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ASML Holding NV reported solid third-quarter 2025 results, achieving €7.5 billion in net sales and €2.1 billion in net income, and reaffirmed its outlook for around 15% full-year sales growth with a gross margin of approximately 52%.
Highlights:
- Q3 total net sales of €7.5 billion, gross margin of 51.6%, net income of €2.1 billion
- Quarterly net bookings in Q3 of €5.4 billion2 of which €3.6 billion is EUV
- ASML expects Q4 2025 total net sales between €9.2 billion and €9.8 billion, and a gross margin between 51% and 53%
- ASML expects a full-year 2025 total net sales increase of around 15% relative to 2024, with a gross margin of around 52%
- ASML does not expect 2026 total net sales to be below 2025
CEO statement and outlook
"Our third-quarter total net sales of €7.5 billion and gross margin of 51.6% were in line with our guidance, reflecting a good quarter for ASML.
"On the technology side, we see litho intensity continue to develop positively as EUV adoption gains momentum, including progress on High NA EUV. In line with our plans to support our customers in the 3D integration space, we shipped ASML’s first product serving Advanced Packaging, the TWINSCAN XT:260, an i-line scanner offering up to 4x productivity compared to existing solutions. Finally, our partnership with Mistral AI allows us to embed AI across our entire holistic portfolio, in order to increase the performance and productivity of our systems and the yield of our customers' processes.
"On the market side, we have seen continued positive momentum around investments in AI, and have also seen this extending to more customers, both in leading-edge Logic and advanced DRAM. On the other hand, we expect China customer demand, and therefore our China total net sales in 2026, to decline significantly compared to our very strong business there in 2024 and 2025.
"We do not expect 2026 total net sales to be below 2025. We will provide more details on our 2026 outlook in January.
"We expect fourth-quarter total net sales between €9.2 billion and €9.8 billion, with a gross margin between 51% and 53%. We expect R&D costs of around €1.2 billion and SG&A costs of around €320 million. For the full year 2025, we expect an increase of around 15% in total net sales and a gross margin of around 52%, with an expected very strong fourth quarter," said ASML President and Chief Executive Officer Christophe Fouquet.
Update dividend and share buyback program
An interim dividend of €1.60 per ordinary share will be made payable on November 6, 2025.
In the third quarter, we purchased around €148 million worth of shares under the current 2022–2025 share buyback program.
As of September 28, 2025, ASML has acquired 9.0 million of shares under this program for a total consideration of €5.9 billion. ASML does not expect to complete the €12 billion share buyback program in full within the 2022–2025 timeframe. We intend to announce a new share buyback program in January 2026.
