$1.28T 33.3% of revenue
- Free cash flow
- NT$992.42B 25.8% margin
- Returned to shareholders
- NT$466.78B 47% of free cash flow
- Change in cash
- NT$640.23B cash at year-end NT$2.77T
Cash from operations
NT$2.27T
Capital expenditures
−NT$1.28T
Investments (net)
−NT$42.78B
Acquisitions & other
+NT$180.95B
Dividends
−NT$466.78B
Net borrowing (repayment)
+NT$37.04B
Other financing
−NT$10.61B
Currency & other
−NT$50.01B
Change in cash
NT$640.23B
Drawn to scale: where the cash came from and how it was used. Hover for values.
TSM operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
TSM cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | NT$539.83B2016 | NT$2.27T2025 | +17.3%/yr | |
| Capital expenditures | NT$333.09B2016 | NT$1.28T2025 | +16.2%/yr | |
| Free cash flow | NT$206.74B2016 | NT$992.42B2025 | +19.0%/yr | |
| Free cash flow margin | 21.8%2016 | 25.8%2025 | +4.0 pts | |
| Operating cash flow / net income | 1.402016 | 1.322025 | −0.07 | |
| Stock-based compensation | NT$2.8M2019 | NT$1.25B2025 | +176.0%/yr | |
| Dividends paid | NT$155.58B2016 | NT$466.78B2025 | +13.0%/yr | |
| Share buybacks (net) | NT$02016 | NT$02025 | — | |
| Capex / revenue | 35.1%2016 | 33.3%2025 | −1.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TSM cash flow by activity
OperatingInvestingFinancingChange in cash
TSM net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
TSM cash flow statement in New Taiwan dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | NT$1.72T | NT$1.17T | NT$838.50B | NT$1.14T | NT$663.13B | NT$584.78B | NT$389.85B | NT$397.51B | NT$396.13B | NT$385.96B |
| Depreciation & amortization | NT$688.10B | NT$662.80B | NT$532.19B | NT$437.25B | NT$422.39B | NT$331.72B | NT$286.88B | NT$292.55B | NT$260.14B | NT$223.83B |
| Stock-based compensation | NT$1.25B | NT$1.65B | NT$544.4M | NT$302.3M | NT$7.8M | NT$6.6M | NT$2.8M | — | — | — |
| Change in working capital | −NT$96.75B | NT$13.35B | −NT$56.85B | NT$122.51B | NT$132.47B | −NT$28.34B | NT$10.82B | −NT$61.66B | NT$9.98B | −NT$15.06B |
| Other non-cash items | −NT$35.50B | −NT$24.88B | −NT$72.41B | −NT$93.66B | −NT$105.83B | −NT$65.51B | −NT$72.42B | −NT$54.44B | −NT$80.94B | −NT$54.89B |
| Cash from operating activities | NT$2.27T | NT$1.83T | NT$1.24T | NT$1.61T | NT$1.11T | NT$822.67B | NT$615.14B | NT$573.95B | NT$585.32B | NT$539.83B |
| Investing activities | ||||||||||
| Capital expenditures | −NT$1.28T | −NT$956.01B | −NT$955.40B | −NT$1.09T | −NT$849.44B | −NT$521.47B | −NT$469.75B | −NT$322.68B | −NT$335.89B | −NT$333.09B |
| Investments (net) | −NT$42.78B | −NT$864.84B | −NT$906.12B | −NT$1.19T | NT$4.29B | −NT$505.78B | −NT$458.80B | −NT$314.27B | −NT$336.16B | −NT$395.44B |
| Acquisitions & other investing | NT$180.95B | NT$956.01B | NT$955.40B | NT$1.08T | NT$8.79B | NT$521.47B | NT$469.75B | NT$322.68B | NT$335.89B | NT$333.09B |
| Cash from investing activities | −NT$1.14T | −NT$864.84B | −NT$906.12B | −NT$1.19T | −NT$836.37B | −NT$505.78B | −NT$458.80B | −NT$314.27B | −NT$336.16B | −NT$395.44B |
| Financing activities | ||||||||||
| Dividends paid | −NT$466.78B | −NT$363.06B | −NT$291.72B | −NT$285.23B | −NT$265.79B | −NT$259.30B | −NT$259.30B | −NT$207.44B | −NT$181.51B | −NT$155.58B |
| Share repurchases & issuance (net) | NT$0 | −NT$3.09B | NT$0 | −NT$871.6M | NT$0 | −NT$7.3M | −NT$4.0M | NT$0 | NT$0 | NT$0 |
