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Edge27 Sep 2024
ASML: Architecting Earth's Most Complex Machines
Discover how ASML, once seen as a struggling "problem child", grew into a global niche monopoly within advanced chip manufacturing equipment.
ASML
ASML (ASML) investor relations material
ASML Q4 2025 Investor Call earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 Investor Call earnings summary28 Jan, 2026
Executive summary
2025 net sales reached €32.7 billion, with Q4 net sales at €9.7 billion and net income of €9.6 billion; Q4 net income was €2.8 billion.
Q4 2025 gross margin was 52.2%; full year 2025 gross margin was 52.8%.
Q4 2025 net bookings were €13.2 billion, with 56% from memory customers; year-end backlog was €38.8 billion.
Significant cash returns to shareholders: €8.5 billion in 2025 via dividends and buybacks.
Strategic investments included €1.3 billion in Mistral AI to accelerate AI-driven innovation in lithography.
Financial highlights
EUV system sales for 2025 were €11.6 billion (48 systems, up 39% YoY); DUV system sales were €12 billion (down 6% YoY); metrology and inspection sales rose 28% to €825 million.
Logic system revenue was €16.1 billion (up 22% YoY); memory system revenue was €8.4 billion (down 2% YoY); installed base management sales were €8.2 billion (up 26% YoY).
Free cash flow for 2025 was €11 billion; cash and equivalents at year-end were €13.3 billion.
Basic EPS for 2025 was €24.73, up from €19.25 in 2024.
Q4 2025 share repurchases totaled €1.7 billion.
Outlook and guidance
2026 net sales expected between €34–39 billion, with gross margin between 51–53%.
Q1 2026 net sales expected between €8.2–8.9 billion; gross margin 51–53%; R&D expenses around €1.2 billion; SG&A around €0.3 billion.
2030 annual revenue opportunity estimated at €44–60 billion, gross margin 56–60%.
Total 2025 dividend proposed at €7.50 per share (up 17% YoY); new share buyback program up to €12 billion through 2028.
Growth in 2026 anticipated to be driven by increased EUV sales and installed base business.
Backlog visibility given AI demand
EUV sales contribution to 2026 growth
Rationale for Technology/IT streamlining
What factors influence 2026 EUV tool delivery?
High NA adoption: DRAM vs Logic timing?
4F-square impact on DRAM EUV layer count?
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Record inflows and global expansion drive growth, with major international acquisitions completed.
Next ASML earnings date
Q1 202615 Apr, 2026
ASML
Next ASML earnings date
Q1 202615 Apr, 2026
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Frequently asked questions
Supplying the Semiconductor Industry
ASML Holding N.V. is a provider of advanced semiconductor manufacturing equipment, specializing in photolithography systems. These systems are essential for producing integrated circuits, which are foundational components in various electronic devices.
ASML's key products include extreme ultraviolet (EUV) and deep ultraviolet (DUV) lithography machines, which enable the miniaturization of semiconductor devices. The company serves major semiconductor manufacturers globally, playing a critical role in the production of chips used in smartphones, data centers, automotive applications, and consumer electronics. The company is headquartered in Veldhoven, Netherlands, and its shares are listed on the NASDAQ.
Specialized in Lithography Systems
ASML specializes in semiconductor lithography systems, used in the manufacturing of integrated circuits (ICs) or microchips. Their products, including state-of-the-art lithography machines, enable chip manufacturers to create smaller and more powerful microchips all while keeping the end product highly energy-efficient. These machines use advanced technologies like extreme ultraviolet (EUV) light to precisely print intricate patterns on silicon wafers, which is a crucial step in semiconductor fabrication.
ASML's machines are unique, as they are the only systems in the world capable of extreme ultraviolet (EUV) lithography, a critical technology for producing advanced semiconductors. These machines enable chipmakers to create smaller, faster, and more energy-efficient chips by etching incredibly fine patterns onto silicon wafers. The complexity and precision required for EUV lithography make ASML's machines unparalleled in the industry, with each system containing thousands of components and taking years to develop.
This exclusivity positions ASML as a key supplier to leading semiconductor companies like Intel, TSMC, and Samsung.
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