Q2 26 EPS
$8.67
Q2 26 Revenue
$10.65B
vs S&P Since Q2 26
+2.0%
BEATING MARKET
ASML -0.2% vs S&P -2.2%
Market Reaction
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 estim… Read more 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.
Key Takeaways
- • 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
ASML 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
Q2 2026 vs Q2 2025, source: SEC Filings
ASML Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Christophe Fouquet, Q2 2026 Earnings Press Release
ASML Earnings Trends
ASML vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ASML EPS Trend
Earnings per share: estimate vs actual
ASML Revenue Trend
Quarterly revenue: estimate vs actual
ASML Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | — | $8.67 | — | $10.65B | — |
| Q1 26 BEAT | $6.62 | $8.43 | +27.42% | $10.34B | +20.18% |
| Q4 25 BEAT FY | $7.55 | $8.53 | +12.99% | $11.29B | +17.79% |
| FY Full Year | $24.89 | $28.70 | +15.31% | $37.94B | +16.81% |
| Q3 25 BEAT | $5.37 | $6.37 | +18.53% | $8.73B | +12.95% |
| Q2 25 BEAT | $5.25 | $6.85 | +30.53% | $8.93B | +18.16% |