ASML Q2: The Business Is Better Than Ever, The Stock Isn't

ASML Holding N.V. delivered a strong Q2, with €9.3B in sales and EPS of €7.59, beating expectations. ASML management raised 2026 guidance to €43–45B revenue and up to 56% gross margin, citing robust long-term demand visibility. Customer long-term agreements are reducing cyclicality, enhancing earnings quality, and supporting premium valuation. I maintain a Hold rating, as ASML’s high multiples already price in strong operational prospects and long-term industry tailwinds.

Since my last article on ASML Holding N.V. (ASML), the stock delivered gains of 11%. And today I would say that operationally there are more reasons to be bullish. After the