ASML

ASML · Nasdaq

Special Industry Machinery, NEC · Fiscal year ends Dec 31 · Reports in EUR

ASML reported revenue of EUR 32.7B in the fiscal year ended Dec 2025, up 15.6% from the year before. Operating income was EUR 11.3B, an operating margin of 34.6%, and net income was EUR 9.6B. Operating cash flow of EUR 12.7B less capital expenditure of EUR 1.6B left free cash flow of EUR 11.1B. It held more cash than debt (net cash EUR 8.5B).

Last 5 fiscal years

Revenue and net income

RevenueNet income

Income statement

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	EUR 18.6B	EUR 21.2B	EUR 27.6B	EUR 28.3B	EUR 32.7B
Cost of revenue	EUR 8.8B	EUR 10.5B	EUR 13.4B	EUR 13.8B	EUR 15.4B
Gross profit	EUR 9.8B	EUR 10.7B	EUR 14.1B	EUR 14.5B	EUR 17.3B
Research & development	EUR 2.5B	EUR 3.3B	EUR 4B	EUR 4.3B	EUR 4.7B
Selling, general & admin	EUR 726M	EUR 946M	EUR 1.1B	EUR 1.2B	EUR 1.3B
Operating income	EUR 6.8B	EUR 6.5B	EUR 9B	EUR 9B	EUR 11.3B
Interest expense	EUR 55M	EUR 61M	EUR 153M	EUR 163M	EUR 118M
Pre-tax income	EUR 6.7B	EUR 6.5B	EUR 9.1B	EUR 9B	EUR 11.4B
Income tax	EUR 1B	EUR 970M	EUR 1.4B	EUR 1.7B	EUR 2B
Net income	EUR 5.9B	EUR 5.6B	EUR 7.8B	EUR 7.6B	EUR 9.6B
Diluted EPS	14.34	14.13	19.89	19.24	24.71
Diluted shares	410M	398M	394M	394M	389M

Balance sheet

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash & equivalents	EUR 7B	EUR 7.3B	EUR 7B	EUR 12.7B	EUR 12.9B
Receivables	EUR 3B	EUR 5.3B	EUR 4.3B	EUR 4.5B	EUR 3B
Inventory	EUR 5.2B	EUR 7.2B	EUR 8.9B	EUR 10.9B	EUR 11.4B
Current assets	EUR 18.2B	EUR 23.1B	EUR 24.4B	EUR 30.7B	EUR 30.6B
Net PP&E	EUR 3B	EUR 3.9B	EUR 5.5B	EUR 6.8B	EUR 7.9B
Goodwill	EUR 4.6B	EUR 4.6B	EUR 4.6B	EUR 4.6B	EUR 4.6B
Total assets	EUR 30.2B	EUR 36.3B	EUR 40B	EUR 48.6B	EUR 50.6B
Payables	EUR 2.1B	EUR 2.6B	EUR 2.3B	EUR 3.5B	EUR 3.5B
Deferred revenue	EUR 7.9B	EUR 12.5B	EUR 11.4B	EUR 12.6B	EUR 16B
Current liabilities	EUR 12.3B	EUR 18B	EUR 16.3B	EUR 20.1B	EUR 24.3B
Short-term debt	EUR 509M	EUR 746M	EUR 100,000	EUR 1B	EUR 1.7B
Long-term debt	EUR 4.1B	EUR 3.5B	EUR 4.6B	EUR 3.7B	EUR 2.7B
Total liabilities	EUR 20.1B	EUR 27.5B	EUR 26.5B	EUR 30.1B	EUR 31B
Shareholders' equity	EUR 10.1B	EUR 8.8B	EUR 13.5B	EUR 18.5B	EUR 19.6B
Backlog (remaining obligations)	EUR 28.9B	EUR 45.4B	EUR 45B	EUR 43.3B	EUR 46.5B

Cash flow

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating cash flow	EUR 10.8B	EUR 8.5B	EUR 5.4B	EUR 11.2B	EUR 12.7B
Capital expenditure	EUR 901M	EUR 1.3B	EUR 2.2B	EUR 2.1B	EUR 1.6B
Free cash flow	EUR 9.9B	EUR 7.2B	EUR 3.3B	EUR 9.1B	EUR 11.1B
Depreciation & amortisation	EUR 471M	EUR 584M	EUR 740M	EUR 919M	EUR 1B
Stock-based compensation	EUR 118M	EUR 69M	EUR 135M	EUR 173M	EUR 202M
Acquisitions	EUR 0	EUR 0	EUR 34M	EUR 0	EUR 0
Share buybacks	EUR 8.6B	EUR 4.6B	EUR 1B	EUR 500M	EUR 6B
Dividend per share	5.50	5.80	6.10	6.40	–

Key ratios

Fiscal year	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue growth (YoY)	–	13.8%	30.2%	2.6%	15.6%
Operating income growth (YoY)	–	−3.7%	39.1%	−0.2%	25.3%
EPS growth (YoY)	–	−1.5%	40.8%	−3.3%	28.4%
Gross margin	52.7%	50.5%	51.3%	51.3%	52.8%
Operating margin	36.3%	30.7%	32.8%	31.9%	34.6%
Net margin	31.6%	26.6%	28.4%	26.8%	29.4%
Return on equityBlank when equity is negative	58.0%	63.8%	58.3%	41.0%	49.0%
ROCEEBIT ÷ (assets − current liabilities)	37.6%	35.5%	38.2%	31.6%	43.0%
Free cash flow margin	53.4%	34.0%	11.9%	32.2%	33.9%
Cash conversion (CFO ÷ net income)	1.84x	1.51x	0.69x	1.47x	1.32x
Receivable days	59	92	57	58	34
Inventory days	215	251	241	289	271
Payable days	88	89	64	93	83
Interest cover	124x	107x	59.2x	55.5x	95.5x
Debt ÷ equity	0.45x	0.48x	0.34x	0.25x	0.22x
Net debtDebt − cash & equivalents; excludes investments; negative = net cash	−EUR 2.4B	−EUR 3B	−EUR 2.4B	−EUR 8B	−EUR 8.5B
Current ratio	1.48x	1.28x	1.50x	1.53x	1.26x

Recent filings

More in Special Industry Machinery, Nec

LRCXLam Research financials

Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.