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ASML

ASML · Nasdaq

EUV passed immersion DUV as ASML's largest product line

NXE sales of €10.4B rose 33.0% and edged past ArF immersion at €10.3B, while the older DUV lines fell by up to half.

FY2025, the fiscal year to Dec 31, 2025 · 20-F filed Feb 25, 2026

FY2025 · revenue
$32.7B
Operating margin
34.6%
Net income
$9.6B
Free cash flow
$11.1B

Largest source of revenue: NXE, 31.9% of the total.

Follow the money

Where ASML's money goes

Tap the picture to explore the flow: levels, scale, every line and its figures.
Key insights · FY2025
  1. 01

    EUV passed immersion DUV as ASML's largest product line

    NXE sales of €10.4B rose 33.0% and edged past ArF immersion at €10.3B, while the older DUV lines fell by up to half.

    Why it matters

    NXE, the EUV scanner, brought in €10.4B: 31.9% of total net sales and 42.7% of net system sales, up 33.0% and 4.18 points of revenue share. ArF immersion, the most advanced DUV scanner, brought in €10.3B, up 6.7%, and lost 2.63 points of share. EXE, the High-NA platform, rose 148.8% to €1.16B. The filing attributes the rise to "greater NXE and NXT immersion adoption supported by leading-edge foundry investments for AI demand".1

    The older lines moved the other way. KrF fell 49.7% to €1.0B, ArF dry fell 44.9% to €427M and I-line fell 16.8% to €307M. The filing describes this as a "decrease in the sales volumes of other DUV lithography systems."1

    AnalysisAnalysis: the mix moved toward the tool that has no substitute and away from lines that face competitors. Gross margin rose 1.57 points to 52.78% in the same year, which fits that shift. The filing does not report margin by product line, so the link between mix and margin is a reading, not a reported fact.

  2. 02

    Service sales equal 72.5% of operating income

    Service and field option sales of €8.2B grew 26.2%, faster than the company's 15.6%, and now match 72.5% of operating income.

    Why it matters

    Net service and field option sales rose 26.2% to €8.2B, 25.1% of total net sales, a gain of 2.11 points of share. The filing gives the reasons: "the growing installed base of systems", "higher levels of lithography tool use for certain customers, and more NXE field upgrades." Used systems added a further €576M of system sales.1

    AnalysisAnalysis: service sales are revenue, not profit, and the filing does not report a service margin. Set against €11.3B of income from operations, the €8.2B shows how large the stream has become, not how much of the profit it earns. Each system sold adds to the installed base it is drawn from, so it follows the fleet more than the year's orders.

    AnalysisCaveat: part of this year's growth came from higher tool use, which rises and falls with fab utilization. The test of service as a cushion is a year when system sales fall and customers run their fleets less hard.

  3. 03

    Operating income grew 25.3% on 15.6% more sales

    Every cost line grew slower than sales, so income from operations reached €11.3B and 34.56% of revenue, up 2.68 points.

    Why it matters

    Cost of sales rose 11.9% while gross profit rose 19.1%, taking gross margin to 52.78%, up 1.57 points. Research and development rose 9.2% and its share of revenue fell 0.84 points; selling, general and administrative costs rose 7.9% and their share fell 0.27 points. Income from operations rose 25.3% to €11.3B from €9.0B.1

    Net income rose 26.9% to €9.6B from €7.6B. Basic earnings per share were €24.73 against €19.25, a larger gain than net income because basic shares fell to 388.5M from 393.3M. Income tax of €2.0B was 17.7% of income before taxes of €11.4B.1

    AnalysisAnalysis: the company did not cut its cost base. Research and development still grew to €4.7B. The margin gain came from sales outrunning costs that kept rising, and the same arithmetic tends to work in reverse in a year when sales fall.

  4. 04

    Capital spending took only 12.4% of operating cash

    Operating cash flow of €12.7B was 1.32 times net income, and after €1.6B of capital spending free cash flow reached €11.1B, 33.9% of revenue.

