28 January 2026
If you are covering ASML’s latest set of results, please find below a comment from Ben Barringer, head of technology research at Quilter Cheviot:
“Despite strong performance already this year, ASML has knocked it out of the park when it comes to order numbers – expectations had moved up sharply going from 5bn in November to around 8bn yesterday. However, today’s results show orders were a staggering 13.2bn. This blows all expectations out of the water and goes to show the tech industry and ASML will continue to lead in the semicap space. This is the last time we will get an order number from ASML, but it is certainly a very good one to go out on.
“Much of this demand has been driven by logic and memory, but China has also done better than expected and helped boost those sales. ASML is sold out for 2026 and is looking like it will be into the first part of 2027 too, and as such this has allowed it to raise guidance. Given the strength of the order book, we fully expect it to raise guidance throughout the year too.
“Interestingly the firm also announced a 12bn euro share buyback, representing approximately 3% of market cap, and this will also help support the share price going forward. ASML’s stock has already risen over 20% year to date, a very strong run for January, and this latest set of results indicates this won’t slow down soon. For investors, the company continues to be conservative in its guidance, so there will be plenty more opportunities for the company to outperform throughout 2026 and beyond.”
