6-K
ASML HOLDING NV (ASML)
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 ______________________
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For April 16, 2025
Commission File Number 001-33463
______________________
ASML Holding N.V.
De Run 6501
5504 DR Veldhoven
The Netherlands
(Address of principal executive offices)
______________________
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(7): ¨
EXHIBITS 99.1 AND 99.3 TO THIS REPORT ON FORM 6-K ARE INCORPORATED BY REFERENCE IN THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-116337), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-126340), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-136362), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-141125), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-142254), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-144356), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-147128), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-153277), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-162439), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-170034), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-188938), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-190023), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-192951), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-203390), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-219442) AND THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-227464) OF ASML HOLDING N.V. AND IN THE OUTSTANDING PROSPECTUSES CONTAINED IN SUCH REGISTRATION STATEMENTS.
Exhibits 
99.1 “ASML reports €7.7 billion total net sales and €2.4 billion net income in Q1 2025. 2025 total net sales expected to be between €30 billion and €35 billion", press release dated April 16, 2025
99.2 “ASML reports €7.7 billion total net sales and €2.4 billion net income in Q1 2025. 2025 total net sales expected to be between €30 billion and €35 billion", presentation dated April 16, 2025
99.3 Summary US GAAP Consolidated Financial Statements
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
ASML HOLDING N.V. (Registrant)
Date: April 16, 2025 By: /s/ Christophe D. Fouquet
Christophe D. Fouquet
Chief Executive Officer
Document
Exhibit 99.1
ASML reports €7.7 billion total net sales and €2.4 billion net income in Q1 2025
2025 total net sales expected to be between €30 billion and €35 billion
VELDHOVEN, the Netherlands, April 16, 2025 – Today, ASML Holding NV (ASML) has published its 2025 first-quarter results.
•Q1 total net sales of €7.7 billion, gross margin of 54.0%, net income of €2.4 billion
•Quarterly net bookings in Q1 of €3.9 billion2 of which €1.2 billion is EUV
•ASML expects Q2 2025 total net sales between €7.2 billion and €7.7 billion, and a gross margin between 50% and 53%3
•ASML continues to expect 2025 total net sales to be between €30 billion and €35 billion, with a gross margin between 51% and 53%
| (Figures in millions of euros unless otherwise indicated) | Q4 2024 | Q1 2025 |
|---|---|---|
| Total net sales | 9,263 | 7,742 |
| ...of which Installed Base Management sales1 | 2,147 | 2,001 |
| New lithography systems sold (units) | 119 | 73 |
| Used lithography systems sold (units) | 13 | 4 |
| Net bookings2 | 7,088 | 3,936 |
| Gross profit | 4,790 | 4,180 |
| Gross margin (%) | 51.7 | 54.0 |
| Net income | 2,693 | 2,355 |
| EPS (basic; in euros) | 6.85 | 6.00 |
| End-quarter cash and cash equivalents and short-term investments | 12,741 | 9,104 |
(1) Installed Base Management sales equals our net service and field option sales.
(2) Net bookings include all system sales orders and inflation-related adjustments, for which written authorizations have been accepted.
(3) The bandwidth for Q2 2025 gross margin guidance is larger than usual, given the uncertainty around the impact of tariffs.
Numbers have been rounded for readers' convenience. A complete summary of US GAAP Consolidated Statements of Operations is published on www.asml.com.
CEO statement and outlook
"Our first-quarter total net sales came in at €7.7 billion, in line with our guidance. The gross margin was 54.0%, above guidance, driven by a favorable EUV product mix and the achievement of performance milestones. In the first quarter, we shipped our fifth High NA system, and we now have these systems at three customers.
"Our conversations so far with customers support our expectation that 2025 and 2026 will be growth years. However, the recent tariff announcements have increased uncertainty in the macro environment and the situation will remain dynamic for a while. As previously shared, artificial intelligence continues to be the primary growth driver in our industry. It has created a shift in the market dynamics that benefits some customers more than others, contributing to both upside potential and downside risks as reflected in our 2025 revenue range.
"We expect second-quarter total net sales between €7.2 billion and €7.7 billion, with a gross margin between 50% and 53%3. We expect R&D costs of around €1.2 billion and SG&A costs of around €300 million. As we previously communicated, we expect total net sales for the year between €30 billion and €35 billion, with a gross margin between 51% and 53%, subject to the uncertainties mentioned earlier," said ASML President and Chief Executive Officer Christophe Fouquet.
