Revenue growth has accelerated to 17.4% in 2026Q1, while gross margins have improved from 14.7% in 2024Q1 to 20.1% due to enhanced operating leverage.
| 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 |
|---|
| Sales/Revenue | 666.14B | 648.92B | 607.72B | 574.18B | 679.14B | 564.46B | 455.06B | 408.57B | 378.03B | 288.06B | 275.62B | 293.77B | 260.08B | 216.51B | 191.47B | 189.59B | 175.07B | 83.33B | 97.7B | 100.2B | 100.77B | 86.12B | 72.3B | 57.25B | 45.7B | 38.37B | 50.89B | 33.19B |
| Revenue Growth % | 8.97% | 6.78% | 5.84% | -15.45% | 20.32% | 24.04% | 11.38% | 8.08% | 31.23% | 4.51% | -6.18% | 12.96% | 20.12% | 13.08% | 0.99% | 8.3% | 110.09% | -14.7% | -2.5% | -0.57% | 17.02% | 19.11% | 26.28% | 25.3% | 19.1% | -24.61% | 53.32% | - |
| Cost of Goods Sold | 544.11B | 534.1B | 514.23B | 488.46B | 546.58B | 459.57B | 384.9B | 348.96B | 318.78B | 237.95B | 224.62B | 244.24B | 207.91B | 176.37B | 157.35B | 155.91B | 139.12B | 66.9B | 75.88B | 72.7B | 73.07B | 71.24B | 59.02B | 46.42B | 38.58B | 32.96B | 26.41B | 18.22B |
| COGS % of Revenue | - | 82.31% | 84.62% | 85.07% | 80.48% | 81.42% | 84.58% | 85.41% | 84.33% | 82.61% | 81.5% | 83.14% | 79.94% | 81.46% | 82.18% | 82.23% | 79.46% | 80.28% | 77.67% | 72.56% | 72.51% | 82.72% | 81.63% | 81.08% | 84.44% | 85.9% | 51.9% | 54.88% |
| Gross Profit | 122.03B | 114.82B | 93.49B | 85.73B | 132.56B | 104.89B | 70.16B | 59.61B | 59.25B | 50.11B | 51B | 49.53B | 52.17B | 40.14B | 34.13B | 33.68B | 35.95B | 16.43B | 21.81B | 27.5B | 27.7B | 14.88B | 13.28B | 10.83B | 7.11B | 5.41B | 24.48B | 14.98B |
| Gross Margin % | 18.32% | 17.69% | 15.38% | 14.93% | 19.52% | 18.58% | 15.42% | 14.59% | 15.67% | 17.39% | 18.5% | 16.86% | 20.06% | 18.54% | 17.82% | 17.77% | 20.54% | 19.72% | 22.33% | 27.44% | 27.49% | 17.28% | 18.37% | 18.92% | 15.56% | 14.1% | 48.1% | 45.12% |
| Gross Profit Growth % | - | 22.81% | 9.06% | -35.33% | 26.38% | 49.51% | 17.7% | 0.6% | 18.25% | -1.76% | 2.97% | -5.06% | 29.95% | 17.63% | 1.31% | -6.3% | 118.78% | -24.67% | -20.66% | -0.74% | 86.2% | 12.01% | 22.59% | 52.35% | 31.43% | -77.9% | 63.46% | - |
| Operating Expenses | 63.37B | 63.78B | 52.41B | 44.86B | 50.28B | 42.63B | 36.35B | 35.76B | 31.71B | 24.97B | 24.22B | 23.73B | 22.12B | 18.44B | 16.67B | 16.48B | 13.6B | 7.48B | 9.61B | 8.38B | 7.18B | 7.29B | 6.6B | 7.57B | 7.8B | 5.87B | 5.45B | 10.04B |
| OpEx % of Revenue | - | 9.83% | 8.62% | 7.81% | 7.4% | 7.55% | 7.99% | 8.75% | 8.39% | 8.67% | 8.79% | 8.08% | 8.51% | 8.52% | 8.71% | 8.69% | 7.77% | 8.98% | 9.83% | 8.37% | 7.13% | 8.46% | 9.12% | 13.22% | 17.07% | 15.31% | 10.71% | 30.25% |
| Selling, General & Admin | 29.15B | 30.75B | 22.99B | 19.7B | 25.6B | 21.78B | 17.93B | 17.57B | 16.46B | 13.32B | 12.8B | 12.38B | 11.69B | 9.51B | 8.89B | 9.2B | 7.88B | 3.98B | 5.6B | 5.13B | 4.54B | 4.43B | 4.12B | 5.22B | 5.74B | 4.37B | 4.19B | 3.14B |
