2025 total net sales expected to be between €30 billion and €35 billion
Today, ASML Holding NV (ASML) has published its 2025 first-quarter results.
- Q1 total net sales of €7.7 billion, gross margin of 54.0%, net income of €2.4 billion
- Quarterly net bookings in Q1 of €3.9 billion2 of which €1.2 billion is EUV
- ASML expects Q2 2025 total net sales between €7.2 billion and €7.7 billion, and a gross margin between 50% and 53%3
- ASML continues to expect 2025 total net sales to be between €30 billion and €35 billion, with a gross margin between 51% and 53%
| € millions | Q4 2024 | Q1 2025 |
| Net Sale | 9,263 | 7,742 |
| of which Installed Base Management sales1 | 2,147 | 2,001 |
| New lithography systems sold (units) | 119 | 73 |
| Used lithography systems sold (units) | 13 | 4 |
| Net Bookings2 | 7,088 | 3,936 |
| Gross profit | 4,790 | 4,180 |
| Gross margin (%) | 51.7 | 54.0 |
| Net income | 2,693 | 2,355 |
| EPS (basic; in euros) | 6.85 | 6.00 |
| End-quarter cash & cash equivalents and short-term investments | 12,741 | 9,104 |
(1) Installed Base Management sales equals our net service and field option sales.
(2) Net bookings include all system sales orders and inflation related adjustments, for which written authorizations have been accepted.
(3) The bandwidth for Q2 2025 gross margin guidance is larger than usual, given the uncertainty around the impact of tariffs.
Numbers have been rounded for readers’ convenience. A complete summary of US GAAP Consolidated Statements of Operations is published on www.asml.com.
CEO Statement and Outlook
“Our first-quarter total net sales came in at €7.7 billion, in line with our guidance. The gross margin was 54.0%, above guidance, driven by a favorable EUV product mix and the achievement of performance milestones. In the first quarter, we shipped our fifth High NA system, and we now have these systems at three customers.
“Our conversations so far with customers support our expectation that 2025 and 2026 will be growth years. However, the recent tariff announcements have increased uncertainty in the macro environment and the situation will remain dynamic for a while. As previously shared, artificial intelligence continues to be the primary growth driver in our industry. It has created a shift in the market dynamics that benefits some customers more than others, contributing to both upside potential and downside risks as reflected in our 2025 revenue range.
“We expect second-quarter total net sales between €7.2 billion and €7.7 billion, with a gross margin between 50% and 53%3. We expect R&D costs of around €1.2 billion and SG&A costs of around €300 million. As we previously communicated, we expect total net sales for the year between €30 billion and €35 billion, with a gross margin between 51% and 53%, subject to the uncertainties mentioned earlier,” said ASML President and Chief Executive Officer Christophe Fouquet.
Update Dividend and Share Buyback Program
ASML intends to declare a total dividend for the year 2024 of €6.40 per ordinary share, which is a 4.9% increase compared to 2023.
Recognizing the three interim dividends of €1.52 per ordinary share paid in 2024 and 2025, this leads to a final dividend proposal to the Annual General Meeting of €1.84 per ordinary share.
In the first quarter, we purchased around €2.7 billion worth of shares under the current 2022-2025 share buyback program.
Details of the share buyback program as well as transactions pursuant thereto, and details of the dividend are published on ASML’s website.
Quarterly Video Interview and Investor Call
With this press release, ASML is publishing a video interview in which CEO Christophe Fouquet and CFO Roger Dassen discuss the 2025 first-quarter and outlook for 2025. This video and the video transcript can be viewed on www.asml.com shortly after the publication of this press release.
An investor call for both investors and the media will be hosted by CEO Christophe Fouquet and CFO Roger Dassen on April 16, 2025 at 15:00 Central European Time / 09:00 US Eastern Time. Details can be found on our website.