ASML (ASML) Q2 2025 Investor Call earnings summary

Executive summary

• Q2 2025 net sales reached €7.7 billion, with net income of €2.3 billion and gross margin of 53.7%, both at the high end of guidance, driven by strong AI-fueled demand and advanced lithography.

• Net bookings for Q2 were €5.5 billion, with logic accounting for 84% and memory 16%.

• Installed Base Management sales grew to €2.1 billion in Q2 2025, exceeding guidance.

• First EXE:5200B high-NA system shipped and installed, marking a milestone for advanced chip manufacturing.

• Continued focus on holistic lithography and innovation, including 3D integration and EUV scaling, positions the portfolio for future industry needs.

Financial highlights

• Q2 2025 net system sales were €5.6 billion (EUV: €2.7 billion, non-EUV: €2.9 billion); Installed Base Management sales at €2.1 billion.

• Gross margin was 53.7%, driven by upgrades, one-off cost reductions, and lower tariff impact.

• Operating margin was 34.6% in Q2 2025, with net income margin at 29.8%.

• Cash, cash equivalents, and short-term investments stood at €7.2 billion at quarter-end.

• Q2 backlog was around €33 billion, after a €1.4 billion adjustment related to export controls.

Outlook and guidance

• Full-year 2025 revenue is guided to increase by around 15%, with gross margin expected at 52%.

• Q3 2025 net sales expected between €7.4–7.9 billion; gross margin between 50–52%.

• Installed Base Management revenue projected to grow over 20% year-over-year.

• EUV revenue growth of about 30% expected in 2025, with higher ASP and improved margin due to NXE 3800E.

• 2026 growth outlook is uncertain due to macroeconomic and geopolitical factors, especially tariffs.