| Net borrowing (repayment) | NT$37.04B | NT$26.53B | NT$93.35B | NT$82.01B | NT$397.66B | NT$172.72B | −NT$6.03B | −NT$34.10B | −NT$27.74B | −NT$4.51B |
| Shares issued | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 |
| Other financing | −NT$10.61B | −NT$6.69B | −NT$6.52B | NT$3.85B | NT$4.73B | −NT$2.03B | −NT$4.30B | −NT$3.58B | −NT$6.45B | NT$2.29B |
| Cash from financing activities | −NT$440.34B | −NT$346.30B | −NT$204.89B | −NT$200.24B | NT$136.61B | −NT$88.62B | −NT$269.64B | −NT$245.12B | −NT$215.70B | −NT$157.80B |
| Summary | ||||||||||
| Net change in cash | NT$640.23B | NT$662.20B | NT$122.61B | NT$277.82B | NT$404.82B | NT$204.77B | −NT$122.42B | NT$24.42B | NT$12.14B | −NT$21.44B |
| Cash at end of period | NT$2.77T | NT$2.13T | NT$1.47T | NT$1.34T | NT$1.06T | NT$660.17B | NT$455.40B | NT$577.81B | NT$553.39B | NT$541.25B |
| Free cash flow | NT$992.42B | NT$870.17B | NT$286.57B | NT$520.97B | NT$262.72B | NT$301.19B | NT$145.39B | NT$251.27B | NT$249.43B | NT$206.74B |
| Free cash flow margin | 25.8% | 30.1% | 13.3% | 23.0% | 16.6% | 22.5% | 13.6% | 24.4% | 25.5% | 21.8% |
| Capex / revenue | 33.3% | 33.0% | 44.2% | 48.1% | 53.5% | 38.9% | 43.9% | 31.3% | 34.4% | 35.1% |
| Operating cash flow / net income | 1.32 | 1.56 | 1.48 | 1.41 | 1.68 | 1.41 | 1.58 | 1.44 | 1.48 | 1.40 |
| Sep '26 | Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | NT$762.65B | NT$706.56B | NT$572.48B | NT$510.52B | NT$452.30B | NT$398.27B | NT$361.56B | NT$374.68B | NT$325.26B | NT$306.31B | NT$266.54B | NT$238.71B |
| Depreciation & amortization | NT$220.08B | NT$198.54B | NT$165.45B | NT$163.64B | NT$162.79B | NT$188.06B | NT$173.00B | NT$170.38B | NT$168.23B | NT$165.17B | NT$159.02B | NT$150.65B |
| Stock-based compensation | — | NT$123.0M | NT$114.0M | NT$173.0M | NT$273.4M | NT$344.4M | NT$455.2M | NT$396.7M | NT$323.0M | NT$231.0M | NT$181.8M | NT$127.3M |
| Change in working capital | −NT$11.13B | NT$4.52B | −NT$120.81B | −NT$25.14B | −NT$108.61B | −NT$13.11B | NT$37.82B | NT$16.91B | −NT$49.54B | NT$10.56B | NT$24.11B | NT$24.14B |
| Other non-cash items | −NT$19.84B | −NT$126.38B | NT$81.74B | NT$92.52B | −NT$79.92B | −NT$76.50B | NT$52.72B | NT$57.84B | −NT$52.28B | −NT$104.60B | −NT$13.55B | −NT$9.30B |
| Cash from operating activities | NT$951.76B | NT$783.36B | NT$698.98B | NT$741.73B | NT$426.83B | NT$497.06B | NT$625.57B | NT$620.21B | NT$391.99B | NT$377.67B | NT$436.31B | NT$404.33B |
| Investing activities | ||||||||||||
| Capital expenditures | −NT$441.63B | −NT$498.95B | −NT$351.70B | −NT$353.56B | −NT$288.43B | −NT$299.56B | −NT$333.11B | −NT$361.95B | −NT$207.90B | −NT$205.67B | −NT$181.30B | −NT$124.76B |
| Investments (net) | — | −NT$36.96B | −NT$35.21B | −NT$36.51B | −NT$194.83B | −NT$228.49B | −NT$290.19B | −NT$311.92B | −NT$195.51B | −NT$197.61B | −NT$159.81B | −NT$132.32B |
| Acquisitions & other investing | NT$139.28B | NT$43.10B | NT$30.05B | NT$392.6M | NT$223.51B | NT$299.56B | NT$333.11B | NT$361.95B | NT$207.90B | NT$205.67B | NT$181.30B | NT$109.83B |
| Cash from investing activities | −NT$302.35B | −NT$492.81B | −NT$356.85B | −NT$389.67B | −NT$259.75B | −NT$228.49B | −NT$290.19B | −NT$311.92B | −NT$195.51B | −NT$197.61B | −NT$159.81B | −NT$147.25B |
| Financing activities | ||||||||||||
