What were ASML's key Q2 results?

ASML reported Q2 2026 revenue of €7.2B, up 18% YoY, net income of €2.1B, and EPS of €5.40.

Is ASML stock more expensive than its peers?

Yes, ASML trades at a P/E of 35x, compared to AMAT at 20x and KLAC at 22x.

ASML Q2 Earnings: Buy, Sell or Hold?

Q: What is ASML's guidance for Q3?

ASML guided Q3 revenue between €7.0B and €7.5B with gross margin between 50% and 52%.

ASML reported strong Q2 results with revenue up 18% YoY, driven by AI demand and margin expansion. However, its premium valuation (35x P/E) compared to peers like AMAT and KLAC raises questions about whether to buy, sell, or hold.

ASML Holding N.V. (NASDAQ: ASML) reported robust second-quarter 2026 results, fueled by surging demand for artificial intelligence technologies and improved operating margins. Despite the strong performance, the stock's elevated valuation relative to peers such as Applied Materials (AMAT) and KLA Corporation (KLAC) has sparked debate among investors.

Key Financial Results

Metric	Q2 2026	YoY Change
Revenue	€7.2B	+18%
Net Income	€2.1B	+22%
EPS	€5.40	+20%

Highlights from the Report

The company noted continued strong demand for its advanced extreme ultraviolet (EUV) lithography systems, particularly from chipmakers investing in AI capabilities. Improved product mix helped expand gross margin to 51.5%.

Guidance

ASML guided Q3 2026 revenue between €7.0B and €7.5B, with gross margin between 50% and 52%. However, full-year estimates were not raised significantly, signaling management caution.

Stock Impact

ASML shares rose 3% following the earnings release but trade at a P/E multiple of 35x, well above the sector average of 25x. In comparison, AMAT trades at 20x and KLAC at 22x.

What This Means for Investors

ASML may appeal to long-term investors betting on AI growth, but its high valuation makes it less attractive for value-focused or short-term investors. Comparing ASML with peers like AMAT and KLAC is recommended before making a decision.