ASML HOLDING NV financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ASML HOLDING NV files with the SEC in its annual reports.

In EUR millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	6,875	9,053	10,944	11,820	13,979	18,611	21,173	27,559	28,263	32,667
Cost of revenue	3,730	4,943	5,915	6,540	7,181	8,802	10,473	13,422	13,771	15,409
Gross profit	3,145	4,020	5,029	5,280	6,797	9,809	10,700	14,136	14,492	17,258
Research and development		1,260	1,576	1,969	2,201	2,547	3,254	3,981	4,304	4,699
Selling, general and administrative	375	417	488	521	545	726	946	1,113	1,166	1,258
Operating income	1,759	2,440	2,965	2,791	4,052	6,750	6,501	9,042	9,023	11,301
Interest expense	38	57.5	41.8	36.6	43.3	54.6	60.8	153	163	118
Interest income						10	16.2	194	182	223
Pre-tax income	1,792	2,389	2,937	2,766	4,017	6,706	6,456	9,084	9,042	11,406
Income tax	234	306	352	192	552	1,021	970	1,436	1,681	2,013
Net income	1,558	2,067	2,592	2,592	3,554	5,883	5,624	7,839	7,572	9,609
EBITDA	2,115	2,857	3,388	3,239	4,542	7,221	7,084	9,782	9,941	12,327
EPS, basic	3.66	4.81	6.10	6.16	8.49	14.36	14.14	19.91	19.25	24.73
EPS, diluted	3.64	4.79	6.08	6.15	8.48	14.34	14.13	19.89	19.24	24.71
Shares, basic (weighted)	426	430	425	421	418	410	398	394	393	389
Shares, diluted (weighted)	428	432	426	422	419	410	398	394	394	389
Dividend per share					2.75	5.50	5.80	6.10	6.40

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2,907	2,259	3,121	3,532	6,049	6,952	7,268	7,005	12,736	12,916
Short-term investments			913	1,186	1,302	639	108	5.4	5.4	406
Receivables	700	1,740	1,498	1,787	1,310	3,028	5,324	4,334	4,478	3,023
Inventory	2,781	2,956	3,440	3,809	4,569	5,179	7,200	8,851	10,892	11,429
Other current assets	89.1	77.6	83.7	131	92.6	149	266	92.5	193	351
Total current assets	8,557	8,886	10,531	12,131	15,930	18,190	23,065	24,394	30,737	30,616
Property, plant and equipment	1,687	1,601	1,590	1,999	2,470	2,983	3,944	5,493	6,847	7,894
Lease right-of-use assets		114	138	205	180	160
Goodwill	4,874	4,541	4,541	4,541	4,629	4,556	4,556	4,589	4,589	4,589
Intangible assets	1,323	1,166	1,104	1,104	1,049	952	842	742	621	486
Other non-current assets	22.3	24.4	19.2	19.2	14.9	15	15.9	13.6	28.3	12.7
Total assets	17,206	18,189	20,137	22,630	27,267	30,231	36,300	39,958	48,590	50,567
Accounts payable	593	837	964	1,062	1,378	2,116	2,565	2,347	3,500	3,522
Deferred revenue		1,530	1,729	2,526	3,954	7,935	12,481	11,441	12,571	16,006
Short-term debt	248	25.2	1.8	0	15.4	509	746	0.1	1,010	1,682
Total current liabilities	3,281	3,170	3,792	4,694	6,604	12,298	17,984	16,275	20,051	24,264
Long-term debt	3,035	3,008	3,027	3,108	4,663	4,075	3,514	4,632	3,677	2,709
Lease liabilities		81	93.7	154	130	118
Other non-current liabilities	616	279	202	241	258	251	455	401	460	432
Total liabilities	7,386	7,413	8,496	10,037	13,402	20,090	27,490	26,505	30,113	30,954
Total debt	3,278	3,036	3,008	3,108	4,678	4,584	4,260	4,632	4,688	4,391
Paid-in capital	3,694	3,733	3,741	3,772	3,780	3,876	3,941	3,998	4,049	4,107
Retained earnings	6,283	7,312	9,198	9,524	10,732	8,317	9,047	12,380	14,414	17,587
Treasury stock	-796	-558	-1,622	-1,020	-863	-2,423	-4,641	-3,306	-476	-2,253
Other comprehensive income	601	252	285	278	179	334	428	345	454	136
Shareholders' equity	9,972	10,691	11,641	12,592	13,865	10,141	8,811	13,452	18,477	19,612
Total equity	9,972	10,691	11,641	12,592	13,865	10,141	8,811	13,452	18,477	19,612
Total liabilities and equity	17,206	18,189	20,137	22,630	27,267	30,231	36,300	39,958	48,590	50,567
Shares outstanding	430	427	421	420	417	403	395	393	393	385

