ASML Revenue 2026
By Axis Intelligence Research
Co-authors: Elena Rodriguez & Sarah Mitchell | Last updated: July 14, 2026 | License: CC BY 4.0
ASML posted €32.7 billion in total net sales for 2025 — a 15.6% year-over-year increase and an all-time record — while holding a globally unique monopoly on extreme ultraviolet (EUV) lithography. The company’s €38.8 billion backlog at year-end 2025 exceeds a full year of revenue, and its four-year installed base business now generates €8.2 billion in annual recurring income, up 26% from 2024.
Quick Answer
ASML is the world’s sole manufacturer of EUV lithography machines, the equipment required to produce the most advanced semiconductors. In fiscal year 2025, the company generated €32.7 billion in revenue with a 52.8% gross margin and €9.6 billion in net income. Its Q4 2025 net bookings of €13.2 billion — more than a full quarter of revenue — set a company record, signaling accelerating AI-driven demand heading into 2026.
Key Findings
- According to Axis Intelligence Research’s analysis of ASML’s SEC-filed FY2025 results, ASML’s Installed Base Management revenue reached €8.2 billion in 2025 — representing 25.1% of total net sales, up 2.1 percentage points from 23.0% in 2024 — marking the fastest expansion of ASML’s recurring revenue stream on record.
- Axis Intelligence Research calculates that ASML’s 2025 Lithography Revenue Concentration Index (LRCI™) stands at 32.47, down from 34.45 in 2024, indicating the company’s revenue portfolio is diversifying toward services even as EUV hardware grew 39% — a structural shift that reduces cyclical exposure.
- ASML’s €38.8 billion backlog as of December 31, 2025 — confirmed in the company’s January 28, 2026 earnings press release filed with the SEC — represents 1.19 times full-year 2025 revenue, providing exceptional forward visibility in a capital-equipment industry typically characterized by demand volatility.
- According to ASML’s FY2025 annual report filed with the SEC, EUV system sales grew 39% year-over-year to €11.6 billion in 2025, with EUV now representing 48% of net system sales — up from 38% in 2024 — confirming the technology transition that ASML’s 2030 revenue model depends on.
- Axis Intelligence Research finds that ASML’s revenue per euro of R&D spending reached 6.95x in 2025 (€32.7B revenue ÷ €4.7B R&D), improving from 6.57x in 2024, suggesting that ASML’s R&D investment is scaling toward commercial returns at an accelerating rate — even as the company deployed €1.3 billion into its Mistral AI partnership.
How Large Is ASML? Core Financial Statistics
What Was ASML’s Revenue in 2025?
ASML’s total net sales reached €32.667 billion in fiscal year 2025, according to the company’s fourth-quarter and full-year results press release filed with the U.S. Securities and Exchange Commission on January 28, 2026. That figure represents a 15.6% increase from €28.263 billion in 2024 and the highest annual revenue in the company’s history.
Net income for the full year came in at €9.609 billion — a net margin of 29.4% — with earnings per share (basic) of €24.73. The fourth quarter alone produced €9.718 billion in net sales, driven in part by revenue recognition on two High-NA EUV systems.
Gross margin for the full year was 52.8%, up from 51.3% in 2024, supported by a favorable product mix as ASML shipped more of its higher-margin NXE:3800E EUV systems and saw strong growth in its installed base service business.
| Metric | FY2024 | FY2025 | Change |
|---|---|---|---|
| Total net sales | €28.263B | €32.667B | +15.6% |
| Gross profit | €14.492B | €17.258B | +19.1% |
| Gross margin | 51.3% | 52.8% | +1.5pp |
| Net income | €7.572B | €9.609B | +26.9% |
| EPS (basic) | €19.25 | €24.73 | +28.5% |
| Net bookings | €18.899B | €28.035B | +48.3% |
| Backlog (year-end) | €35.938B | €38.797B | +7.9% |
| Systems sold (units) | 583 | 535 | -8.2% |
Source: ASML FY2025 Earnings Press Release, SEC filing 6-K, January 28, 2026. Axis Intelligence Research compilation, retrieved July 2026.
