ASML exhibits structural resilience with gross margins consistently exceeding 50%, peaking at 54.0% in 2025Q1, even as revenue growth remains subject to significant cyclical volatility.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 33.69B | 32.67B | 28.26B | 27.56B | 21.17B | 18.61B | 13.98B | 11.82B | 10.94B | 8.96B | 6.88B | 6.29B | 5.86B | 5.25B | 4.73B | 5.65B | 4.51B | 1.6B | 2.95B | 3.77B | 3.58B | 2.53B | 2.46B | 1.54B | 1.96B | 1.85B | 2.16B | 1.2B | 774.64M | 808.45M | 619.4M |
| Revenue Growth % | 9.7% | 15.58% | 2.56% | 30.16% | 13.77% | 33.14% | 18.26% | 8% | 22.11% | 30.36% | 9.35% | 7.36% | 11.65% | 10.86% | -16.27% | 25.36% | 182.44% | -45.96% | -21.74% | 5.37% | 41.74% | 2.58% | 59.97% | -21.32% | 5.94% | -14.5% | 80.44% | 54.59% | -4.18% | 30.52% | 38.77% |
| Cost of Goods Sold | 15.97B | 15.41B | 13.77B | 13.42B | 10.47B | 8.8B | 7.18B | 6.54B | 5.91B | 4.94B | 3.73B | 3.39B | 3.26B | 3.07B | 2.73B | 3.2B | 2.55B | 1.14B | 1.94B | 2.22B | 2.13B | 1.55B | 1.56B | 1.17B | 1.49B | 1.8B | 1.21B | 755.48M | 444.92M | 452.91M | 361.24M |
| COGS % of Revenue | - | 47.17% | 48.72% | 48.71% | 49.46% | 47.29% | 51.37% | 55.33% | 54.05% | 55.15% | 54.25% | 53.94% | 55.67% | 58.49% | 57.62% | 56.66% | 56.63% | 71.28% | 65.62% | 58.88% | 59.41% | 61.48% | 63.27% | 76.1% | 76.13% | 97.19% | 55.81% | 63.09% | 57.44% | 56.02% | 58.32% |
| Gross Profit | 17.72B | 17.26B | 14.49B | 14.14B | 10.7B | 9.81B | 6.8B | 5.28B | 5.03B | 4.02B | 3.15B | 2.9B | 2.6B | 2.18B | 2.01B | 2.45B | 1.96B | 458.39M | 1.02B | 1.55B | 1.45B | 973.45M | 904.97M | 368.14M | 467.29M | 51.95M | 954.87M | 442.04M | 329.72M | 355.55M | 258.15M |
| Gross Margin % | 52.6% | 52.83% | 51.28% | 51.29% | 50.54% | 52.71% | 48.63% | 44.67% | 45.95% | 44.85% | 45.75% | 46.06% | 44.33% | 41.51% | 42.38% | 43.34% | 43.37% | 28.72% | 34.38% | 41.12% | 40.59% | 38.52% | 36.73% | 23.9% | 23.87% | 2.81% | 44.19% | 36.91% | 42.56% | 43.98% | 41.68% |
| Gross Profit Growth % | - | 19.09% | 2.52% | 32.11% | 9.08% | 44.31% | 28.74% | 4.98% | 25.1% | 27.82% | 8.62% | 11.53% | 19.25% | 8.58% | -18.13% | 25.28% | 326.53% | -54.86% | -34.57% | 6.75% | 49.36% | 7.57% | 145.82% | -21.22% | 799.56% | -94.56% | 116.02% | 34.06% | -7.26% | 37.73% | 52.05% |
| Operating Expenses | 6B | 5.96B | 5.47B | 5.09B | 4.2B | 3.06B | 2.75B | 2.49B | 2.06B | 1.58B | 1.39B | 1.33B | 1.31B | 1.13B | 848.48M | 808.17M | 704.47M | 621.52M | 728.47M | 736.12M | 591.37M | 524.68M | 526.34M | 522.9M | 561.28M | 746.77M | 466.29M | 356.67M | 241.47M | 151.36M | 105.74M |
| OpEx % of Revenue | - | 18.23% | 19.35% | 18.48% | 19.83% | 16.44% | 19.64% | 21.06% | 18.86% | 17.63% | 20.17% | 21.16% | 22.44% | 21.53% | 17.93% | 14.3% | 15.63% | 38.94% | 24.66% | 19.5% | 16.51% | 20.76% | 21.36% | 33.95% | 28.67% | 40.42% | 21.58% | 29.78% | 31.17% | 18.72% | 17.07% |
| Selling, General & Admin | 1.28B | 1.26B | 1.17B | 1.11B | 945.9M | 725.6M | 544.9M | 520.5M | 488M | 416.6M | 374.8M | 345.7M | 321.11M | 311.74M | 259.3M | 217.9M | 181.04M | 154.76M | 212.34M | 226.02M | 204.8M | 201.05M | 201.48M | 212.24M | 263.07M | 280.48M | 185.56M | 140.22M | 93.62M | 56.91M | 96.26M |
