Yes. Semiconductor Manufacturing International Corporation (SMIC) reported first-quarter 2026 revenue of $2.5055 billion, about 11.5% more than a year earlier. That is a significant increase if “significant” means sustained double-digit annual growth. It is not evidence of a fresh surge: revenue rose only about 0.7% from the previous quarter, and gross margin fell year on year.
What SMIC’s latest confirmed results show
SMIC’s latest confirmed quarterly results in the Hong Kong Exchange filings available as of August 16, 2026, cover the quarter ended March 31, 2026. The company reported revenue of $2,505.5 million, compared with $2,247.2 million in the first quarter of 2025. The year-on-year increase is approximately 11.5%, calculated from those reported figures. Revenue was up approximately 0.7% from the $2,488.7 million reported for the fourth quarter of 2025. SMIC’s Q1 2026 announcement reports the quarter’s revenue and profitability figures.
The Hong Kong Exchange issuer search shows the May 14, 2026 announcement for the quarter ended March 31 as the latest quarterly-results filing located by that date; it does not establish a Q2 2026 result. SMIC’s Hong Kong Exchange filing history is the place to check for later announcements.
How the increase compares with recent periods
The figures show a larger revenue base and positive year-on-year comparisons across the periods below. Quarterly figures are reported in U.S. dollars; growth percentages are calculated from the cited company figures.
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| Period | Revenue | Comparison | Year-on-year change |
|---|---|---|---|
| FY2025 | $9.327 billion | FY2024 | +16.2% (company-reported) |
| Q4 2025 | $2.4887 billion | Q4 2024: $2.2073 billion | Approximately +12.7% (calculated) |
| Q1 2026 | $2.5055 billion | Q1 2025: $2.2472 billion | Approximately +11.5% (calculated) |
The intervening quarterly sequence also rose in reported revenue: $2.2091 billion in Q2 2025, $2.3818 billion in Q3 2025, $2.4887 billion in Q4 2025, and $2.5055 billion in Q1 2026. Q1 2026 was only about 0.7% above Q4 2025, so the year-on-year comparison is much stronger than the latest sequential change. The quarterly announcements provide the underlying figures for Q2 2025, Q3 2025, and Q4 2025.
Why revenue has been rising—and what the figures can establish
SMIC’s 2025 annual-report material describes capacity growth and higher utilization alongside its revenue increase. Monthly capacity exceeded 1 million standard logic eight-inch-equivalent wafers, utilization increased by 8 percentage points to 93.5%, and gross margin for the year was 21%. These company disclosures support the view that added capacity and greater use of production facilities helped expand sales. They do not, on their own, quantify how much of revenue growth came from wafer volume, prices, product mix, or individual end markets. SMIC’s 2025 annual-report materials also set out its 2026 outlook.
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Demand from customers seeking locally sourced semiconductors may be part of the broader context, but the figures cited here do not isolate that effect. Nor do they show that AI or advanced-chip demand was the principal driver. Those explanations should not be treated as proven by revenue growth alone.
Revenue growth has not meant higher gross profit in the latest quarter
In Q1 2026, SMIC’s gross profit was $503.6 million, slightly below $505.9 million in Q1 2025. Gross margin declined to 20.1% from 22.5%. In other words, higher revenue did not translate into higher gross profit in that year-on-year comparison, and a smaller share of sales remained after cost of revenue.
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For a capital-intensive foundry, revenue can rise while margins are pressured by factors such as depreciation on new facilities, production ramp costs, pricing, and product mix. The reported figures establish the margin decline, but do not identify the relative contribution of each factor. Revenue growth is therefore a positive demand and scale signal, not a complete measure of earnings quality or return on new investment.
What management expects for 2026
SMIC’s 2025 annual-report materials say management expected 2026 revenue growth to be higher than the industry average in the same markets, assuming no significant change in the external environment. Management also expected capital expenditure to be approximately flat compared with 2025. These are conditional forecasts, not achieved results or a guarantee of outperformance. The “same markets” qualification matters: the statement should not be read as a claim that SMIC will outgrow every foundry or the semiconductor industry as a whole.
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What could interrupt the growth
SMIC’s results remain exposed to the economics and risks of semiconductor manufacturing. Factors that could affect future revenue, margins, or both include:
- A downturn in the semiconductor cycle or weaker smartphone and consumer-electronics demand.
- Excess capacity or pricing pressure, particularly in mature-node production.
- Export controls or restrictions affecting access to equipment and technology.
- Delays, lower yields, or higher costs as new facilities ramp production, alongside the depreciation burden of expansion.
- Competition from TSMC, UMC, Hua Hong, GlobalFoundries, and other foundries.
- Customer or end-market concentration, and geopolitical or supply-chain disruption.
These are risks to monitor, not evidence that any one of them caused the reported revenue or margin changes.
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How to judge whether the growth is durable
For investors and industry observers, the next results are most useful when read as a group of indicators rather than as a revenue headline alone:
- Revenue and shipments: whether sales continue to grow year on year and whether disclosed wafer output supports that growth.
- Utilization: whether higher capacity is being used enough to support fixed manufacturing costs.
- Gross margin: whether revenue expansion begins to translate into stronger unit economics.
- Capital spending and depreciation: whether new capacity can earn returns that justify its cost.
- Demand mix: whether growth comes from durable, diversified demand rather than a temporary inventory cycle or a narrow customer base.
- Guidance: whether management maintains its conditional 2026 outlook as new results become available.
SMIC is Semiconductor Manufacturing International Corporation, listed in Hong Kong under code 00981 and on Shanghai’s STAR Market under code 688981. Results do not by themselves determine whether either listing suits an individual investor; access, currency, liquidity, regulation, and geopolitical exposure differ by market and investor location.
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