ASML Shatters Records with €13.2 Billion Order Surge: Can the AI Supercycle Defy Market Gravity?

By Rusija NNTV Wednesday, January 28, 2026

VELDHOVEN, Netherlands — ASML Holding NV, the linchpin of the global semiconductor supply chain, delivered a financial masterclass on Wednesday, reporting a staggering record in quarterly bookings that eclipsed even the most bullish analyst projections. The Dutch lithography giant revealed that net bookings for the fourth quarter of 2025 reached €13.2 billion ($15.8 billion), a nearly twofold increase over consensus estimates of €6.85 billion.

The results underscore a massive pivot in the semiconductor industry. As hyperscalers like Microsoft, Google, and Meta continue their multi-billion dollar build-out of artificial intelligence infrastructure, the demand for ASML’s most advanced tools—particularly its Extreme Ultraviolet (EUV) systems—has reached an “insane” fever pitch, according to market commentators.

The Q4 “Triple Crown”: Record Revenue, Bookings, and Cash Flow

ASML’s fourth-quarter performance was a “record by any standard,” according to CFO Roger Dassen. The company successfully navigated a complex geopolitical landscape to post numbers that solidified its status as the backbone of the digital age.

Key Financial Highlights (Q4 2025):

• Net Bookings: €13.2 billion (Record high; up from €5.4 billion in Q3).
• Total Net Sales: €9.7 billion (Beating expectations of €9.2–€9.8 billion).
• Net Income: €2.8 billion (29.2% of sales).
• Gross Margin: 52.2%.
• EUV Contribution: EUV systems accounted for €7.4 billion of the total bookings, highlighting the shift toward High-NA (Numerical Aperture) technology.

“In the last months, many of our customers have shared a notably more positive assessment of the medium-term market situation,” said CEO Christophe Fouquet in a statement. “This is primarily based on more robust expectations of the sustainability of AI-related demand.”

Inside the Numbers: Geopolitics and Technology

While the AI boom is the primary engine, the geographic distribution of ASML’s sales reveals a shifting landscape. Despite mounting export restrictions, China remained ASML’s largest market in Q4, accounting for 36% of sales. However, the company warned that this figure is expected to “normalize” to around 20% by the end of 2026 as U.S.-led trade curbs tighten.

Regional Sales Breakdown (Q4 2025):

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