Revenue growth stabilized at 5.5% in 2026Q1, though operating margins have contracted to 18.4% from a 24.5% peak in 2024Q2 due to persistent pricing pressures.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 240.73B | 237.55B | 232.3B | 222.53B | 278.71B | 213.01B | 176.82B | 148.2B | 151.25B | 149.28B | 147.87B | 144.83B | 140.01B | 123.81B | 115.68B | 116.7B | 126.44B | 91.39B | 96.91B | 113.32B | 111.99B | 100.58B | 129.4B | 95.54B | 75.6B | 69.82B | 115.61B | 34.34B |
| Revenue Growth % | 2.21% | 2.26% | 4.39% | -20.15% | 30.84% | 20.47% | 19.31% | -2.02% | 1.32% | 0.96% | 2.1% | 3.44% | 13.08% | 7.03% | -0.88% | -7.7% | 38.35% | -5.69% | -14.48% | 1.19% | 11.35% | -22.27% | 35.43% | 26.37% | 8.29% | -39.61% | 236.67% | - |
| Cost of Goods Sold | 169.45B | 168.65B | 156.65B | 144.79B | 152.94B | 140.96B | 137.82B | 126.89B | 128.41B | 122.23B | 117.49B | 113.06B | 108.16B | 100.25B | 96.26B | 95.42B | 89.52B | 75.97B | 81.21B | 89.77B | 90.62B | 90.88B | 92.54B | 73.81B | 63.04B | 60.57B | 57.06B | 25.27B |
| COGS % of Revenue | - | 70.99% | 67.43% | 65.06% | 54.88% | 66.18% | 77.95% | 85.62% | 84.9% | 81.88% | 79.46% | 78.06% | 77.25% | 80.97% | 83.22% | 81.76% | 70.8% | 83.13% | 83.8% | 79.22% | 80.92% | 90.36% | 71.52% | 77.26% | 83.38% | 86.75% | 49.36% | 73.6% |
| Gross Profit | 71.28B | 68.91B | 75.65B | 77.74B | 125.76B | 72.05B | 39B | 21.31B | 22.84B | 27.06B | 30.38B | 31.77B | 31.85B | 23.56B | 19.41B | 21.29B | 36.92B | 15.42B | 15.7B | 23.54B | 21.36B | 9.7B | 36.86B | 21.73B | 12.57B | 9.25B | 58.55B | 9.07B |
| Gross Margin % | 29.61% | 29.01% | 32.57% | 34.94% | 45.12% | 33.82% | 22.05% | 14.38% | 15.1% | 18.12% | 20.54% | 21.93% | 22.75% | 19.03% | 16.78% | 18.24% | 29.2% | 16.87% | 16.2% | 20.78% | 19.08% | 9.64% | 28.48% | 22.74% | 16.62% | 13.25% | 50.64% | 26.4% |
| Gross Profit Growth % | - | -8.92% | -2.69% | -38.18% | 74.55% | 84.76% | 82.96% | -6.68% | -15.59% | -10.93% | -4.37% | -0.26% | 35.18% | 21.38% | -8.81% | -42.35% | 139.53% | -1.81% | -33.32% | 10.21% | 120.28% | -73.69% | 69.62% | 72.89% | 35.89% | -84.2% | 545.78% | - |
| Operating Expenses | 25.9B | 24.96B | 24.04B | 19.85B | 21.47B | 20.36B | 17.07B | 16.43B | 17.16B | 20.39B | 24.19B | 20.93B | 21.78B | 19.48B | 15.91B | 16.11B | 14.9B | 13.57B | 14.83B | 17.43B | 16.2B | 17.81B | 15.02B | 12.01B | 12.46B | 15.66B | 11B | 4.91B |
| OpEx % of Revenue | - | 10.51% | 10.35% | 8.92% | 7.7% | 9.56% | 9.65% | 11.09% | 11.35% | 13.66% | 16.36% | 14.45% | 15.55% | 15.73% | 13.75% | 13.8% | 11.79% | 14.85% | 15.3% | 15.38% | 14.47% | 17.7% | 11.6% | 12.57% | 16.47% | 22.43% | 9.52% | 14.31% |
| Selling, General & Admin | 9.59B | 9.22B | 9.82B | 10.7B | 13.86B | 12.66B | 10.82B | 9.13B | 8.73B | 8.47B | 10.39B | 7.79B | 7.57B | 6.91B | 6.12B | 6.71B | 6.16B | 5.52B | 6.54B | 7.79B | 6.79B | 8.15B | 7.64B | 6.16B | 5.07B | 6.7B | 4.35B | 1.73B |