    Why it matters

    Capital expenditure was €1.6B, 4.8% of total net sales and 12.4% of operating cash flow of €12.7B. Free cash flow was €11.1B, 33.9% of revenue and 115% of net income of €9.6B.1

    AnalysisAnalysis: ASML designs and integrates its systems and buys much of their content from suppliers, so its own factories need little capital relative to sales. The filing states that components and subassemblies are each "obtained from a single supplier or a limited number of suppliers", which is the other side of the same choice.

    AnalysisCaveat: the record holds one year of cash flow, so there is no prior-year comparison. Cash above net income can also reflect the timing of customer payments and working capital, which the figures here do not break out.

Sources

  1. 1.ASML 20-F for the period to 2025-12-31 (the filing), Feb 25, 2026, read Nov 2, 2026

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Business performance

Growth, profit and margin

Revenue and operating income for the periods the company has filed.

  • Revenue$32.7B
  • Operating income$11.3B
  • Operating margin34.6%
Period
FY2025
Revenue
$32.7B
Operating income
$11.3B
Operating margin
34.6%
Net income
$9.6B
Free cash flow
$11.1B
Business performance

Does the profit turn into cash?

FY2025: free cash flow of $11.1B against net income of $9.6B.

  • Operating cash flow$12.7B
  • Capital expenditure$1.6B
  • Free cash flow$11.1B
  • Net income$9.6B

Capital expenditure is drawn below the axis as cash out. Cash conversion is operating cash flow over net income, shown in the tooltip for years with a profit.

Financial data and sources

How the revenue mix has shifted

Each breakdown the filing reports, as shares of revenue, for every period it restates.

Consolidated Statements of Operations. The filing restates this breakdown for 1 period.

Click a member to isolate it across the years shown.

The figures

Margins, cash and growth for the period, each with what it was computed from.

Gross margin
52.8%
Source20-F, Derived from Gross profit and Total net sales in the 20-F filed 2026-02-25
Operating margin
34.6%
Source20-F, Derived from Income from operations and Total net sales in the 20-F filed 2026-02-25
Net margin
29.4%
Source20-F, Derived from Net income and Total net sales in the 20-F filed 2026-02-25
Free cash flow
$11.1B
Source20-F, Derived from Net cash provided by operating activities and Purchase of property, plant and equipment in the 20-F filed 2026-02-25
Free cash flow margin
33.9%
Source20-F, Derived from Net cash provided by operating activities and Purchase of property, plant and equipment and Total net sales in the 20-F filed 2026-02-25
Cash conversion
1.32x
Source20-F, Derived from Net cash provided by operating activities and Net income in the 20-F filed 2026-02-25
Capital spending
4.8%
Source20-F, Derived from Purchase of property, plant and equipment and Total net sales in the 20-F filed 2026-02-25
Revenue growth
Not reported
no prior-year revenue in the history

Not reported, or not derivable

  • revenue growth: no prior-year revenue in the history

Where revenue comes from

Every breakdown the filing reports for the period, with each item's share.

Revenue streams

Net system sales$24.5B74.8%
Net service and field option sales$8.2B25.1%

Source20-F, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, as reported in the 20-F filed 2026-02-25

Product categories

NXE$10.4B31.9%
ArF immersion$10.3B31.5%
EXE$1.2B3.5%
KrF$1.0B3.1%
Metrology & Inspection$824.6M2.5%
ArF dry$427.0M1.3%
I-line$307.3M0.9%

These items do not sum to total revenue; the filing states them beside it. Source20-F, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, as reported in the 20-F filed 2026-02-25

Segments

New systems$23.9B73.1%
Used systems$575.7M1.8%

These items do not sum to total revenue; the filing states them beside it. Source20-F, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, as reported in the 20-F filed 2026-02-25

Geographic markets

Emea$524.3M1.6%
Rest of Asia$2.7M0.0%

These items do not sum to total revenue; the filing states them beside it. Source20-F, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, as reported in the 20-F filed 2026-02-25

MajorCustomers

Logic$16.1B49.1%
Memory$8.4B25.7%

These items do not sum to total revenue; the filing states them beside it. Source20-F, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, as reported in the 20-F filed 2026-02-25

What it costs

The cost lines beneath operating income, each as a share of revenue, then the operating result.