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,558	2,067	2,592	2,592	3,554	5,883	5,624	7,839	7,572	9,609
Depreciation and amortization	357	418	423	449	491	471	584	740	919	1,026
Stock-based compensation	47.7	53.1	46.3	74.6	53.9	118	68.9	135	173	202
Deferred income tax	76.4	-78.5	-292	-232	-232	-367	-527	-217	-66.2	16.3
Change in receivables	213	-1,129	212	-255	508	-1,755	-2,338	960	-140	1,416
Change in inventory	5.4	-284	-516	-405	-707	-483	-2,081	-1,647	-1,861	-833
Change in payables	50.9	267	97.9	-12.1	334	719	406	-262	1,128	13.4
Cash from operations	1,666	1,818	3,073	3,276	4,628	10,846	8,487	5,443	11,166	12,659
Capital expenditures	-316	-339	-574	-767	-962	-901	-1,282	-2,156	-2,067	-1,574
Acquisitions	-2,641	0	0	0	-223	0	0	-33.6	0	0
Purchases of investments		-1,129	-918	-1,292	-1,476	-1,163	-334	-23.6	-305	-406
Sales and maturities of investments		1,250	1,034	1,019	1,359	1,826	865	126	305	5.3
Cash from investing	-3,188	-1,229	-492	-1,158	-1,352	-72	-1,029	-2,689	-2,609	-3,778
Debt issued	2,231	0	0	0	1,486	0	496	998	22.5	754
Debt repaid	-4.7	-243	-2.8	-3.8	-3.3	-12.1	-516	-753
Share buybacks	-400	-500	-1,146	-410	-1,208	-8,560	-4,640	-1,000	-500	-5,950
Dividends paid	-446	-517	-597	-1,326	-1,066	-1,368	-2,560	-2,348	-2,453	-2,550
Cash from financing	1,964	-1,209	-1,724	-1,712	-753	-9,892	-7,138	-3,004	-2,832	-8,671
Exchange rate effect		-28.1	5.2	4.6	-5.3	20.3	-3.1	-13.8	6.4	-30.1
Net change in cash	448	-648	862	411	2,517	902	317	-264	5,731	180
Free cash flow	1,350	1,479	2,499	2,510	3,666	9,945	7,205	3,288	9,099	11,085
Interest paid	55.7	91.4	61	59.9	64.1	83	82.2	138	160	115
Income taxes paid	116	475	554	679	650	1,235	1,735	2,568	1,098	1,621

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	52.8%	Gross profit / revenue.
Operating margin	34.6%	Operating income / revenue.
EBITDA margin	37.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	34.9%	Pre-tax income / revenue.
Net margin	29.4%	Net income / revenue.
FCF margin	33.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	38.7%	Cash from operations / revenue.
Effective tax rate	17.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	50.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	19.4%	Net income / average total assets.
Return on invested capital (ROIC)	86.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	14.4%	Research and development expense / revenue.
SG&A / revenue	3.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.8%	Capital expenditures / revenue.
D&A / revenue	3.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	15.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	15.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	18.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	19.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	17.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	20.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	25.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	20.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	22.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	24.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	20.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	22.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	26.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	19.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	22.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	28.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	20.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	23.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	13.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	14.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	22.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	21.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	15.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	24.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	6.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	30.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	13.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.26x	Current assets / current liabilities.
Quick ratio	0.67x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.55x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.22x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	8.7%	Total debt / total assets.
Liabilities / assets	61.2%	Total liabilities / total assets.
Net debt	-€8.93B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.72x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	95.5x	Operating income / interest expense.
Working capital	€6.35B	Current assets - current liabilities.
Goodwill and intangibles / assets	10.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	€14.54B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.66x	Revenue / average total assets.
Fixed asset turnover	4.43x	Revenue / average property, plant and equipment.
Inventory turnover	1.38x	Cost of revenue / average inventory.
Days inventory	264 days	365 x average inventory / cost of revenue.
Receivables turnover	8.71x	Revenue / average receivables.
Days sales outstanding	42 days	365 x average receivables / revenue.
Days payables	83 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	223 days	Days inventory + days sales outstanding - days payables.
FCF conversion	115.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	12.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	€24.71	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	€24.73	Net income per basic share, as reported (split-adjusted).
Revenue per share	€84.00	Revenue / diluted weighted shares.
FCF per share	€28.50	Free cash flow / diluted weighted shares.
Operating cash flow per share	€32.55	Cash from operations / diluted weighted shares.
Book value per share	€50.89	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	€37.72	Tangible book value / shares outstanding.
Cash per share	€34.56	(Cash + short-term investments) / shares outstanding.
Payout ratio	26.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	23.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	53.7%	Share buybacks / free cash flow, when free cash flow is positive.

What was ASML HOLDING NV's revenue in fiscal 2025?

ASML HOLDING NV reported revenue of €32.67B for fiscal 2025, 15.6% higher than the year before.

Was ASML HOLDING NV profitable in fiscal 2025?

Yes. Net income was €9.61B, a net margin of 29.4%.

How much free cash flow did ASML HOLDING NV generate in fiscal 2025?

Cash from operations of €12.66B minus capital expenditures of €1.57B left free cash flow of €11.08B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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