As of Q4'25, TSM's gross margin reached 62.3%, operating margin stood at 53.9%, and net profit margin was 48.3%. These figures represent the highest levels observed in the period from Q1'23 to Q4'25, indicating a strong improvement in profitability by the end of 2025. From Q1'23 to Q2'24, all three margins showed a slight downward trend or remained relatively stable, with gross margin fluctuating around 53-56%, operating margin around 41-45%, and net profit margin between 37-41%. However, starting in Q3'24, there was a notable upward shift across all metrics, culminating in significant margin expansion through 2025. This trend suggests that TSM experienced a period of margin compression followed by a robust recovery, likely reflecting operational improvements or favorable market conditions in the latter part of the timeframe.