Costs are reported by function: what it cost to make what was sold, then the expenses of selling, developing and administering.

Cost lineFY2025Of revenueSource
Total cost of sales$15.4B47.1%Source20-F, us-gaap:CostOfGoodsAndServicesSold, as reported in the 20-F filed 2026-02-25
Income from operations$11.3B34.6%Source20-F, us-gaap:OperatingIncomeLoss, as reported in the 20-F filed 2026-02-25

The statements, as filed

The income statement, cash flow statement and balance sheet in the company's own order and words. Every line links to the filing.

Income statement20 lines, as presented in the 20-F
LineFY2025A year earlierChangeOf revenueSource
Income Statement
Total net sales32,700,000,00028,300,000,000+16%100%Source20-F, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, as reported in the 20-F filed 2026-02-25
Net system sales24,474,300,00021,768,700,000+12%Source20-F, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax [us-gaap:ProductMember], as reported in the 20-F filed 2026-02-25
Net service and field option sales8,193,000,0006,494,200,000+26%Source20-F, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax [asml:ServiceAndFieldOptionsMember], as reported in the 20-F filed 2026-02-25
Total cost of sales (shown as a deduction)(15,409,300,000)13,770,900,000+12%Source20-F, us-gaap:CostOfGoodsAndServicesSold, as reported in the 20-F filed 2026-02-25
Net system sales (shown as a deduction)(11,384,000,000)10,406,900,000+9.4%Source20-F, us-gaap:CostOfGoodsAndServicesSold [us-gaap:ProductMember], as reported in the 20-F filed 2026-02-25
Net service and field option sales (shown as a deduction)(4,025,300,000)3,364,000,000+20%Source20-F, us-gaap:CostOfGoodsAndServicesSold [asml:ServiceAndFieldOptionsMember], as reported in the 20-F filed 2026-02-25
Gross profit17,258,000,00014,492,000,000+19%Source20-F, us-gaap:GrossProfit, as reported in the 20-F filed 2026-02-25
Research and development (R&D) costs (shown as a deduction)(4,698,800,000)4,303,700,000+9.2%Source20-F, us-gaap:ResearchAndDevelopmentExpense, as reported in the 20-F filed 2026-02-25
Selling, general and administrative (SG&A) costs (shown as a deduction)(1,257,800,000)1,165,700,000+7.9%Source20-F, us-gaap:SellingGeneralAndAdministrativeExpense, as reported in the 20-F filed 2026-02-25
Income from operations11,301,400,0009,022,600,000+25%Source20-F, us-gaap:OperatingIncomeLoss, as reported in the 20-F filed 2026-02-25
Interest and other, net104,700,00019,800,000+429%Source20-F, asml:InterestAndOtherNet, as reported in the 20-F filed 2026-02-25
Income before income taxes11,406,100,0009,042,400,000+26%Source20-F, us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments, as reported in the 20-F filed 2026-02-25
Income tax expense (shown as a deduction)(2,013,400,000)1,680,600,000+20%Source20-F, us-gaap:IncomeTaxExpenseBenefit, as reported in the 20-F filed 2026-02-25
Income after income taxes9,392,700,0007,361,800,000+28%Source20-F, asml:IncomeLossfromContinuingOperationsAfterTaxbeforeEquityMethodInvestmentsNoncontrollingInterest, as reported in the 20-F filed 2026-02-25
Profit from equity method investments216,700,000209,800,000+3.3%Source20-F, us-gaap:IncomeLossFromEquityMethodInvestments, as reported in the 20-F filed 2026-02-25
Net income9,609,400,0007,571,600,000+27%Source20-F, us-gaap:NetIncomeLoss, as reported in the 20-F filed 2026-02-25
Basic net income per ordinary share (in EUR per share)24.719.3+28%Source20-F, us-gaap:EarningsPerShareBasic, as reported in the 20-F filed 2026-02-25