| SG&A % of Revenue | - | 3.88% | 4.23% | 4.81% | 4.97% | 5.94% | 6.12% | 6.16% | 5.77% | 5.68% | 7.03% | 5.38% | 5.41% | 5.58% | 5.29% | 5.75% | 4.88% | 6.04% | 6.75% | 6.88% | 6.06% | 8.1% | 5.9% | 6.44% | 6.71% | 9.6% | 3.76% | 5.03% |
| Research & Development | 18.34B | 17.73B | 15.62B | 13.28B | 12.95B | 12.93B | 12.9B | 11.86B | 13.03B | 13.67B | 13.53B | 12.17B | 13.66B | 12.49B | 9.79B | 9.4B | 8.74B | 8.04B | 8.28B | 9.63B | 9.42B | 9.66B | 7.38B | 5.85B | 7.39B | 8.96B | 6.31B | 3.19B |
| R&D % of Revenue | - | 7.46% | 6.72% | 5.97% | 4.65% | 6.07% | 7.29% | 8% | 8.61% | 9.16% | 9.15% | 8.41% | 9.76% | 10.09% | 8.46% | 8.05% | 6.91% | 8.8% | 8.55% | 8.5% | 8.41% | 9.6% | 5.7% | 6.12% | 9.77% | 12.83% | 5.45% | 9.28% |
| Other Operating Expenses | -4M | -1.99B | -1.39B | -4.13B | -5.34B | -5.23B | -6.65B | -4.56B | -4.59B | -1.75B | 263.13M | 963.73M | 538.97M | 70.87M | 0 | 0 | 0 | 0 | 32.85K | 0 | 0 | 0 | 0 | 0 | 0 | -34.96K | 348.87M | 0 |
| Operating Income | 45.38B | 43.95B | 51.61B | 57.89B | 104.29B | 51.69B | 21.93B | 4.88B | 5.68B | 6.57B | 6.19B | 10.84B | 10.08B | 4.03B | 3.71B | 5.18B | 22.02B | 1.85B | -2.1B | 6.12B | 5.16B | -8.11B | 21.84B | 9.72B | 112.52M | -6.41B | 47.54B | 4.15B |
| Operating Margin % | 18.85% | 18.5% | 22.22% | 26.01% | 37.42% | 24.26% | 12.4% | 3.3% | 3.76% | 4.4% | 4.19% | 7.48% | 7.2% | 3.26% | 3.21% | 4.44% | 17.41% | 2.02% | -2.17% | 5.4% | 4.61% | -8.06% | 16.88% | 10.18% | 0.15% | -9.18% | 41.12% | 12.1% |
| Operating Income Growth % | - | -14.85% | -10.84% | -44.49% | 101.78% | 135.67% | 349.08% | -14.02% | -13.53% | 6.05% | -42.84% | 7.54% | 149.9% | 8.74% | -28.41% | -76.48% | 1091.87% | 187.95% | -134.33% | 18.64% | 163.62% | -137.12% | 124.62% | 8541.33% | 101.75% | -113.49% | 1044.57% | - |
| EBITDA | 106.82B | 103.53B | 97.43B | 98.37B | 148.2B | 98.76B | 70.84B | 54.27B | 57.56B | 59.53B | 58.08B | 56.31B | 50.73B | 42.46B | 39.45B | 37.55B | 52.52B | 36.08B | 36.28B | 45.2B | 51.22B | 46.58B | 69.08B | 50.5B | 38.47B | 29.86B | 73.12B | 10.87B |
| EBITDA Margin % | 44.37% | 43.58% | 41.94% | 44.21% | 53.17% | 46.36% | 40.06% | 36.62% | 38.05% | 39.87% | 39.28% | 38.88% | 36.24% | 34.3% | 34.1% | 32.18% | 41.53% | 39.48% | 37.44% | 39.89% | 45.74% | 46.31% | 53.39% | 52.85% | 50.88% | 42.76% | 63.25% | 31.66% |
| EBITDA Growth % | 6.27% | 6.27% | -0.97% | -33.62% | 50.05% | 39.42% | 30.52% | -5.7% | -3.31% | 2.49% | 3.15% | 10.99% | 19.47% | 7.65% | 5.05% | -28.5% | 45.56% | -0.57% | -19.73% | -11.76% | 9.97% | -32.57% | 36.79% | 31.26% | 28.86% | -59.17% | 572.7% | - |
| D&A (Non-Cash Add-back) | 61.44B | 59.58B | 45.81B | 40.48B | 43.9B | 47.07B | 48.91B | 49.39B | 51.88B | 52.96B | 51.89B | 45.47B | 40.66B | 38.43B | 35.74B | 32.37B | 30.5B | 34.23B | 38.38B | 39.08B | 46.06B | 54.69B | 47.24B | 40.77B | 38.36B | 36.27B | 25.58B | 6.72B |