Update dividend and share buyback program
ASML intends to declare a total dividend for the year 2024 of €6.40 per ordinary share, which is a 4.9% increase compared to 2023.
Recognizing the three interim dividends of €1.52 per ordinary share paid in 2024 and 2025, this leads to a final dividend proposal to the Annual General Meeting of €1.84 per ordinary share.
In the first quarter, we purchased around €2.7 billion worth of shares under the current 2022-2025 share buyback program.
Details of the share buyback program as well as transactions pursuant thereto, and details of the dividend are published on ASML's website (www.asml.com/investors).
| Media Relations contacts | Investor Relations contacts |
|---|---|
| Monique Mols +31 6 5284 4418 | Jim Kavanagh +31 40 268 3938 |
| Willem van Ewijk +31 6 2744 1187 | Pete Convertito +1 203 919 1714 |
| Karen Lo +886 9 397 88635 | Peter Cheang +886 3 659 6771 |
Quarterly video interview and investor call
With this press release, ASML is publishing a video interview in which CEO Christophe Fouquet and CFO Roger Dassen discuss the 2025 first-quarter and outlook for 2025. This video and the video transcript can be viewed on www.asml.com shortly after the publication of this press release.
An investor call for both investors and the media will be hosted by CEO Christophe Fouquet and CFO Roger Dassen on April 16, 2025 at 15:00 Central European Time / 09:00 US Eastern Time. Details can be found on our website.
About ASML
ASML is a leading supplier to the semiconductor industry. The company provides chipmakers with hardware, software and services to mass produce the patterns of integrated circuits (microchips). Together with its partners, ASML drives the advancement of more affordable, more powerful, more energy-efficient microchips. ASML enables groundbreaking technology to solve some of humanity's toughest challenges, such as in healthcare, energy use and conservation, mobility and agriculture. ASML is a multinational company headquartered in Veldhoven, the Netherlands, with offices across EMEA, the US and Asia. Every day, ASML’s more than 44,100 employees (FTE) challenge the status quo and push technology to new limits. ASML is traded on Euronext Amsterdam and NASDAQ under the symbol ASML. Discover ASML – our products, technology and career opportunities – at www.asml.com.
US GAAP Reporting
ASML's primary accounting standard for quarterly earnings releases and annual reports is US GAAP, the accounting principles generally accepted in the United States of America. Quarterly summary US GAAP consolidated statements of operations, consolidated statements of cash flows and consolidated balance sheets are available on www.asml.com.
The consolidated balance sheets of ASML Holding N.V. as of March 30, 2025, the related consolidated statements of operations and consolidated statements of cash flows for the quarter and three months ended March 30, 2025 as presented in this press release are unaudited.
Regulated information
This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
Forward Looking Statements
This document and related discussions contain statements that are forward-looking within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements with respect to plans, strategies, expected trends, including trends in the semiconductor industry and end markets and business environment trends, expected growth in the semiconductor industry by 2030, our expectation that AI will be the key driver for the industry and the expected impact of AI demand on our business and results, our expectation that lithography will remain at the heart of customer innovation, expected demand, bookings, outlook of market segments, outlook and expected financial results including expected results for Q2 2025, including net sales, Installed Base Management sales, gross margin, R&D costs, SG&A costs, outlook for full year 2025, including expected full year 2025 total net sales, gross margin, estimated annualized effective tax rate and expected growth in IBM sales, the expectation that 2025 and 2026 will be growth years, statements made at our 2024 Investor Day, including revenue and gross margin opportunity for 2030, statements with respect to the recent US tariff announcements and the expected impact of such tariffs on our business and results, our expectation to continue to return significant amounts of cash to shareholders through growing dividends and share buybacks, statements with respect to our share buyback program, and statements with respect to dividends, statements with respect to expected performance and capabilities of our systems and customer plans, statements with respect to our ESG strategy and other non- historical statements. You can generally identify these statements by the use of words like “may”, “expect”, “will”, “could”, “should”, “project”, “believe”, “anticipate”, “expect”, “plan”, “estimate”, “forecast”, “potential”, “intend”, “continue”, “target”, “future”, “progress”, “goal”, “model”, “opportunity” and variations of these words or comparable words. These statements are not historical facts, but rather are based on current expectations, estimates, assumptions, plans and projections about our business and our future financial results and readers should not place undue reliance on them. Forward- looking statements do not guarantee future performance and involve a number of substantial known and unknown risks and uncertainties. These risks and uncertainties include, without limitation, risks relating to customer demand, semiconductor equipment industry capacity, worldwide demand for semiconductors and semiconductor manufacturing capacity, lithography tool utilization and semiconductor inventory levels, general trends