Overview
- Fourth-quarter net bookings hit €13.2 billion, far above roughly €6–7 billion expected by analysts.
- Backlog rose by about €7 billion to €38.8 billion, with EUV reservations over half at €7.4 billion and memory driving roughly 56% of orders.
- ASML guided 2026 revenue to €34–39 billion and signaled a stronger second half of 2026 as fabs complete and internal move rates ramp.
- China represented 36% of fourth-quarter net system sales, while advanced EUV tools remain restricted for that market.
- Bernstein raised its price target to $1,911 and Barclays upgraded to Overweight with a €1,500 target as investors weigh capacity and margin constraints.