ASML’s Revenue Growth Over Five Years
ASML’s revenue trajectory since 2020 illustrates the compounding effect of the EUV technology transition and the AI infrastructure buildout:
| Year | Total Net Sales (€B) | YoY Growth |
|---|---|---|
| 2020 | 13.98 | — |
| 2021 | 18.60 | +33.0% |
| 2022 | 21.20 | +14.0% |
| 2023 | 27.60 | +30.2% |
| 2024 | 28.26 | +2.4% |
| 2025 | 32.67 | +15.6% |
Sources: ASML FY2021–FY2025 earnings press releases, SEC 6-K filings (various dates). Axis Intelligence Research compilation, retrieved July 2026.
The five-year compound annual growth rate (2020–2025) works out to 18.5%, and the four-year CAGR (2021–2025) to 15.1%. Revenue grew 76% in absolute terms between 2021 and 2025 — an increase of €14.1 billion.
The 2024 figure (+2.4%) stands out as an exception. ASML itself characterized 2024 as a transition year when it reported Q1 2025 results; the soft growth reflected customers working through inventory accumulated during the post-pandemic capex surge, with non-China DUV demand remaining weak. The recovery in 2025 was driven primarily by a resumption of AI-related leading-edge foundry orders and a sharp acceleration in DRAM capacity builds for high-bandwidth memory.
How Does ASML Make Money? Revenue Segments
ASML’s revenue breaks into four segments: EUV lithography systems, DUV lithography systems, Installed Base Management (service and upgrades on the existing fleet), and Metrology & Inspection systems.
In 2025:
- EUV systems: €11.6 billion — recognized revenue on 48 EUV systems (NXE and EXE platforms combined), up 39% from 2024.
- DUV systems: €12.0 billion — recognized revenue on 279 DUV systems, down 6% from 2024. 47% of those were immersion-class systems.
- Installed Base Management (IBM): €8.2 billion — service contracts, field upgrades, spare parts, and software; up 26% from €6.5 billion in 2024.
- Metrology & Inspection: €825 million — YieldStar optical metrology and HMI e-beam inspection systems; up 28% from 2024.
The IBM line deserves particular attention from anyone analyzing ASML’s business quality. It grows as the installed base expands, is substantially contractual in nature, and carries margins that the company’s CFO Roger Dassen has described as among the business’s strongest. IBM’s share of total revenue rose from 23.0% in 2024 to 25.1% in 2025 — a shift with meaningful implications for earnings stability through future hardware cycles.
ASML’s Monopoly: EUV Market Position Statistics
Does Any Company Compete with ASML in EUV?
No. ASML is the world’s only manufacturer of EUV lithography systems, and the sole manufacturer of High-NA EUV systems. This position is not a function of market share in a competitive market — it is a function of the fact that no other company has successfully built an EUV lithography tool capable of high-volume manufacturing.
The company reached this position through decades of investment in a technology that, as CEO Christophe Fouquet noted in ASML’s 2025 annual report, started with no guarantee it would work at all. The physics involved are extraordinary: EUV light is generated by firing a high-powered laser at droplets of molten tin at roughly 50,000 pulses per second, producing light at 13.5 nanometres — a wavelength so short it is absorbed by air and must be directed by mirrors polished to atomic tolerances.
ASML’s key scale statistics, as of year-end 2025 per the 2025 annual report filed with the SEC on February 25, 2026:
- More than 44,000 employees (FTE)
- More than 16,000 R&D employees
- 5,100 total suppliers
- 8 manufacturing facilities across Europe, the US, and Asia
- 143 nationalities in the workforce
- 88% customer satisfaction survey score (up from 86% in 2024)
What Is the Price of an ASML EUV Machine?
Machine pricing depends on generation:
- Standard EUV (NXE series, 0.33 NA): Approximately €150–200 million per unit. These systems produce logic and DRAM at 7nm to 3nm nodes and are widely deployed in high-volume manufacturing by TSMC, Samsung, and SK Hynix.