| SG&A % of Revenue | - | 4.74% | 3.78% | 3.43% | 3.77% | 3.86% | 3.94% | 4.3% | 4.36% | 4.63% | 4.64% | 4.22% | 4.49% | 4.39% | 4.64% | 4.85% | 4.5% | 4.77% | 5.73% | 5.12% | 4.51% | 5.15% | 5.69% | 9.11% | 12.57% | 11.39% | 8.23% | 9.47% |
| Research & Development | 34.22B | 33.03B | 29.43B | 25.16B | 24.67B | 20.85B | 18.42B | 18.19B | 15.24B | 11.65B | 11.42B | 11.34B | 10.43B | 8.93B | 7.78B | 7.28B | 5.72B | 3.51B | 4.01B | 3.25B | 2.64B | 2.86B | 2.48B | 2.35B | 2.05B | 1.5B | 1.26B | 727.12M |
| R&D % of Revenue | - | 5.09% | 4.84% | 4.38% | 3.63% | 3.69% | 4.05% | 4.45% | 4.03% | 4.04% | 4.14% | 3.86% | 4.01% | 4.12% | 4.06% | 3.84% | 3.26% | 4.21% | 4.11% | 3.25% | 2.62% | 3.32% | 3.43% | 4.11% | 4.49% | 3.92% | 2.48% | 2.19% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.31B |
| Operating Income | 58.65B | 51.03B | 41.08B | 40.87B | 82.28B | 62.26B | 33.81B | 23.85B | 27.55B | 25.13B | 26.78B | 25.8B | 30.05B | 21.71B | 17.46B | 17.21B | 22.35B | 8.95B | 12.21B | 19.11B | 20.52B | 5.96B | 6.69B | 3.27B | -686.85M | -462.1M | 9.88B | 4.94B |
| Operating Margin % | 8.8% | 7.86% | 6.76% | 7.12% | 12.12% | 11.03% | 7.43% | 5.84% | 7.29% | 8.72% | 9.72% | 8.78% | 11.55% | 10.03% | 9.12% | 9.08% | 12.77% | 10.74% | 12.5% | 19.08% | 20.36% | 6.92% | 9.25% | 5.71% | -1.5% | -1.2% | 19.41% | 14.87% |
| Operating Income Growth % | - | 24.24% | 0.51% | -50.33% | 32.15% | 84.16% | 41.75% | -13.41% | 9.6% | -6.15% | 3.78% | -14.12% | 38.42% | 24.34% | 1.47% | -23.02% | 149.82% | -26.7% | -36.13% | -6.85% | 244.08% | -10.8% | 104.62% | 575.68% | -48.64% | -104.68% | 100.13% | - |
| EBITDA | 127.86B | 118.84B | 101.03B | 97.12B | 137.3B | 115.51B | 82.18B | 73.17B | 70.63B | 53.98B | 56.28B | 56.41B | 56.76B | 46.79B | 40.59B | 40.68B | 40.77B | 26.08B | 30.05B | 35.58B | 35.06B | 21.92B | 21.74B | 16.84B | 12.45B | 11.36B | 19.03B | 11.11B |
| EBITDA Margin % | 19.19% | 18.31% | 16.62% | 16.91% | 20.22% | 20.46% | 18.06% | 17.91% | 18.68% | 18.74% | 20.42% | 19.2% | 21.82% | 21.61% | 21.2% | 21.46% | 23.29% | 31.3% | 30.76% | 35.51% | 34.79% | 25.45% | 30.07% | 29.41% | 27.24% | 29.6% | 37.39% | 33.46% |
| EBITDA Growth % | 24.76% | 17.63% | 4.02% | -29.26% | 18.86% | 40.57% | 12.31% | 3.59% | 30.86% | -4.09% | -0.23% | -0.6% | 21.3% | 15.27% | -0.21% | -0.23% | 56.3% | -13.2% | -15.55% | 1.49% | 59.95% | 0.82% | 29.09% | 35.3% | 9.58% | -40.32% | 71.35% | - |
| D&A (Non-Cash Add-back) | 69.21B | 67.81B | 59.95B | 56.25B | 55.01B | 53.25B | 48.37B | 49.32B | 43.09B | 28.84B | 29.5B | 30.61B | 26.71B | 25.08B | 23.13B | 23.47B | 18.42B | 17.14B | 17.84B | 16.47B | 14.54B | 15.95B | 15.05B | 13.57B | 13.13B | 11.82B | 9.15B | 6.17B |
