ASML (ASML) Q4 2025 Investor Call earnings summary

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.