ASML reported strong financial results for Q1 2025, with positive developments in EUV technology and a positive outlook driven by AI demand. However, the company faces challenges from negative free cash flow, tariff uncertainties, and order book volatility, creating a balanced sentiment overall.

Company Guidance -

Q2 2025

During ASML's 2025 first quarter financial results conference call, the company provided detailed guidance and insights into its financial performance and future outlook. ASML reported total net sales of EUR7.7 billion, with net system sales accounting for EUR5.7 billion, including EUR3.2 billion from EUV sales. The gross margin exceeded expectations at 54%, attributed to favorable EUV product mix and customer productivity milestones. Operating expenses aligned with guidance, with R&D at EUR1.161 billion and SG&A at EUR281 million. The effective tax rate for the quarter was 16.7%, with an annualized expectation of around 17% for 2025. ASML's Q1 net income was EUR2.4 billion, leading to earnings per share of EUR6. The company ended the quarter with EUR9.1 billion in cash and short-term investments, despite a free cash flow of minus EUR475 million. Order book activity indicated EUR3.9 billion in net system bookings, with a 60% focus on Logic. ASML anticipates Q2 net sales between EUR7.2 billion and EUR7.7 billion, with gross margins expected between 50% and 53%, influenced by tariff uncertainties. For the full year 2025, ASML projects revenues between EUR30 billion and EUR35 billion, with growth anticipated for 2026.

Strong First Quarter Financial Performance

ASML reported total net sales of EUR7.7 billion in Q1 2025, in line with guidance. Net system sales were EUR5.7 billion, driven by EUR3.2 billion from EUV sales and EUR2.5 billion from non-EUV sales. Gross margin was above guidance at 54%.

EUV Technology Milestones

ASML achieved significant milestones in EUV technology, including the rollout of the NXE:3800E system at full specification and advancements in High NA EUV systems, with promising reports from customers such as Intel and Samsung.

Dividend and Share Buyback

ASML paid a third quarterly interim dividend of EUR1.52 per ordinary share and completed share buybacks totaling around EUR2.7 billion in Q1 2025.

Positive Outlook for AI-Driven Growth

ASML's management indicated that the growth in Artificial Intelligence remains a key driver for the industry, with expectations for both 2025 and 2026 to be growth years.

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
Jul 16, 2025	2025 (Q2)	6.05 / -	4.384	―	―	―
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)
Apr 19, 2023	2023 (Q1)	4.54 / 5.43	1.88	189.10% (+3.55)

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
Apr 16, 2025	$681.51	$633.40	-7.06%
Jan 29, 2025	$680.48	$709.66	+4.29%
Oct 15, 2024	$866.90	$725.93	-16.26%
Jul 17, 2024	$1059.94	$924.86	-12.74%

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.