ASML Holding N.V. New York Registry Shares
ASML · Nasdaq
Next quarter
Expected to report Jan 27, 2027 — estimated from last year’s reporting date.
Consensus is $17.22 EPS for Dec 2026 across 3 estimates, ranging $16.53 to $18.04.
ASML Sep 2026
- 19.41%
- $12.47
- $14.89
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Highlights
- Record quarter ASML reported Q3 net sales of €11.662 billion, up 25.1% from Q2, and net income of €4.960 billion, up 70.0%. Sales were toward the high end of management’s guidance.
- EPS beat Reported EPS was 14.89 versus consensus of 12.47, a 19.41% beat. The release’s financial table separately reports basic EPS of €12.95.
- Demand is outpacing planned supply Customers raised short- and medium-term equipment forecasts, primarily on expectations for AI investment. ASML says currently planned supply will not meet demand in either 2027 or 2028, and is exploring 2028 capacity increases beyond the 30% previously communicated.
- Margin exceeded guidance Gross margin was 57.5%, up from 54.0% in Q2. Installed Base Management sales rose to €3.289 billion from €2.762 billion and came in above guidance, driven by demand for productivity upgrades.
- Higher shipments ASML sold 113 new lithography systems, versus 86 in Q2, and 8 used systems, versus 5.
- Fourth-quarter step-up Q4 sales guidance is €14.2–15.2 billion, with gross margin around 57%. Full-year 2026 guidance is €44–45 billion of sales and gross margin around 56%.
- Capital returns and liquidity ASML repurchased about €4.1 billion of shares in Q3; quarter-end cash, cash equivalents and short-term investments were €12.735 billion, versus €7.582 billion at Q2-end. An interim dividend of €1.88 per share is payable November 4.
Analysis
ASML delivered a record Q3, with €11.662 billion of sales and €4.960 billion of net income. Sales rose 25.1% from Q2, while net income increased 70.0% and gross margin expanded 350 basis points to 57.5%. Reported EPS of 14.89 beat the supplied 12.47 consensus by 19.41%; the release’s table gives basic EPS of €12.95. Management said sales were toward the high end of its guidance, and the margin outcome exceeded guidance. The supplied materials do not include Q3 2025 comparatives, so a year-over-year comparison cannot be quantified here.
The defining forward signal was that customer equipment forecasts continue to rise with AI-related investment expectations. ASML said planned supply will not fully meet demand in 2027 or 2028, and it is investigating capacity additions for 2028 beyond the 30% increase previously communicated. In the near term, stronger productivity-upgrade demand lifted Installed Base Management sales to €3.289 billion from €2.762 billion in Q2. Management expects Q4 sales of €14.2–15.2 billion and full-year 2026 sales of €44–45 billion, with gross margins around 57% and 56%, respectively.
Demand and capacity
Management described rising short- and medium-term equipment forecasts, driven primarily by customers’ views on the scale and duration of AI-related investment. Some customers are asking about orders for 2029 and 2030. ASML said its order-book momentum has increased quarter on quarter this year and that currently planned supply will not fully cover customer demand in 2027 or 2028. It is investigating ways to expand 2028 capacity beyond the 30% increase previously communicated. That earlier plan covered low-NA EUV and DUV immersion capacity, including a 30% increase in 2027 and a further increase under investigation for 2028.
Q3 operating results
Net sales reached €11.662 billion, up from €9.326 billion in Q2, and management called the result a record. Gross profit rose to €6.700 billion from €5.035 billion, while net income increased to €4.960 billion from €2.918 billion. The supplied reported EPS of 14.89 exceeded 12.47 consensus by 19.41%; the release reports basic EPS of €12.95. The release does not provide Q3 2025 figures for a year-over-year comparison.
Installed Base upgrades
Installed Base Management sales, comprising service and field-option sales, increased to €3.289 billion from €2.762 billion in Q2 and came in above guidance. ASML attributed the strength to continued demand for productivity upgrades, which also provide customers with additional wafer capacity. The stronger mix and upgrade activity helped lift gross margin to 57.5% from 54.0%, above management’s guidance.
Outlook
ASML expects Q4 2026 sales of €14.2–15.2 billion and gross margin of around 57%, with R&D costs around €1.2 billion and SG&A costs around €0.4 billion. For full-year 2026, it expects sales of €44–45 billion and gross margin around 56%. The Q4 sales range implies a further sequential increase from Q3.
Capital returns
ASML bought back around €4.1 billion of shares during Q3 under its 2026–2028 buyback program. Quarter-end cash, cash equivalents and short-term investments totaled €12.735 billion, compared with €7.582 billion at the end of Q2. The company also announced an interim 2026 dividend of €1.88 per ordinary share, payable November 4.
