Data table — Section A
Single source: ASML Annual Report 2025 (the document that also constitutes the Annual Report on Form 20-F for the fiscal year ended 31 Dec 2025), signed on 25 Feb 2026. Currency: euro, amounts in € millions (€ mn) unless otherwise stated. Accounting standards: US GAAP.
Source abbreviations: IS = Consolidated statements of operations (p. 276); BS = Consolidated balance sheets (p. 278); CF = Consolidated statements of cash flows (p. 281); SE = Consolidated statements of shareholders' equity (pp. 279-280); Note n = Notes to the Consolidated financial statements.
A.1 Income statement
| Item |
FY2025 |
FY2024 |
FY2023 |
Source |
| Net system sales |
24,474.3 |
21,768.7 |
21,938.6 |
IS |
| Net service and field option sales |
8,193.0 |
6,494.2 |
5,619.9 |
IS |
| Total net sales |
32,667.3 |
28,262.9 |
27,558.5 |
IS, Total net sales |
| Cost of system sales |
(11,384.0) |
(10,406.9) |
(10,151.0) |
IS |
| Cost of service sales |
(4,025.3) |
(3,364.0) |
(3,271.4) |
IS |
| Total cost of sales |
(15,409.3) |
(13,770.9) |
(13,422.4) |
IS, Total cost of sales |
| Gross profit |
17,258.0 |
14,492.0 |
14,136.1 |
IS, Gross profit |
| R&D costs |
(4,698.8) |
(4,303.7) |
(3,980.6) |
IS |
| SG&A costs |
(1,257.8) |
(1,165.7) |
(1,113.2) |
IS |
| Operating income |
11,301.4 |
9,022.6 |
9,042.3 |
IS, Income from operations |
| Net financial income (expense) |
104.7 |
19.8 |
41.2 |
IS, Interest and other, net |
| – of which interest income |
223.0 |
182.4 |
193.9 |
Note 16 |
| – of which interest expense |
(118.3) |
(162.6) |
(152.7) |
Note 16 |
| Income before income taxes |
11,406.1 |
9,042.4 |
9,083.5 |
IS |
| Income taxes |
(2,013.4) |
(1,680.6) |
(1,435.8) |
IS, Income tax expense |
| Income after income taxes |
9,392.7 |
7,361.8 |
7,647.7 |
IS |
| Profit from equity method investments (Zeiss) |
216.7 |
209.8 |
191.3 |
IS |
| Net income attributable to the group |
9,609.4 |
7,571.6 |
7,839.0 |
IS, Net income |
| Basic EPS (€) |
24.73 |
19.25 |
19.91 |
IS / Note 23 |
| Diluted EPS (€) |
24.71 |
19.24 |
19.89 |
IS / Note 23 |
| Weighted average basic shares (mn) |
388.5 |
393.3 |
393.8 |
Note 23 |
| Weighted average diluted shares (mn) |
388.9 |
393.6 |
394.1 |
Note 23 |
| Depreciation and amortization (D&A, from CF) |
1,025.9 |
918.6 |
739.8 |
CF, Depreciation and amortization |
| Dutch statutory tax rate |
25.8% |
25.8% |
25.8% |
Note 21 |
| Minority interests |
none |
none |
none |
Comprehensive income statement: total "Attributable to equity holders" |
A.2 Balance sheet (at 31 Dec; the document presents only FY2025 and FY2024)
| Item |
31 Dec 2025 |
31 Dec 2024 |
Source |
| Cash and cash equivalents |
12,916.0 |
12,735.9 |
BS / Note 4 |
| Short-term investments |
405.9 |
5.4 |
BS / Note 4 |
| Cash and short-term investments |
13,321.9 |
12,741.3 |
Sum |
| Commercial paper (ECP), carrying amount |
691.7 |
0.0 |
Note 16 |
| Current portion of long-term debt |
990.2 |
1,010.3 |
Note 16 |
| Short-term borrowings + current portion (BS line) |
1,681.9 |
1,010.3 |
BS |
| Long-term debt, non-current portion |
2,709.0 |
3,677.3 |
BS / Note 16 |
| Lease liabilities (current + non-current) |
251.4 |
306.0 |
Note 14 |
| Gross debt |
4,642.3 |
4,993.6 |
Sum |
| Shareholders' equity |
19,612.2 |
18,476.8 |
BS |
| Minority interests |
none |
none |
BS |
| Inventories |
11,429.3 |
10,891.5 |
BS |
| Contract liabilities (current + non-current) |
19,372.6 |
18,196.2 |
BS / Note 2 |
| Loans to Carl Zeiss SMT (loans receivable) |
1,907.5 |
1,440.8 |
Note 26 |
| Investment in Mistral AI (equity investments) |
1,320.7 |
0.0 |
BS / Note 9 |
| Shares outstanding |
385,417,665 |
393,283,720 |
BS; Note 22 |
| Total assets |
50,566.6 |
48,589.6 |
BS |
Shareholders' equity at 31 Dec 2023: 13,452.4 (SE). Gross debt at 31 Dec 2023: not available in the document.