Diluted net income per ordinary share (in EUR per share)24.719.2+28%Source20-F, us-gaap:EarningsPerShareDiluted, as reported in the 20-F filed 2026-02-25
Number of ordinary shares used in computing per share amounts:
Basic (in shares)388,500,000393,300,000-1.2%Source20-F, us-gaap:WeightedAverageNumberOfSharesOutstandingBasic, as reported in the 20-F filed 2026-02-25
Diluted (in shares)388,900,000393,600,000-1.2%Source20-F, us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding, as reported in the 20-F filed 2026-02-25
Cash flow statement40 lines, as presented in the 20-F
LineFY2025A year earlierChangeSource
Cash flows from operating activities
Net income9,609,400,0007,571,600,000+27%Source20-F, us-gaap:NetIncomeLoss, as reported in the 20-F filed 2026-02-25
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization1,025,900,000918,600,000+12%Source20-F, us-gaap:DepreciationDepletionAndAmortization, as reported in the 20-F filed 2026-02-25
Impairment and loss on disposal (shown as a deduction)(-49,700,000)-35,800,000+39%Source20-F, us-gaap:GainLossOnSalesOfAssetsAndAssetImpairmentCharges, as reported in the 20-F filed 2026-02-25
Share-based compensation expense202,300,000172,600,000+17%Source20-F, us-gaap:ShareBasedCompensation, as reported in the 20-F filed 2026-02-25
Inventory reserves469,400,000554,700,000-15%Source20-F, us-gaap:InventoryWriteDown, as reported in the 20-F filed 2026-02-25
Deferred tax expense (benefit)180,700,000-144,800,000Source20-F, us-gaap:DeferredIncomeTaxesAndTaxCredits, as reported in the 20-F filed 2026-02-25
Equity method investments94,600,0004,400,000+2,050%Source20-F, asml:ProfitLossRelatedToEquityMethodInvestmentIncludingDividendsReceivedFromEquityMethodInvestmentsAndCapitalizationOfSupportFundingPaidToEquityMethodInvestments, as reported in the 20-F filed 2026-02-25
Changes in assets and liabilities:
Accounts receivable, net (shown as a deduction)(-1,415,500,000)139,900,000Source20-F, us-gaap:IncreaseDecreaseInAccountsReceivable, as reported in the 20-F filed 2026-02-25
Finance receivables, net (shown as a deduction)(227,200,000)-1,038,700,000Source20-F, us-gaap:IncreaseDecreaseInFinanceReceivables, as reported in the 20-F filed 2026-02-25
Inventories (shown as a deduction)(832,500,000)1,860,900,000-55%Source20-F, us-gaap:IncreaseDecreaseInInventories, as reported in the 20-F filed 2026-02-25
Other assets (shown as a deduction)(561,900,000)1,299,000,000-57%Source20-F, us-gaap:IncreaseDecreaseInOtherOperatingAssets, as reported in the 20-F filed 2026-02-25
Accrued and other liabilities-237,300,000625,500,000Source20-F, us-gaap:IncreaseDecreaseInAccruedLiabilities, as reported in the 20-F filed 2026-02-25
Accounts payable13,400,0001,127,600,000-99%Source20-F, us-gaap:IncreaseDecreaseInAccountsPayable, as reported in the 20-F filed 2026-02-25
Current tax assets and liabilities334,100,000689,500,000-52%Source20-F, us-gaap:IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable, as reported in the 20-F filed 2026-02-25
Contract assets and liabilities1,122,400,0001,871,800,000-40%Source20-F, asml:IncreaseDecreaseInContractWithCustomerAssetAndLiabilityNet, as reported in the 20-F filed 2026-02-25
Cash flows from operating activities
Net cash provided by operating activities12,658,500,00011,166,200,000+13%Source20-F, us-gaap:NetCashProvidedByUsedInOperatingActivities, as reported in the 20-F filed 2026-02-25
