ASML 2025: Growth Through Structural Shifts
ASML's record 2025 results reveal EUV surge to 48% of system revenue and DUV's enduring dominance in mature nodes and advanced packaging, reshaping its platform strategy.
Recently, lithography giant ASML released its full-year 2025 financial results. After 2024 as an “adjustment year,” ASML delivered an exceptionally strong report card in 2025: revenue, profit, and order backlog all hit record highs.
AI is no longer just a boon for chip companies like NVIDIA and SK Hynix; it is propagating upstream through production lines at TSMC, Intel, and Samsung, and this is clearly reflected in ASML’s order book.
EUV revenue surges while DUV remains the mainstay
In 2025, ASML achieved full-year net sales of approximately €32.7 billion, with a gross margin of about 52.8% and net income of about €9.6 billion. Despite capital expenditure fluctuations in the semiconductor industry during 2023–2024, ASML’s revenue has maintained steady growth in recent years. By the end of 2025, ASML’s order backlog reached approximately €38.8 billion, providing strong visibility for revenue growth in 2026 and beyond.
Within this, ASML’s EUV (Extreme Ultraviolet) system sales reached €11.6 billion in 2025, up 39% year-over-year. The proportion of EUV in system revenue rose from 38% in 2024 to 48%, making it the largest single technology category in the company’s system revenue. Of the €38.8 billion in undelivered orders at the end of 2025, €25.5 billion (or roughly 65-66%) were for EUV. In the fourth quarter of 2025, ASML also recognized revenue from two High-NA EUV systems.
