ASML Shares Plunge 10% as 2026 Growth Outlook Wavers Despite Strong Q2 Beat

ASML (NASDAQ:ASML) shares fell more than 10% intra-day today after the semiconductor equipment maker signaled uncertainty about its 2026 growth outlook, even as its second-quarter results exceeded expectations.

The company had previously projected back-to-back growth years for 2025 and 2026, but now says it can no longer confirm revenue growth for 2026 due to rising macroeconomic risks. While ASML did not formally withdraw guidance, the shift represents a notable change in tone and rattled investor confidence.

For the second quarter of 2025, ASML reported net sales of €7.69 billion, surpassing the €7.54 billion consensus. Gross margin came in at 53.7%, also ahead of estimates, while earnings per share were 14% higher than Jefferies' forecast.

New bookings reached €5.5 billion, beating expectations of €4.47 billion. Orders for low and high numerical aperture EUV systems accounted for €2.3 billion of the total. However, bookings for memory-related systems dropped 41% year-over-year, reinforcing concerns about softening DRAM demand.

Looking ahead to Q3 2025, ASML provided revenue guidance of €7.4 billion to €7.9 billion, below the consensus forecast of €8.18 billion. Gross margin is expected to land between 50% and 52%, roughly in line with market expectations.

For full-year 2025, ASML reaffirmed its 15% revenue growth target, implying €32.5 billion in sales, consistent with its previous guidance range and broadly aligned with consensus. The company narrowed its gross margin forecast for the year to around 52%, from an earlier range of 51% to 53%.

Despite delivering a strong second quarter, ASML’s cautious stance on 2026 has heightened concerns about the semiconductor industry's demand outlook and triggered a sharp sell-off in its shares.