TLDR
- ASML raised its 2026 revenue forecast to €43–45 billion, up from €36–40 billion
- Q2 revenue hit €9.33 billion, beating analyst estimates of €8.8 billion
- Stock jumped more than 5% in Amsterdam, around 3.5% in US premarket trading
- ASML plans to expand EUV and DUV production capacity by 30% over the next two years
- Bank of America reiterated a Buy rating with a €2,022 price target
ASML raised its full-year 2026 revenue outlook on Wednesday after posting a strong second quarter, sending its stock up more than 5% in Amsterdam and around 3.5% in US premarket trading.
The Dutch chipmaking equipment maker now expects 2026 net sales of between €43 billion and €45 billion. That’s up from its previous guidance of €36 billion to €40 billion — a 16% increase at the midpoint.
Q2 revenue came in at €9.33 billion, ahead of the €8.8 billion analysts expected. Net income was €2.92 billion, also beating estimates of €2.62 billion.
$ASML Q2'26 EARNINGS HIGHLIGHTS
🔹 Net Sales: €9.33B (Est. €8.85B) 🟢; +6.4% QoQ
🔹 EPS: €7.59 (Est. €6.9) 🟢
🔹 Gross Margin: 54.0% (Est. 52%) 🟢
🔸 Nearly all required 2027 EUV orders received.FY26 Guide (RAISED):
🔹 Sales: €43B – €45B (Prior: €38B; Est. €39.3B) 🟢… pic.twitter.com/07KKBcyluw— Wall St Engine (@wallstengine) July 15, 2026
CEO Christophe Fouquet called order intake “extremely strong” in the first half of the year, pointing to continued AI infrastructure spending as the key driver.
“Ongoing AI-related investments and continued progress in AI technologies are driving demand for advanced Logic and Memory chips,” Fouquet said.
For Q3 2026, ASML guided for revenue of €11–12 billion, well above the analyst consensus of €10.37 billion. It also forecast a gross margin of 56%, compared to market expectations of 52.1%.
Capacity Expansion Plans
ASML said it plans to increase production capacity for both its EUV and DUV systems by roughly 30% in each of the next two years. The company is also considering a further 30% expansion in 2028.
EUV machines are used to make the most advanced chips, and ASML is the only company in the world that makes them. Customers including TSMC, Samsung, SK Hynix, and Micron are all ramping capacity to keep up with AI chip demand.
Fouquet confirmed that Intel will use ASML’s latest High-NA EUV system to manufacture some of its Panther Lake processors — the first commercial deployment of that technology.
What Analysts Are Saying
Matt Britzman, senior equity analyst at Hargreaves Lansdown, said the biggest surprise was customers upgrading equipment already on factory floors.
“AI demand is pulling investment forward across both advanced computing and memory chips, giving ASML clearer sight of customer demand well beyond this year,” he said.
Ben Barringer at Quilter Cheviot said the results “reinforce just how strong demand remains across the semiconductor sector,” with memory chips currently growing faster than logic.
Bank of America reiterated its Buy rating and €2,022 price target following the results. According to the bank, ASML’s updated guidance implies Q4 revenue of €14.41 billion — well above the consensus of €11.62 billion.
On the China front, CFO Roger Dassen said ASML expects China to represent around 20% of sales in 2026, with Chinese demand moving broadly in line with global trends.
ASML’s Amsterdam-listed stock has gained around 66% year-to-date. Its US-listed stock is up more than 52% in 2026.
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