Cash flows from investing activities
Purchase of property, plant and equipment (shown as a deduction)(1,573,600,000)2,067,200,000-24%Source20-F, us-gaap:PaymentsToAcquirePropertyPlantAndEquipment, as reported in the 20-F filed 2026-02-25
Purchase of intangible assets (shown as a deduction)(57,600,000)15,900,000+262%Source20-F, us-gaap:PaymentsToAcquireIntangibleAssets, as reported in the 20-F filed 2026-02-25
Purchase of short-term investments (shown as a deduction)(406,200,000)305,200,000+33%Source20-F, us-gaap:PaymentsToAcquireShortTermInvestments, as reported in the 20-F filed 2026-02-25
Maturity of short-term investments5,300,000305,200,000-98%Source20-F, us-gaap:ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities, as reported in the 20-F filed 2026-02-25
Purchase of equity investments (shown as a deduction)(1,302,200,000)0Source20-F, us-gaap:PaymentsToAcquireOtherInvestments, as reported in the 20-F filed 2026-02-25
Loans issued and other investments (shown as a deduction)(703,700,000)526,200,000+34%Source20-F, asml:PaymentsFromIssuanceOfLoansAndOtherInvestingActivities, as reported in the 20-F filed 2026-02-25
Repayment on loans260,200,0000Source20-F, us-gaap:ProceedsFromCollectionOfLoansReceivable, as reported in the 20-F filed 2026-02-25
Acquisition of subsidiaries (net of cash acquired) (shown as a deduction)(0)0Source20-F, us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired, as reported in the 20-F filed 2026-02-25
Net cash used in investing activities-3,777,800,000-2,609,300,000+45%Source20-F, us-gaap:NetCashProvidedByUsedInInvestingActivities, as reported in the 20-F filed 2026-02-25
Cash flows from financing activities
Dividend paid (shown as a deduction)(2,550,300,000)2,452,900,000+4.0%Source20-F, us-gaap:PaymentsOfOrdinaryDividends, as reported in the 20-F filed 2026-02-25
Purchase of treasury shares (shown as a deduction)(5,950,000,000)500,000,000+1,090%Source20-F, us-gaap:PaymentsForRepurchaseOfCommonStock, as reported in the 20-F filed 2026-02-25
Net proceeds from issuance of shares142,300,000124,000,000+15%Source20-F, us-gaap:ProceedsFromIssuanceOrSaleOfEquity, as reported in the 20-F filed 2026-02-25
Net proceeds from issuance of borrowings754,200,00022,500,000+3,252%Source20-F, us-gaap:ProceedsFromIssuanceOfDebt, as reported in the 20-F filed 2026-02-25
Repayment of debt and finance lease obligations (shown as a deduction)(1,066,700,000)25,700,000+4,051%Source20-F, us-gaap:RepaymentsOfDebtAndCapitalLeaseObligations, as reported in the 20-F filed 2026-02-25
Net cash used in financing activities-8,670,500,000-2,832,100,000+206%Source20-F, us-gaap:NetCashProvidedByUsedInFinancingActivities, as reported in the 20-F filed 2026-02-25
Statement of Cash Flows
Net cash flows210,200,0005,724,800,000-96%Source20-F, us-gaap:NetCashProvidedByUsedInContinuingOperations, as reported in the 20-F filed 2026-02-25
Effect of changes in exchange rates on cash-30,100,0006,400,000Source20-F, us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents, as reported in the 20-F filed 2026-02-25
Net increase (decrease) in cash and cash equivalents180,100,0005,731,200,000-97%Source20-F, us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, as reported in the 20-F filed 2026-02-25
Cash and cash equivalents at beginning of the year12,735,900,000Source20-F, us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents, as reported in the 20-F filed 2026-02-25
