ASML Delivers Record €32.7 Billion Revenue as Chip Equipment Giant Sees AI-Driven Growth Ahead
Veldhoven, Wednesday, 28 January 2026.
The Dutch semiconductor equipment manufacturer achieved unprecedented financial results, posting 16% revenue growth and €9.6 billion in net income for 2025. Most remarkably, ASML’s order backlog swelled to €38.8 billion, signaling extraordinary future demand for advanced chip-making equipment driven by artificial intelligence applications.
Record-Breaking Results Follow Stock Rally
ASML’s financial triumph on January 28, 2026, validates the optimism that drove its stock to record highs earlier this month. As previously reported, the Veldhoven-based company reached an all-time high of €1,183.8 on January 16, 2026, despite trading at 52 times earnings [GPT]. The earnings announcement delivered on investor expectations, with ASML reporting total net sales of €32.7 billion for 2025, representing a 16 percent increase from the previous year [1][3]. Fourth-quarter performance was particularly strong, with net sales reaching €9.7 billion and gross margins maintaining robust levels at 52.2% [1]. The semiconductor equipment giant’s net income of €9.6 billion for the full year translates to earnings per share of €24.73, providing fundamental support for the premium valuation that had concerned some analysts [3].
Order Surge Driven by AI Semiconductor Demand
The most striking aspect of ASML’s results was the explosive growth in new orders, with quarterly net bookings surging to €13.2 billion in the fourth quarter of 2025, of which €7.4 billion came from extreme ultraviolet (EUV) lithography systems [1]. This massive order intake contributed to a year-end backlog of €38.8 billion, with EUV systems representing 65% of this pipeline [3]. The company’s leadership attributes this unprecedented demand to artificial intelligence applications requiring more advanced semiconductor manufacturing capabilities. As ASML’s Chief Technology Officer noted, “We see a very positive dynamic, a strong belief that the AI demand is real” [3]. The geographic distribution of this demand reveals China as ASML’s largest market in Q4 2025, accounting for 36% of sales, followed by South Korea at 22%, the United States at 17%, and Taiwan at 13% [3].
EUV Technology Leadership Drives Market Position
ASML’s dominance stems from its near-monopoly in EUV lithography technology, which is essential for manufacturing the most advanced semiconductors used in AI applications. In 2025, EUV systems accounted for 48% of ASML’s net system sales, an increase from 38% in 2024, while the company recognized revenue on 48 EUV systems worth €11.6 billion, representing a 39% increase [3]. The company’s latest NXE:3800E tool achieved throughput of 220 wafers per hour in 2025, with demonstrations reaching up to 230 wafers per hour at customer sites [9]. Additionally, ASML began shipping its most advanced High NA EUV systems, with revenue from two High NA systems included in fourth-quarter results [2][9]. Intel became the first customer to accept the next-generation EXE:5200B tool, highlighting the technology’s progression toward even more sophisticated manufacturing capabilities [9].
Ambitious Growth Projections and Shareholder Returns
Looking ahead, ASML projects continued expansion with 2026 total net sales expected between €34 billion and €39 billion, maintaining gross margins between 51% and 53% [1][2]. The company’s long-term vision is even more ambitious, with projections for annual revenue between €44 billion and €60 billion by 2030, supported by gross margins between 56% and 60% [9]. ASML CEO Christophe Fouquet emphasized that “we expect 2026 to be another growth year for ASML’s business, largely driven by a significant increase in EUV sales and growth in our installed base business sales” [1]. The company demonstrated confidence in its financial position by announcing a new share buyback program of up to €12 billion to be executed by December 31, 2028, while also declaring a total dividend of €7.50 per ordinary share for 2025, representing a 17% increase compared to 2024 [2][5][9]. This semiconductor equipment giant, headquartered in Veldhoven, Netherlands, with over 44,000 employees, continues to serve as a critical enabler in the global technology ecosystem [1].