14 October 2026
If you are covering ASML's latest financial results, please find below a comment from Ben Barringer, head of technology research at Quilter Cheviot:
"ASML delivered a strong set of numbers, but realistically, they have only caught up to where the market already was with its expectations. The company continues to do really well, even without order numbers being disclosed, but that sometimes leaves investors wanting a little bit more or questioning future growth.
"Revenues grew 55% while operating profits were up 133%. Meanwhile the guide for the rest of this year points to an annual growth of 38%, again figures that investors already expected. Chinese sales were up 20%, but there remain a lot of questions around the future for that element of the business given increasing Chinese competition, uncertain export restrictions and new developments coming from CXMT.
"While the order number is no longer being disclosed, investors are having to use capacity and pricing figures to determine future sales. We will get a backlog number at the beginning of next year, and ASML has good visibility with demand continuing to exceed supply into 2028 and they are now taking orders for 2029/30. It estimates its EUV tools can go from 65 orders this year to 85 in 2027 and then 110 in 2028, but are working hard to increase this growth.
"Overall ASML remains a high-quality company with an excellent market position. AI demand remains strong, fab openings across the world continue and the company has a strong balance sheet and multiyear backlog. Durable growth will continue into 2027 and 2028, however, the market will begin asking the question of whether or not there will be any sign of a downturn from 2029 and what impact that has for ASML. Those elusive order numbers may rise in significance once again as a result."
