One way to track the speed of the AI boom is to follow the hardware supply chain. Nvidia is the classic example: As AI companies build out data centers, they’re buying up billions of dollars of GPUs each month, turning Nvidia into the most valuable company on earth. But Nvidia has suppliers too, and looking at them can give us an even longer-term view of the market. That’s why we care about ASML, a Dutch photolithography company that has become a key linchpin for the semiconductor industry. ASML is the ...

Financial Data and Key Metrics Changes - In Q4 2025, total net sales were EUR 9.7 billion, with net system sales at EUR 7.6 billion, including EUR 3.6 billion from EUV system sales and EUR 4 billion from non-EUV system sales [6][8] - Gross margin for Q4 was 52.2%, and net income was EUR 2.8 billion, representing 29.2% of total net sales, resulting in earnings per share of EUR 7.35 [7][8] - For the full year 2025, net sales were EUR 32.7 billion, with a gross margin of 52.8% and net income of EUR 9.6 billion, resulting in earnings per share of EUR 24.73 [9][10] Business Line Data and Key Metrics Changes - EUV system sales for 2025 were EUR 11.6 billion, a 39% increase from 2024, while DUV system sales decreased by 6% year-over-year to EUR 12 billion [9] - Installed base management sales increased by 26% year-over-year to EUR 8.2 billion [9] - R&D spending for 2025 was EUR 4.7 billion, approximately 14% of sales, while SG&A expenses increased to EUR 1.3 billion [10] Market Data and Key Metrics Changes - Logic system revenue was EUR 16.1 billion, a 22% increase from 2024, while memory system revenue was EUR 8.4 billion, a 2% decrease from 2024 [9] - Q4 net bookings were EUR 13.2 billion, with 56% from memory and 44% from logic [8] Company Strategy and Development Direction - The company is focused on innovation and capacity expansion, particularly in EUV technology, to meet the growing demand from advanced logic and DRAM customers [15][19] - The strategy includes increasing the share of EUV systems in the product mix and enhancing productivity through R&D investments [20] - The company anticipates significant revenue growth in EUV systems due to increased capacity needs driven by AI-related infrastructure [15][16] Management's Comments on Operating Environment and Future Outlook - Management noted an improved market outlook, particularly due to the buildup of data centers and AI infrastructure, leading to increased demand for advanced logic and DRAM [15][16] - There is a positive sentiment among foundry customers regarding long-term demand sustainability, with expectations for capacity expansion [15][16] - The company expects Q1 2026 total net sales to be between EUR 8.2 billion and EUR 8.9 billion, with a gross margin between 51% and 53% [11] Other Important Information - The company plans to return EUR 8.5 billion to shareholders through dividends and share buybacks in 2025, with a new share buyback program announced for up to EUR 12 billion [12][13] - The company expects to declare a total dividend of EUR 7.50 per ordinary share for 2025, a 17% increase compared to 2024 [11] Q&A Session Summary Question: Outlook for calendar 2026 regarding EUV bookings - Management indicated that the guidance is influenced by customer progress in completing fabs and the ability to ramp production accordingly [23][24] Question: Changes in vision for High-NA tools in 2026 - Management expects continued progress in both DRAM and logic customer adoption, with qualification data collection expected to last most of the year [26][27] Question: Revenue growth guidance for 2026 - Management stated that growth is largely driven by customer readiness to take tools and their ability to complete fab construction [33][34] Question: Manufacturing capacity capabilities for Low-NA EUV tools - Management confirmed that capacity is dynamic and will increase gradually, with a focus on ramping up production in response to demand signals [35][36] Question: Customer visibility on equipment needs for the coming years - Management noted that customers are increasingly vocal about their capacity planning and expectations for demand, which aligns with public statements [41][42] Question: Impact of China on revenue guidance - Management indicated that China is expected to account for about 20% of total sales, and its performance will influence overall revenue guidance [50][51] Question: EUV capacity and booking trends - Management clarified that customers are not waiting for confirmation of capacity before booking, as they are aware of the company's plans to increase capacity [64][66]

ASML (NasdaqGS:ASML) Q4 2025 Earnings call January 28, 2026 09:00 AM ET Company ParticipantsC.J. Muse - Senior Managing DirectorChristophe Fouquet - CEODidier Scemama - Managing Director and Senior analystJim Kavanagh - Head of Investor RelationsRoger Dassen - CFOConference Call ParticipantsAlexander Duval - AnalystAndrew Gardiner - Managing Director and Senior Equity AnalystChris Caso - Managing Director and Senior Equity AnalystFrançois Bouvignies - Research AnalystJoe Quatrochi - AnalystKrish Sankar - Ma ...