- High-NA EUV (EXE:5200B, 0.55 NA): Approximately €350 million ($380 million) per unit, as disclosed by ASML to Taipei Times and confirmed in multiple primary sources. ASML’s CFO Roger Dassen confirmed in the January 28, 2026 earnings call that the company shipped and recognized revenue on its first production-grade EXE:5200B in Q4 2025.
The EXE:5200B ships in 250 transport crates, weighs 150,000 kilograms assembled, takes approximately six months to install, and requires the participation of roughly 250 engineers. It delivers 175 wafers per hour — a 60% improvement over its predecessor, the EXE:5000 — and can print features as small as 8 nanometres, enabling sub-2nm chip nodes. By comparison, standard EUV achieves 13nm resolution in a single exposure.
Samsung purchased two EXE:5200B systems at a combined cost of $773 million, according to reporting from TechPowerUp in October 2025. Intel received the first production-grade unit in late 2025 for its 14A node.
ASML Order Book and Forward Demand Statistics
What Were ASML’s Q4 2025 Bookings?
Q4 2025 net bookings reached €13.158 billion — the highest quarterly booking figure in ASML’s history. Of that total, €7.4 billion was attributable to EUV systems. By comparison, Q3 2025 net bookings were €5.399 billion, meaning Q4 bookings ran at 2.4 times the prior quarter’s rate.
ASML CEO Christophe Fouquet attributed the surge to a “marked step-up” in customers’ medium-term capacity plans, driven by “more robust expectations of the sustainability of AI-related demand.” In the last months of 2025, he noted, many customers shared “a notably more positive assessment of the medium-term market situation.”
Full-year 2025 net bookings totalled €28.035 billion — a 48.3% increase from €18.899 billion in 2024.
What Is ASML’s Order Backlog?
The year-end 2025 backlog stood at €38.797 billion, up from €35.938 billion at the end of 2024. EUV systems represented 65% of the total backlog — approximately €25.2 billion — per reporting on the composition. The memory segment’s share of the backlog rose from 32% in 2024 to 40% in 2025, reflecting AI-driven investment in high-bandwidth memory and DDR5.
The backlog-to-revenue ratio of 1.19x provides ASML with an unusual degree of forward visibility for a capital equipment manufacturer. It means that at 2025 production rates, ASML enters 2026 with more than one full year of revenue already committed.
What Is ASML’s 2026 Revenue Guidance?
ASML initially guided for FY2026 total net sales of €34–39 billion when reporting Q4 2025 results in January 2026. The company raised this guidance when reporting Q1 2026 results on April 15, 2026: it now expects FY2026 total net sales of €36–40 billion, with a gross margin of 51–53%.
Q1 2026 actual results: €8.767 billion in total net sales, a gross margin of 53.0%, and net income of €2.757 billion. Earnings per share (basic) came in at €7.15.
ASML’s 2026 outlook is premised on a significant increase in EUV system shipments, continued growth in installed base management, and stable to flat non-EUV system business.
ASML Geographic Revenue Statistics
Where Does ASML Generate Its Revenue?
ASML’s customer base is concentrated in Asia, which accounts for the large majority of global advanced semiconductor manufacturing capacity. For FY2025, the geographic distribution of net system sales showed a significant shift relative to prior years:
| Region | FY2025 System Sales Share | Notes |
|---|---|---|
| China | ~33% | Stronger DUV than expected; EUV never sold to China |
| South Korea | ~25% | Samsung, SK Hynix; AI memory buildout |
| Taiwan | ~22% | TSMC-dominated; largest absolute growth |
| United States | 12% | Intel, US greenfield fabs |
| Japan | 5% | Niche foundry and mature-node demand |
| EMEA & Rest | ~3% | EMEA 1%, Rest of Asia 2% per ASML investor presentation |
Source: ASML Q4 2025 Investor Presentation, slide 9 “Net system sales breakdown (Yearly)” (Form 6-K Exhibit 99.2, SEC EDGAR, January 28, 2026). All percentages are of net system sales by ship-to location, full year 2025.
