Quick Verdict
ASM International delivered €1.159 billion in third-quarter revenue, with diluted EPS of €6.27 and adjusted net earnings of €315.4 million. These results highlight the significance of ASM International’s Q3 2026 Earnings for investors and the semiconductor industry. AI-linked chipmaking investment supported record sales and a stronger outlook. Immediate Amsterdam stock reaction and after-hours movement were not independently verified; supply-chain constraints remain an important operational risk.
About ASM International N.V.
ASM International N.V. trades on Euronext Amsterdam under the ticker ASM and is headquartered in Almere, the Netherlands. Founded in 1968 by Arthur del Prado, the company designs and manufactures equipment and process solutions used to produce semiconductor devices. Its operations span the United States, Europe and Asia, serving chipmakers investing in increasingly sophisticated manufacturing technologies.
ASM’s technology portfolio includes atomic layer deposition, epitaxy and plasma-enhanced chemical vapor deposition. Its Q3 results highlighted investment in advanced logic/foundry manufacturing, including 2-nanometer and 1.4-nanometer technologies, alongside memory demand associated with high-bandwidth memory. Revenue comes from equipment sales and recurring spares and services, rather than separately disclosed revenue totals for each customer end market.
For Q3 2026, ASM reported a 52.0% gross margin and €1.339 billion in cash. A current, consistently sourced market capitalization, P/E ratio, and dividend yield were not established from the reviewed material; no speculative estimates are used here.
Top Financial Highlights
- Total revenue: €1,159.4 million, up 45% year over year as reported and 44% at constant currencies.
- Reported net income: €308.1 million, down approximately 20% from the prior-year headline figure, which included a substantial investment-related impairment reversal.
- Adjusted net income: €315.4 million, up approximately 53% from €206.2 million a year earlier.
- Earnings per share: Basic EPS was €6.30; diluted EPS was €6.27, compared with €7.82 diluted EPS a year earlier.
- Gross profit and margin: Gross profit reached €603.2 million, with gross margin of 52.0%, versus 51.9% in Q3 2025.
- Operating profitability: Reported operating profit was €378.9 million; adjusted operating profit reached €386.7 million, with an adjusted operating margin of 33.4%.
- Operating cash flow: €416.8 million, up 33% year over year.
- Free cash flow: €313.4 million under ASM’s definition of operating cash flow after investing activities, versus €139.4 million a year earlier.
- Equipment revenue: €936.4 million, up 48% year over year.
- Spares and services revenue: €223.1 million, up 32% year over year. These are the two disclosed revenue categories; separate logic/foundry and memory revenue amounts were not provided.
- Cash on hand: €1,338.7 million at September 30, 2026, with another €150 million available through undrawn bank lines.
- Q4 2026 guidance: Revenue of €1,230 million, plus or minus 5%, at constant currencies.
- Full-year and longer-term outlook: Approximately 35% revenue growth at constant currencies in 2026, followed by revenue exceeding €5.7 billion in 2027—potentially reaching the company’s 2030 revenue target three years early.
- Shareholder returns: A new share buyback authorization of up to €300 million follows completion of the €150 million program during Q3.
Beat or Miss?
The clearest assessment is outperformance against ASM’s previous revenue-guidance midpoint. Its Q2 announcement projected Q3 revenue of €1,100 million, plus or minus 5%, at constant currencies; management described the eventual result as reaching the upper end of guidance. The reported-euro result should not be treated as an exact like-for-like comparison with a constant-currency target.
| Metric | Reported | Difference/Analysis |
| Revenue | €1,159.4 million | Above the earlier €1,100 million guidance midpoint; management characterized performance as at the upper end of guidance. |
| Revenue versus analyst consensus | €1,159.4 million | N/A for a verified, directly comparable euro-denominated consensus. Secondary coverage described a revenue beat but used inconsistent currency presentations. |
| Diluted EPS | € 6.27 | N/A for a verified consensus on the same currency and accounting basis. |
| Adjusted net income | €315.4 million | Up approximately 53% YoY; no comparable consensus established. |
| Gross margin | 52.00% | Broadly stable versus 51.9% in both Q2 2026 and Q3 2025. |
| Adjusted operating margin | 33.40% | Up from 33.0% sequentially and 30.9% a year earlier. |
Reported figures and guidance come from ASM’s releases. Secondary earnings coverage mixes dollar-denominated headline figures with euro-denominated company results, so it is not used to calculate a definitive EPS beat or miss.