| SG&A % of Revenue | - | 3.85% | 4.12% | 4.04% | 4.47% | 3.9% | 3.9% | 4.4% | 4.46% | 4.65% | 5.45% | 5.5% | 5.48% | 5.94% | 5.48% | 3.86% | 4.02% | 9.7% | 7.19% | 5.99% | 5.72% | 7.96% | 8.18% | 13.78% | 13.44% | 15.18% | 8.59% | 11.71% | 12.09% | 7.04% | 15.54% |
| Research & Development | 4.72B | 4.7B | 4.3B | 3.98B | 3.25B | 2.55B | 2.2B | 1.97B | 1.58B | 1.26B | 1.11B | 1.07B | 1.07B | 882.03M | 589.18M | 590.27M | 523.43M | 466.76M | 516.13M | 511.31M | 413.71M | 323.63M | 330.71M | 286.22M | 298.21M | 408.93M | 214.7M | 173.91M | 114M | 78.64M | 0 |
| R&D % of Revenue | - | 14.38% | 15.23% | 14.44% | 15.37% | 13.69% | 15.74% | 16.65% | 14.4% | 14.05% | 16.08% | 16.99% | 18.34% | 16.82% | 12.45% | 10.45% | 11.61% | 29.24% | 17.47% | 13.55% | 11.55% | 12.81% | 13.42% | 18.59% | 15.24% | 22.13% | 9.94% | 14.52% | 14.72% | 9.73% | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | -213.7M | 0 | 0 | 0 | -95.8M | -93.8M | -83.2M | -81.01M | -64.46M | 0 | 0 | 0 | 0 | 0 | -1.22M | -27.14M | -844 | -5.86M | 24.44M | 0 | 57.36M | 66.03M | 42.53M | 33.85M | 15.82M | 9.48M |
| Operating Income | 11.72B | 11.3B | 9.02B | 9.04B | 6.5B | 6.75B | 4.05B | 2.79B | 2.97B | 2.44B | 1.76B | 1.57B | 1.28B | 1.05B | 1.16B | 1.64B | 1.25B | -163.13M | 287.05M | 815.99M | 862.61M | 448.78M | 378.63M | -154.76M | -93.98M | -694.83M | 488.58M | 85.37M | 88.25M | 204.18M | 152.42M |
| Operating Margin % | 34.79% | 34.6% | 31.92% | 32.81% | 30.7% | 36.27% | 28.98% | 23.61% | 27.1% | 27.22% | 25.58% | 24.89% | 21.9% | 19.98% | 24.45% | 29.04% | 27.74% | -10.22% | 9.72% | 21.62% | 24.08% | 17.76% | 15.37% | -10.05% | -4.8% | -37.61% | 22.61% | 7.13% | 11.39% | 25.26% | 24.61% |
| Operating Income Growth % | - | 25.26% | -0.22% | 39.1% | -3.69% | 66.61% | 45.17% | -5.88% | 21.54% | 38.74% | 12.36% | 22.06% | 22.36% | -9.41% | -29.52% | 31.22% | 866.71% | -156.83% | -64.82% | -5.41% | 92.21% | 18.53% | 344.66% | -64.67% | 86.47% | -242.21% | 472.34% | -3.27% | -56.78% | 33.96% | 51.03% |
| EBITDA | 12.77B | 12.33B | 9.94B | 9.78B | 7.08B | 7.22B | 4.54B | 3.24B | 3.39B | 2.86B | 2.12B | 1.86B | 1.54B | 1.28B | 1.34B | 1.81B | 1.4B | -21.49M | 406.24M | 942.53M | 949.7M | 539.24M | 468.78M | -10.21M | 71.94M | -535.75M | 554.62M | 127.9M | 122.1M | 220M | 161.9M |
| EBITDA Margin % | 37.89% | 37.74% | 35.17% | 35.5% | 33.46% | 38.8% | 32.49% | 27.41% | 30.96% | 31.88% | 30.77% | 29.61% | 26.24% | 24.34% | 28.39% | 31.97% | 31.1% | -1.35% | 13.75% | 24.97% | 26.51% | 21.34% | 19.03% | -0.66% | 3.68% | -29% | 25.67% | 10.68% | 15.76% | 27.21% | 26.14% |
| EBITDA Growth % | 12.82% | 24% | 1.63% | 38.08% | -1.89% | 58.97% | 40.22% | -4.39% | 18.58% | 35.07% | 13.61% | 21.15% | 20.38% | -4.96% | -25.63% | 28.83% | 6623.42% | -105.29% | -56.9% | -0.76% | 76.12% | 15.03% | 4689.78% | -114.2% | 113.43% | -196.6% | 333.63% | 4.75% | -44.5% | 35.89% | 50.75% |