| EBIT | 58.06B | 49.92B | 51.54B | 65.57B | 109.82B | 60.36B | 24.55B | 7.74B | 5.7B | 10.02B | 6.45B | 11.76B | 10.59B | 14.94B | 6.75B | 9.74B | 25.47B | 1.73B | -21.82B | 6.12B | 5.16B | -8.11B | 21.84B | 9.72B | 112.52M | -6.41B | 47.54B | 4.15B |
| Net Interest Income | 561.38M | 680.19M | 1.99B | 3.38B | 237M | -1.29B | -1.27B | -1.94B | -2.06B | -2.41B | -1.25B | -167.78M | -250.34M | -376.68M | -326.9M | -130.6M | 62.09M | 21.28M | 524.37M | 1.15B | 914.14M | -43.84M | -394.77M | -184.58M | 189.15M | -38.46M | -348.48M | 0 |
| Interest Income | 2.12B | 2.29B | 3.67B | 4.85B | 2.02B | 575.72M | 737.91M | 994.06M | 706.45M | 0 | 0 | 356.08M | 495.73M | 301.73M | 211.37M | 229.24M | 143.48M | 170.5M | 686.91M | 1.33B | 1.56B | 1.06B | 1.04B | 1.14B | 1.65B | 2.49B | 2.02B | 0 |
| Interest Expense | 1.55B | 1.61B | 1.68B | 1.47B | 1.79B | 1.87B | 2B | 2.93B | 2.77B | 2.41B | 1.25B | 470.31M | 687.18M | 596.23M | 538.27M | 359.85M | 81.39M | 149.21M | 161.9M | 181.26M | 648.31M | 1.1B | 1.44B | 1.32B | 1.46B | 2.53B | 2.37B | 0 |
| Other Income/Expense | 11.56B | 5.7B | 4.61B | 10.56B | 4.9B | 6.81B | 611.52M | -76.95M | -3.56B | 1.1B | -1.47B | 2.83B | 3.5B | 10.31B | 2.59B | 4.2B | 3.36B | -174.49M | -19.89B | 13.55B | 31.42B | 13.71B | 9.94B | 4.95B | 7.25B | 214.93M | 3.15B | 7.38B |
| Pretax Income | 56.94B | 49.65B | 56.22B | 68.45B | 109.2B | 58.5B | 22.54B | 4.81B | 2.12B | 7.67B | 4.72B | 13.71B | 13.51B | 14.36B | 6.29B | 9.38B | 25.38B | 1.67B | -22.01B | 19.67B | 36.58B | 5.62B | 31.79B | 14.67B | 7.36B | -6.2B | 50.69B | 11.53B |
| Pretax Margin % | 23.65% | 20.9% | 24.2% | 30.76% | 39.18% | 27.46% | 12.75% | 3.24% | 1.4% | 5.14% | 3.19% | 9.47% | 9.65% | 11.6% | 5.44% | 8.04% | 20.08% | 1.83% | -22.71% | 17.36% | 32.67% | 5.59% | 24.57% | 15.36% | 9.74% | -8.88% | 43.85% | 33.58% |
| Income Tax | 7.04B | 8.11B | 9.11B | 8.31B | 19.33B | 7.92B | 1.69B | 230.35M | -1.13B | 992.48M | 552.52M | 1.03B | 3.13B | 2.26B | 2.15B | 913.43M | 1.61B | 651.07M | 997.87M | 2.81B | 3.26B | 67.22M | 374.39M | 977.79M | 271.37M | -3.04B | -91.06M | 843.81M |
| Effective Tax Rate % | 12.36% | 16.34% | 16.21% | 12.14% | 17.7% | 13.54% | 7.5% | 4.79% | -53.35% | 12.94% | 11.7% | 7.49% | 23.13% | 15.71% | 34.09% | 9.74% | 6.33% | 38.92% | -4.53% | 14.28% | 8.91% | 1.2% | 1.18% | 6.66% | 3.69% | 49.05% | -0.18% | 7.32% |
| Net Income | 50.11B | 41.72B | 47.21B | 59.69B | 89.48B | 51.25B | 22.86B | 8.16B | 7.68B | 9.63B | 8.62B | 13.25B | 11.11B | 12.63B | 6.09B | 10.61B | 23.9B | 3.87B | -22.34B | 16.96B | 32.61B | 7.04B | 31.89B | 14B | 7.09B | -3.16B | 50.78B | 10.69B |
| Net Margin % | 20.82% | 17.56% | 20.32% | 26.82% | 32.11% | 24.06% | 12.93% | 5.5% | 5.08% | 6.45% | 5.83% | 9.15% | 7.93% | 10.2% | 5.27% | 9.09% | 18.9% | 4.24% | -23.05% | 14.97% | 29.12% | 7% | 24.65% | 14.65% | 9.38% | -4.52% | 43.92% | 31.12% |
