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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 €7.5 billion with net income of €2.1 billion and EPS of €5.49, reflecting robust demand in the semiconductor industry driven by AI adoption and advanced logic and memory processes, all within guidance.
Gross margin for Q3 was 51.6%, and the company ended the quarter with €5.1 billion in cash and equivalents.
Q3 saw strong order intake, with net system bookings of €5.4 billion, including €3.6 billion from EUV systems.
Announced new CTO appointment and reappointments to the board of management, supporting technology leadership and succession planning.
Strategic partnership and €1.3 billion investment in Mistral AI to embed AI across the product portfolio and accelerate innovation.
Financial highlights
Net system sales were €5.6 billion, with EUV system sales at €2.1 billion (including one High NA system) and non-EUV at €3.4 billion.
Installed Base Management sales were €2 billion.
R&D expenses were €1.1 billion, slightly below guidance; FG&A/SG&A expenses were €303 million.
Q3 net system bookings: €3.6 billion EUV, €1.8 billion non-EUV; bookings split 53% logic, 47% memory.
Free cash flow for Q3 2025 was €244 million.
Outlook and guidance
Q4 2025 net sales expected between €9.2–9.8 billion; installed base management sales around €2.1 billion.
Q4 gross margin expected between 51% and 53%; R&D expenses around €1.2 billion, SG&A/FG&A €320 million.
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 net sales not expected to be below 2025, with EUV business up and DUV business down due to lower China demand.
2030 revenue opportunity projected at €44–60 billion, with gross margin between 56% and 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?
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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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