Silicon AnalyticaASML
Latest quarter: Q3 FY2026, ended September 2026
ASML · Euronext Amsterdam · ASML · Nasdaq (Secondary)Equipment
Compare in FinancialsAbout the company
ASML Holding is a Dutch supplier of lithography systems, which print circuit patterns onto silicon wafers. It is the only manufacturer of extreme ultraviolet (EUV) lithography tools, required for the most advanced chips, including its newer High-NA EUV systems. It also sells deep ultraviolet (DUV) immersion and dry systems, as well as metrology and inspection products. A large share of revenue comes from installed base management: service, upgrades and refurbishment of systems already in the field. Its customers are logic and memory chipmakers worldwide, and a small number of leading manufacturers account for most of its sales.
Silicon Analytica summary based on the company's latest annual report
Key figures
Q3 FY2026 · 27 Sept 2026
- Revenue
- ▲ +55.2% y/y
- Operating income
- ▲ +109.6% y/y
- Gross margin
- +5.9 pp y/y
- Operating marginCalc.
- +11.5 pp y/y
- Net income
- ▲ +133.5% y/y
- Free cash flowCalc.
Figures from company filings. Calculated values marked Calc. · Methodology →
How the company earns its revenue
Total net sales split into new/used systems and Installed Base Management.
Backlog: €38.8bn (31 Dec 2025). 4
Net bookings: €28.0bn (FY2025). Bookings were not reported in the Q3 2026 release 42
Total of categories: ≈ US$36.9B, reconciles to reported revenue. Different classifications are never added together.
View sources
- ASML Form 20-F (Annual Report 2025) · Notes, disaggregation of total net sales · FY2025 · published 25 Feb 2026
Quarterly trend
- Reported results only. Guidance appears separately below and is never mixed into this chart.
View sources
- ASML quarterly US GAAP financial statements (Form 6-K) · Quarterly summary, consolidated statements of operations · Q3 FY2024, Q4 FY2024, Q1 FY2025, Q2 FY2025 · published 15 Oct 2025 · covers
- ASML quarterly US GAAP financial statements (Form 6-K) · Quarterly summary, consolidated statements of operations · Q3 FY2025, Q4 FY2025, Q1 FY2026, Q2 FY2026, Q3 FY2026 · published 14 Oct 2026 · covers
Financial statements
Full page →As filed with the SEC (20-F), from XBRL data. € millions, except per-share amounts; shares in millions. Figures in EUR as reported. For a rough US$ equivalent use ~US$1.12 per € (October 2026).
| Line item | FY2025To 31 Dec 202520-F ↗ | FY2024To 31 Dec 202420-F ↗ | FY2023To 31 Dec 202320-F ↗ | FY2022To 31 Dec 202220-F ↗ | FY2021To 31 Dec 202120-F ↗ |
|---|---|---|---|---|---|
| Revenue | 32,667 | 28,263 | 27,559 | 21,173 | 18,611 |
| Cost of revenue | 15,409 | 13,771 | 13,422 | 10,473 | 8,802 |
| Gross profit | 17,258 | 14,492 | 14,136 | 10,700 | 9,809 |
| Gross margin | 52.8% | 51.3% | 51.3% | 50.5% | 52.7% |
| Research & development | 4,699 | 4,304 | 3,981 | 3,254 | 2,547 |
| Selling, general & administrative | 1,258 | 1,166 | 1,113 | 946 | 726 |
| Operating income | 11,301 | 9,023 | 9,042 | 6,501 | 6,750 |
| Operating margin | 34.6% | 31.9% | 32.8% | 30.7% | 36.3% |
| Interest & other, net | 105c | 20c | 41c | −45c | −45c |
| Pre-tax income | 11,406 | 9,042 | 9,084 | 6,456 | 6,706 |
| Income tax | 2,013 | 1,681 | 1,436 | 970 | 1,021 |
| Net income | 9,609 | 7,572 | 7,839 | 5,624 | 5,883 |
| Net margin | 29.4% | 26.8% | 28.4% | 26.6% | 31.6% |
| Diluted EPS | 24.71 | 19.24 | 19.89 | 14.13 | 14.34 |
| Diluted shares | 389 | 394 | 394 | 398 | 410 |
Columns link to the filing. c Calculated by Silicon Analytica from filed figures (hover for the formula); fourth-quarter flows are fiscal year minus nine months. Margins are calculated.
View sources (5)
- ASML 20-F filed 25 Feb 2026 · accession 0001628280-26-011378
- ASML 20-F filed 5 Mar 2025 · accession 0000937966-25-000009
- ASML 20-F filed 14 Feb 2024 · accession 0000937966-24-000008
- ASML 20-F filed 15 Feb 2023 · accession 0000937966-23-000014
- ASML 20-F filed 9 Feb 2022 · accession 0000937966-22-000013
Values: SEC XBRL company facts (data.sec.gov), refreshed 8 Nov 2026. A period's original filing is used unless a later filing restated it.