Cash and cash equivalents at end of the year12,916,000,00012,735,900,000+1.4%Source20-F, us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents, as reported in the 20-F filed 2026-02-25
Supplemental disclosures of cash flow information
Change in unpaid portion of property, plant and equipment, excluded in investing activities, included in accounts payable22,300,00023,600,000-5.5%Source20-F, asml:IncreaseDecreaseInCapitalExpendituresIncurredButNotYetPaid, as reported in the 20-F filed 2026-02-25
Interest received201,300,000169,500,000+19%Source20-F, us-gaap:ProceedsFromInterestReceived, as reported in the 20-F filed 2026-02-25
Interest paid (shown as a deduction)(114,500,000)160,000,000-28%Source20-F, us-gaap:InterestPaidNet, as reported in the 20-F filed 2026-02-25
Income taxes paid, net of refunds (shown as a deduction)(1,621,400,000)1,098,000,000+48%Source20-F, us-gaap:IncomeTaxesPaidNet, as reported in the 20-F filed 2026-02-25
Balance sheet41 lines, as presented in the 20-F
LineFY2025A year earlierChangeSource
Assets
Cash and cash equivalents12,916,000,00012,735,900,000+1.4%Source20-F, us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents, as reported in the 20-F filed 2026-02-25
Short-term investments405,900,0005,400,000+7,417%Source20-F, us-gaap:AvailableForSaleSecuritiesDebtSecuritiesCurrent, as reported in the 20-F filed 2026-02-25
Accounts receivable, net3,023,000,0004,477,500,000-32%Source20-F, us-gaap:AccountsReceivableNetCurrent, as reported in the 20-F filed 2026-02-25
Finance receivables, net613,500,00082,600,000+643%Source20-F, us-gaap:NotesAndLoansReceivableNetCurrent, as reported in the 20-F filed 2026-02-25
Current tax assets88,900,000283,600,000-69%Source20-F, us-gaap:IncomeTaxesReceivable, as reported in the 20-F filed 2026-02-25
Contract assets440,600,000320,600,000+37%Source20-F, us-gaap:ContractWithCustomerAssetNetCurrent, as reported in the 20-F filed 2026-02-25
Inventories, net11,429,300,00010,891,500,000+4.9%Source20-F, us-gaap:InventoryNet, as reported in the 20-F filed 2026-02-25
Loans receivable266,100,0000Source20-F, asml:LoansReceivableCurrent, as reported in the 20-F filed 2026-02-25
Other assets1,432,800,0001,940,300,000-26%Source20-F, us-gaap:PrepaidExpenseAndOtherAssetsCurrent, as reported in the 20-F filed 2026-02-25
Total current assets30,616,100,00030,737,400,000-0.4%Source20-F, us-gaap:AssetsCurrent, as reported in the 20-F filed 2026-02-25
Finance receivables, net13,300,000317,200,000-96%Source20-F, us-gaap:NotesAndLoansReceivableNetNoncurrent, as reported in the 20-F filed 2026-02-25
Deferred tax assets1,719,400,0001,940,700,000-11%Source20-F, us-gaap:DeferredIncomeTaxAssetsNet, as reported in the 20-F filed 2026-02-25
Loans receivable1,653,900,0001,456,600,000+14%Source20-F, asml:LoansReceivableNoncurrent, as reported in the 20-F filed 2026-02-25
Other assets1,057,100,000790,800,000+34%Source20-F, us-gaap:PrepaidExpenseAndOtherAssetsNoncurrent, as reported in the 20-F filed 2026-02-25
Equity investments1,320,700,0000Source20-F, us-gaap:EquitySecuritiesWithoutReadilyDeterminableFairValueAmount, as reported in the 20-F filed 2026-02-25
Equity method investments822,600,000903,000,000-8.9%Source20-F, us-gaap:EquityMethodInvestments, as reported in the 20-F filed 2026-02-25
Goodwill4,588,600,0004,588,600,0000.0%Source20-F, us-gaap:Goodwill, as reported in the 20-F filed 2026-02-25
Other intangible assets, net540,100,000621,300,000-13%Source20-F, us-gaap:FiniteLivedIntangibleAssetsNet, as reported in the 20-F filed 2026-02-25
