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ASML ​

Investor Relations ​

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Quarterly Earnings ​

Investor Day 2024 ​

Q2 2025 ​

Looking at 2026, we see that our AI customers' fundamentals remain strong. At the same time, we continue to see increasing uncertainty driven by macro-economic and geopolitical developments.Therefore, while we still prepare for growth in 2026, we cannot confirm it at this stage.

Thirdly, actually, the tariffs panned out to be a bit less negative than we anticipated.

When we look at China, we expect China revenue to be over 25%, which is in line with our backlog.

If you piece it all together for total ASML, we're looking at approximately 15% increase for 2025 in terms of revenue over last year. We expect a gross margin of approximately 52% for the full year.

In terms of revenue, final comment there, you will see as we mentioned before, that the second half of the year is bigger in terms of revenue than the first half. Within that second half year, you will see that revenue, based on our current shipment plan, is very much also skewed towards the last quarter.

The industry will require major innovations to address AI power consumption and cost challenges.

We expect to continue to return significant amounts of cash to our shareholders through growing dividends and share buybacks.

In Q2, ASML paid a final dividend of €1.84 per ordinary share. Together with the interim dividend paid in 2024 and 2025, this resulted in a total dividend for 2024 of €6.40 per ordinary share.
The first quarterly interim dividend over 2025 will be €1.60 per ordinary share and will be made payable on August 6, 2025
In Q2 2025 we purchased around 2.3 million shares for a total amount of around €1.4 billion

Q1 2025 ​

The potential direct impacts result from tariffs related to a number of areas including;

  • New system sales and upgrades to our US customers,
  • The import of materials for our US manufacturing facilities,
  • The import of parts and tools for our US field operations,
  • As well as imports of parts from the US into other countries, to the extent tariffs apply to those parts.

    And of course you have the indirect effect and this is what Christophe also talked about. To what extent will it have an impact on global GDP. To what extent will it have an impact on total market demand. I think it's way too early to discuss that and therefore it's quite impossible actually to put a number on that.
  • Presentation Investor Relations(PDF)
  • Investor call prepared remarks(PDF)

As we have described before, there are 3 Phases of technology insertion our customers will follow with High NA.
We are currently in Phase 1 where our customers take a system into to their R&D facilities and work with us to understand the value and capability of High NA for their next nodes.
In Phase 2, which we expect to take place in 2026-2027 customers will start running the systems on 1-2 layers to test its readiness for volume manufacturing.
And Phase 3 when customers design in High NA on their most critical layers in their most advanced nodes and run in volume manufacturing.

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