and consumer confidence in the semiconductor industry, the impact of general economic conditions, including the impact of the current macroeconomic environment on the semiconductor industry, uncertainty around a market recovery including the timing thereof, the ultimate impact of AI on our industry and business, the impact of inflation, interest rates, wars and geopolitical developments, the impact of pandemics, the performance of our systems, the success of technology advances and the pace of new product development and customer acceptance of and demand for new products, our production capacity and ability to adjust capacity to meet demand, supply chain capacity, timely availability of parts and components, raw materials, critical manufacturing equipment and qualified employees, our ability to produce systems to meet demand, the number and timing of systems ordered, shipped and recognized in revenue, risks relating to fluctuations in net bookings and our ability to convert bookings into sales, the risk of order cancellation or push outs and restrictions on shipments of ordered systems under export controls, risks relating to the trade environment, import/export and national security regulations and orders and their impact on us, including the impact of changes in export regulations and the impact of such regulations on our ability to obtain necessary licenses and to sell our systems and provide services to certain customers, the impact of the recent tariff announcements, exchange rate fluctuations, changes in tax rates, available liquidity and free cash flow and liquidity requirements, our ability to refinance our indebtedness, available cash and distributable reserves for, and other factors impacting, dividend payments and share repurchases, the number of shares that we repurchase under our share repurchase program, our ability to enforce patents and protect intellectual property rights and the outcome of intellectual property disputes and litigation, our ability to meet ESG goals and execute our ESG strategy, other factors that may impact ASML’s business or financial results, and other risks indicated in the risk factors included in ASML’s Annual Report on Form 20-F for the year ended December 31, 2024 and other filings with and submissions to the US Securities and Exchange Commission. These forward-looking statements are made only as of the date of this document. We undertake no obligation to update any forward-looking statements after the date of this report or to conform such statements to actual results or revised expectations, except as required by law.
3
presentationinvestorrela
ASML 2025 First-Quarter Veldhoven, the Netherlands April 16, 2025 ASML reports €7.7 billion total net sales and €2.4 billion net income in Q1 2025 2025 total net sales expected to be between €30 billion and €35 billion Exhibit 99.2
Page 2April 16, 2025 Public • Investor key messages • Business summary • Outlook • Financial statements Agenda
Page 3April 16, 2025 Investor key messages
Page 4April 16, 2025 Public Investor key messages • The semiconductor industry remains strong, driven by artificial intelligence adoption across an expanding applications space and is expected to surpass $1 trillion in revenue by 2030 • The industry will require major innovations to address AI power consumption and cost challenges • Our customers remain at the core of our strategy and we believe that lithography will remain at the heart of their innovation. We anticipate that an increased number of critical lithography exposures for advanced logic and memory processes will be required • Our flexible and versatile portfolio is well positioned to address all customer needs as we extend holistic lithography to support 3D front-end integration, improve DUV and EUV performance and cost effectiveness and scale EUV technology well into the next decade • Based on different market and lithography intensity scenarios, as presented during our Investor Day in November 2024, we see an opportunity to achieve 2030 annual revenue between approximately €44 billion and €60 billion with a gross margin between approximately 56% and 60% • ASML values the strong industry partnerships which are critical to our success and our collective commitment to a leadership position in ESG • We expect to continue to return significant amounts of cash to our shareholders through growing dividends and share buybacks
Page 5April 16, 2025 Business summary
Page 6April 16, 2025 Public 1 Installed Base Management equals our net service and field option sales. 2 Income from operations as a percentage of total net sales. 3 Net bookings include all system sales orders and inflation-related adjustments, for which written authorizations have been accepted. Q1 results summary Numbers have been rounded for readers' convenience. Q1 2025 Total net sales €7.7 billion Net system sales €5.7 billion Installed Base Management1 sales €2.0 billion Gross Margin 54.0% Operating margin2 35.4% Net income as a percentage of total net sales 30.4% Earnings per share (basic) €6.00 Net bookings3 €3.9 billion of which EUV bookings €1.2 billion
Page 7April 16, 2025 Public Net system sales breakdown (Quarterly) Q1’25 Net system sales €5,740 million Q4’24 Net system sales €7,116 million
Page 8April 16, 2025 Public Logic Memory Installed Base Management1 1 Installed Base Management equals our net service and field option sales. Total net sales by End-use through Q1
Page 9April 16, 2025 Public Net systems bookings1 activity by End-use (Quarterly) Q1’25 net system bookings €3,936 million Q4’24 net system bookings €7,088 million 1 Net bookings include all system sales orders and inflation-related adjustments, for which written authorizations have been accepted.