Property, plant and equipment, net7,893,800,0006,846,800,000+15%Source20-F, us-gaap:PropertyPlantAndEquipmentNet, as reported in the 20-F filed 2026-02-25
Right-of-use assets341,000,000387,200,000-12%Source20-F, asml:RightOfUseAssets, as reported in the 20-F filed 2026-02-25
Total non-current assets19,950,500,00017,852,200,000+12%Source20-F, us-gaap:AssetsNoncurrent, as reported in the 20-F filed 2026-02-25
Total assets50,566,600,00048,589,600,000+4.1%Source20-F, us-gaap:Assets, as reported in the 20-F filed 2026-02-25
Liabilities and shareholders’ equity
Accounts payable3,521,800,0003,500,400,000+0.6%Source20-F, us-gaap:AccountsPayableCurrent, as reported in the 20-F filed 2026-02-25
Accrued and other liabilities2,567,300,0002,686,600,000-4.4%Source20-F, us-gaap:OtherLiabilitiesCurrent, as reported in the 20-F filed 2026-02-25
Current tax liabilities486,600,000283,300,000+72%Source20-F, us-gaap:AccruedIncomeTaxesCurrent, as reported in the 20-F filed 2026-02-25
Short-term borrowings and current portion of long-term debt1,681,900,0001,010,300,000+66%Source20-F, us-gaap:LongTermDebtCurrent, as reported in the 20-F filed 2026-02-25
Contract liabilities16,006,300,00012,570,800,000+27%Source20-F, us-gaap:ContractWithCustomerLiabilityCurrent, as reported in the 20-F filed 2026-02-25
Total current liabilities24,263,900,00020,051,400,000+21%Source20-F, us-gaap:LiabilitiesCurrent, as reported in the 20-F filed 2026-02-25
Long-term debt2,709,000,0003,677,300,000-26%Source20-F, us-gaap:LongTermDebtNoncurrent, as reported in the 20-F filed 2026-02-25
Deferred and other income tax liabilities183,000,000299,200,000-39%Source20-F, asml:DeferredIncomeTaxLiabilitiesIncludingUnrecognizedTaxBenefits, as reported in the 20-F filed 2026-02-25
Contract liabilities3,366,300,0005,625,400,000-40%Source20-F, us-gaap:ContractWithCustomerLiabilityNoncurrent, as reported in the 20-F filed 2026-02-25
Accrued and other liabilities432,200,000459,500,000-5.9%Source20-F, us-gaap:OtherLiabilitiesNoncurrent, as reported in the 20-F filed 2026-02-25
Total non-current liabilities6,690,500,00010,061,400,000-34%Source20-F, us-gaap:LiabilitiesNoncurrent, as reported in the 20-F filed 2026-02-25
Total liabilities30,954,400,00030,112,800,000+2.8%Source20-F, us-gaap:Liabilities, as reported in the 20-F filed 2026-02-25
Issued and outstanding shares34,900,00035,400,000-1.4%Source20-F, us-gaap:CommonStockValueOutstanding, as reported in the 20-F filed 2026-02-25
Share premium4,107,100,0004,049,000,000+1.4%Source20-F, us-gaap:AdditionalPaidInCapitalCommonStock, as reported in the 20-F filed 2026-02-25
Treasury shares at cost (shown as a deduction)(2,252,900,000)476,000,000+373%Source20-F, us-gaap:TreasuryStockValue, as reported in the 20-F filed 2026-02-25
Retained earnings17,587,300,00014,414,300,000+22%Source20-F, us-gaap:RetainedEarningsAccumulatedDeficit, as reported in the 20-F filed 2026-02-25
Accumulated other comprehensive income135,800,000454,100,000-70%Source20-F, us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax, as reported in the 20-F filed 2026-02-25
Total shareholders’ equity19,612,200,00018,476,800,000+6.1%Source20-F, us-gaap:StockholdersEquity, as reported in the 20-F filed 2026-02-25
Total liabilities and shareholders’ equity50,566,600,00048,589,600,000+4.1%Source20-F, us-gaap:LiabilitiesAndStockholdersEquity, as reported in the 20-F filed 2026-02-25

