Date: January 28, 2026
Ticker: NASDAQ: ASML
Topic: Q4 Earnings and Full Year 2025 Earnings Digest
Earnings Summary
- Revenue: ASML reported net sales of €9.72 billion, beating analyst expectations of €9.58 billion.
- EPS: Diluted EPS came in at €7.34, missing the consensus estimate of €7.55 by roughly 2.8%. However, this is still a 7.3% increase from the €6.84 reported in the same quarter last year.
- Net Income: Net income rose to €2.84 billion, a 5.4% increase year-over-year from €2.69 billion in Q4 2024.
- Net Bookings: Net bookings surged to €13.16 billion, nearly double the €7.09 billion recorded in Q4 2024.
- Gross Margin: Gross margin improved to 52.2%, up from 51.7% in Q4 2024, driven by a favorable product mix including high-end EUV systems.
Financials: ASML Holding N.V. (Q4 2025)
Market Context
The semiconductor equipment market has been volatile, balancing between booming AI demand and lingering weakness in consumer electronics and automotive chips. ASML’s results confirm a “bifurcated” recovery where advanced nodes (AI/Logic) are accelerating while legacy nodes remain steady. The record bookings number suggests that major foundries are now aggressively committing to 2026/2027 capacity.
| (Figures in millions of euros unless otherwise indicated) | Q4 2025 | Q4 2024 | % Change (YoY) | Q3 2025 | Q2 2025 |
| Net Sales | €9718 | €9263 | +4.9% | €7516 | €7692 |
| Net Income | €2840 | €2693 | +5.4% | €2125 | €2290 |
| Diluted EPS | €7.34 | €6.84 | +7.3% | €5.48 | €5.90 |
| Gross Margin | 52.2% | 51.7% | +0.5 pts | 51.6% | 53.7% |
| Net Bookings | €13158 | €7088 | +85.6% | €5399 | €5541 |
Full Year 2025 Financials
| (Figures in millions of euros unless otherwise indicated) | FY 2025 (Reported) | FY 2024 (Last Year) | % Change (YoY) |
| Net Sales | €32667 | €28263 | +15.6% |
| Net Income | €9609 | €7572 | +26.9% |
| Diluted EPS | €24.71 | €19.24 | +28.4% |
| Gross Margin | 52.8% | 51.3% | +1.5 pts |
| Net Bookings | €28035 | €18899 | +48.3% |
ASML delivered a strong fiscal year with 26.9% net income growth outpacing top-line revenue growth, demonstrating operational leverage. The company sold 300 new lithography systems in 2025 compared to 380 in 2024, yet revenue increased, highlighting the significantly higher average selling price (ASP) of their advanced EUV and High-NA systems.
Outlook: Q1 2026 & Beyond
Management provided solid guidance for the start of 2026, reflecting confidence in the continued AI ramp.
- Q1 2026 Revenue: Expected to be between €8.2 billion and €8.9 billion.
- Q1 Gross Margin: Projected between 51% and 53%.
- Full Year 2026: Revenue expected between €34 billion and €39 billion, representing continued growth over the record 2025 figures.
Current analyst expectations for Q1 2026 were hovering around €8.5 billion, placing the midpoint of ASML’s guidance (€8.55 billion) slightly above consensus.
Market & Price Trends
Despite the earnings miss, ASML shares showed resilience in after-market trading, rising modestly. The market appears to be looking past the slight EPS miss, focusing instead on the massive bookings number which de-risks the 2026 growth story. However, pre-market action has been mixed, reflecting broader tech sector volatility.
This content is for informational purposes only and does not constitute financial advice; always conduct your own research before making investment decisions.