ASML Q2 2025 Earnings Report (July 23, 2025)

Previous quarter: ASML Q1 2025 Earnings Report (April 18, 2025) Key points raised during the earnings call: ・At the beginning of the year, the expected growth for EUV was stated as 40%; this has now been clarified as follows: EUV equipment sales growth of 30%, with an additional ~10% growth in installation service revenue—when included alongside EUV equipment sales. This explanation failed to convince investors; at least two analysts expressed clear confusion and concern over it, significantly impacting forward expectations. ・Q2 bookings were relatively weak, raising concerns about 2026 performance; however, management emphasized that tariff policies remain highly uncertain: “We sense in all conversations with customers a higher level of uncertainty than 3 months ago.” ・Revenue and bookings for memory-related tools declined slightly this quarter. ・Revenue from China slightly exceeded initial expectations set at the start of the year. ・Concerns persist regarding potential stagnation in end-market demand: “Recently, there’s been this thesis going around that within the Logic end market, there won’t be a rise in litho intensity now until 2030, when your largest customer is expected to adopt High-NA EUV.”

Thermo Fisher Scientific reported Q2 revenue of $10.687 billion, below the market expectation of $10.98 billion. What insights does this figure convey?

In contrast, Danaher and Merck retained their positions as second- and third-ranked companies, respectively, yet face distinct challenges. Danaher’s net profit has declined for two consecutive years, primarily dragged down by falling revenues in its biotechnology segment; growth in its diagnostics business has failed to fully offset the profit shortfall. The company plans to further reduce costs and improve production efficiency, targeting annual savings of $150 million. Merck, meanwhile, achieved a modest 1.7% decline in overall profit amid contraction in its life sciences segment—by expanding into emerging markets such as Latin America and the Middle East—demonstrating the value of deep regional market penetration. Ranking Competition: Cost Control and Strategic Restructuring as Key Breakthrough Levers Among the eight companies climbing in rankings, Sartorius and Xylem delivered particularly strong performances. Sartorius achieved a 60.79% year-on-year surge in net profit despite a 10% decline in revenue, signaling tangible success from its profit-enhancement program; the initiative is projected to generate an additional £50 million in benefits over the next two years. This case exemplifies how precision operational management can drive competitive differentiation amid market volatility. Xylem posted a 46.1% jump in net profit, fueled by a 16% revenue increase in North America and strategic focus on its energy metering business. In 2025, the company expects to save $75 million through restructuring, further optimizing organizational efficiency. AMETEK and Mettler-Toledo similarly achieved new highs in profitability while growing revenue—by continuously optimizing selling costs. Agilent delivered a notable performance in FY2024: although revenue edged down slightly year-on-year, its systematic cost-reduction and efficiency-enhancement strategy enabled net profit to grow year-on-year and reach the second-highest level in its history—lifting its global ranking by one spot. This net profit result has already surpassed its historical peak set in 2022, marking the successful establishment of a more resilient earnings model amid industry cyclicality. Among the 21 global scientific instrumentation companies analyzed, ten—Mettler-Toledo, Waters, AMETEK, Agilent, Sartorius, Danaher, Veralto, Thermo Fisher Scientific, Teledyne, and Merck—achieved net profit margins significantly above the industry average of 11.6%, underscoring the pronounced profitability advantage held by industry leaders. Downward Pressure: Converging Factors Eroding Profits Of the nine companies slipping in rankings, six—including Zeiss and Veralto—recorded revenue growth yet suffered profit erosion due to factors such as foreign exchange fluctuations, separation costs, and non-recurring items. Teledyne’s profit was weighed down by rising compensation expenses and legal costs; Revvity’s earnings were sharply impacted by a steep decline in income from discontinued operations; and Bruker’s margin was diluted by strategic acquisitions—highlighting the integration pains companies often endure during expansion phases.

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