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ASML (ASML) investor relations material
ASML Q3 2025 Investor Call earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 Investor Call earnings summary15 Oct, 2025
Executive summary
Q3 2025 net sales reached €7.5B, with net income of €2.1B and EPS of €5.49, reflecting robust demand in the semiconductor industry driven by AI and advanced logic and memory processes.
The company maintains a strong position in lithography, supporting 3D integration and scaling EUV technology, with a flexible portfolio addressing diverse customer needs.
Key management changes included the appointment of a new CTO and reappointments to the Board of Management.
Strategic partnership and €1.3B investment in Mistral AI to embed AI across the product portfolio and accelerate innovation.
Industry revenue is projected to surpass $1 trillion by 2030, with company revenue opportunities modeled between €44B and €60B and gross margin between 56% and 60% by 2030.
Financial highlights
Q3 2025 gross margin was 51.6%, operating margin 32.8%, and net income margin 28.3%.
R&D expenses were €1.1B, SG&A was €303M, and free cash flow for Q3 was €244M.
Q3 net system bookings totaled €5.4B, with EUV at €3.6B and non-EUV at €1.8B.
Cash, cash equivalents, and short-term investments stood at €5.1B at quarter-end.
Interim dividend of €1.6 per share paid, with another €1.6 per share scheduled for Q4.
Outlook and guidance
Q4 2025 net sales expected between €9.2B and €9.8B; installed base management sales around €2.1B.
Q4 gross margin expected between 51-53%; R&D at €1.2B and SG&A at €320M.
Full-year 2025 net sales expected to grow ~15% year-over-year, with gross margin around 52% and annualized effective tax rate of 17%.
2026 total net sales expected to be at least flat with 2025, with EUV business up and Deep UV down due to lower China demand.
2030 revenue opportunity projected at €44B-€60B, with gross margin between 56-60%.
How to offset 2026 China sales decline?
What is the strategic role of the XT:260?
Reason for Q3 cash/investments drop?
What drives the 2026 China sales decline?
High-NA maturity vs. Low-NA at similar stage?
How does 4 F-squared impact EUV layer count?
Explain the basis for 2026 China sales decline.
What is the strategic rationale for Mistral AI investment?
High NA maturity: How is it ahead of low NA?
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Next ASML earnings date
Q4 202528 Jan, 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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