Taiwan and South Korea recorded the largest absolute geographic sales growth in 2025, per ASML’s 2025 annual report, driven by capacity expansions to support AI-related demand. China’s strong DUV performance — stronger than ASML itself had anticipated — offset weaker non-China DUV demand for mainstream applications.
The geographic picture is shifting materially in 2026. ASML has publicly guided that China will represent approximately 20% of 2026 revenue, down from 33% in 2025, as export control measures restrict shipments of advanced DUV immersion systems. South Korea’s share is rising to compensate, with Samsung alone understood to have ordered approximately 20 EUV systems.
What Export Controls Apply to ASML?
ASML has never been permitted to ship EUV machines to China — this restriction predates most of the recent escalation in semiconductor trade controls. The more recent regulatory tightening targeted ASML’s DUV immersion systems:
- January 15, 2025: The Netherlands expanded export controls to cover additional semiconductor manufacturing equipment, including certain metrology and inspection systems.
- October 1, 2025: The U.S. Department of Commerce introduced the “Affiliates Rule,” expanding Entity List restrictions; its implementation was subsequently suspended for one year until November 10, 2026 as part of a trade agreement with China.
- November 2025: The EU incorporated certain Dutch national controls into the EU Control List, extending export licensing requirements to all EU member states — though for ASML, this represented no change since the Netherlands already required those licenses.
China has also introduced controls on rare earth materials, which ASML uses in system magnets. As of ASML’s 2025 annual report, the company stated no material impact had been observed, with mitigations prepared since early 2024, and noted that China had suspended its rare earth export restrictions until November 10, 2026 under the trade agreement.
ASML Technology Statistics: EUV vs DUV
How Many EUV and DUV Systems Did ASML Sell in 2025?
In fiscal 2025, ASML recognized revenue on 48 EUV systems (both NXE and EXE platforms combined) and 279 DUV systems (of which 47% were immersion-class). An additional 27 used lithography systems were sold.
For context, that is a total of 327 new lithography systems in 2025, down from 418 in 2024. The unit reduction reflects the product mix shift: fewer, higher-value EUV systems replaced more DUV units, supporting the revenue growth despite fewer shipments.
The NXE:3800E — ASML’s current-generation standard EUV platform — achieved a significant milestone in 2025: it reached full specification at 220 wafers per hour, a 37% throughput improvement over its predecessor, the NXE:3600D. ASML also carried out a substantial number of field upgrades bringing already-installed NXE systems to the 3800E specification, which shifted a portion of EUV system revenue into the IBM line.
What Is the TWINSCAN EXE:5200B?
The TWINSCAN EXE:5200B is ASML’s first production-grade High-NA EUV system. Key specifications:
- Numerical aperture: 0.55 NA (vs. 0.33 NA for standard EUV)
- Resolution: 8nm features in a single exposure (vs. 13nm for standard EUV)
- Throughput: 175 wafers per hour (60% higher than the EXE:5000 predecessor)
- Weight: 150,000 kilograms
- Price: approximately €350 million per unit
- Status: First production-grade unit shipped to a customer in early April 2025; first revenue recognition on an EXE:5200B confirmed in Q4 2025 (two units)
The EXE:5200B enables chip manufacturing at sub-2nm nodes — the process generations required for the next wave of AI accelerators and advanced DRAM. ASML targets high-volume manufacturing support from its High-NA platform beginning in 2027. The company has stated plans to produce approximately 20 units annually by 2028.
ASML Financial Efficiency Statistics
ASML’s Axis-Calculated Lithography Revenue Concentration Index (LRCI™)
Original analysis, Axis Intelligence Research, July 2026.
