ASML Q4 Results Reveal 'Insane' $46B Backlog

ASML Holding N.V. (NASDAQ:ASML) solidified its position as the backbone of the semiconductor industry, closing out 2025 with financial results that Jim Cramer described as “insane.” 

The company reported a massive year-end backlog of $46.4 billion, fueled by a surge in AI-driven demand that is proving more sustainable than many analysts originally anticipated.

• ASML stock is climbing. See the chart and price action here. 

ASML 2025 By The Numbers

ASML's full-year results reflect its dominant market position, with total net sales of $39.16 billion and net income of $11.5 billion. 

The fourth quarter was a particular standout, generating $11.62 billion in sales. Revenue was bolstered by the recognition of two High NA (numerical aperture) EUV systems, the cutting-edge tools required to manufacture the next generation of AI chips.

‘Insane' Backlog 

CNBC host Jim Cramer's bullish stance stems from the sheer scale of the order intake. In Q4 alone, net bookings reached $16.77 billion, with more than half of that coming from EUV technology. 

ASML's backlog at the end of 2025 stood at a remarkable $46.47 billion. 

Cramer took to social media, marveling at the size of ASML's accumulated orders. 

“This ASML order backlog is insane; very hard to get your head around what is happening and I am a huge bull on ai/data center/hyperscalers,” Cramer said. 

ASML CEO Christophe Fouquet addressed the massive backlog in prepared remarks released with the earnings report. 

“In the last months, many of our customers have shared a notably more positive assessment of the medium-term market situation, primarily based on more robust expectations of the sustainability of AI-related demand,” Fouquet said. 

Looking Ahead to 2026

ASML forecasted continued expansion, projecting 2026 total net sales between $40.72 billion and $46.7 billion. 

The company also announced a new share buyback program of up to $14.37 billion through 2028, signaling enormous confidence that the AI revolution is only just beginning.

ASML Price Action: ASML shares were up % at $ at the time of publication Wednesday, according to Benzinga Pro data.

Photo: Shutterstock