Shares outstanding at the cover date: the document is an Annual Report that incorporates the Form 20-F (not a 10-K) and does not report a share count as of the filing date. The figure used is 385,417,665 at 31 Dec 2025 (BS and Note 22).
A.3 Cash flows and shareholder returns
| Item |
FY2025 |
FY2024 |
FY2023 |
Source |
| Operating cash flow |
12,658.5 |
11,166.2 |
5,443.4 |
CF |
| Capex, tangible (PP&E) |
(1,573.6) |
(2,067.2) |
(2,155.6) |
CF |
| Capex, intangible |
(57.6) |
(15.9) |
(40.6) |
CF |
| Share-based compensation (SBC) |
202.3 |
172.6 |
134.8 |
CF / Note 18 |
| Income taxes paid in cash (net of refunds) |
1,621.4 |
1,098.0 |
2,568.3 |
CF, supplemental |
| Buybacks |
5,950.0 |
500.0 |
1,000.0 |
CF / Note 22 |
| Dividends paid |
2,550.3 |
2,452.9 |
2,348.3 |
CF |
| Purchase of Mistral AI stake |
1,302.2 |
— |
— |
CF / Note 9 |
| Dividend per share for the fiscal year (€) |
7.50 (of which a final 2.70 proposed to the 2026 AGM) |
6.40 |
6.10 |
Note 22 (2025, 2024); "Dividend per share history" chart, p. 334 (2023) |
A.4 Sales by technology, geography and segment
Segments: the document reports a single operating segment (Note 3). Segment operating income equals consolidated operating income.
| System sales by technology |
Units 2025 |
2025 |
Units 2024 |
2024 |
Units 2023 |
2023 |
| EXE (EUV High NA) |
4 |
1,156.9 |
2 |
465.0 |
0 |
0.0 |
| NXE (EUV) |
44 |
10,445.8 |
42 |
7,856.4 |
53 |
9,124.0 |
| ArF immersion |
131 |
10,311.4 |
129 |
9,667.0 |
125 |
9,017.4 |
| ArF dry |
16 |
427.0 |
28 |
774.4 |
32 |
780.2 |
| KrF |
78 |
1,001.3 |
152 |
1,991.2 |
184 |
2,202.5 |
| I-line |
54 |
307.3 |
65 |
369.2 |
55 |
278.4 |
| Metrology & Inspection |
208 |
824.6 |
165 |
645.5 |
151 |
536.1 |
| Total systems |
535 |
24,474.3 |
583 |
21,768.7 |
600 |
21,938.6 |
Source: Note 2. By end-use, 2025: Logic 16,054.1 (364 units), Memory 8,420.2 (171 units); 2024: 13,195.1 and 8,573.6; 2023: 15,984.7 and 5,953.9.
| Sales by region (Note 3) |
2025 |
2024 |
2023 |
| Japan |
1,420.9 |
1,156.0 |
613.6 |
| South Korea |
8,159.6 |
6,408.8 |
6,949.2 |
| Singapore |
608.4 |
285.0 |
282.1 |
| Taiwan |
8,337.9 |
4,354.0 |
8,074.6 |
| China |
9,519.7 |
10,195.1 |
7,251.8 |
| Rest of Asia |
2.7 |
3.5 |
3.9 |
| Netherlands |
4.7 |
16.6 |
25.1 |
| EMEA |
524.3 |
1,322.1 |
1,206.8 |
| United States |
4,089.1 |
4,521.8 |
3,151.4 |
| Total |
32,667.3 |
28,262.9 |
27,558.5 |
A.5 Employees (Note 18)
|
2025 |
2024 |
2023 |
| Total FTEs at 31 Dec (payroll + temporary) |
44,209 |
44,027 |
42,416 |
| of which payroll |
43,520 |
42,786 |
40,309 |
| Average payroll FTEs |
43,267 |
41,697 |
38,805 |
| Personnel expenses |
6,612.8 |
6,037.4 |
5,341.2 |
A.6 Arithmetic checks
| Check |
FY2025 |
FY2024 |
FY2023 |
Result |
| Gross profit = sales − cost of sales |
32,667.3 − 15,409.3 = 17,258.0 |
28,262.9 − 13,770.9 = 14,492.0 |
27,558.5 − 13,422.4 = 14,136.1 |
ties |
| Operating income = gross profit − R&D − SG&A |
17,258.0 − 4,698.8 − 1,257.8 = 11,301.4 |
14,492.0 − 4,303.7 − 1,165.7 = 9,022.6 |
14,136.1 − 3,980.6 − 1,113.2 = 9,042.3 |
ties |
| Income before taxes = EBIT + financial items |
11,301.4 + 104.7 = 11,406.1 |
9,022.6 + 19.8 = 9,042.4 |
9,042.3 + 41.2 = 9,083.5 |
ties |
| Income before taxes − taxes = net income |
11,406.1 − 2,013.4 = 9,392.7; + 216.7 (Zeiss) = 9,609.4 |
9,042.4 − 1,680.6 = 7,361.8; + 209.8 = 7,571.6 |
9,083.5 − 1,435.8 = 7,647.7; + 191.3 = 7,839.0 |
ties, with the "Profit from equity method investments" line |
| Net financial items = interest income − expense |
223.0 − 118.3 = 104.7 |
182.4 − 162.6 = 19.8 |
193.9 − 152.7 = 41.2 |
ties |
| Sum of technologies = system sales |