| D&A (Non-Cash Add-back) | 1.04B | 1.03B | 918.6M | 739.8M | 583.6M | 471M | 490.8M | 448.5M | 422.7M | 417.5M | 356.9M | 296.9M | 254.64M | 228.78M | 186.62M | 165.19M | 151.44M | 141.63M | 119.19M | 126.54M | 87.09M | 90.46M | 90.15M | 144.55M | 165.93M | 159.07M | 66.03M | 42.53M | 33.85M | 15.82M | 9.48M |
| EBIT | 12.3B | 11.52B | 9.21B | 9.24B | 6.52B | 6.76B | 4.06B | 2.8B | 2.97B | 2.34B | 1.66B | 1.48B | 1.2B | 983.49M | 1.16B | 1.64B | 1.27B | -120.36M | 359.54M | 815.99M | 862.61M | 448.78M | 372.78M | -130.32M | -93.98M | -637.47M | 488.58M | 85.37M | 88.25M | 204.18M | 152.42M |
| Net Interest Income | 54.61M | 104.7M | 29.98M | 41.06M | -43.56M | -46.49M | -32.48M | -24.64M | -29.23M | -48.47M | -22.72M | -16.81M | -8.81M | -24.47M | -6.04M | 7.96M | -8.16M | -8.17M | 22.87M | 31.36M | -827.51K | -14.78M | -14.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 54.61M | 104.7M | 190.53M | 190.49M | 15.82M | 10.42M | 7.82M | 11.44M | 13.94M | 6.94M | 17.33M | 11.09M | 14.86M | 9.2M | 16.16M | 44.18M | 15.09M | 41.46M | 73.38M | 73.29M | 48.09M | 40.31M | 25.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 160.55M | 149.42M | 59.38M | 56.92M | 40.29M | 36.08M | 43.17M | 55.41M | 40.06M | 27.9M | 23.67M | 33.67M | 22.2M | 36.21M | 23.24M | 49.62M | 50.5M | 41.92M | 48.92M | 55.09M | 40.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 384.8M | 321.4M | 229.6M | 232.5M | 93.4M | 154.5M | 53.7M | -6.8M | -22.1M | -67M | 33.7M | -16.5M | -8.6M | -24.47M | -6.2M | 7.42M | -8.18M | -8.43M | 22.6M | 33.5M | -853.92K | -14.08M | -16.06M | -29.1M | -36.76M | -3.61M | 2.12M | 32.99M | 1.19M | 14.64M | 3.62M |
| Pretax Income | 12.11B | 11.62B | 9.25B | 9.27B | 6.59B | 6.9B | 4.11B | 2.78B | 2.94B | 2.37B | 1.79B | 1.55B | 1.27B | 1.02B | 1.15B | 1.65B | 1.24B | -171.55M | 309.64M | 849.49M | 861.76M | 434.69M | 362.57M | -183.86M | -130.74M | -698.43M | 490.7M | 118.36M | 89.44M | 218.82M | 156.03M |
| Pretax Margin % | 35.93% | 35.58% | 32.74% | 33.66% | 31.14% | 37.1% | 29.37% | 23.55% | 26.89% | 26.47% | 26.07% | 24.63% | 21.75% | 19.51% | 24.32% | 29.17% | 27.56% | -10.75% | 10.48% | 22.51% | 24.06% | 17.2% | 14.72% | -11.94% | -6.68% | -37.8% | 22.71% | 9.88% | 11.55% | 27.07% | 25.19% |
| Income Tax | 2.09B | 2.01B | 1.68B | 1.44B | 969.9M | 1.02B | 551.5M | 191.7M | 351.6M | 306M | 234.4M | 161.4M | 77M | 7.99M | 4.26M | 181.68M | 220.7M | -20.63M | -12.73M | 177.43M | 243.21M | 123.47M | 127.29M | -59.57M | -42.75M | -218.61M | 146.32M | 37.57M | 27.8M | 71.27M | 54.72M |
| Effective Tax Rate % | 17.3% | 17.32% | 18.16% | 15.48% | 14.71% | 14.79% | 13.43% | 6.89% | 11.95% | 12.9% | 13.08% | 10.42% | 6.05% | 0.78% | 0.37% | 11.02% | 17.76% | 12.02% | -4.11% | 20.89% | 28.22% | 28.4% | 35.11% | 32.4% | 32.7% | 31.3% | 29.82% | 31.74% | 31.08% | 32.57% | 35.07% |
| Net Income | 10.01B | 9.61B | 7.57B | 7.84B | 5.62B | 5.88B | 3.55B | 2.59B | 2.59B | 2.07B | 1.56B | 1.39B | 1.2B | 1.02B | 1.15B | 1.47B | 1.02B | -150.93M | 322.37M | 672.06M | 618.55M | 311.23M | 235.29M | -159.94M | -207.68M | -479.83M | 345.44M | 80.8M | 61.65M | 147.55M | 101.32M |