What Leadership Is Saying
Hichem M’Saad, chief executive officer, linked ASM’s outlook to customers expanding advanced semiconductor production:
“The continued build-out of AI infrastructure is driving significant capacity requirements across the industry, particularly in the leading edge. Capacity remains tight across our customer base, and customers are moving quickly to increase output.”
ASM said advanced logic/foundry was its largest driver of revenue and growth during the quarter. Continued 2nm investment, stronger 3nm-to-5nm activity and the first solid contribution from 1.4nm investment supported that performance.
Paul Verhagen, chief financial officer, highlighted the relationship between sales growth and administrative expenses during the October 28 earnings call:
“As a percentage of revenue, SG&A improved further to 7.6% compared with 7.9% in Q2, reflecting continued operating leverage and ongoing efficiency initiatives.”
The financial statements reinforce that point: adjusted SG&A expenses increased in absolute terms, but declined as a share of revenue as sales grew faster. That helped ASM expand its adjusted operating margin while continuing to invest in research and development.
Historical Performance
Amounts below are in millions of euros, except margins. Percentage changes are calculated from the displayed rounded figures.
| Category | Q3 2026 | Q3 2025 | Change (%) |
| Revenue | € 1,159.40 | € 800.00 | 44.90% |
| Reported net income | € 308.10 | € 384.10 | −19.8% |
| Operating expenses | € 224.30 | € 172.10 | 30.30% |
| Adjusted net income | € 315.40 | € 206.20 | 53.00% |
| Adjusted operating profit | € 386.70 | € 247.50 | 56.20% |
| Operating cash flow | € 416.80 | € 312.80 | 33.20% |
| Gross margin | 52.00% | 51.90% | +0.1 percentage point |
The decline in reported net income does not mirror operating performance. Q3 2025 included a €181.4 million impairment reversal related to investments in associates, while Q3 2026 had no equivalent reversal. Adjusted earnings remove that distortion and show substantial underlying growth.
The release contains minor internal inconsistencies: its Q3 2025 income-statement table shows €384.2 million in net income, while the highlights and reconciliation show €384.1 million. The table above uses €384.1 million consistently with those highlights; the difference does not materially change the comparison.
Competitor Comparison
Lam Research provides a relevant semiconductor-equipment peer comparison for the September quarter. Its quarter ended September 27, 2026, corresponding to fiscal Q1 2027—not fiscal Q3 2026—so the table aligns calendar periods rather than fiscal-quarter labels. Lam reports in US dollars under US GAAP, whereas ASM reports in euros under IFRS.
| Category | Q3 calendar 2026: Lam Research | Q3 calendar 2025: Lam Research | Change (%) |
| Revenue | Approximately $8.22 billion | Approximately $5.32 billion | Approximately +54% |
| Net income | $2,753.1 million | $1,568.7 million | 75.50% |
| Operating expenses | $1,015.1 million | $855.8 million | 18.60% |
Both companies reported strong growth associated with AI-related semiconductor investment. Lam’s approximately 54% revenue increase exceeded ASM’s approximately 45% reported growth, but differences in product portfolios, customer exposure, currencies, and accounting frameworks limit direct comparisons of profitability.
How the Market Reacted?
Secondary coverage on October 28 reported a 0.96% rise to $854.31, but the reviewed report did not clearly establish the quoted instrument, trading venue, or precise observation time; it should not be presented as a verified reaction in ASM’s Amsterdam-listed shares. The earnings report itself had a positive operating tone, supported by record revenue, higher adjusted profitability, and the outlook for more than €5.7 billion in 2027 sales.
The main counterweight was execution risk: ASM warned that supply-chain conditions were increasingly tight as customers accelerated capacity expansion.