Page 10April 16, 2025 Public • ASML intends to declare a total dividend for the year 2024 of €6.40 per ordinary share • Recognizing the three interim dividends of €1.52 per ordinary share paid in 2024 and 2025, this leads to a final dividend proposal to the Annual General Meeting of €1.84 per ordinary share • In Q1 2025 we purchased around 4.0 million shares for a total amount of around €2.7 billion Cash return to shareholders Share buyback Dividend paid Third interim and final dividend for a year are paid in the subsequent year Total dividend Interim dividend (paid) Proposal final dividend through Q1
Page 11April 16, 2025 Outlook
Page 12April 16, 2025 Public Outlook 1 Installed Base Management equals our net service and field option sales. 2 The bandwidth for Q2 2025 gross margin guidance is larger than usual, given the uncertainty around the impact of tariffs. Q2 2025 Total net sales between €7.2 billion and €7.7 billion of which Installed Base Management1 sales around €2.0 billion Gross margin2 between 50% and 53% R&D costs around €1.2 billion SG&A costs around €300 million FY 2025 Total net sales between €30 billion and €35 billion Gross margin between 51% and 53% Annualized effective tax rate around 17%
Page 13April 16, 2025 Financial Statements
Page 14April 16, 2025 Public Consolidated statements of operations € million Quarter on Quarter Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Total net sales 5,290 6,243 7,467 9,263 7,742 Gross profit 2,697 3,212 3,793 4,790 4,180 Gross margin % 51.0 51.5 50.8 51.7 54.0 R&D costs (1,032) (1,101) (1,055) (1,116) (1,161) SG&A costs (273) (277) (297) (318) (281) Income from operations 1,392 1,834 2,441 3,356 2,738 Operating income as a % of total net sales 26.3 29.4 32.7 36.2 35.4 Net income 1,224 1,578 2,077 2,693 2,355 Net income as a % of total net sales 23.1 25.3 27.8 29.1 30.4 Earnings per share (basic) € 3.11 4.01 5.28 6.85 6.00 Earnings per share (diluted) € 3.11 4.01 5.28 6.84 6.00 Lithography systems sold (units) 1 70 100 116 132 77 Net bookings 2 3,611 5,567 2,633 7,088 3,936 1 Lithography systems do not include metrology and inspection systems. 2 Net bookings include all system sales orders and inflation-related adjustments, for which written authorizations have been accepted. These numbers have been prepared in accordance with US GAAP. Numbers have been rounded for readers' convenience.
Page 15April 16, 2025 Public Consolidated statements of cash flows € million Quarter on Quarter Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Cash and cash equivalents, beginning of period 7,005 5,101 4,814 4,979 12,736 Net cash provided by (used in) operating activities (252) 924 950 9,545 (58) Net cash provided by (used in) investing activities (724) (437) (215) (1,233) (416) Net cash provided by (used in) financing activities (927) (773) (565) (567) (3,151) Effect of changes in exchange rates on cash (1) (1) (4) 12 (12) Net increase (decrease) in cash and cash equivalents (1,904) (287) 166 7,757 (3,637) Cash and cash equivalents, end of period 5,101 4,814 4,979 12,736 9,099 Short-term investments 305 205 5 5 5 Cash and cash equivalents and short-term investments 5,406 5,019 4,985 12,741 9,104 Purchases of property, plant and equipment and intangible assets (424) (538) (416) (706) (417) Free cash flow 1 (676) 386 534 8,839 (475) 1 Free cash flow, which is a non-GAAP measure, is defined as net cash provided by (used in) operating activities minus purchases of Property, plant and equipment and intangible assets, see US GAAP Consolidated Financial Statements. These numbers have been prepared in accordance with US GAAP. Numbers have been rounded for readers' convenience.
