ASML (ASML) Q2 2025 Pre Recorded 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 in logic and memory.

• Net bookings for Q2 were €5.5 billion, including €2.3 billion from EUV systems.

• Shipped the first EXE:5200B system, delivering significant productivity improvements and reinforcing technology leadership.

• China accounted for 27% of Q2 sales, with regional strength also in Taiwan and South Korea.

• Net sales for H1 2025 reached €15.4 billion, up 33.8% year-over-year, with net income up 58.4% to €5.0 billion.

Financial highlights

• Q2 2025 net system sales were €5.6 billion, Installed Base Management sales €2.1 billion, and EPS €5.90.

• Gross margin for Q2 2025 was 53.7%, operating margin 34.6%, and net income margin 29.8%.

• Free cash flow in Q2 2025 was €319 million; cash and cash equivalents at quarter-end were €7.2 billion.

• Shareholders' equity at end of Q2 2025 was €17.6 billion.

• Share buybacks in Q2 2025 totaled €1.4 billion.

Outlook and guidance

• Q3 2025 net sales expected between €7.4 billion and €7.9 billion, with gross margin between 50% and 52%.

• Full-year 2025 net sales growth projected at around 15% over 2024, with gross margin around 52%.

• Installed Base Management revenue for Q3 projected at approximately €2 billion.

• R&D costs for Q3 2025 projected at €1.2 billion, SG&A at €310 million.

• 2026 outlook remains positive but is subject to macroeconomic and geopolitical uncertainties.