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

Applied Materials brought in $28.4B of revenue in fiscal 2025, Taiwan Semiconductor Manufacturing $88.3B in fiscal 2024. Revenue changed by +4.4% at Applied Materials and +25.0% at Taiwan Semiconductor Manufacturing on the year before, so Taiwan Semiconductor Manufacturing grew faster. Applied Materials kept 24.7% of its revenue as net profit, Taiwan Semiconductor Manufacturing 40.0%. Free cash flow was $5.7B at Applied Materials and $26.5B at Taiwan Semiconductor Manufacturing.

Side by side, latest fiscal year

AMATTSM
Fiscal year endedFY2025 (October 26, 2025)FY2024 (December 31, 2024)
Revenue$28.4B$88.3B
Revenue growth+4.4%+25.0%
Net income$7B$35.3B
Net margin24.7%40.0%
Free cash flow$5.7B$26.5B
Free cash flow margin20.1%30.1%
Earnings per share (diluted)$8.66$1.36
Cash$7.2B$64.9B
Debt$6.5Bn/a
Price to earnings56.0n/a
Market value$385.1B$2.34T
Dividend yield0.37%n/a
Rank by revenue in sector#26 of 530 · Technology#8 of 530 · Technology

Over the years

Revenue
AMAT FY2018: $16.7BAMAT FY2019: $14.6BAMAT FY2020: $17.2BAMAT FY2021: $23.1BAMAT FY2022: $25.8BAMAT FY2023: $26.5BAMAT FY2024: $27.2BAMAT FY2025: $28.4BTSM FY2017: $33BTSM FY2018: $33.7BTSM FY2019: $35.8BTSM FY2020: $47.7BTSM FY2021: $57.2BTSM FY2022: $73.7BTSM FY2023: $70.6BTSM FY2024: $88.3BFY17FY18FY19FY20FY21FY22FY23FY24FY25
AMAT $28.4BTSM $88.3B
Net income
AMAT FY2018: $3BAMAT FY2019: $2.7BAMAT FY2020: $3.6BAMAT FY2021: $5.9BAMAT FY2022: $6.5BAMAT FY2023: $6.9BAMAT FY2024: $7.2BAMAT FY2025: $7BTSM FY2017: $11.6BTSM FY2018: $11.9BTSM FY2019: $11.8BTSM FY2020: $18.2BTSM FY2021: $21.4BTSM FY2022: $32.3BTSM FY2023: $27.8BTSM FY2024: $35.3BFY17FY18FY19FY20FY21FY22FY23FY24FY25
AMAT $7BTSM $35.3B
Net margin
AMAT FY2018: 18.2%AMAT FY2019: 18.5%AMAT FY2020: 21.0%AMAT FY2021: 25.5%AMAT FY2022: 25.3%AMAT FY2023: 25.9%AMAT FY2024: 26.4%AMAT FY2025: 24.7%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
AMAT 24.7%TSM 40.0%
Revenue growth
AMAT FY2019: -12.6%AMAT FY2020: +17.8%AMAT FY2021: +34.1%AMAT FY2022: +11.8%AMAT FY2023: +2.8%AMAT FY2024: +2.5%AMAT FY2025: +4.4%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
AMAT +4.4%TSM +25.0%
Free cash flow
AMAT FY2018: $3.2BAMAT FY2019: $2.8BAMAT FY2020: $3.4BAMAT FY2021: $4.8BAMAT FY2022: $4.6BAMAT FY2023: $7.6BAMAT FY2024: $7.5BAMAT FY2025: $5.7BTSM FY2017: $8.6BTSM FY2018: $8.4BTSM FY2019: $5.2BTSM FY2020: $11.2BTSM FY2021: $9.8BTSM FY2022: $17.2BTSM FY2023: $9.5BTSM FY2024: $26.5BFY17FY18FY19FY20FY21FY22FY23FY24FY25
AMAT $5.7BTSM $26.5B

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

Questions about Applied Materials and Taiwan Semiconductor Manufacturing

Which is bigger by revenue, Applied Materials or Taiwan Semiconductor Manufacturing?

Taiwan Semiconductor Manufacturing is bigger by revenue: $88.3B in fiscal 2024, against $28.4B for Applied Materials in fiscal 2025.

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

Applied Materials had a net margin of 24.7% in fiscal 2025; Taiwan Semiconductor Manufacturing had 40.0% in fiscal 2024.

Which grew revenue faster, Applied Materials or Taiwan Semiconductor Manufacturing?

In their latest fiscal years revenue changed by +4.4% at Applied Materials 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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