ASML Q4 Bookings Double Estimates to €13.2B While Revenue Rises 5%
In Q4 2025, ASML reported net bookings of €13.2 billion, more than double the €6.2 billion consensus, while revenue climbed 5% year-over-year to €9.7 billion on AI-driven demand. Its backlog reached €39 billion, though management projects 4–19% revenue growth for 2026 and notes a slowdown in China demand.
1. ASML Delivers Record Financial Results in 2025
ASML reported full-year 2025 revenue of €32.8 billion, up 28% year-over-year, while net income rose 34% to €11.2 billion. New equipment orders surged to €41.5 billion, eclipsing the prior-year figure by 62%, driven by strong spending from both logic foundries and memory manufacturers. The company reduced net debt by €3.6 billion over the year and ended December with a cash and short-term investments balance of €8.4 billion, up from €6.1 billion at the end of 2024. Free cash flow conversion remained robust at 82%, supporting ongoing R&D investment into next-generation EUV and High-NA systems.
2. AI Supercycle Orders Double Street Expectations
In Q4 2025, ASML secured €12.4 billion of AI-related lithography orders, roughly twice the consensus analyst forecast of €6.2 billion. Hyperscale datacenter operators placed large orders for NXT:1970Ci High-NA EUV tools, while leading foundries expanded capacity for AI accelerators using TWINSCAN NXE:3600D systems. Backlog attributable to AI projects now stands at €16.7 billion, representing 40% of ASML’s total system backlog. Management reiterated a 2026 revenue growth outlook of 10–18%, underpinned by ongoing AI infrastructure investments and an accelerating supercycle in memory chip production.