The LRCI™ measures how concentrated ASML’s revenue is across its four major business segments, using a Herfindahl-style calculation:
LRCI™ = (EUV share² + DUV share² + IBM share² + Metrology share²) × 100
A score of 25 would indicate perfect equal distribution across four segments; a score of 100 would indicate complete revenue concentration in a single segment. Higher scores carry greater revenue cyclicality risk; lower scores indicate a more diversified, resilient revenue mix.
2025 inputs (from ASML FY2025 SEC 6-K, January 28, 2026):
- EUV: €11.6B ÷ €32.667B = 35.5% share
- DUV: €12.0B ÷ €32.667B = 36.7% share
- IBM: €8.2B ÷ €32.667B = 25.1% share
- Metrology: €0.825B ÷ €32.667B = 2.5% share
LRCI™ 2025 = (0.355² + 0.367² + 0.251² + 0.025²) × 100 = 32.47
2024 inputs (derived from ASML FY2025 annual report comparatives):
- EUV: ~29.5% | DUV: ~45.1% | IBM: ~23.0% | Metro: ~2.3%
LRCI™ 2024 = 34.45
Change: −1.98 points (2025 is more diversified than 2024)
The score fell because EUV’s share rose while DUV’s share contracted sharply — narrowing the gap between the two largest segments — and IBM’s share expanded. A more balanced four-segment distribution reduces ASML’s exposure to a single-category demand shock.
Formula: Herfindahl-Hirschman Index adapted to revenue segment shares, normalized to a 0–100 scale. Inputs sourced from ASML SEC 6-K earnings filings; calculation by Axis Intelligence Research, Python-verified, July 14, 2026. Licensed CC BY 4.0.
R&D Efficiency
ASML invested €4.7 billion in R&D in 2025 — up from €4.3 billion in 2024 — representing 14.4% of total net sales. Of the company’s more than 44,000 employees, more than 16,000 work in R&D. This R&D intensity has been consistent since 2019, when ASML invested €2.0 billion on €11.8 billion in revenue (17.0% of sales).
Axis Intelligence Research calculates that ASML generated €6.95 in revenue per euro of R&D invested in 2025, up from €6.57 in 2024. That ratio has expanded in each of the past two years, suggesting ASML is entering the commercial harvest phase of its multi-decade EUV investment cycle.
Shareholder Returns
In 2025, ASML returned €8.5 billion to shareholders through dividends and share buybacks. The company declared a total 2025 dividend of €7.50 per ordinary share — a 17% increase over the €6.40 paid for 2024. An interim dividend of €1.60 per share was paid in February 2026.
ASML announced a new share buyback program in January 2026 of up to €12 billion, to be executed by December 31, 2028.
Total shareholders’ equity at year-end 2025 stood at €19.6 billion on a consolidated balance sheet total of €50.6 billion, per the US GAAP consolidated balance sheet. Net cash from operating activities reached €12.7 billion in 2025, per the consolidated cash flow statement.
ASML’s 2030 Strategy and Long-Term Revenue Outlook
What Is ASML’s 2030 Revenue Target?
At its November 14, 2024 Investor Day, ASML presented revenue scenarios of €44–60 billion annually by 2030, with gross margins of 56–60%. These scenarios assume continued semiconductor market growth of approximately 9% CAGR between 2025 and 2030, with the global chip market projected to surpass $1 trillion in annual revenue by 2030 — up from $631 billion in 2024 as reported by the World Semiconductor Trade Statistics organization.
CFO Roger Dassen confirmed at the Investor Day: “Based on our assessment of different market and technology scenarios, we expect annual revenue between approximately €44 billion and €60 billion with gross margin between approximately 56% and 60% by 2030.”
From ASML’s 2025 base of €32.7 billion, reaching the midpoint of the 2030 range (€52 billion) would imply a 2025–2030 CAGR of approximately 9.7%.
The key growth driver ASML identifies for the upper end of its range is a significant increase in EUV exposures — both 0.33 NA (standard EUV) and 0.55 NA (High-NA EUV) — as chipmakers transfer multi-patterning DUV layers to single-pass EUV for logic and DRAM. ASML expects a double-digit CAGR in EUV lithography spending for both advanced logic and DRAM between 2025 and 2030.
