EarningsQ3 2026 Earnings Report
CH:ASMF Q3 2026 EPS Results
Actual EPSCHF11.95
Consensus EPSCHF10.10
Beat/MissBeat by +CHF1.85
One Year Ago EPSCHF5.29
CH:ASMF Q3 2026 Revenue Results
Actual RevenueCHF11.13B
Expected RevenueCHF10.90B
Beat/MissBeat by +CHF226.08M
YoY Revenue Growth+52.76%
Earnings Announcement Details
QuarterQ3 2026
Date10/14/2026
TimeBefore Open
Conference CallWednesday, October 14, 2026
CH:ASMF Upcoming Earnings
ASML Holding's next earnings date is estimated for January 27, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
CH:ASMF Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive, supported by record third-quarter revenue and gross margin, robust AI-driven demand, improving visibility through 2030, substantial EUV and memory growth, and continued progress in High-NA EUV and productivity products. The main challenges were the need to expand capacity beyond current plans, ramp-related costs that reduce near-term gross margin, and the execution requirements across ASML's supply chain and customer construction programs.Company Guidance
Record Third-Quarter Revenue and Gross Margin
Third-quarter 2026 total net sales reached a record €11.7 billion, toward the high end of guidance, reflecting strong execution of the capacity ramp. Gross margin was 57.5%, above guidance, primarily due to very high-margin components within the installed base management business.
Strong System and Installed Base Management Sales
Net system sales were €8.4 billion, comprising €4.1 billion from EUV systems, including one High-NA EUV system, and €4.3 billion from non-EUV systems. Installed base management sales were €3.3 billion, exceeding guidance by almost €400 million, primarily due to strong demand for productivity upgrades across EUV and DUV.
Solid Earnings and Cash Position
Third-quarter net income was €5.0 billion, including around €500 million from an increase in the valuation of ASML's initial investment in Mistral AI. Earnings per share were €12.95, cash, cash equivalents and short-term investments totaled €12.7 billion, and free cash flow was €11.4 billion, supported by strong customer order momentum and related down payments.
Shareholder Returns Continued
ASML paid a first interim 2026 dividend of €1.88 per ordinary share and purchased approximately €4.1 billion of shares during the quarter under its 2026–2028 share buyback program. The second quarterly interim dividend is also €1.88 per ordinary share.
Strong Fourth-Quarter and Full-Year Guidance
Fourth-quarter total net sales are expected to be between €14.2 billion and €15.2 billion, with gross margin around 57% and installed base management sales around €3.7 billion. Full-year 2026 total net sales are expected to be between €44 billion and €45 billion, with gross margin around 56%.
Broad Full-Year Growth Outlook
ASML expects full-year 2026 total net sales to increase around 36% year over year, including over 45% growth in EUV, around 20% growth in non-EUV system sales, and around 50% growth in installed base management sales.
Memory Growth and EUV Adoption
Full-year memory net system sales are expected to grow around 75%, driven by customer capacity expansion and increasing EUV adoption on advanced DRAM nodes. Logic net system sales are expected to grow around 10%, while advanced logic is expected to grow over 25%.
Robust AI-Driven Customer Demand
Management said the pace of AI build-out remains very robust, with supply shortages across advanced logic and memory nodes increasing in size and duration. Leading-edge high-volume customers expect product demand to outpace supply through at least 2028, prompting accelerated capacity build-outs and preparations for expansion beyond 2028.
Improving Long-Term Order Visibility
ASML is increasingly receiving orders for 2028, while customers are expressing interest in placing orders for 2029 and 2030. Management said the interest for those periods is broad across customers rather than linked to one specific customer, with demand signals from both logic and memory customers.
Low-NA EUV Capacity Ramp
ASML expects to produce roughly 65 low-NA EUV systems in 2026, nearly 50% more than the 44 systems shipped in 2025. The company is continuing to strengthen efforts to increase output beyond 2027 and is investigating 2028 capacity growth above the previously discussed 30% year-over-year target.
DUV Immersion Output and Productivity Expansion
ASML now expects to deliver a similar quantity of DUV immersion systems in 2026 as in 2025, despite an initial output target below the prior year. The company plans to raise its immersion products to 330 wafers per hour at the beginning of next year, providing additional customer capacity and an opportunity for value and pricing increases.
Capacity Expansion Levers and Supply Chain Confidence
ASML is expanding capacity by optimizing its manufacturing footprint, shortening factory cycle times and continuing to add suppliers, particularly for noncritical parts. Management said Zeiss is not currently a bottleneck for the discussed capacity expansion and that the supply chain has been validated to support 30% growth in 2027 and more than 30% growth in 2028.
Next-Generation EUV and DUV Products
ASML plans to introduce the next-generation low-NA EUV NXE:3.8 thousandF in small quantities at the beginning of 2027, with specified throughput of 260 wafers per hour compared with 32 wafers per hour for the NXE:3.8 thousandE. The company also plans to introduce next-generation critical DUV immersion systems operating at 330 wafers per hour.
High-NA EUV Progressing Toward High-Volume Manufacturing
Intel announced that it has exposed more than 1 million wafers using High-NA EUV systems, with performance meeting or exceeding comparable low-NA EUV layers. Samsung and TSMC announced plans to introduce High-NA EUV into high-volume manufacturing in 2028 and 2030, respectively, while availability across the existing High-NA EUV fleet is approaching 90%.
Larger EUV Photomask Initiative
ASML and TSMC began an industry-wide initiative to develop larger-format EUV photomasks. The effort aims to establish a 12-inch mask pilot line by 2031 and enter production in 2033, with broad customer support for the transition.
YieldStar 550B Shipment and Metrology Demand
ASML shipped the first YieldStar 550B metrology system in the third quarter. The overlay measurement system is designed to support the 14-angstrom logic node and 1d DRAM, while delivering more than 60% greater productivity than the previous-generation YieldStar. Demand for YieldStar is expected to more than double in the coming years versus 2025.
Value-Based Pricing Implemented
ASML completed customer discussions that resulted in price increases for the most critical, high-value products, including high-range, high-volume manufacturing products. The increases will begin affecting revenue, average selling prices and gross margin during 2027, with the full impact expected from 2028 onward. Upgrade prices are expected to follow the same pattern.
China Demand Remains Strong
China is expected to represent around 20% of total net sales in 2026. Management said intrinsic Chinese demand for mainstream logic and memory remains strong, with many fabs being built, and expects the demand situation to remain strong in 2027 and beyond based on those intrinsic drivers.
Continued Upgrade Opportunity
ASML said a substantial installed-base opportunity remains because many systems have not yet received productivity upgrades. The company is aggressively developing and introducing new upgrade products, which will create additional addressable market opportunities across the installed base.
CH:ASMF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed