Overview
- Net bookings jumped to €13.2 billion in Q4 2025 from €5.4 billion in Q3, far above the roughly €6.2 billion analysts expected.
- Backlog rose by €7 billion to €38.8 billion, with memory customers driving 56% of the quarter’s orders and logic accounting for 44%.
- ASML guided 2026 revenue to €34–39 billion and forecast Q1 2026 sales of €8.2–8.9 billion, with management pointing to a stronger second half as customer fabs come online.
- China represented 36% of sales versus 27% a year earlier, but EUV systems remain restricted from that market, shaping the near-term revenue mix.
- Unit shipments declined year over year to 94 new and 8 used systems, while Bernstein’s David Dai raised his price target to $1,911 and maintained an Outperform rating, calling the post-earnings pullback a buying opportunity.