| EBIT | 61.1B | 51.03B | 48.58B | 47.11B | 85.55B | 81.39B | 36.9B | 27B | 36.81B | 32.03B | 28.85B | 28.2B | 31.8B | 21.6B | 18.6B | 18.99B | 22.39B | 9.29B | 11.68B | 18.75B | 23.95B | -13.44B | 3.78B | 3.07B | -660.87M | -462.1M | 19.03B | 4.94B |
| Net Interest Income | -5.95B | -5.63B | -4.89B | -4.87B | -112.54M | -81.95M | -99.81M | -118.19M | -3.1B | -1.49B | -2.26B | -2.07B | -2.11B | -2.09B | -1.72B | -1.34B | -1.17B | -1.33B | -1.49B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 1.85B | 1.51B | 21.96M | 19.42M | 17.69M | 17.78M | 433.86M | 306.87M | 230.07M | 242.08M | 243.47M | 212.8M | 322.2M | 330.67M | 215.23M | 173.87M | 326.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 5.95B | 5.63B | 6.75B | 6.38B | 134.5M | 101.36M | 117.49M | 135.98M | 3.07B | 1.47B | 1.99B | 2.03B | 2.08B | 2.04B | 1.68B | 1.67B | 1.39B | 1.33B | 1.81B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 893.5M | 547.99M | 1.47B | 1.17B | 347.34M | 17.29B | 281.77M | -749.99M | 5.1B | 5.54B | 1.34B | 418.55M | -1.11B | -2.65B | -1.09B | 179.94M | -1.18B | -798.05M | -2.4B | -1.93B | 1.81B | -11.7B | -3.84B | -1.78B | -278.26M | -1.73B | -2.97B | 3.47B |
| Pretax Income | 59.55B | 51.58B | 42.55B | 42.03B | 82.63B | 79.55B | 34.09B | 23.1B | 32.65B | 30.68B | 28.12B | 26.22B | 28.94B | 19.06B | 16.37B | 17.39B | 21.17B | 8.15B | 9.8B | 17.19B | 22.33B | -5.74B | 2.85B | 1.49B | -979.03M | -2.2B | 6.9B | 8.4B |
| Pretax Margin % | 8.94% | 7.95% | 7% | 7.32% | 12.17% | 14.09% | 7.49% | 5.65% | 8.64% | 10.65% | 10.2% | 8.93% | 11.13% | 8.8% | 8.55% | 9.17% | 12.09% | 9.78% | 10.03% | 17.15% | 22.16% | -6.66% | 3.94% | 2.6% | -2.14% | -5.73% | 13.56% | 25.31% |
| Income Tax | 11.06B | 9.51B | 7.92B | 8.92B | 16.6B | 14.18B | 6.16B | 5.25B | 5.69B | 6.21B | 5.11B | 5.02B | 4.32B | 3.15B | 3.02B | 3.09B | 3.37B | 1.44B | 2.35B | 3.33B | 2.09B | 121.94M | -1.34B | -1.28B | -1.14B | -199.16M | 1.07B | 467.77M |
| Effective Tax Rate % | 18.57% | 18.44% | 18.61% | 21.23% | 20.09% | 17.83% | 18.07% | 22.72% | 17.42% | 20.24% | 18.16% | 19.14% | 14.95% | 16.54% | 18.46% | 17.76% | 15.9% | 17.7% | 23.94% | 19.35% | 9.37% | -2.13% | -47.15% | -85.91% | 116.75% | 9.07% | 15.44% | 5.57% |
| Net Income | 47.13B | 40.88B | 33.15B | 31.3B | 62.86B | 63.29B | 26.33B | 16.66B | 25.73B | 22.8B | 21.74B | 20.2B | 23.96B | 15.45B | 12.9B | 14.04B | 17.01B | 6.55B | 6.37B | 12.05B | 17.82B | -4.81B | 4.07B | 2.74B | 129.36M | -2.14B | 5.84B | 7.93B |
| Net Margin % | 7.07% | 6.3% | 5.46% | 5.45% | 9.26% | 11.21% | 5.78% | 4.08% | 6.81% | 7.91% | 7.89% | 6.88% | 9.21% | 7.14% | 6.74% | 7.41% | 9.72% | 7.86% | 6.52% | 12.03% | 17.68% | -5.58% | 5.63% | 4.79% | 0.28% | -5.58% | 11.47% | 23.9% |
