NASDAQ$ASML
ASML Holding NV · Q1 2025 earnings
Q1 2025 earnings · · Before market open · Investor relations
Briefing
ASML Q1 2025: €7.7B net sales, €2.4B net income as EUV mix lifts margins
ASML reported first-quarter 2025 total net sales of €7.7 billion, down from €9.3 billion in Q4 2024 but in line with company guidance, with net income of €2.4 billion and basic EPS of €6.00. Gross margin expanded to 54.0%, above guidance, driven by a favorable EUV product mix and achievement of performance milestones; the company shipped its fifth High NA system during the quarter. Net bookings totaled €3.9 billion including €1.2 billion of EUV orders. CEO Christophe Fouquet maintained the full-year 2025 revenue outlook of €30–35 billion with gross margin of 51–53%, while guiding Q2 net sales to €7.2–7.7 billion.
- Q1 net sales were €7.7B with net income of €2.4B and basic EPS of €6.00, versus €9.3B sales and €2.7B net income in Q4 2024.
- Gross margin rose to 54.0% from 51.7% in Q4, helped by EUV mix and milestone achievements; operating margin was 35.4%.
- Net bookings of €3.9B included €1.2B of EUV orders; ASML sold 73 new lithography systems and 4 used systems in the quarter.
- Q2 guidance calls for €7.2–7.7B net sales and 50–53% gross margin; full-year 2025 revenue outlook remains €30–35B with 51–53% gross margin.
- ASML repurchased roughly €2.7B of shares in Q1 and proposed a final 2024 dividend of €1.84 per share on top of prior interim payments.
Headline financials
Revenue & EPS history
ASML · Revenue · Quarterly
€7.74B
Revenue by segment
ASML · €7.7B total across 2 segments · Q1 2025
- Net system sales€5.7B—74.0%
- Installed Base Management€2B—26.0%
Forward guidance
ASML expects Q2 2025 total net sales of €7.2–7.7 billion with gross margin of 50–53%, and reiterates full-year 2025 net sales of €30–35 billion with gross margin of 51–53%, subject to tariff-related macro uncertainty.
Tailwinds
- Customer conversations support expectation that 2025 and 2026 remain growth years driven by AI demand.
- Favorable EUV mix and High NA milestones support above-guidance gross margins.
Headwinds
- Recent tariff announcements have increased macro uncertainty and may affect customer investment timing.
- Q1 net bookings of €3.9B were well below Q4's €7.1B, reflecting normal quarter-to-quarter order variability.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2025
-0.0%
Avg return
Earnings day
+0.3%
Avg return
5 days after
+2.2%
Avg return
30 days after
51%
35 / 68 earnings
Positive
+11.7%
Q4 2023
Best reaction
-21.6%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -3.1% | -4.1% | +13.2% | |
| Q4 2025 | -2.2% | -5.0% | -13.0% | |
| Q3 2025 | +3.0% | +6.0% | +2.4% | |
| Q2 2025 | -8.3% | -12.6% | -9.8% | |
| Q1 2025 | -7.1% | -8.6% | +9.5% | |
| Q4 2024 | +4.3% | +7.0% | +3.8% | |
| Q3 2024 | -21.6% | -17.1% | -20.6% | |
| Q2 2024 | -13.5% | -11.9% | -14.0% | |
| Q1 2024 | -9.0% | -10.7% | -5.3% | |
| Q4 2023 | +11.7% | +13.4% | +19.9% | |
| Q3 2023 | -3.4% | -3.4% | +12.7% | |
| Q2 2023 | -10.7% | -9.6% | -13.4% | |
| Q1 2023 | -1.5% | -2.5% | +7.9% | |
| Q4 2022 | +2.1% | -2.9% | -7.7% | |
| Q3 2022 | +9.6% | +18.5% | +48.7% | |
| Q2 2022 | +8.8% | +8.1% | +9.4% | |
| Q1 2022 | +0.5% | -2.8% | -13.7% | |
| Q4 2021 | -1.2% | -3.9% | -9.4% | |
| Q3 2021 | -1.7% | -1.6% | +7.0% | |
| Q2 2021 | +6.7% | +10.2% | +15.2% | |
| Q1 2021 | +4.9% | +8.7% | +3.6% | |
| Q4 2020 | +3.9% | +3.3% | +8.2% | |
| Q3 2020 | -4.6% | -4.9% | +3.6% | |
| Q2 2020 | -2.9% | -1.3% | -6.5% | |
| Q1 2020 | +1.2% | +0.9% | +1.2% | |
| Q4 2019 | -1.4% | -4.7% | +2.5% | |
| Q3 2019 | -5.2% | -2.7% | +2.8% | |
| Q2 2019 | +10.6% | +11.1% | +3.8% | |
| Q1 2019 | +1.1% | +0.9% | -1.2% | |
| Q4 2018 | +5.9% | +9.2% | +15.9% | |
| Q3 2018 | -2.9% | -3.0% | -7.0% | |
| Q2 2018 | +5.3% | +8.0% | -3.4% | |
| Q1 2018 | -8.3% | -10.1% | -7.2% | |
| Q4 2017 | +9.1% | +10.3% | +3.1% | |
| Q3 2017 | -0.2% | +1.0% | +2.3% | |
| Q2 2017 | +7.4% | +7.3% | +6.3% | |
| Q1 2017 | -0.5% | +2.2% | +3.2% | |
| Q4 2016 | +5.1% | +5.4% | +9.5% | |
| Q3 2016 | +1.2% | +2.9% | +2.2% | |
| Q2 2016 | -0.1% | +0.8% | +1.0% | |
| Q1 2016 | -3.9% | — | — | |
| Q4 2015 | +8.8% | — | — | |
| Q3 2015 | +1.4% | — | — | |
| Q2 2015 | -2.6% | — | — | |
| Q1 2015 | -4.9% | — | — | |
| Q4 2014 | +3.7% | — | — | |
| Q3 2014 | -2.9% | — | — | |
| Q2 2014 | +2.5% | — | — | |
| Q1 2014 | +1.9% | — | — | |
| Q4 2013 | +1.4% | — | — | |
| Q3 2013 | +2.5% | — | — | |
| Q2 2013 | -0.9% | — | — | |
| Q1 2013 | -1.3% | — | — | |
| Q4 2012 | +8.4% | — | — | |
| Q3 2012 | -0.5% | — | — | |
| Q2 2012 | +1.5% | — | — | |
| Q1 2012 | +1.2% | — | — | |
| Q4 2011 | +0.9% | — | — | |
| Q3 2011 | -7.1% | — | — | |
| Q2 2011 | +3.7% | — | — | |
| Q1 2011 | -0.1% | — | — | |
| Q4 2008 | -6.4% | — | — | |
| Q4 2010 | -6.4% | — | — | |
| Q3 2010 | -1.9% | — | — | |
| Q2 2010 | +0.7% | — | — | |
| Q1 2010 | +1.4% | — | — | |
| Q4 2009 | +2.7% | — | — | |
| Q4 2007 | +2.7% | — | — |
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