ASML First Take: The print was middling. Revenue and GPM were in line with guidance, but there was no clear beat.
Growth this quarter was driven by stronger EUV demand from Korean memory makers and higher service revenue. Versus the reported numbers, the Street is more focused on orders and forward guidance:
① Orders: The co. did not disclose order intake this quarter.
Last quarter, net bookings were €13bn, largely from memory customers, with most shipments slated for 2027. Bookings are a leading indicator, so watch the earnings call for any color on order details (cf. Dolphin Research's Trans).
② Outlook: Mgmt guides next-quarter revenue at €8.4–9.0bn, below the Street's €9.1bn.
As mgmt has already issued FY26 guidance, the next-quarter guide carries less weight.
The co. raised its FY26 revenue guide to €36–40bn (from €34–39bn), implying +10–22% YoY and signaling confidence in the business.
Major sell-side houses had already lifted their FY growth range to ~10–25%, so this aligns with market expectations.
Based on guidance, ASML's growth is back-half weighted, with H2 revenue likely €18–22bn, well above H1 (per quarter under €9bn), implying wafer-fab capex will also skew to H2.
Overall, near-term results are subdued, but with clear full-year guidance, Q1–Q2 prints matter less. With TSMC and memory vendors expanding capex, ASML still offers relative visibility.
Beyond the FY guide, orders better indicate the durability of growth. The co. did not disclose this in the release, so we need to wait for mgmt commentary. For more, follow Dolphin Research's subsequent takeaways and transcripts. $ASML(ASML.US) $Leverage Shares 2X Long ASML Daily ETF(ASMG.US)
The copyright of this article belongs to the original author/organization.
The views expressed herein are solely those of the author and do not reflect the stance of the platform. The content is intended for investment reference purposes only and shall not be considered as investment advice. Please contact us if you have any questions or suggestions regarding the content services provided by the platform.