| Net Income Growth % | 36.79% | 23.3% | 5.91% | -50.2% | -0.68% | 140.4% | 58% | -35.26% | 12.88% | 4.88% | 7.62% | -15.69% | 55.07% | 19.79% | -8.14% | -17.45% | 159.58% | 2.82% | -47.11% | -32.39% | 470.71% | -218.07% | 48.58% | 2018.2% | 106.04% | -136.7% | -26.43% | - |
| Net Income (Continuing) | 48.49B | 42.07B | 34.63B | 33.11B | 66.03B | 65.37B | 27.93B | 17.85B | 26.96B | 24.47B | 23.01B | 21.2B | 24.61B | 15.91B | 13.35B | 14.3B | 17.8B | 6.71B | 7.46B | 13.86B | 20.24B | -5.86B | 4.19B | 2.62B | 173.91M | -2B | 5.84B | 7.93B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.44B | 354M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 30.52B | 26.47B | 22.24B | 20.27B | 18.61B | 14.54B | 15.62B | 13.37B | 17.64B | 13.19B | 12B | 11.49B | 8.21B | 4.13B | 3.51B | 1.51B | 3.28B | 3.1B | 2.29B | 14.57B | 11.11B | 7.93B | 8.4B | 10.05B | 10.09B | 12.14B | 12.06B | 4.98B |
| EPS (Diluted) | 21.01 | 18.46 | 14.46 | 14.36 | 27.88 | 28.80 | 12.62 | 7.72 | 11.88 | 10.48 | 9.40 | 9.56 | 11.80 | 8.44 | 6.84 | 7.02 | 9.56 | 3.70 | 3.20 | 6.28 | 9.04 | -2.60 | 2.34 | 1.56 | 0.07 | -1.24 | 4.04 | 6.32 |
| EPS Growth % | 39.45% | 27.66% | 0.7% | -48.49% | -3.19% | 128.21% | 63.47% | -35.02% | 13.36% | 11.49% | -1.67% | -18.98% | 39.81% | 23.39% | -2.56% | -26.57% | 158.38% | 15.63% | -49.04% | -30.53% | 447.69% | -211.11% | 50% | 2042.86% | 105.87% | -130.69% | -36.08% | - |
| EPS (Basic) | - | 18.74 | 15.04 | 14.54 | 29.06 | 29.68 | 12.94 | 7.92 | 11.90 | 11.28 | 11.32 | 9.96 | 12.28 | 8.68 | 7.04 | 7.20 | 9.76 | 3.74 | 3.26 | 6.50 | 9.48 | -2.60 | 2.40 | 1.62 | 0.07 | -1.24 | 4.04 | 6.32 |
| Diluted Shares Outstanding | 2.24B | 2.21B | 2.2B | 2.17B | 2.16B | 2.18B | 2.14B | 2.13B | 2.13B | 2.09B | 2.07B | 2.06B | 2.06B | 1.94B | 1.89B | 1.96B | 1.9B | 1.82B | 1.91B | 1.95B | 1.94B | 1.8B | 1.88B | 1.71B | 1.91B | 1.74B | 1.41B | 1.22B |
| Basic Shares Outstanding | 2.19B | 2.17B | 2.25B | 2.15B | 2.14B | 2.15B | 2.13B | 2.13B | 2.12B | 2.04B | 1.92B | 1.91B | 1.92B | 1.88B | 1.86B | 1.91B | 1.88B | 1.8B | 1.91B | 1.66B | 1.64B | 1.8B | 1.76B | 1.7B | 1.91B | 1.74B | 1.41B | 1.22B |
| Dividend Payout Ratio | - | 56.65% | 69.14% | 119.28% | 48.3% | 28.29% | 30.88% | 63.05% | 42.01% | 48.78% | 56.47% | 78.53% | 42.17% | 49.94% | 32.47% | 28.11% | 10.58% | 38.19% | 143.29% | 57.06% | - | - | - | - | - | - | - | - |
High cyclical utilization sensitivity
According to the most recent quarterly filings, ASE's revenue growth has accelerated to 17.4% in 2026Q1, marking a significant departure from the stagnant or negative growth rates observed throughout 2024, suggesting a robust recovery in semiconductor demand and successful capture of new high-end packaging volume.