ASML (NasdaqGS:ASML) Q4 2025 Earnings call January 28, 2026 09:00 AM ET Speaker2Good day, and thank you for standing by. Welcome to the ASML 2025 fourth quarter and full year financial results conference call on January 28th, 2026. At this time, all participants are in a listen-only mode. After the speaker's introduction, there will be a question-and-answer session. To ask a question during the session, you need to press star one one on your telephone. You will then hear an automated message advising your h ...

Group 1 - ASML Holding N.V. reported strong results, leading to an increase in its share price [1] - Despite the positive results, the elevated valuation of ASML suggests it may not be a good investment opportunity at this time [1] - The focus of Cash Flow Club is on businesses with strong cash generation and significant durability, emphasizing the importance of timing in investments [1] Group 2 - The article highlights the importance of cash flows and access to capital in evaluating investment opportunities [1] - The community offers features such as a personal income portfolio targeting a yield of over 6%, a "Best Opportunities" List, and coverage of various sectors including energy midstream and commercial mREITs [1]

每经AI快讯，美股开盘集体上涨，道指涨0.04%，纳指涨0.62%，标普500指数涨0.28%。德州仪器涨近 3%，公司对当前季度预期高于市场预期。星巴克上涨7.6%，第一季度美国同店销售额增长4%，高于市 场预期。阿斯麦涨近2.5%，公司2025年Q4营收97亿美元，创历史新高，订单规模为132亿欧元，远超预 期。存储板块延续强势，希捷科技涨近6%，西部数据涨4.7%，闪迪涨4.8%，美光科技涨超3%。 ...

1、利好来了！海外存储、光刻机巨头业绩均超预期 重要程度：★★★★★ AI行情仍在继续！1月28日，全球光刻机龙头阿斯麦(ASML)发布的财报显示，公司2025年第四季度净销售 额达97亿欧元，创纪录新高，超出市场预期。 同日，全球存储巨头SK海力士交出了迄今最强劲的单季业绩，在截至去年12月的季度里，公司营业利润同 比翻倍以上，达到19.2万亿韩元(约合135亿美元)，高于分析师平均预期的16.7万亿韩元；营收攀升至32.8 万亿韩元。其韩国股价在盘后交易中上涨逾6%。有分析师表示，本轮存储短缺状况很可能持续一段时间， 原因之一是下一代HBM需求强劲，而HBM更"吃"晶圆产能，同时供应仍然偏紧。 2、深圳发文！鼓励智能家居企业加快适配国产芯片 重要程度：★★★★ 深圳市市场监督管理局等五部门印发《深圳市优化消费环境三年行动计划(2026—2028年)》。其中提出， 大力促进家居消费。鼓励智能家居企业加快适配国产操作系统和芯片，推动家具、电视、影音娱乐、门 锁、厨具、照明、扫地机器人、健身器材等全面接入AI，打造智能家居"拳头产品"。 3、上金所、上期所齐齐出手"降温" 重要程度：★★★ 1月28日，上海期货 ...

ASML Holding NV shares soared to the highest ever after orders in the fourth quarter far exceeded analysts’ expectations and the Dutch semiconductor equipment maker announced job cuts to boost efficiency. Bookings in the fourth quarter were a record €13.2 billion ($15.8 billion), as artificial intelligence fueled demand for its most sophisticated equipment, the Veldhoven, Netherlands-based company said in a statement on Wednesday. That compares with an average analyst estimate of €6.85 billion, according ...

After a trough in mid-2025 and bearish remarks from management, ASML Holding N.V. ( ASML ) was not an investor's favorite. It traded below the S&P 500 Index ( SP500 ) on aHi! I'm a passionate investor who has been researching publically traded companies for over 6 years. My primary focus is on identifying great businesses at reasonable prices and holding them for the long term but I also dive into trend following strategies from time to time. While I have a slight bias toward technology companies, I maintai ...

ASML reports €32.7 billion total net sales and €9.6 billion net income in 2025 ASML expects 2026 total net sales to be between €34 billion and €39 billion, with a gross margin between 51% and 53% ASML 2025 fourth-quarter and full-year results Veldhoven, the Netherlands January 28, 2026 Agenda January 28, 2026 Page 2 Public • Investor key messages • Business summary • Outlook • Financial statements Investor key messages January 28, 2026 Page 3 Investor key messages1 January 28, 2026 Page 4 1 Investor key mes ...