Description

ASML: How Do China Dynamics Shape the Biggest Risk—and Opportunity—in Its Revenue Mix?

ASML Holding N.V., a key player in the semiconductor equipment industry, reported its financial performance for the fourth quarter and full year 2025. The company achieved a strong financial performance within its guidance, supported by robust demand in advanced lithography systems. For the fourth quarter, ASML’s net sales were €9.7 billion, with net system sales accounting for €7.6 billion, comprised of €3.6 billion from EUV (Extreme Ultraviolet) systems and €4 billion from non-EUV systems. Notably, logic systems contributed 70% of these sales, with memory systems making up the remaining 30%. Gross margin was consistent with expectations at 52.2%. Full-year financial highlights include net sales of €32.7 billion, a gross margin of 52.8%, and net income of €9.6 billion, delivering an earnings per share of €24.73. The company’s R&D expenditure increased to €4.7 billion, emphasizing its commitment to innovation. The order book’s strong performance, with net bookings of €13.