ASML Holding NV
Q2 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +2.85%.
Did ASML Beat Earnings? Q2 2026 Results
ASML Holding NV delivered a standout second quarter, posting revenue of $10.65 billion, up 21.3% year over year and above the high end of its own guidance, while earnings per share of $8.67 extended the company's streak of beating consensus EPS estimates to four consecutive quarters. The key driver behind the upside was stronger-than-expected Installed Base Management sales, which climbed to $3.15 billion as customers accelerated spending on upgrades and service across their existing tool fleets. Net income rose to $3.33 billion from $2.62 billion a year ago, and operating margin expanded to 37.1% from 34.6%, reflecting meaningful operating leverage as revenue growth outpaced cost increases. The results come against a backdrop of surging AI-related semiconductor demand, which has prompted customers to fast-track capacity expansion plans. ASML responded in kind by raising its full-year 2026 revenue outlook to $49.11 billion to $51.40 billion with gross margins of 54% to 56%, and guided Q3 revenue of $12.56 billion to $13.71 billion, signaling sustained momentum heading into the second half.
- Higher than expected Installed Base Management sales drove Q2 upside
- AI-related investments driving demand for advanced Logic and Memory chips
- Customers accelerating capacity expansion plans
- Extremely strong order intake in H1 2026
- Gross margin expansion to 54.0% from 53.7% year-over-year
“Our second-quarter total net sales were €9.3 billion and gross margin came in at 54.0%, both above guidance, driven primarily by higher than expected Installed Base Management sales.”
ASML CEO, on the earnings call
Forward Guidance & Outlook
ASML raised its full-year 2026 outlook, now expecting total net sales between €43 billion and €45 billion with a gross margin between 54% and 56%, up from prior guidance. The annualized effective tax rate is expected at around 17%. For Q3 2026, the company expects total net sales between €11.0 billion and €12.0 billion, Installed Base Management sales of around €2.9 billion, gross margin between 55% and 57%, R&D costs of around €1.2 billion, and SG&A costs of around €0.4 billion. Management cited AI-driven demand for advanced Logic and Memory chips as a key growth driver, with customers accelerating capacity expansion plans. ASML plans to increase its low NA EUV capacity by 30% for 2027 (from ~65 units in 2026) and is investigating a further 30% increase for 2028. DUV immersion capacity of ~130 units in 2026 is similarly planned to grow 30% for 2027 with another potential 30% for 2028. A Capital Markets Day is scheduled for June 10, 2027 to update longer-term views.
ASML YoY Financials
ASML Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.