# TSMC: September revenue confirms demand strength, not CoWoS capacity release

> Constraint Alpha research note. Confidence: high.

Published: 2026-10-12T05:22:48Z  
Research as of: 2026-10-12  
Scope: company / TSMC (TSM / 2330)

## Summary

TSMC reports unaudited September revenue of NT$511.857 billion, up 54.6% year over year; January-September revenue reached NT$3,898.727 billion, up 41.1%.

## What changed

- September revenue was NT$511.857 billion, down 0.6% from August and up 54.6% from September 2025.
- January-September 2026 revenue totaled NT$3,898.727 billion, 41.1% above the comparable 2025 period.
- The company release reports consolidated revenue; it does not isolate CoWoS utilization, advanced-packaging throughput, HBM allocation or customer qualification.

## Why it matters

The update confirms unusually strong foundry demand through the third quarter, but it does not resolve the packaging-capacity evidence gap. ConstraintAlpha should keep total revenue separate from proof of qualified CoWoS or HBM supply.

## Evidence

- [TSMC September 2026 Revenue Report](https://pr.tsmc.com/english/news/3343) — September revenue, month-over-month and year-over-year changes, and January-September total. (as of 2026-10-08)
- [TSMC 2026 monthly revenue table](https://investor.tsmc.com/english/monthly-revenue/2026) — Monthly consolidated revenue series and the unaudited status of 2026 figures. (as of 2026-10-08)
- [TSMC Form 6-K revenue report](https://www.sec.gov/Archives/edgar/data/1046179/000104617926000680/tsm-revenue20261008.htm) — Company revenue release filed with the U.S. Securities and Exchange Commission. (as of 2026-10-08)

Member-only thesis, risk, catalyst, falsification, and score fields are intentionally excluded.  
Canonical URL: https://constraintalpha.com/research/tsmc-september-2026-revenue