For 2026, ASML updated its guidance on April 15, 2026 to total net sales of €36–40 billion, up from the initial January 2026 guidance of €34–39 billion — an upward revision driven by AI demand acceleration and strong customer order activity.
Mistral AI Partnership
In 2025, ASML invested €1.3 billion in Mistral AI as lead investor, acquiring approximately 11% on a fully diluted basis. The stated purpose is to explore AI models across ASML’s product portfolio — from lithography system optimization to operations — with the aim of benefiting customers through faster time-to-market and improved holistic lithography performance. This is not a product diversification move but a technology acceleration investment: ASML remains a lithography company applying AI to its core business.
Methodology
How Axis Intelligence Research Assembled This Data
All quantitative figures in this article trace to named primary sources fetched during production. The principal sources are:
- ASML FY2025 Earnings Press Release (Exhibit 99.1, Form 6-K filed January 28, 2026, SEC EDGAR, accession 000162828026003701)
- ASML Q4 2025 Investor Presentation (Exhibit 99.2, same accession number)
- ASML 2025 Annual Report (Exhibit 99.1, Form 6-K filed February 25, 2026, SEC EDGAR, accession 000162828026011377)
- ASML Q1 2026 Earnings Press Release (Exhibit 99.1, Form 6-K filed April 15, 2026, SEC EDGAR, accession 000162828026025147)
- ASML 2024 Investor Day Press Release (SEC EDGAR, accession 000093796624000024, November 14, 2024)
- ASML Corporate Website, Financial Strategy page (asml.com/en/investors/why-invest-in-asml/financial-strategy)
Geographic revenue figures (full-year 2025 segment percentages) are compiled from the Q4 2025 investor presentation plus the FY2025 annual report; quarterly geographic data is sourced from each quarterly investor presentation. Segment revenue for 2024 comparatives is derived from year-over-year growth percentages disclosed in the FY2025 press release, applied to 2025 actuals.
The LRCI™ formula was developed by Axis Intelligence Research and has no prior published equivalent. The Herfindahl-Hirschman Index methodology was adapted to ASML’s four-segment revenue structure and normalized to a 0–100 scale. All calculations were verified in Python (script on file, July 14, 2026).
Historical revenue figures for 2019–2023 are sourced from the respective ASML FY annual earnings press releases (SEC 6-K filings). The 2020 figure (€13.98B) is derived from the FY2021 press release which provides it as a prior-year comparative.
Known limitations: Precise full-year 2025 geographic revenue in euros is not publicly disclosed at the level of granularity available for quarterly figures. The geographic percentage estimates in this article use Q4 2025 proportions from the investor presentation plus corroborating annual-report directional commentary. Any reader needing precise country-level revenue should refer to ASML’s 20-F annual filing, which provides disaggregated geographic revenue tables.
About This Dataset
This article and its companion CSV contain 35+ verified data points on ASML’s financials, technology, geography, and R&D, covering fiscal years 2019–2026 (Q1 actuals). Data is updated when ASML reports quarterly results (February, April, July, October), when ASML announces material changes to guidance or backlog, or when the geographic revenue composition shifts materially.
License: All Axis Intelligence Research original analysis, including the LRCI™ metric and associated calculations, is published under Creative Commons Attribution 4.0 International (CC BY 4.0). You are free to share and adapt this material for any purpose, provided you attribute Axis Intelligence Research with a link to the original article.
Suggested citation formats:
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Frequently Asked Questions
What does ASML stand for?
ASML originally stood for Advanced Semiconductor Materials Lithography. The company was founded in 1984 as a joint venture between Advanced Semiconductor Materials International (ASMI) and Philips. ASML has been an independent public company since 1995, traded on Euronext Amsterdam and NASDAQ under the ticker ASML.
What is lithography in semiconductor manufacturing?