| Dividends paid | −NT$155.11B | −NT$155.60B | −NT$129.66B | −NT$128.41B | −NT$116.70B | −NT$116.70B | −NT$103.72B | −NT$103.73B | −NT$90.76B | −NT$90.76B | −NT$77.80B | −NT$77.80B |
| Share repurchases & issuance (net) | — | — | — | NT$0 | NT$0 | NT$0 | −NT$23,000 | −NT$23,000 | NT$177,000 | −NT$3.09B | −NT$3.09B | NT$0 |
| Net borrowing (repayment) | — | −NT$22.09B | NT$12.52B | NT$22.91B | −NT$8.51B | NT$2.66B | NT$19.98B | NT$4.41B | NT$10.47B | — | — | — |
| Shares issued | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 | NT$0 |
| Other financing | NT$154.9M | −NT$6.97B | −NT$2.77B | NT$4.56B | −NT$3.08B | −NT$5.66B | −NT$928.7M | −NT$1.41B | −NT$3.35B | NT$3.61B | NT$9.20B | NT$8.42B |
| Cash from financing activities | −NT$154.96B | −NT$184.65B | −NT$119.91B | −NT$100.93B | −NT$128.29B | −NT$119.70B | −NT$84.67B | −NT$100.73B | −NT$83.64B | −NT$90.24B | −NT$71.69B | −NT$69.37B |
| Summary | ||||||||||||
| Net change in cash | NT$492.81B | NT$98.58B | NT$267.78B | NT$220.07B | NT$106.24B | −NT$30.28B | NT$267.18B | NT$240.85B | NT$87.65B | NT$100.93B | NT$232.77B | NT$153.62B |
| Cash at end of period | NT$3.64T | NT$3.13T | NT$3.04T | NT$2.76T | NT$2.47T | NT$2.36T | NT$2.39T | NT$2.13T | NT$1.89T | NT$1.80T | NT$1.70T | NT$1.47T |
| Free cash flow | NT$510.13B | NT$284.42B | NT$347.28B | NT$388.17B | NT$138.40B | NT$197.51B | NT$292.46B | NT$258.26B | NT$184.09B | NT$171.99B | NT$255.01B | NT$279.57B |
| Free cash flow margin | 34.2% | 22.4% | 30.6% | 36.8% | 14.0% | 21.2% | 34.8% | 29.7% | 24.2% | 25.5% | 43.0% | 44.7% |
| Capex / revenue | 29.6% | 39.3% | 31.0% | 33.5% | 29.1% | 32.1% | 39.7% | 41.7% | 27.4% | 30.5% | 30.6% | 19.9% |
| Operating cash flow / net income | 1.25 | 1.11 | 1.22 | 1.45 | 0.94 | 1.25 | 1.73 | 1.66 | 1.21 | 1.23 | 1.64 | 1.69 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in New Taiwan dollars as reported; data from EODHD.
TSM cash generation
In fiscal 2025 (ended December 31, 2025), Taiwan Semiconductor Manufacturing generated NT$2.27 trillion of cash from operations (up 24.6%) and spent NT$1.28 trillion on capital expenditures, leaving free cash flow of NT$992.4 billion, 25.8% of revenue. It returned NT$466.8 billion to shareholders through dividends (NT$466.8 billion) and net share buybacks (NT$0). Cash and equivalents rose by NT$640.2 billion over the year.
Related: TSM income statement, TSM balance sheet, TSM dividend history. See the TSM stock overview for the latest quote and news.
TSM cash flow FAQ
What is Taiwan Semiconductor Manufacturing's free cash flow?
Taiwan Semiconductor Manufacturing's free cash flow was NT$992.4 billion in fiscal 2025: NT$2.27 trillion of operating cash flow minus NT$1.28 trillion of capital expenditures It was NT$870.2 billion a year earlier..
How much cash does Taiwan Semiconductor Manufacturing generate from operations?
Taiwan Semiconductor Manufacturing generated NT$2.27 trillion of cash from operating activities in fiscal 2025, 1.32 times its net income of NT$1.72 trillion.
How much does Taiwan Semiconductor Manufacturing spend on capital expenditures?
Taiwan Semiconductor Manufacturing spent NT$1.28 trillion on capital expenditures in fiscal 2025, 33.3% of revenue, compared with NT$956.0 billion the year before.
How much does Taiwan Semiconductor Manufacturing pay in dividends?
Taiwan Semiconductor Manufacturing paid NT$466.8 billion in dividends in fiscal 2025, 47.0% of free cash flow.