| Net Margin % | 29.71% | 29.42% | 26.79% | 28.44% | 26.56% | 31.61% | 25.42% | 21.93% | 23.68% | 23.06% | 22.66% | 22.06% | 20.43% | 19.36% | 24.23% | 25.96% | 22.67% | -9.46% | 10.91% | 17.81% | 17.27% | 12.32% | 9.55% | -10.39% | -10.61% | -25.97% | 15.99% | 6.75% | 7.96% | 18.25% | 16.36% |
| Net Income Growth % | 15.03% | 26.91% | -3.41% | 39.38% | -4.4% | 65.55% | 37.09% | 0.03% | 25.4% | 32.67% | 12.3% | 15.92% | 17.84% | -11.41% | -21.86% | 43.56% | 777.04% | -146.82% | -52.03% | 8.65% | 98.74% | 32.28% | 247.11% | 22.99% | 56.72% | -238.9% | 327.55% | 31.06% | -58.22% | 45.63% | 58.43% |
| Net Income (Continuing) | 10.01B | 9.61B | 7.57B | 7.84B | 5.62B | 5.88B | 3.55B | 2.59B | 2.59B | 2.07B | 1.56B | 1.39B | 1.2B | 1.02B | 1.15B | 1.47B | 1.02B | -150.93M | 322.37M | 672.06M | 618.55M | 311.23M | 235.29M | -124.29M | -87.99M | -479.83M | 344.38M | 80.8M | 61.65M | 147.55M | 101.32M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -35.65M | -119.7M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.83M | 15.38M | 19.14M | 119.74M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 25.96 | 24.71 | 19.24 | 19.54 | 13.80 | 14.94 | 7.89 | 6.06 | 6.28 | 4.61 | 3.63 | 3.26 | 2.79 | 2.34 | 2.62 | 4.77 | 3.02 | -0.44 | 0.97 | 1.75 | 1.80 | 0.98 | 0.65 | -0.48 | -0.64 | -1.51 | 1.17 | 0.28 | 0.19 | 0.92 | 0.32 |
| EPS Growth % | 17.11% | 28.43% | -1.54% | 41.59% | -7.63% | 89.35% | 30.2% | -3.5% | 36.23% | 27% | 11.35% | 16.85% | 19.23% | -10.69% | -45.07% | 57.95% | 786.36% | -145.36% | -44.57% | -2.78% | 83.67% | 50.77% | 235.42% | 25% | 57.62% | -229.06% | 317.86% | 47.37% | -79.35% | 187.5% | 52.38% |
| EPS (Basic) | - | 24.73 | 19.25 | 19.56 | 13.81 | 14.97 | 7.91 | 6.07 | 6.30 | 4.63 | 3.65 | 3.28 | 2.80 | 2.36 | 2.63 | 4.81 | 3.04 | -0.44 | 0.99 | 1.81 | 1.87 | 0.98 | 0.65 | -0.48 | -0.64 | -1.51 | 1.21 | 0.28 | 0.19 | 0.92 | 0.32 |
| Diluted Shares Outstanding | 385.7M | 388.9M | 393.6M | 394.1M | 398M | 410.4M | 419.1M | 421.6M | 426.4M | 431.6M | 427.68M | 432.64M | 439.69M | 433.45M | 426.99M | 330.37M | 338.01M | 333.11M | 334.34M | 373.95M | 344.95M | 371.64M | 331.72M | 330.07M | 326.39M | 318.86M | 299.1M | 287.7M | 327.48M | 320.41M | 313.22M |
| Basic Shares Outstanding | 385.4M | 388.5M | 393.3M | 393.8M | 397.7M | 409.8M | 418.3M | 420.8M | 424.9M | 429.8M | 425.6M | 430.64M | 437.14M | 429.77M | 424.1M | 327.73M | 335.06M | 333.11M | 332.35M | 356.05M | 325.02M | 331.34M | 330.85M | 330.07M | 326.39M | 318.86M | 286.5M | 284.87M | 327.48M | 320.41M | 313.22M |
| Dividend Payout Ratio | - | 25.49% | 33.84% | 29.43% | 44.45% | 24.25% | 27.92% | 50.41% | 23.8% | 24.09% | 30.17% | 22.18% | 22.94% | 21.28% | 16.06% | 12.63% | 8.49% | - | 33.86% | - | - | - | - | - | - | - | - | - | - | - | - |
Geopolitical export control exposure
According to quarterly financial disclosures, ASML's revenue growth has exhibited significant volatility, swinging from a 21.6% contraction in 2024Q1 to a 46.3% expansion by 2025Q1, reflecting the lumpy nature of high-end lithography system deliveries and the impact of shifting global semiconductor capital expenditure cycles.