Earnings history
ASML's results by period: revenue, margins and segments from stored filings.
Quarters
Fiscal years
Five-year financial history
Latest 5 completed fiscal years, US GAAP, EUR, as reported in annual filings (restated comparatives used where later filings revised them). Ratios and growth are Silicon Analytica calculations from the same records.
Revenue
USD · fiscal years · US GAAP · reported
Net income attributable to shareholders
USD · fiscal years · US GAAP · reported
| USD | FY2021ended 31 Dec 2021 | FY2022ended 31 Dec 2022 | FY2023ended 31 Dec 2023 | FY2024ended 31 Dec 2024 | FY2025ended 31 Dec 2025 |
|---|---|---|---|---|---|
| Revenue | |||||
| Gross profit | |||||
| Gross margin | |||||
| Operating income | |||||
| Operating margin | |||||
| Net income (attributable) | |||||
| Diluted EPS | |||||
| R&D expense | |||||
| R&D as % of revenue |
- Revenue CAGR over 4 annual intervals (FY2021–FY2025): 15.1%.
- R&D CAGR over 4 annual intervals: 16.5%.
- Net income CAGR over the same intervals: 13.1%.
- Growth is measured in EUR, the reporting currency. US$ equivalents use period-average Federal Reserve H.10 rates and include currency movements.
- Select any figure for its source filing, period dates, accounting basis and calculation.
Business model and industry role
EUV lithography
NXE (0.33 NA) and the newer EXE High-NA systems that use 13.5 nm light to print the finest layers of leading-edge chips.
DUV lithography
ArF immersion, ArF dry, KrF and i-line systems for less critical layers and mature chips.
Metrology and inspection
Tools that measure and inspect patterns to improve yield.
Installed Base Management
Service contracts, upgrades and field options for machines already in customer fabs.
Who buys it
Logic chipmakers and memory makers. In 2025 four customers each exceeded 10% of total net sales, together 61.2% 1.
How it earns revenue
Net system sales (new and used machines) were €24.5bn and Installed Base Management €8.2bn in 2025 1. Silicon Analytica view: because system revenue follows shipments, quarterly sales can swing with delivery timing.
What it depends on
A network of about 5,100 suppliers; projection optics are developed with strategic partner Carl Zeiss SMT 1. Export licences from the Dutch government and EU rules restrict sales of advanced systems to some destinations 1.
What drives profitabilityIncludes Silicon Analytica view
Gross margin rose to 52.8% in 2025, which ASML attributes to a favourable EUV product mix and higher service sales 1. In our view the mix between EUV and DUV, and High-NA cost-down progress, are the main margin levers.
Competitive position, drivers and risks
Competitive position
In DUV lithography ASML competes with Nikon and Canon; in EUV it has no commercial competitor 1. Silicon Analytica view: in metrology and inspection, KLA and Applied Materials are the main rivals.
Evidence
Reported: ASML states it is currently the only manufacturer of EUV lithography systems 1. EUV systems were 47% of 2025 system sales (calculated).
Growth drivers and conditions
Company view: more critical lithography exposures for advanced logic and DRAM, driven by AI demand 4. Conditions: customers must keep adding leading-edge capacity and adopt High-NA EUV in volume.
Cyclicality and downside risks
Reported: export controls limiting sales to China; customer concentration 1. Our view: orders follow chipmakers' capital-spending cycles, so revenue can fall sharply in downturns even when long-term demand is intact.
What to watch next
- EUV system sales and High-NA shipments
- Installed Base Management growth
- China share of system sales
- Gross margin versus the ~57% Q4 guidance
- Any resumption of bookings disclosure
Peer comparison
Compare with another companySuggested peers: Applied Materials, Lam Research, KLA, Tokyo Electron
Applied Materials, Lam Research, KLA and Tokyo Electron sell different process steps (deposition, etch, inspection); none sells EUV lithography, so growth and margin comparisons reflect product mix as much as execution. Financials compares latest reported periods and labels mismatched period ends.
Latest analysis on ASML
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Related coverage and calendar
Sources & methodology
- ASML Form 20-F / Annual Report 2025 ↗ · 25 Feb 2026 · At a glance; Our business; segment and revenue notes; Note 18 employees
- ASML Q3 2026 results (Form 6-K) ↗ · 14 Oct 2026 · Press release and US GAAP financial statements
- ASML Q3 2025 results (Form 6-K) ↗ · 15 Oct 2025 · Quarterly summary, US GAAP
- ASML Q4 and full-year 2025 results (Form 6-K) ↗ · 28 Jan 2026 · Press release summary table
Annual and quarterly figures come from the company's SEC filings (XBRL financial data and, where needed, the filed statements). Each value keeps its filing, period dates and accounting basis. Ratios, growth rates, free cash flow, split-adjusted EPS and derived quarters are Silicon Analytica calculations, shown with their inputs. Percentage growth is not shown when the prior value is zero or negative. US$ equivalents use period-average Federal Reserve H.10 rates. Guidance is shown only as company guidance; no analyst consensus is used.
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