ASML Holding NV
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.02%.
Did ASML Beat Earnings? Q3 2025 Results
ASML delivered a standout third quarter, posting earnings per share of $6.37 against a consensus estimate of $5.37 — an 18.42% beat — while revenue of $8.73 billion cleared Wall Street's $7.73 billion forecast by 12.95%, even as top-line growth remained modest at just 0.7% year over year. The stronger-than-expected result was driven largely by an accelerating shift in the sales mix toward higher-value EUV systems, which climbed to 48% of net system sales from 38% in the prior quarter, lifting gross margin to 51.6%. Net bookings of $6.27 billion, including $4.18 billion in EUV, reinforced that <a href="https://247wallst.com/investing/2026/01/28/asmls-record-orders-smash-estimates-as-ai-spurs-chip-equipment-demand/">AI-driven chip equipment demand</a> continues to underpin the order pipeline. Logic customers, fueled by artificial intelligence investment, accounted for 69% of net system sales and 84% of bookings. Looking ahead, ASML guided Q4 revenue between $10.69 billion and $11.38 billion, expects roughly 15% full-year sales growth for 2025, and signaled that 2026 total net sales will not fall below 2025 levels — though China revenue is expected to decline significantly next year.
- Continued positive momentum around investments in AI extending to more customers in leading-edge Logic and advanced DRAM
- EUV adoption gaining momentum with increasing litho intensity
- Logic represented 69% of net system sales and 84% of net bookings in Q3
- EUV share of net system sales increased to 48% in Q3 from 38% in Q2
- Strong Installed Base Management sales of €2.0 billion
“Our third-quarter total net sales of €7.5 billion and gross margin of 51.6% were in line with our guidance, reflecting a good quarter for ASML.”
ASML CEO, on the earnings call
Forward Guidance & Outlook
ASML expects Q4 2025 total net sales between €9.2 billion and €9.8 billion, with Installed Base Management sales around €2.1 billion and gross margin between 51% and 53%. R&D costs are expected around €1.2 billion and SG&A costs around €320 million. For full-year 2025, ASML expects total net sales growth of around 15% relative to 2024, with a gross margin of around 52% and an annualized effective tax rate of around 17%. The company expects a very strong fourth quarter. Looking further ahead, ASML does not expect 2026 total net sales to be below 2025 levels, though China customer demand and China total net sales are expected to decline significantly in 2026. More detailed 2026 guidance will be provided in January. The company sees an opportunity to achieve 2030 annual revenue between approximately €44 billion and €60 billion with gross margins between 56% and 60%.
ASML YoY Financials
ASML Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.