The wide variance in top-line performance suggests that revenue recognition remains highly sensitive to the timing of complex system installations and customer acceptance milestones. Investors should monitor whether the recent 13.2% growth in 2026Q1 signals a stabilization phase or merely a temporary recovery following the prior period's deceleration.
As reported in recent income statements, ASML has maintained gross margins consistently above 50%, peaking at 54.0% in 2025Q1, which underscores the company's unique pricing power derived from its absolute monopoly over EUV lithography technology within the global semiconductor manufacturing equipment ecosystem.
The stability of these margins, despite fluctuations in quarterly revenue, suggests that the company successfully passes through the high costs of its specialized supplier network to its customers. This structural resilience appears to be a direct result of the high barrier to entry inherent in the EUV production process.
Based on the provided financial data, operating income has demonstrated significant scalability, expanding from $1.4 billion in 2024Q1 to $3.2 billion in 2026Q1, indicating that the company's fixed-cost structure allows for substantial margin expansion as revenue volumes increase during peak demand cycles.
The ability to grow operating income faster than revenue during expansionary periods suggests effective management of SG&A expenses relative to the massive R&D requirements. This operating leverage appears to be a key driver of the company's ability to maintain high profitability even when system shipment volumes fluctuate.
Analysis of recent filings suggests that while profitability remains strong, the reliance on a concentrated supplier network and the potential for regulatory-driven market contraction in China pose material risks to the company's ability to sustain current margin levels if demand for mature-node systems shifts downward.
Short-term margin compression could occur if the product mix shifts away from high-margin EUV systems toward lower-margin legacy equipment due to export restrictions. Furthermore, the high fixed-cost base warrants investigation into how quickly the company could adjust its cost structure if global fab construction timelines were to face prolonged delays.
Quick answers to the most common questions about buying ASML stock.
For fiscal year 2025, ASML Holding N.V. (ASML) reported total revenue of $32.67B. This represents a 5174.1% increase compared to $619.4M in 1996.
ASML Holding N.V. (ASML) is profitable, generating $9.61B in net income for the fiscal year ending 2025 with a net profit margin of 29.4%.
ASML Holding N.V. (ASML) reported an operating income of $11.30B, resulting in an operating profit margin of 34.6%. This margin reflects the operational efficiency of the business before interest and taxes.
ASML Holding N.V. (ASML) generated $17.26B in gross profit for the year, representing a gross profit margin of 52.8%. This demonstrates the company's core pricing power and production efficiency.