| Net Income Growth % | 12.53% | -11.64% | -20.91% | -33.29% | 74.61% | 124.17% | 180.32% | 6.22% | -20.26% | 11.69% | -34.95% | 19.31% | -12.04% | 107.25% | -42.56% | -55.61% | 516.9% | 117.34% | -231.71% | -47.99% | 362.95% | -77.91% | 127.87% | 97.44% | 324.52% | -106.22% | 375.2% | - |
| Net Income (Continuing) | 49.91B | 41.53B | 47.11B | 60.14B | 89.87B | 50.58B | 20.85B | 4.58B | 3.25B | 6.68B | 4.17B | 12.64B | 10.45B | 12.08B | 4.15B | 8.47B | 23.78B | 1.02B | -22.98B | 16.86B | 33.33B | 5.54B | 31.37B | 14B | 7.09B | -3.16B | 50.78B | 10.69B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 476.8M | 1.62B | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 35.56M | 87.17M | 256.61M | 340.86M | 343.68M | 223.18M | 113.36M | 410.06M | 466.77M | 956.81M | 2.16B | 2.03B | 3.85B | 4.32B | 2.57B | 4.39B | 5.8B | 497.94M | 6.99B | 6.53B | 6.24B | 6.35B | 8.74B | 15.05B | 16.06B | 15.59B | 9.15B | 10.08B |
| EPS (Diluted) | 20.07 | 16.70 | 18.70 | 24.15 | 34.35 | 22.40 | 11.75 | 3.25 | 3.00 | 3.70 | 3.35 | 5.10 | 4.45 | 4.80 | 2.30 | 4.05 | 9.35 | 1.50 | -8.50 | 5.05 | 12.00 | 2.60 | 11.50 | 5.15 | 2.65 | -1.15 | 19.70 | 5.20 |
| EPS Growth % | 12.96% | -10.7% | -22.57% | -29.69% | 53.35% | 90.64% | 261.54% | 8.33% | -18.92% | 10.45% | -34.31% | 14.61% | -7.29% | 108.7% | -43.21% | -56.68% | 523.33% | 117.65% | -268.32% | -57.92% | 361.54% | -77.39% | 123.3% | 94.34% | 330.43% | -105.84% | 278.85% | - |
| EPS (Basic) | - | 16.70 | 19.00 | 24.15 | 35.45 | 22.85 | 12.10 | 3.55 | 2.90 | 4.05 | 3.55 | 5.35 | 4.50 | 5.05 | 2.45 | 4.20 | 9.55 | 1.55 | -8.50 | 5.20 | 12.40 | 2.60 | 11.65 | 5.25 | 2.65 | -1.15 | 19.70 | 4.20 |
| Diluted Shares Outstanding | 2.5B | 2.5B | 2.53B | 2.52B | 2.54B | 2.49B | 2.49B | 2.63B | 2.65B | 2.65B | 2.67B | 2.63B | 2.54B | 2.63B | 2.66B | 2.65B | 2.55B | 2.56B | 2.63B | 3.36B | 2.72B | 2.72B | 2.77B | 2.75B | 2.73B | 2.69B | 2.59B | 2.55B |
| Basic Shares Outstanding | 2.5B | 2.5B | 2.52B | 2.53B | 2.46B | 2.44B | 2.41B | 2.36B | 2.56B | 2.4B | 2.42B | 2.47B | 2.47B | 2.47B | 2.49B | 2.51B | 2.5B | 2.54B | 2.62B | 3.26B | 2.63B | 2.68B | 2.73B | 2.68B | 2.69B | 2.69B | 2.59B | 2.55B |
| Dividend Payout Ratio | - | 86.25% | 79.61% | 75.42% | 41.85% | 38.78% | 42.72% | 84.75% | 111.46% | 63.39% | 80.11% | 52.35% | 56.29% | 40.07% | 103.65% | 132.1% | 26.05% | - | - | 73.37% | 21.94% | 24.96% | - | - | - | - | - | - |
Geopolitical and capacity oversupply
According to recent financial disclosures, UMC achieved a 5.5% year-over-year revenue increase in 2026Q1, signaling a stabilization in demand following the volatile periods observed throughout 2025, where quarterly growth fluctuated between a contraction of 2.2% and a modest expansion of 5.9% in the first quarter.
