ASML (ASML) Q4 2025 Investor Call earnings summary

Executive summary

• 2025 net sales reached €32.7 billion, with net income of €9.6 billion and a gross margin of 52.8%.

• Q4 2025 net sales were €9.7 billion, with net income of €2.8 billion and strong contributions from EUV and non-EUV systems.

• Q4 net bookings hit €13.2 billion, with a year-end backlog of €38.8 billion, reflecting strong future demand.

• Market outlook improved, driven by AI and data center demand, leading to accelerated capacity expansion by customers.

• Significant cash returns to shareholders: €8.5 billion through dividends and share buybacks in 2025.

Financial highlights

• Q4 2025 net system sales were €7.6 billion, with EUV system sales at €3.6 billion (including 2 High NA systems).

• Installed Base Management sales for 2025 grew 26% to €8.2 billion.

• Q4 2025 gross margin was 52.2%; full year gross margin was 52.8%.

• Q4 2025 net income was €2.8 billion (29.2% of net sales), EPS €7.35.

• Free cash flow for 2025 was €11.0 billion; Q4 free cash flow was €10.9 billion.

Outlook and guidance

• 2026 net sales expected between €34 billion and €39 billion, with gross margin between 51% and 53%.

• Q1 2026 net sales guidance is €8.2–8.9 billion, gross margin 51–53%.

• Installed Base Management sales for Q1 2026 expected at €2.4 billion.

• Dividend for 2025 proposed at €7.50 per share, a 17% increase year-over-year.

• New share buyback program up to €12 billion announced, to be executed by end of 2028.