ASML reported record quarterly bookings of 13.2 billion euros in Q4 2025, nearly doubling analyst predictions. The Dutch chip equipment maker’s results highlight once more that the AI infrastructure buildout shows no signs of slowing down.
The Veldhoven-based company’s bookings exceeded the average analyst estimate of €6.85 billion by a significant margin. More than half came from extreme ultraviolet (EUV) lithography machines, totaling €7.4 billion. These cutting-edge systems, exclusive to ASML, have gradually increased their share in the company’s earnings ever since they first became commercially available just over a decade ago.
“In the last months, many of our customers have shared a notably more positive assessment of the medium-term market situation, primarily based on more robust expectations of the sustainability of AI-related demand,” CEO Christophe Fouquet said in a statement. “This is reflected in a marked step-up in their medium-term capacity plans and in our record order intake.”
The surge reflects growing confidence among chipmakers despite earlier concerns about AI over-investment. Tech giants including Meta and Microsoft are pouring hundreds of billions into data center construction. They are driving semiconductor manufacturers to expand capacity. ASML previously posted record yearly sales of 28.3 billion euros, signaling the industry’s upward trajectory.
Guidance raised for 2026
ASML projects 2026 total net sales between 34 billion and 39 billion euros, higher than previous guidance. The company reported 32.7 billion euros in total net sales for 2025. Fourth-quarter net sales reached 9.7 billion euros with a gross margin of 52.2 percent.
These numbers are reflected by what we know from ASML’s customers. TSMC announced this month it anticipates capital spending exceeding 52 billion dollars in 2026, much of it directed toward advanced manufacturing techniques. Nvidia CEO Jensen Huang recently called the data center buildout “the largest infrastructure build out in human history,” stating trillions of dollars in additional investment will be needed in coming years.
China remains key market despite restrictions
China accounted for 36 percent of ASML’s net system sales in Q4, maintaining its position as the company’s largest market. However, US-led export restrictions prevent ASML from selling its most advanced EUV machines to Chinese customers. The company is also barred from exporting its most sophisticated deep ultraviolet (DUV) systems to the country. Should any more restrictions come into play, the reliance on China could become a burden for ASML. However, the chip machine maker predictably argues against trade impediments. The greater risk for both ASML as well as chipmakers outside of China is that said nation will eventually build its own fully autonomous ecosystem. In that regard, its trajectory towards a full ASML EUV machine equivalent is still far off.
At any rate, Chinese chipmakers continue purchasing older ASML equipment for mature chip production. The machines shipped to China are eight generations behind the most advanced models. Yet this segment remains significant for ASML’s business, though the company expects China’s contribution to decline in future quarters.
ASML announced it will discontinue reporting bookings in future quarterly reports, arguing the metric doesn’t accurately capture business momentum. The company also plans to streamline its technology and IT organizations, signaling potential job cuts. A new share buyback program of up to €12 billion will run through December 31, 2028.