The earnings call reflected a strong performance in Q2 2025 with significant growth in sales, EUV revenue, and gross margin, driven by AI demand. However, uncertainties regarding tariffs, challenges in the China market, and potential slowdown in 2026 growth are concerns.

Company Guidance -

Q3 2025

During ASML's 2025 second quarter financial results call, the company reported net sales of EUR 7.7 billion, surpassing guidance, with net system sales at EUR 5.6 billion, including EUR 2.7 billion from EUV sales and EUR 2.9 billion from non-EUV sales. The gross margin exceeded expectations at 53.7%, driven by increased upgrade business and lower costs, despite the dilutive impact from High NA system revenue recognition. Operating expenses were as planned, with R&D expenses at EUR 1.2 billion and SG&A expenses at EUR 299 million. The effective tax rate for Q2 was 18.1%, with an annualized rate of around 17% expected for 2025. ASML ended the quarter with EUR 7.2 billion in cash and investments and an order backlog of around EUR 33 billion. For 2025, ASML anticipates a 15% revenue increase, with a gross margin of 52%, driven by strong demand for EUV and AI-related growth in both Logic and Memory. However, macroeconomic and geopolitical uncertainties, including tariffs, pose risks to future growth projections, particularly for 2026.

Strong Financial Performance

Total net sales reached EUR 7.7 billion, at the upper end of ASML's guidance, with net income of EUR 2.3 billion, representing 29.8% of total net sales.

EUV Revenue Growth

EUV revenue is expected to grow around 30% in 2025 compared to 2024, driven by increased EUV capacity and higher ASP.

Record Gross Margin

Gross margin for Q2 was above guidance at 53.7%, driven by an increase in upgrade business and lower-than-expected impact from tariffs.

Strong Installed Base Management

Installed Base Management sales came in above guidance at EUR 2.1 billion, with expected revenue growth of more than 20% over last year.

Positive Outlook for AI-driven Demand

AI is a key driver of growth in Memory and Logic, with expectations for continued strong demand in both areas.

ASML Holding (ASML) Earnings, Revenues Date & History

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ASML Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 15, 2025	2025 (Q3)	6.44 / -	5.757	―	―	―
Jul 16, 2025	2025 (Q2)	6.10 / 6.84	4.384	56.07% (+2.46)
Apr 16, 2025	2025 (Q1)	6.16 / 6.83	3.308	106.47% (+3.52)
Jan 29, 2025	2024 (Q4)	7.04 / 7.14	5.68	25.67% (+1.46)
Oct 15, 2024	2024 (Q3)	5.35 / 5.76	5.069	13.57% (+0.69)
Jul 17, 2024	2024 (Q2)	4.03 / 4.38	5.517	-20.54% (-1.13)
Apr 17, 2024	2024 (Q1)	3.15 / 3.31	5.435	-39.14% (-2.13)
Jan 24, 2024	2023 (Q4)	5.17 / 5.68	5.015	13.26% (+0.67)
Oct 18, 2023	2023 (Q3)	4.92 / 5.07	4.2	20.69% (+0.87)
Jul 19, 2023	2023 (Q2)	5.12 / 5.52	3.615	52.61% (+1.90)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

ASML Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 16, 2025	$821.24	$752.82	-8.33%
Apr 16, 2025	$679.89	$631.90	-7.06%
Jan 29, 2025	$678.86	$707.97	+4.29%
Oct 15, 2024	$864.84	$724.21	-16.26%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.