ASML Holding NV
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −1.30%.
Did ASML Beat Earnings? Q4 2025 Results
ASML closed out a record-setting fiscal year with a mixed but ultimately compelling Q4 2025 report, posting earnings per share of $8.53 against a consensus of $8.60 — a narrow miss of 0.87% — while revenue of $11.29 billion ran 18.41% above the $9.53 billion estimate and grew 4.9% year over year. The revenue outperformance was fueled by recognition of two High NA EXE systems alongside robust EUV demand, capping a full year in which ASML recorded $37.94 billion in total net sales and $11.16 billion in net income at a 52.8% gross margin. Perhaps more telling than the quarterly figures was the <a href="https://247wallst.com/investing/2026/01/28/asmls-record-orders-smash-estimates-as-ai-spurs-chip-equipment-demand/">surge in new bookings</a>, with Q4 net orders reaching $15.28 billion — $8.60 billion of which was EUV — lifting the year-end backlog to $45.06 billion as AI-driven capacity expansion prompted customers to materially upgrade their medium-term outlooks. Management guided Q1 2026 revenue between $9.52 billion and $10.34 billion, with full-year 2026 expected between $39.49 billion and $45.30 billion at stable gross margins of 51% to 53%.
- Record Q4 net sales including revenue recognition for two High NA systems
- EUV system sales increased 39% year-over-year to €11.6 billion in FY 2025
- Installed Base Management sales increased 26% to €8.2 billion driven by higher service and upgrade business
- Record Q4 net bookings of €13.2 billion reflecting customers' more positive medium-term outlook
- AI-related demand sustainability driving customer capacity expansion plans
“ASML reported another record year in 2025, with total net sales of €32.7 billion and a gross margin of 52.8%. The fourth quarter was particularly strong: we reported record total net sales of €9.7 billion, including the revenue recognized for two High NA systems. Our gross margin for Q4 was in line with our guidance at 52.2%.”
ASML CEO, on the earnings call
Forward Guidance & Outlook
For Q1 2026, ASML expects total net sales between €8.2 billion and €8.9 billion, with Installed Base Management sales around €2.4 billion and gross margin between 51% and 53%. R&D costs are expected around €1.2 billion and SG&A costs around €0.3 billion. For full-year 2026, ASML expects total net sales between €34 billion and €39 billion, with a gross margin between 51% and 53% and an annualized effective tax rate of around 17%. Growth is expected to be largely driven by a significant increase in EUV sales and growth in installed base business. Looking further out, based on different market and lithography intensity scenarios presented at its November 2024 Investor Day, ASML sees an opportunity for 2030 annual revenue between approximately €44 billion and €60 billion with a gross margin between approximately 56% and 60%.
ASML YoY Financials
ASML Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.