Page 16April 16, 2025 Public Consolidated balance sheets € million Quarter End Assets Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Cash & cash equivalents and short-term investments 5,406 5,019 4,985 12,741 9,104 Accounts receivable and finance receivables, net 5,041 5,517 6,171 4,877 5,132 Contract assets 303 435 554 321 407 Inventories, net 9,865 10,972 11,414 10,892 11,025 Loans receivable 930 929 929 1,457 1,461 Other assets 2,539 2,592 2,519 2,731 2,708 Tax assets 2,524 2,557 2,263 2,224 2,004 Equity method investments 951 1,002 1,083 903 939 Goodwill 4,589 4,589 4,589 4,589 4,589 Other intangible assets 711 687 653 621 592 Property, plant and equipment 5,841 6,084 6,212 6,847 7,153 Right-of-use assets 343 358 394 387 365 Total assets 39,043 40,741 41,766 48,590 45,479 Liabilities and shareholders' equity Current liabilities 15,049 16,132 16,026 20,051 18,124 Non-current liabilities 10,200 9,898 9,589 10,062 9,854 Shareholders' equity 13,794 14,711 16,151 18,477 17,501 Total liabilities and shareholders' equity 39,043 40,741 41,766 48,590 45,479 These numbers have been prepared in accordance with US GAAP. Numbers have been rounded for readers' convenience.
Page 17April 16, 2025 Public This document and related discussions contain statements that are forward-looking within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements with respect to plans, strategies, expected trends, including trends in the semiconductor industry and end markets and business environment trends, expected growth in the semiconductor industry by 2030, our expectation that AI will be the key driver for the industry and the expected impact of AI demand on our business and results, our expectation that lithography will remain at the heart of customer innovation, expected demand, bookings, outlook of market segments, outlook and expected financial results including expected results for Q2 2025, including net sales, Installed Base Management sales, gross margin, R&D costs, SG&A costs, outlook for full year 2025, including expected full year 2025 total net sales, gross margin, estimated annualized effective tax rate and expected growth in IBM sales, the expectation that 2025 and 2026 will be growth years, statements made at our 2024 Investor Day, including revenue and gross margin opportunity for 2030, statements with respect to the recent US tariff announcements and the expected impact of such tariffs on our business and results, our expectation to continue to return significant amounts of cash to shareholders through growing dividends and share buybacks, statements with respect to our share buyback program, and statements with respect to dividends, statements with respect to expected performance and capabilities of our systems and customer plans, statements with respect to our ESG strategy and other non- historical statements. You can generally identify these statements by the use of words like “may”, “expect”, “will”, “could”, “should”, “project”, “believe”, “anticipate”, “expect”, “plan”, “estimate”, “forecast”, “potential”, “intend”, “continue”, “target”, “future”, “progress”, “goal”, “model”, “opportunity” and variations of these words or comparable words. These statements are not historical facts, but rather are based on current expectations, estimates, assumptions, plans and projections about our business and our future financial results and readers should not place undue reliance on them. Forward- looking statements do not guarantee future performance and involve a number of substantial known and unknown risks and uncertainties. These risks and uncertainties include, without limitation, risks relating to customer demand, semiconductor equipment industry capacity, worldwide demand for semiconductors and semiconductor manufacturing capacity, lithography tool utilization and semiconductor inventory levels, general trends and consumer confidence in the semiconductor industry, the impact of general economic conditions, including the impact of the current macroeconomic environment on the semiconductor industry, uncertainty around a market recovery including the timing thereof, the ultimate impact of AI on our industry and business, the impact of inflation, interest rates, wars and geopolitical developments, the impact of pandemics, the performance of our