Moody’s revises ASML outlook to positive amid AI demand

ASML ↗ 3.08%, the world's largest supplier of chipmaking equipment, reported stronger-than-expected second-quarter 2026 results on July 15, lifting its full-year revenue guidance by roughly 16% at the midpoint as artificial intelligence continues to drive demand for advanced semiconductor tools.

Strong Quarter Across the Board

The Dutch company posted net sales of €9.33 billion for the quarter ended June 30, up 21.2% year over year and comfortably ahead of the analyst consensus of €8.8 billion compiled by LSEG. Net income reached €2.92 billion, with earnings per share of €7.59 — a 28.6% year-over-year increase that beat the Zacks Consensus Estimate of $7.98 (approximately €6.88). Gross margin came in at 54.0%, well above expectations of 51.9%.Nasdaq+2

ASML raised its full-year 2026 revenue outlook to €43 billion to €45 billion with gross margins of 54% to 56%, a substantial increase from the prior guidance of €36 billion to €40 billion set in April. For the third quarter, the company guided net sales of €11 billion to €12 billion with a gross margin of 55% to 57%, far above the consensus estimate of €10.37 billion.TradingView+3

AI-Fueled Demand and Capacity Expansion

Management said customer demand remains strong across both logic and memory segments, fueled by AI-related capacity additions and accelerated capital expenditure plans. The company expects more than 45% growth in EUV sales, approximately 75% growth in memory revenue, and around 25% growth in non-EUV segments for 2026. ASML noted it is already close to filling its 2027 EUV orders and is seeing demand into 2028.MarketBeat+1

Bank of America reiterated its Buy rating with a €2,022 price target following the results, noting that ASML's updated guidance implies fourth-quarter revenue well above consensus.TradingView

Moody's Turns Positive, but Risks Linger

On July 22, Moody's revised ASML's outlook to positive from stable, citing expected continued improvement in the company's business and credit profiles over the next 12 to 18 months. ASML's US-listed shares climbed roughly 3.5% in premarket trading on the day of the earnings release.Adalytica+2

Despite the strong results, geopolitical risks remain a concern. ASML's Q1 results in April were accompanied by a stock decline as tightening export controls reduced sales to China. The company acknowledged ongoing restrictions but expressed confidence in its demand visibility across other markets.cnbc+1