24,474.3 |
21,768.7 |
21,938.6 |
ties |
| Systems + service = total sales |
24,474.3 + 8,193.0 = 32,667.3 |
21,768.7 + 6,494.2 = 28,262.9 |
21,938.6 + 5,619.9 = 27,558.5 |
ties |
| Sum of segments = total sales |
single segment |
single segment |
single segment |
ties, no "Other" line |
| Sum of regions = total sales |
32,667.3 |
28,262.9 |
27,558.5 |
ties |
| Sum of regional percentages 2025 |
99.9% |
— |
— |
0.1-point rounding difference |
| Gross debt = sum of items |
691.7 + 990.2 + 2,709.0 + 251.4 = 4,642.3 |
0.0 + 1,010.3 + 3,677.3 + 306.0 = 4,993.6 |
n.a. |
ties; ECP + current portion = 1,681.9 as per BS |
| FCF = operating cash flow − capex (tangible + intangible) |
12,658.5 − 1,573.6 − 57.6 = 11,027.3 |
11,166.2 − 2,067.2 − 15.9 = 9,083.1 |
5,443.4 − 2,155.6 − 40.6 = 3,247.2 |
ties with reported FCF (p. 57) for 2025 and 2024 |
| Segment operating income − unallocated costs = consolidated |
11,301.4 − 0 |
9,022.6 − 0 |
9,042.3 − 0 |
ties (single segment) |
A.7 Descriptive data from the notes and other sections of the document
| Item |
Value |
Source |
| Customers above 10% of 2025 sales |
4, totaling €20.0 bn (61.2%) |
Note 3 |
| Largest customer |
€7,796.7 mn (23.9%) in 2025; €4,682.4 mn (16.6%) in 2024 |
Risk factors, p. 68 |
| Two largest customers 2025 |
38.0% of sales |
Risk factors, p. 68 |
| Three largest customers, share of accounts and finance receivables |
35.4% at 31 Dec 2025 |
Note 3 |
| Remaining performance obligations (RPO) |
€46.5 bn (2024: 43.3); 65% expected within 12 months |
Note 2 |
| Cumulative catch-up adjustments in the contract liabilities table |
+€131.6 mn (2025); −€61.3 mn (2024) |
Note 2 |
| Inventory reserves |
469.4 (2025); 554.7 (2024); 485.3 (2023) |
CF |
| Eurobonds and Berliner Glas loan, carrying amounts |
see table in section 3 |
Note 16 |
| Debt repayments due in 2026 |
€1,694.8 mn |
Note 16 |
| Committed credit facility |
€1.5 bn, undrawn |
Note 16 |
| Purchase obligations |
€12.7 bn |
Note 17 |
| Purchases from the Zeiss group |
€4,406.9 mn (2025) |
Note 26 |
| Maximum exposure to Zeiss (quantified portion) |
advances 1,191.9; loans 1,907.5; equity stake 822.6; receivables 1.1 |
Note 26 |
| July 2025 Zeiss loan |
€444 mn; unamortized discount €110.8 mn; effective rate 3.3% |
Note 26 |
| 2021 Zeiss loan |
up to €1 bn; €87.6 mn undrawn, cancelled at 30 Sep 2024 |
Note 26 |
| Mistral AI |
€1,302.2 mn invested; 11.1% fully diluted stake; other changes +€18.5 mn |
Note 9 |
| 2025 tax reconciliation |
statutory rate (2,942.8); tax incentives (Innovation Box) +1,055.8; foreign effects (117.7); other items (14.8), +30.2, (24.1) |
Note 21 |
| 2025 buybacks |
8,323,320 shares, average price €714.86; December 2025 average price €934.45 |
Note 22 |
| 2022-2025 buyback program |
€7.6 bn executed out of 12.0 |
Note 22 |
| New program (announced 28 Jan 2026) |
up to €12 bn by 31 Dec 2028 |
Note 22, Note 27 |
| Workforce reduction announced 28 Jan 2026 |
around 1,700 net positions |
Note 27 |
| 2026 guidance |
sales €34-39 bn; gross margin 51-53% |
pp. 52, 57 |
| 2030 opportunity |
sales €44-60 bn; gross margin 56-60% |
p. 57 |
| Backlog cited by the CEO |
€38.8 bn ("currently stands") |
p. 8 |
| Board of Management remuneration 2025 |
€24.3 mn in total; CEO €7,021 thousand; pay ratio 46:1 |
Remuneration report |
| Incentives |
STI 142.5% of target; LTI 2023-2025 137.4% |
Remuneration report |
| Shareholders above threshold at 18 Feb 2026 |
BlackRock 26,325,103 (6.83%); Capital Research 19,612,223 (5.09%) |
Corporate governance |
| Shares held by Board members (8 persons) |
51,095 (0.01%) |
Corporate governance |