systems, the success of technology advances and the pace of new product development and customer acceptance of and demand for new products, our production capacity and ability to adjust capacity to meet demand, supply chain capacity, timely availability of parts and components, raw materials, critical manufacturing equipment and qualified employees, our ability to produce systems to meet demand, the number and timing of systems ordered, shipped and recognized in revenue, risks relating to fluctuations in net bookings and our ability to convert bookings into sales, the risk of order cancellation or push outs and restrictions on shipments of ordered systems under export controls, risks relating to the trade environment, import/export and national security regulations and orders and their impact on us, including the impact of changes in export regulations and the impact of such regulations on our ability to obtain necessary licenses and to sell our systems and provide services to certain customers, the impact of the recent tariff announcements, exchange rate fluctuations, changes in tax rates, available liquidity and free cash flow and liquidity requirements, our ability to refinance our indebtedness, available cash and distributable reserves for, and other factors impacting, dividend payments and share repurchases, the number of shares that we repurchase under our share repurchase program, our ability to enforce patents and protect intellectual property rights and the outcome of intellectual property disputes and litigation, our ability to meet ESG goals and execute our ESG strategy, other factors that may impact ASML’s business or financial results, and other risks indicated in the risk factors included in ASML’s Annual Report on Form 20-F for the year ended December 31, 2024 and other filings with and submissions to the US Securities and Exchange Commission. These forward-looking statements are made only as of the date of this document. We undertake no obligation to update any forward-looking statements after the date of this report or to conform such statements to actual results or revised expectations, except as required by law. Forward looking statements
Document
Exhibit 99.3
ASML - Summary US GAAP Consolidated Statements of Operations
| Three months ended, | ||
|---|---|---|
| Mar 31, | Mar 30, | |
| (unaudited, in millions €, except per share data) | 2024 | 2025 |
| Net system sales | 3,965.9 | 5,740.4 |
| Net service and field option sales | 1,324.1 | 2,001.1 |
| Total net sales | 5,290.0 | 7,741.5 |
| Total cost of sales | (2,593.4) | (3,561.8) |
| Gross profit | 2,696.6 | 4,179.7 |
| Research and development costs | (1,031.9) | (1,161.1) |
| Selling, general and administrative costs | (273.3) | (280.7) |
| Income from operations | 1,391.4 | 2,737.9 |
| Interest and other, net | 26.2 | 49.2 |
| Income before income taxes | 1,417.6 | 2,787.1 |
| Income tax expense | (224.0) | (465.1) |
| Income after income taxes | 1,193.6 | 2,322.0 |
| Profit related to equity method investments | 30.2 | 33.0 |
| Net income | 1,223.8 | 2,355.0 |
| Basic net income per ordinary share | 3.11 | 6.00 |
| Diluted net income per ordinary share | 3.11 | 6.00 |
| Weighted average number of ordinary shares used in computing per share amounts (in millions): | ||
| Basic | 393.4 | 392.3 |
| Diluted | 393.7 | 392.5 |
ASML - Ratios and Other Data
| Three months ended, | ||||
|---|---|---|---|---|
| Mar 31, | Mar 30, | |||
| (unaudited, in millions €, except otherwise indicated) | 2024 | 2025 | ||
| Gross profit as a percentage of net sales | 51.0 | % | 54.0 | % |
| Income from operations as a percentage of net sales | 26.3 | % | 35.4 | % |
| Net income as a percentage of net sales | 23.1 | % | 30.4 | % |
| Income taxes as a percentage of income before income taxes | 15.8 | % | 16.7 | % |
| Shareholders’ equity as a percentage of total assets | 35.3 | % | 38.5 | % |
| Sales of lithography systems (in units) 1 | 70 | 77 | ||
| Net bookings 2 | 3,611 | 3,936 | ||
| Number of payroll employees in FTEs | 40,940 | 43,129 | ||
| Number of temporary employees in FTEs | 1,773 | 998 |
Lithography systems do not include metrology and inspection systems.
Net bookings include all system sales orders and inflation-related adjustments, for which written authorizations have been accepted.
