ASML Q3 2026 Earnings: Sold Out Through 2028 & The New WFE Cycle

ASML's capacity-constrained, 55%-growth quarter suggests the semiconductor equipment upcycle extends through 2028 rather than slowing.

• Revenue surge: Q3 2026 sales hit €11.66 billion, a 55% year-over-year increase, driven by memory and installed-base upgrade demand rather than new logic tool sales.
• Mistral AI windfall: Of the nearly €5 billion net income, about €500 million (~10%) came from ASML's investment in Mistral AI, Europe's leading AI lab.

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