Q4 2025 and full-year financial results: interview with Christophe Fouquet and Roger Dassen | ASML
📅 Jan 30, 2026ASML13 MIN1116 VIEWS18 SEGMENTS · 3 SPEAKERS
ASML CEO Christophe Fouquet and CFO Roger Dassen discuss our Q4 and full-year 2025 financial results and share their outlook for 2026. Learn more on our financial results page: https://www.asml.com/en/investors/fin...
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Chapters:
0:00 Intro
0:22 Q4 2025 and full-year results: revenue, gross margin, net income and net bookings
2:06 ASML Q4 business update: strong quarter amid rising demand for AI
3:32 Q1 a...
Questions asked in this interview
4
1:59And then can you give us some color on what you saw in terms of the business in Q4 specifically?
3:25Then moving to 26, how are you guiding both Q1 and the full year?
6:27Turning back to you Roger, how do you see that then translating into ASML's business?
11:25And back to you Roger, would you be able to give us an update on dividend and buybacks, what we're doing in that front?
Hello and welcome to ASML's Q4 2025 and full year 2025 results video. Roger, if I can start with you and ask you to give us a summary of both Q4 25 and the full year's results.
So Q4 net revenue came in at 9.7 billion euros. That included the recognition of revenue for two INA systems. For the full year, revenue came in at 32.7 billion euros, which was a 16% increase compared to 2024. Installed base business came in for the quarter at 2.1 billion. If you take the full year, 8.2 billion, quite strong. First on the basis of the service revenue for EUV, obviously with the expansion of the installed base for EUV you see the service revenue increasing there, but also there was quite some appetite for upgrade business, so that led to quite a strong revenue for the installed base business. Gross margin for the quarter 52.2%. If you take it for the full year, that was 52.8%. Net income again for the quarter 2.8 billion, for the full year 9.6 billion euros. In terms of net bookings, net bookings came in at 13.2 billion euros, included in there 7.4 billion euros for EUV. If you look at the backlog that we had at the end of last year, at the end of 2025, 38.8 billion total backlog, of which 25.5 billion for EUV.
Clearly it was a strong quarter, right? A strong quarter. It was a record quarter in terms of revenue. It was a record quarter in terms of order intake. It was a record quarter in terms of free cash flow generation. So from that vantage point clearly a very strong quarter. If you listen to our customers, both what they say publicly but also what they told us, it's pretty clear that customers over the past couple of months have actually become more positive in their assessment of the medium-term market perspectives as they see it. I think that's primarily on the basis of the more robust view that they have when it comes to demand for AI, which seems to be more sustainable from their vantage point, and that recognition has led some of our customers to really invest in capacity and gear up their plans for medium-term capacity expansion. So that's been clearly the case and that perspective has obviously also led to a strong order intake for us. And finally, I would say important for Q4 is also that we were actually able to demonstrate our ability to gear up our output, which again is going to be important also in light of the expectations that we have for 26.
So Q1, we expect net revenue to be somewhere between 8.2 and 8.9 billion. That's the expectation for the quarter. In terms of revenue, we expect a gross margin between 51 and 53%. When it comes to the installed base revenue, we expect around 2.4 billion in Q1. For the total year, we're looking at total net revenue expected between 34 and 39 billion euros with a gross margin between 51 and 53%.
Well, I think Roger already mentioned very clearly that the market outlook has notably improved in the last few months, and this is especially true when it comes to the buildup of the capacity for AI application, being data server or other infrastructure. Now we start to see that this buildup is also translating into need for capacity at our advanced customer. So this is true for logic, this is true for DRAM, and this start to translate also into orders for our most advanced technology, especially EUV. So in the last few months we have seen our DRAM customer, our logic customer starting to accelerate their planning capacity and having this discussion with us. If I look at logic first, so there I think we see our customers starting to be more comfortable about the sustainability of the long-term AI demand, and this means that they are more willing to accelerate their capacity planning. They are transitioning also from 4 nanometer technology to 3 nanometer technology, which is going to be more demanding in terms of advanced technology. And finally of course the ramp of 2 nanometer is going on and I will say is accelerating in order to fulfill the future need of mobile and HPC application. When I look at DRAM, there also the demand is very strong for HBM of course, but also for DDR, and this mostly will lead to a very tight supply at least in 2026 and most probably beyond that. So we see our customer ramping 1B, 1C node which are going to be critical for that demand, and on those nodes we see them increasing basically the amount of EUV layers. So we have talked about that in the past. I think we see that happening very strongly right now. So altogether we see a very positive dynamic. I think a strong belief that the AI demand is real and a preparation for that with on the short term a major addition of capacity. This will start in 2026 and will last beyond that.
Dassen, R. (2026, January 30). Q4 2025 and full-year financial results: interview with Christophe Fouquet and Roger Dassen | ASML [Interview transcript]. ASML. CEOInterviews.AI. https://ceointerviews.ai/interview/685836/
MLA
Roger Dassen. "Q4 2025 and full-year financial results: interview with Christophe Fouquet and Roger Dassen | ASML." ASML, 30 Jan. 2026. Transcript, CEOInterviews.AI, https://ceointerviews.ai/interview/685836/.
BibTeX
@misc{dassen2026_685836,
author = {Roger Dassen},
title = {Q4 2025 and full-year financial results: interview with Christophe Fouquet and Roger Dassen | ASML},
howpublished = {Interview transcript, ASML. CEOInterviews.AI},
year = {2026},
month = {jan},
url = {https://ceointerviews.ai/interview/685836/},
note = {Speaker-attributed transcript with timestamps}
}
