This article first appeared on our US website.
Here’s our first look at it ASML Holding‘S (NASDAQ: Asml) third quarter financial report.
Key statistics
| Metric | Q3 2024 | Q3 2025 | Change | versus expectations |
|---|---|---|---|---|
| Net turnover | 7.47 billion euros | 7.52 billion euros | +1% | Missed |
| Earnings per share | 5.28 euros | 5.48 euros | +4% | Beat |
| Lithography systems sold | 116 | 72 | -38% | n/a |
| Net bookings | 2.63 billion euros | 5.40 billion euros | +105% | n/a |
Is ASML taking full advantage of AI?
ASML Holding’s third-quarter results did not exactly reflect the views many investors have about companies involved in the rise of artificial intelligence. The maker of lithography equipment for semiconductor production reported only a modest year-over-year increase in sales, which fell short of what most investors would have wanted. Profit growth of 4% was slightly better, but both turnover and profit were lower than in the first and second quarters. Unit sales of lithography systems also remained at a lower level than in the prior year period. Gross margin of 51.6% was higher than last year’s quarter, but lower than earlier this year.
Nevertheless, CEO Christophe Fouquet largely focused on the positive aspects of ASML’s business operations. He praised the launch of its first advanced packaging product as a significant step forward in 3D integration, and he pointed to the continued benefits of the company’s partnership with Mistral AI to integrate more useful features into its equipment to increase productivity.
Fouquet also set expectations for 15% revenue growth for full-year 2025. However, most of that growth came early in 2025. ASML’s fourth-quarter projections suggest quarterly revenue will rise between 1% and 6% compared to the same period last year. Furthermore, the CEO pointed out that demand from China will “decrease significantly” compared to 2024 and 2025.
Immediate market response
ASML shares rose more than 5% early in regular morning trading on Wednesday after the announcement, but fell in the afternoon. Even with somewhat slow, forward-looking numbers for the quarter, shareholders kept their focus squarely on ASML’s future. Solid order bookings and positive views on the company’s 2026 forecast were apparently enough to restart the surge. As a result, ASML’s share price could surpass all-time highs.
Shares of ASML stayed within a fairly tight range for much of 2025 as sentiment about the chip equipment maker turned around. Global trade concerns are also a factor for the Dutch company, and new tariff tensions could raise new questions for ASML, especially regarding its business with China.
What to watch
The big question is whether ASML can achieve its ambitious longer-term goals. The company still expects turnover to be between 44 billion and 60 billion euros in 2030, and hopes to increase gross margins to as much as 60%.
Still, investors may not be really satisfied with that growth rate. Based on projections for the fourth quarter, ASML expects total revenue for 2025 to be between EUR 32.1 billion and EUR 32.7 billion. That implies an average annual growth of between 6% and 13% over the next five years. And ASML’s statement that it “does not expect total net sales in 2026 to be lower than 2025” did not exactly inspire confidence either.
For a hardware company, a 13% growth rate over already significant levels in most market environments would be quite impressive. However, AI investors largely expect companies to show faster growth. With an earnings multiple of roughly 35, ASML isn’t as highly valued as some of its higher-growth AI peers, but the price likely still reflects greater excitement about ASML’s AI future than the company is currently signaling.
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