ASML (ASML) Q1 2026 Earnings — Core Brief Edition

Headline: ASML delivered a solid Q1, lifted its FY26 revenue range, and signaled broadening strength beyond EUV as AI-driven memory and logic demand keeps customer capacity plans moving higher. (ASML)

Key Metrics

• Total net sales: €8.8B, within guidance. (ASML)
• Installed Base Management revenue: €2.5B, slightly above guidance. (ASML)
• Gross margin: 53.0%, at the high end of guidance. (ASML)
• Net income: €2.8B; EPS: €7.15. (ASML)
• Net system sales: €6.3B, including €4.1B+ from EUV and €2.1B+ from non-EUV; sales mix was 49% Logic / 51% Memory. (ourbrand.asml.com)
• New lithography systems sold: 67; used systems sold: 12. (ourbrand.asml.com)
• Cash, cash equivalents and short-term investments: €8.4B at quarter-end. (ourbrand.asml.com)
• Free cash flow: -€2.6B, largely due to down-payment timing. (ourbrand.asml.com)

Segment & Strategy Highlights

• EUV: Management expects EUV revenue to rise significantly in 2026, supported by advanced logic and DRAM demand; Q1 EUV system revenue was already €4.1B+, including 2 High-NA systems. (ourbrand.asml.com)
• Non-EUV / DUV: ASML had previously expected non-EUV revenue to be roughly flat in 2026, but now expects growth as customers add more DUV lithography to support expansion plans. (ourbrand.asml.com)
• Installed Base Management: IBM revenue is expected to grow significantly this year, helped by the expanding EUV installed base and customer demand for performance upgrades to lift near-term output. (ourbrand.asml.com)
• Demand backdrop: Management said semiconductor growth is “solidifying,” driven by AI infrastructure. Memory customers are described as sold out for much of the year, while logic customers continue to ramp 2nm and add capacity across multiple advanced nodes. (ourbrand.asml.com)

Product, Tech, AI

• ASML said both advanced DRAM and logic customers are increasing adoption of EUV and immersion DUV on new nodes, raising lithography intensity. (ourbrand.asml.com)
• On the Low-NA roadmap, ASML highlighted a 1,000-watt source milestone and said it sees a path to at least 330 wafers per hour at the start of the next decade. (ourbrand.asml.com)
• In the near term, all NXE:3800E systems can be upgraded to 230 wafers per hour; NXE:3800F spec was raised to 260 wafers per hour, with shipping planned for 2027 and full volume in 2028. (ourbrand.asml.com)
• High-NA has now processed 500k+ wafers and reached 80%+ availability. ASML said customer work points to 18nm line/space for logic and 28nm contact pitch for DRAM, supporting single exposure for at least 3 nodes in both logic and DRAM. (ourbrand.asml.com)

Balance Sheet & Capital

• ASML paid its third interim 2025 dividend of €1.60/share in Q1 and still intends to declare a total 2025 dividend of €7.50/share, up 17% versus 2024; the implied final dividend proposal is €2.70/share. (ourbrand.asml.com)
• The company also repurchased about €1.1B of shares in Q1 under its 2026-2028 buyback program. (ourbrand.asml.com)

Guidance / Outlook

• Q2 2026 net sales: €8.4B-€9.0B. (ASML)
• Q2 2026 Installed Base Management revenue: around €2.5B. (ourbrand.asml.com)
• Q2 2026 gross margin: 51%-52%. (ASML)
• Q2 2026 opex: R&D ~€1.2B and SG&A ~€0.3B. (ourbrand.asml.com)
• FY 2026 revenue guidance: €36B-€40B, raised from the prior €34B-€39B range. (ASML)
• FY 2026 gross margin guidance: unchanged at 51%-53%; management said revenue should be weighted to 2H26 and that the range accommodates potential export-control outcomes. (ASML)

Bottom Line

ASML’s Q1 readout reinforces that AI is no longer just supporting leading-edge EUV demand; it is also pulling forward broader capacity additions across memory, logic, DUV, and installed-base upgrades. (ourbrand.asml.com)

The key change this quarter was not just solid execution at 53.0% gross margin, but a more constructive 2026 setup: higher full-year revenue guidance, better non-EUV expectations, and continued confidence that lithography intensity keeps rising as customers chase constrained advanced-node supply. (ASML)