ASML Holding NV
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +3.08%.
Did ASML Beat Earnings? Q2 2025 Results
ASML delivered a blowout second quarter, reporting earnings per share of $6.85 against a consensus estimate of $5.24 — a 30.74% beat — while revenue of $8.93 billion topped the $7.56 billion estimate by 18.16% and grew 23.2% year over year. The standout driver was a gross margin of 53.7%, which exceeded guidance on the back of a stronger-than-expected upgrade business and one-off cost reductions, underscoring the premium economics embedded in ASML's installed base. Net bookings also impressed, <a href="https://247wallst.com/investing/2026/01/28/asmls-record-orders-smash-estimates-as-ai-spurs-chip-equipment-demand/">surging to $6.44 billion</a> in Q2 from $4.57 billion in Q1, signaling durable customer commitment to advanced lithography. Yet strong results were quickly overshadowed by CEO Christophe Fouquet's candid admission that the company "cannot confirm" growth in 2026 amid mounting macroeconomic and geopolitical uncertainty, sending shares sharply lower. For Q3 2025, ASML guided revenue of $8.60 billion to $9.18 billion, and the company maintained its full-year 2025 outlook for approximately 15% net sales growth with gross margin around 52%.
- Gross margin above guidance driven by higher upgrade business and one-off cost reductions
- Continued progress in litho intensity, particularly in DRAM
- Strong AI-driven semiconductor demand
- EUV adoption advancing as planned including High NA
- Net bookings increased significantly to €5.5 billion from €3.9 billion in Q1
“Our second-quarter total net sales came in at €7.7 billion, at the top end of our guidance. The gross margin was 53.7%, above guidance, primarily driven by higher upgrade business and one-offs resulting in lower costs.”
ASML CEO, on the earnings call
Forward Guidance & Outlook
For Q3 2025, ASML expects total net sales between €7.4 billion and €7.9 billion, with Installed Base Management sales around €2.0 billion, gross margin between 50% and 52%, R&D costs around €1.2 billion, and SG&A costs around €310 million. For full-year 2025, the company expects approximately 15% total net sales growth relative to 2024, with a gross margin of around 52% and an annualized effective tax rate around 17%. Looking at 2026, ASML sees AI customers' fundamentals as remaining strong, but increasing uncertainty from macroeconomic and geopolitical developments means the company cannot confirm 2026 growth at this stage, though it continues to prepare for it. Long-term, based on its 2024 Investor Day scenarios, ASML sees a 2030 annual revenue opportunity between approximately €44 billion and €60 billion with gross margin between 56% and 60%.
ASML YoY Financials
ASML Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.