About this data

Source
ASML 20-F, accession 0001628280-26-011378, filed Feb 25, 2026, read on Nov 2, 2026.
History
From the SEC's XBRL company facts, the value from the latest filing that stated each period.
Reading
Paragraphs marked Analysis are CXProWealth's reading; everything else is the filing's own numbers and words, or a cited source.
Version
methodology business-lens-1.0 · schema 1.2.0 · run business-lens-2026-11-02
Edge and risks

What holds ASML's model up, and what could bend it

Competitive edge

  • The sole supplier of a tool chipmakers cannot replace

    ASML is the only maker of EUV scanners, and as NXE reached 42.7% of system sales, gross margin rose to 52.78%.

    The detail

    AnalysisAnalysis: leading-edge chipmakers cannot print their smallest features in volume without EUV, and ASML is its only maker. A tool with no substitute is priced against the value of the chips it makes possible, not against a rival's quote, which is why the shift toward it matters more than the decline of the older, contested lines.

    NXE sales rose 33.0% to €10.4B while KrF fell 49.7% and lost 3.97 points of revenue share. Gross profit rose 19.1% to €17.3B on cost of sales up 11.9%.1

  • Today's machines fund a €4.7B research budget

    Research and development of €4.7B took 27.2% of gross profit, far above €1.26B for selling and administration, while EXE sales rose 148.8% to €1.16B.

    The detail

    Research and development cost €4.7B, 14.4% of revenue and 27.2% of gross profit of €17.3B, against €1.26B for selling, general and administrative costs. EXE sales rose 148.8% to €1.16B, with the filing citing "EXE systems being delivered to and installed at more customers."1

    AnalysisAnalysis: the next generation is paid for out of the gross profit of the current one and placed first with a handful of leading customers, who pay for early systems while they qualify them. That shares the cost of the transition and keeps the roadmap financed from inside the business.

What to watch

  • Four customers each buy more than a tenth

    Four customers each exceeded a tenth of total net sales and logic was 65.6% of system sales, so one buyer's plans move ASML's revenue.

    The detail

    The segment note reports that four customers each individually exceeded a tenth of total net sales, and that the three largest held a large share of accounts and finance receivables at year end. Logic customers bought €16.1B of systems and memory customers €8.4B, so logic was 65.6% of net system sales.1

    AnalysisAnalysis: the older DUV lines, which serve a wider set of buyers, fell by up to half this year, so the concentration grew rather than eased.

  • Single-source suppliers stand behind the systems

    The filing says components are each obtained from one or a few suppliers, exposing ASML to shortages, weaker pricing control and late deliveries.

    The detail

    The filing names a "vulnerability due to certain concentrations": components and subassemblies are each "obtained from a single supplier or a limited number of suppliers." It lists "a potential inability to obtain an adequate supply of required components", "reduced control over pricing, and the risk of untimely delivery."1

    AnalysisAnalysis: the risk does not show in this year's numbers, since cost of sales rose 11.9% against sales growth of 15.6%. It would surface first as delayed shipments rather than as lower margins.

  • This year's growth rests on AI-driven leading-edge spending

    The filing ties the rise to AI-related foundry and memory investment, while the older DUV lines fell by up to half and China's sales declined.

    The detail

    The filing attributes the sales rise to leading-edge foundry investment for AI demand and records lower volumes for other DUV systems. China remained the largest region but its sales fell, while "Taiwan and South Korea recorded the largest absolute geographic sales growth."1

    AnalysisAnalysis: for the mix to hold, AI-related capacity has to keep being added across several chipmakers rather than in one round of buildouts. High-NA is still early: EXE sales of €1.16B, 11.1% of NXE sales, come from few shipments and move in large steps.

Sources

  1. 1.ASML 20-F for the period to 2025-12-31 (the filing), Feb 25, 2026, read Nov 2, 2026
Go deeper

ASML, further in

Member research, then your own questions on ChatGPT.

What could change the outlook

What ASML's numbers depend on from here, read from the filing: the conditions behind this period's margins and growth, and where a change would show first.

  • What the EUV profit engine depends on from here

    Which customer decisions, platform milestones and regional shifts would have to go right for the mix that lifted margin this year to hold, and which signs would show first if they did not.

  • How much of a cushion is the service business?

    What drives service and upgrade revenue, which parts follow the installed base and which follow fab utilization, and how the stream has behaved when system sales turned down.

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Questions to start with
  • How would a slowdown in AI-driven foundry spending affect ASML's NXE sales and its operating margin?
  • ASML's service sales equal 72.5% of its operating income. How steady is that stream when chipmakers run their fabs less hard?
  • What must ASML's High-NA EXE systems prove before chipmakers move them into volume production?

Business Lens describes ASML from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing, the dates and the version are under the financial data above.