The recent acceleration appears to be driven by a combination of volume recovery and potentially higher-value product mix shifts. Investors should monitor whether this growth trajectory is sustainable or if it reflects a temporary inventory restocking cycle within the broader consumer electronics supply chain.
As reported in financial statements, ASE's gross margin has expanded from 14.7% in 2024Q1 to 20.1% by 2026Q1, indicating that the company is successfully leveraging its high-fixed-cost infrastructure as utilization rates improve across its global semiconductor assembly and testing facilities.
This margin expansion suggests that the company is effectively absorbing depreciation costs through higher throughput. The improvement warrants further investigation into whether this is a structural shift toward advanced packaging or merely a cyclical benefit from increased factory utilization.
Based on the provided income statement data, operating income has scaled from $7.6B in 2024Q1 to $17.7B in 2026Q1, demonstrating significant operating leverage as the company manages to grow its top line while maintaining disciplined control over its SG&A and R&D expense base.
The ability to expand operating margins from 5.6% to 10.1% over the same period implies that the company's cost structure is becoming more efficient as it scales. This trend suggests that incremental revenue is flowing more effectively to the bottom line, which may indicate improved operational maturity.
While recent performance shows improvement, the historical data reveals that ASE's net income remains highly sensitive to cyclical downturns, as evidenced by the 42% year-over-year EPS decline in 2023Q4, which highlights the inherent risks of a business model tied to volatile consumer electronics demand.
Short-sellers may focus on the potential for margin compression if utilization rates falter, particularly given the capital-intensive nature of the business. The reliance on specific high-volume consumer projects suggests that any sudden shift in product demand could rapidly reverse the current positive earnings momentum.
Quick answers to the most common questions about buying ASX stock.
For fiscal year 2025, ASE Technology Holding Co., Ltd. (ASX) reported total revenue of $648.92B. This represents a 1854.9% increase compared to $33.19B in 1999.
ASE Technology Holding Co., Ltd. (ASX) is profitable, generating $40.88B in net income for the fiscal year ending 2025 with a net profit margin of 6.3%.
ASE Technology Holding Co., Ltd. (ASX) reported an operating income of $51.03B, resulting in an operating profit margin of 7.9%. This margin reflects the operational efficiency of the business before interest and taxes.
ASE Technology Holding Co., Ltd. (ASX) generated $114.82B in gross profit for the year, representing a gross profit margin of 17.7%. This demonstrates the company's core pricing power and production efficiency.