ASM International said on 27 October that it projects 2027 revenue of more than €5.7 billion at constant currencies, which it says reaches the revenue target set for 2030 at its 2025 Investor Day three years ahead of plan.
The Dutch chip-equipment maker reported record third-quarter revenue of €1,159 million, up 45% year on year, and said “The continued build-out of AI infrastructure is driving significant capacity requirements across the industry, particularly in the leading edge.”
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The key insight: As we read it, ASM’s new 2027 floor of more than €5.7 billion sits above the €4.6 billion top end of the range it gave in September 2025, and ASM says it reaches its 2030 revenue target three years ahead of plan.
At its Investor Day in September 2025, ASM gave a target revenue range of €3.7 to €4.6 billion for 2027, according to its second-quarter release of 28 July 2026.
In that July release, ASM said it expected 2027 revenue to exceed the top end of that range, citing strong order intake in the first half of 2026 and the visibility customers were providing.
The new view is a floor rather than a range. By our arithmetic, €5.7 billion is €1.1 billion, or about 24%, above the old range’s top end.
ASM International’s 2027 revenue view in euro billions at constant currencies: the €3.7-4.6 billion range from its September 2025 Investor Day (as restated in its 28 July 2026 release) against the 27 October 2026 outlook of more than €5.7 billion. The +€1.1 billion gap to the old top end is our arithmetic.
The Record Quarter
ASM International quarterly revenue in euro millions: €800 million in Q3 2025, €1,003 million in Q2 2026, a record €1,159 million in Q3 2026, and €1,230 million for Q4 2026 at the midpoint of its guidance (plus or minus 5%, constant currencies). Source: ASM Q3 2026 release, 27 Oct 2026.
Third-quarter revenue was €1,159.4 million, against €1,003.1 million in the second quarter and €800.0 million a year earlier. At constant currencies the year-on-year rise was 44%.
Gross margin was 52.0% and the adjusted operating margin 33.4%. Adjusted net earnings rose to €315.4 million from €206.2 million, while reported net earnings were €308.1 million against €384.1 million a year earlier.
ASM said advanced logic/foundry was the main driver, citing 2nm, 3nm to 5nm and the first solid sales contribution from 1.4nm. Memory sales rose strongly, “particularly in HBM-related DRAM”, and mature logic/foundry, mainly driven by the Chinese market, remained robust.
The Q4 Guide and the 2027 Drivers
ASM International now projects 2027 revenue of more than €5.7 billion at constant currencies (27 Oct 2026), against the €4.6 billion top end of the range from its September 2025 Investor Day. ASM says €5.7 billion reaches its 2030 revenue target three years ahead of plan.
For the fourth quarter ASM expects revenue of €1,230 million, plus or minus 5%, at constant currencies. It said full-year 2026 revenue should rise about 35%, with equipment revenue up more than 40%.
ASM said “Supply chain conditions are increasingly tight”. For 2027 it named advanced logic/foundry as its strongest growth driver, and said it now confirms “a solid double-digit increase in our served available market at 1.4nm compared with 2nm, together with higher market share.”
It also authorised a new share buyback of up to €300 million, after completing a €150 million programme in the third quarter.
As we read it, ASM puts the growth at the leading edge: advanced logic/foundry was the main driver in the quarter, and ASM names it the strongest growth driver for 2027, with 2nm and 1.4nm.
As we read it, memory is the second leg: ASM says memory sales rose strongly in the quarter, particularly in HBM-related DRAM, and that it expects strong growth in memory in 2027.
As we read it, the constraint ASM names is supply rather than demand: it says supply chain conditions are increasingly tight and capacity remains tight across its customer base.
ASM International, third-quarter 2026 results, 27 October 2026
“Capacity remains tight across our customer base, and customers are moving quickly to increase output”
Three Implications
FOR CHIP-EQUIPMENT WATCHERS ASM’s 2027 floor of more than €5.7 billion is about €1.1 billion above its old top end, by our arithmetic.
FOR FOUNDRY AND MEMORY BUYERS ASM says its 1.4nm served available market is a solid double-digit increase on 2nm, and memory sales rose strongly on HBM-related DRAM.
FOR SHAREHOLDERS ASM authorised a new share buyback of up to €300 million after completing a €150 million programme in the third quarter.
The framework puts it this way: “Allocation power at the foundry is now more consequential than chip design itself.”
As we read it, ASM sells the deposition and epitaxy tools that foundries and memory makers buy to add that capacity, and its 2027 view rests on leading-edge foundry and HBM-related memory demand. The framework was written before these results and does not discuss ASM.
What Is Not Established
The 2027 figure is a projection at constant currencies, stated as “more than” €5.7 billion, and the quarterly results are unaudited. ASM ties demand to AI in words; its release does not put a figure on AI-related revenue.
ASM’s 2027 view assumes no material changes in the regulatory environment for mature logic/foundry, a segment it says is mainly driven by the Chinese market. The release says ASM hosts its earnings call on 28 October at 3:00 p.m. CET.
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ASM’s 2027 floor of more than €5.7 billion now sits about €1.1 billion above the top of the range it gave in September 2025, by our arithmetic, after a record €1,159 million quarter.
A note on sourcing. All company figures are from ASM International’s own releases: its third-quarter 2026 results of 27 October 2026 and its second-quarter results of 28 July 2026, which restate the 2027 range from its September 2025 Investor Day. Results are unaudited and projections are ASM’s, at constant currencies. Differences and percentages labelled “by our arithmetic” are ours. This is not investment advice.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
