ASML has reported robust Q3 2025 financial results, with net sales reaching 7.5 billion euros and a gross margin of 51.6%, surpassing market expectations. Despite the strong performance, the company has cautioned about a potential decline in sales in the Chinese market in 2026, which has led investors to reconsider their positions. Looking ahead, ASML forecasts Q4 sales to be between 9.2 and 9.8 billion euros, with a gross margin of 52%. Analysts from Morgan Stanley, UBS, and Jefferies have upgraded their ratings on ASML's stock, generally recommending a 'buy' or 'strong buy'. Investors are advised to monitor Q4 revenue outcomes, the upcoming 2026 outlook in January, and developments in Chinese demand.