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Apple vs Taiwan Semiconductor Manufacturing: revenue, profit, margins and growth compared

Apple brought in $416.2B of revenue in fiscal 2025, Taiwan Semiconductor Manufacturing $88.3B in fiscal 2024. Revenue changed by +6.4% at Apple and +25.0% at Taiwan Semiconductor Manufacturing on the year before, so Taiwan Semiconductor Manufacturing grew faster. Apple kept 26.9% of its revenue as net profit, Taiwan Semiconductor Manufacturing 40.0%. Free cash flow was $98.8B at Apple and $26.5B at Taiwan Semiconductor Manufacturing.

Side by side, latest fiscal year

AAPLTSM
Fiscal year endedFY2025 (September 27, 2025)FY2024 (December 31, 2024)
Revenue$416.2B$88.3B
Revenue growth+6.4%+25.0%
Net income$112B$35.3B
Net margin26.9%40.0%
Free cash flow$98.8B$26.5B
Free cash flow margin23.7%30.1%
Earnings per share (diluted)$7.46$1.36
Cash$35.9B$64.9B
Debt$90.7Bn/a
Price to earnings45.7n/a
Market value$4.98T$2.34T
Dividend yield0.30%n/a
Rank by revenue in sector#1 of 530 · Technology#8 of 530 · Technology

Over the years

Revenue
AAPL FY2018: $265.6BAAPL FY2019: $260.2BAAPL FY2020: $274.5BAAPL FY2021: $365.8BAAPL FY2022: $394.3BAAPL FY2023: $383.3BAAPL FY2024: $391BAAPL FY2025: $416.2BTSM FY2017: $33BTSM FY2018: $33.7BTSM FY2019: $35.8BTSM FY2020: $47.7BTSM FY2021: $57.2BTSM FY2022: $73.7BTSM FY2023: $70.6BTSM FY2024: $88.3BFY17FY18FY19FY20FY21FY22FY23FY24FY25
AAPL $416.2BTSM $88.3B
Net income
AAPL FY2018: $59.5BAAPL FY2019: $55.3BAAPL FY2020: $57.4BAAPL FY2021: $94.7BAAPL FY2022: $99.8BAAPL FY2023: $97BAAPL FY2024: $93.7BAAPL FY2025: $112BTSM FY2017: $11.6BTSM FY2018: $11.9BTSM FY2019: $11.8BTSM FY2020: $18.2BTSM FY2021: $21.4BTSM FY2022: $32.3BTSM FY2023: $27.8BTSM FY2024: $35.3BFY17FY18FY19FY20FY21FY22FY23FY24FY25
AAPL $112BTSM $35.3B
Net margin
AAPL FY2018: 22.4%AAPL FY2019: 21.2%AAPL FY2020: 20.9%AAPL FY2021: 25.9%AAPL FY2022: 25.3%AAPL FY2023: 25.3%AAPL FY2024: 24.0%AAPL FY2025: 26.9%TSM FY2017: 35.3%TSM FY2018: 35.2%TSM FY2019: 33.1%TSM FY2020: 38.1%TSM FY2021: 37.3%TSM FY2022: 43.9%TSM FY2023: 39.4%TSM FY2024: 40.0%FY17FY18FY19FY20FY21FY22FY23FY24FY25
AAPL 26.9%TSM 40.0%
Revenue growth
AAPL FY2019: -2.0%AAPL FY2020: +5.5%AAPL FY2021: +33.3%AAPL FY2022: +7.8%AAPL FY2023: -2.8%AAPL FY2024: +2.0%AAPL FY2025: +6.4%TSM FY2018: +2.2%TSM FY2019: +6.2%TSM FY2020: +33.3%TSM FY2021: +20.0%TSM FY2022: +28.7%TSM FY2023: -4.2%TSM FY2024: +25.0%FY18FY19FY20FY21FY22FY23FY24FY25
AAPL +6.4%TSM +25.0%
Free cash flow
AAPL FY2018: $64.1BAAPL FY2019: $58.9BAAPL FY2020: $73.4BAAPL FY2021: $93BAAPL FY2022: $111.4BAAPL FY2023: $99.6BAAPL FY2024: $108.8BAAPL FY2025: $98.8BTSM FY2017: $8.6BTSM FY2018: $8.4BTSM FY2019: $5.2BTSM FY2020: $11.2BTSM FY2021: $9.8BTSM FY2022: $17.2BTSM FY2023: $9.5BTSM FY2024: $26.5BFY17FY18FY19FY20FY21FY22FY23FY24FY25
AAPL $98.8BTSM $26.5B

Fiscal years as each company reports them; the two may end in different months.

Questions about Apple and Taiwan Semiconductor Manufacturing

Which is bigger by revenue, Apple or Taiwan Semiconductor Manufacturing?

Apple is bigger by revenue: $416.2B in fiscal 2025, against $88.3B for Taiwan Semiconductor Manufacturing in fiscal 2024.

Which keeps more of its revenue as profit, Apple or Taiwan Semiconductor Manufacturing?

Apple had a net margin of 26.9% in fiscal 2025; Taiwan Semiconductor Manufacturing had 40.0% in fiscal 2024.

Which grew revenue faster, Apple or Taiwan Semiconductor Manufacturing?

In their latest fiscal years revenue changed by +6.4% at Apple and +25.0% at Taiwan Semiconductor Manufacturing.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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