The current revenue trajectory suggests that the company has successfully navigated the inventory correction cycle that plagued the semiconductor industry in previous quarters. While growth remains in the low single digits, the consistency of these figures implies that the foundry's core mature-node offerings continue to find steady demand despite broader macroeconomic headwinds.
As reported in quarterly filings, UMC's gross margin has trended downward from a peak of 35.2% in 2024Q2 to 29.2% in 2026Q1, reflecting the ongoing challenges of maintaining pricing power amidst a global expansion of mature-node capacity by regional competitors in the semiconductor foundry space.
The erosion of gross margins suggests that the company is facing increased competitive intensity, likely from Chinese foundries aggressively adding capacity in the 28nm to 65nm range. Investors should monitor whether the company can successfully pivot its product mix toward higher-value specialty nodes to offset the inevitable price degradation in its legacy portfolio.
Based on the provided income statement data, UMC's operating margin has contracted to 18.4% in 2026Q1 from a high of 24.5% in 2024Q2, indicating that the company's high fixed-cost structure remains highly sensitive to fluctuations in factory utilization rates across its fabrication facilities.
The decline in operating income relative to gross profit highlights the difficulty of scaling SG&A and R&D expenses when top-line growth is stagnant. This suggests that management's ability to maintain profitability is tethered to volume, leaving the company vulnerable to any further softening in the automotive and consumer electronics end-markets.
Financial statements reveal that UMC's net income has experienced significant quarterly variance, with a notable spike to 16.2 billion TWD in 2026Q1, which appears disconnected from the more modest 18.4% operating margin, suggesting the influence of non-operating items or tax-related adjustments on the bottom line.
The divergence between operating income and net income warrants further investigation into the sustainability of these earnings, as they may be bolstered by one-time gains or government subsidies. Analysts should focus on the core operating performance to determine if the underlying business is generating sufficient cash to support its long-term capital allocation strategy.
While UMC maintains a competitive position in specialty nodes, the company's reliance on mature-node fabrication faces a significant threat from the rapid capacity expansion of competitors, as evidenced by the steady decline in gross margins from 35.2% in 2024Q2 to 29.2% in the most recent quarter.
Short-sellers may focus on the potential for a sustained pricing war in the 28nm space, which could permanently impair the company's ability to generate historical levels of profitability. The market's current valuation may be underestimating the risk that UMC's 'Golden Nodes' become commoditized faster than the company can transition to higher-value process technologies.
Quick answers to the most common questions about buying UMC stock.
For fiscal year 2025, United Microelectronics Corporation (UMC) reported total revenue of $237.55B. This represents a 591.8% increase compared to $34.34B in 1999.
United Microelectronics Corporation (UMC) is profitable, generating $41.72B in net income for the fiscal year ending 2025 with a net profit margin of 17.6%.
United Microelectronics Corporation (UMC) reported an operating income of $43.95B, resulting in an operating profit margin of 18.5%. This margin reflects the operational efficiency of the business before interest and taxes.
United Microelectronics Corporation (UMC) generated $68.91B in gross profit for the year, representing a gross profit margin of 29.0%. This demonstrates the company's core pricing power and production efficiency.