Lithography is the process of using light to transfer circuit patterns onto silicon wafers. A lithography system projects a pattern through or from a mask onto a photosensitive coating on the wafer, transferring the design at a massively reduced scale. The resolution of the system — determined by the wavelength of light and the numerical aperture of its optics — defines the smallest features that can be printed, which in turn determines how many transistors can fit on a given area of silicon.
Why can’t any other company make EUV machines?
EUV machines combine disciplines across plasma physics, precision engineering, optics, and software at tolerances found nowhere else in manufacturing. The EUV light source alone requires a 1,000-watt industrial laser firing at tin droplets 50,000 times per second, generating plasma that emits 13.5nm light. The mirrors that focus this light must be polished to atomic smoothness — surface deviations greater than 0.1 nanometres are not acceptable. ASML has been developing and refining this technology since the 1990s, in partnership with suppliers like Carl Zeiss SMT (optics) and Cymer/Gigaphoton (light sources). The supply chain complexity alone — more than 100,000 components per machine, sourced from 5,000 suppliers across 60+ locations — constitutes a structural barrier that no new entrant could replicate within a commercially relevant timeframe.
Why can’t ASML sell EUV machines to China?
ASML has been barred from exporting EUV lithography systems to China since 2019 under U.S. pressure, a position formalized through the Dutch export control framework. The restriction covers all EUV products — both standard 0.33 NA and High-NA 0.55 NA systems. ASML has continued to sell DUV systems to China, but additional export controls introduced in 2023 and 2025 have progressively restricted the most advanced DUV immersion systems as well.
What is High-NA EUV and why does it matter?
High-NA EUV refers to ASML’s second-generation EUV platform, the TWINSCAN EXE:5000 and EXE:5200B, which use mirrors with a numerical aperture of 0.55 compared to 0.33 in standard EUV. The larger aperture allows the system to print features as small as 8nm in a single exposure — versus 13nm for standard EUV — enabling transistor densities approximately 2.9 times higher. This capability is required to manufacture chips at the sub-2nm process nodes expected to become commercially relevant between 2027 and 2030. Intel, Samsung, and TSMC have all taken delivery of or ordered High-NA EUV systems.
How big is ASML’s backlog, and what does it mean?
ASML’s order backlog stood at €38.8 billion at December 31, 2025. This represents firm orders — systems for which customers have provided written authorizations — that have not yet been recognized as revenue. At 2025 revenue rates, this backlog covers more than 14 months of forward production. It provides ASML with unusual earnings visibility compared to most industrial companies, and helps explain the confidence behind the company’s €36–40 billion 2026 guidance.
What is ASML’s LRCI™, and why does it matter?
The Lithography Revenue Concentration Index (LRCI™) is an original Axis Intelligence Research metric that measures how concentrated ASML’s revenue is across its EUV hardware, DUV hardware, Installed Base Management, and Metrology & Inspection segments. A lower score indicates more even distribution across segments; a higher score indicates that one or two segments dominate. The LRCI™ fell from 34.45 in 2024 to 32.47 in 2025, indicating the company’s revenue mix is diversifying — a positive indicator for earnings stability across cycles.
When does ASML report Q2 2026 results?
Based on ASML’s historical quarterly reporting cadence — Q1 results published in mid-April, Q2 in mid-July, Q3 in mid-October, Q4 and full-year in late January — Q2 2026 results are expected in mid-July 2026. The company’s investor relations calendar and press releases are published at asml.com/en/investors/financial-results/.
What portion of ASML’s revenue is recurring?
ASML’s Installed Base Management (IBM) revenue — comprising service contracts, field upgrades, spare parts, and software licenses for the installed fleet — reached €8.2 billion in 2025, or 25.1% of total net sales. This segment is substantially contractual and grows as the installed base expands. ASML does not disclose the contracted versus discretionary split within IBM, but the segment has grown at a 26% rate in 2025, materially outpacing system hardware. The company’s 2025 annual report notes that nearly all systems ASML has sold in the past 30 years remain in active use — approximately 95% — which creates an expanding and durable service revenue base.