ASML Holding N.V.

Q2 2026 total net sales were EUR 9.3 billion, above the high end of guidance; net system sales were EUR 6.6 billion, including EUR 3.8 billion from EUV and EUR 2.8 billion from non-EUV. Installed Base Management sales were EUR 2.8 billion, about EUR 300 million above guidance, and gross margin was 54%, above guidance. Net income was EUR 2.9 billion, EPS was EUR 7.59, free cash flow was EUR 1.3 billion, and cash equivalents plus short-term investments ended at EUR 7.6 billion. For Q3 2026, ASML guided to EUR 11 billion-EUR 12 billion of sales, around EUR 2.9 billion of Installed Base Management sales, and gross margin of 55%-57%, with R&D around EUR 1.2 billion and SG&A around EUR 0.4 billion. For full-year 2026, ASML raised guidance to EUR 43 billion-EUR 45 billion of sales and gross margin of 54%-56%.

Christophe Fouquet said the guidance raise was driven by continued strong customer demand and ASML’s ability to increase output through its supply chain, manufacturing, and field teams. He emphasized aggressive customer capex on leading-edge nodes in both logic and DRAM, supported by longer-term visibility and long-term agreements. He also framed High-NA as progressing well, highlighting Intel Foundry’s use of High-NA on Intel 18A as an important milestone for production readiness.

Roger Dassen highlighted that Q2 net sales were EUR 9.3 billion, gross margin was 54%, operating expenses were higher than guided because of estimated technology and IT transformation costs, and net income reached EUR 2.9 billion with EPS of EUR 7.59. He said cash equivalents and short-term investments ended at EUR 7.6 billion and free cash flow was EUR 1.3 billion, while ASML returned cash through a EUR 2.70 final dividend on 2025, a total 2025 dividend of EUR 7.50 per share, and about EUR 1.1 billion of buybacks in Q2. On the outlook, he guided Q3 sales of EUR 11 billion-EUR 12 billion, gross margin of 55%-57%, R&D around EUR 1.2 billion, SG&A around EUR 0.4 billion, and said full-year effective tax rate should be around 17%.

Analysts focused on pricing, capacity, and whether demand could justify further supply increases. Management said value-based pricing gives ASML more flexibility now, but any pricing effect depends on long lead times and customer order timing; they also said the current 30% capacity increase for 2027 and the investigated 30% increase for 2028 are based on existing footprint and optimized clean-room space. On High-NA, ASML said Intel is the first production implementation, but DRAM is also a significant candidate over time; rev rec for High-NA in 2026 is still expected to be four to five systems.