Overview
- ASML reported stronger-than-expected second-quarter results on Wednesday, July 15, with €9.3 billion in net sales, about €2.9 billion in net income, and a gross margin near 54%.
- The company raised full-year 2026 net sales guidance to €43 billion–€45 billion and lifted gross-margin expectations to 54%–56%, marking a second guidance increase this year.
- Management said it will boost Low‑NA EUV capacity by roughly 30% for 2027 (to about 84 units) and is evaluating a similar 30% step for 2028, and it plans parallel 30% additions for DUV/immersion capacity; next‑year EUV capacity is reported as largely booked.
- Analysts reacted with a wave of price‑target upgrades—Bernstein to €2,500 and Barclays to €2,400—citing stronger revenue, tighter backlog and margin upside, even as options‑market data and high forward multiples signal investor caution.
- Key risks remain that could hit revenue: about 20% of 2026 sales are tied to China, export‑control proposals could limit future DUV shipments there, and most tool deliveries affect chip output 12–24 months later, shaping supply for 2027–2028.