ASML - Summary US GAAP Consolidated Balance Sheets
| Dec 31, | Mar 30, | |
|---|---|---|
| (unaudited, in millions €) | 2024 | 2025 |
| ASSETS | ||
| Cash and cash equivalents | 12,735.9 | 9,098.4 |
| Short-term investments | 5.4 | 5.2 |
| Accounts receivable, net | 4,477.5 | 4,597.5 |
| Finance receivables, net | 82.6 | 381.7 |
| Current tax assets | 283.6 | 143.2 |
| Contract assets | 320.6 | 407.3 |
| Inventories, net | 10,891.5 | 11,024.7 |
| Loans receivable | — | 17.8 |
| Other assets | 1,940.3 | 1,848.6 |
| Total current assets | 30,737.4 | 27,524.4 |
| Finance receivables, net | 317.2 | 153.4 |
| Deferred tax assets | 1,940.7 | 1,861.0 |
| Loans receivable | 1,456.6 | 1,443.4 |
| Other assets | 790.8 | 859.2 |
| Equity method investments | 903.0 | 938.9 |
| Goodwill | 4,588.6 | 4,588.6 |
| Other intangible assets, net | 621.3 | 591.6 |
| Property, plant and equipment, net | 6,846.8 | 7,152.9 |
| Right-of-use assets | 387.2 | 365.4 |
| Total non-current assets | 17,852.2 | 17,954.4 |
| Total assets | 48,589.6 | 45,478.8 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
| Current liabilities | 20,051.4 | 18,123.9 |
| Total current liabilities | 20,051.4 | 18,123.9 |
| Long-term debt | 3,677.3 | 3,681.0 |
| Deferred and other tax liabilities | 299.2 | 335.9 |
| Contract liabilities | 5,625.4 | 5,400.6 |
| Accrued and other liabilities | 459.5 | 436.7 |
| Total non-current liabilities | 10,061.4 | 9,854.2 |
| Total liabilities | 30,112.8 | 27,978.1 |
| Total shareholders’ equity | 18,476.8 | 17,500.7 |
| Total liabilities and shareholders’ equity | 48,589.6 | 45,478.8 |
ASML - Summary US GAAP Consolidated Statements of Cash Flows
| Three months ended, | ||
|---|---|---|
| Mar 31, | Mar 30, | |
| (unaudited, in millions €) | 2024 | 2025 |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net income | 1,223.8 | 2,355.0 |
| Adjustments to reconcile net income to net cash flows from operating activities: | ||
| Depreciation and amortization | 214.4 | 241.3 |
| Impairment and loss (gain) on disposal | 4.2 | 2.1 |
| Share-based compensation expense | 19.8 | 40.0 |
| Inventory reserves | 121.5 | 59.6 |
| Deferred tax expense (benefit) | (2.7) | 79.1 |
| Equity method investments | (33.9) | (34.9) |
| Changes in assets and liabilities | (1,799.0) | (2,800.8) |
| Net cash provided by (used in) operating activities | (251.9) | (58.6) |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Purchase of property, plant and equipment | (417.3) | (415.0) |
| Purchase of intangible assets | (6.5) | (1.5) |
| Purchase of short-term investments | (300.0) | — |
| Loans issued and other investments | 0.2 | 0.8 |
| Net cash provided by (used in) investing activities | (723.6) | (415.7) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Dividend paid | (571.0) | (597.2) |
| Purchase of treasury shares | (385.1) | (2,592.6) |
| Net proceeds from issuance of shares | 29.3 | 38.0 |
| Repayment of debt and finance lease obligations | (0.6) | 0.4 |
| Net cash provided by (used in) financing activities | (927.4) | (3,151.4) |
| Net cash flows | (1,902.9) | (3,625.7) |
| Effect of changes in exchange rates on cash | (1.0) | (11.8) |
| Net increase (decrease) in cash and cash equivalents | (1,903.9) | (3,637.5) |
| Cash and cash equivalents at beginning of the period | 7,004.7 | 12,735.9 |
| Cash and cash equivalents at end of the period | 5,100.8 | 9,098.4 |
ASML - Quarterly Summary US GAAP Consolidated Statements of Operations
| Mar 31, | Jun 30, | Sep 29, | Dec 31, | Mar 30, | |
| (unaudited, in millions , except per share data) | 2024 | 2024 | 2024 | 2024 | 2025 |
| Net system sales | 3,965.9 | 4,760.9 | 5,926.0 | 7,115.9 | 5,740.4 |
| Net service and field option sales | 1,324.1 | 1,481.9 | 1,541.3 | 2,146.9 | 2,001.1 |
| Total net sales | 5,290.0 | 6,242.8 | 7,467.3 | 9,262.8 | 7,741.5 |
| Total cost of sales | (2,593.4) | (3,030.6) | (3,673.9) | (4,473.0) | (3,561.8) |
| Gross profit | 2,696.6 | 3,212.2 | 3,793.4 | 4,789.8 | 4,179.7 |
| Research and development costs | (1,031.9) | (1,100.6) | (1,055.2) | (1,116.0) | (1,161.1) |
| Selling, general and administrative costs | (273.3) | (277.0) | (297.0) | (318.4) | (280.7) |
| Income from operations | 1,391.4 | 1,834.6 | 2,441.2 | 3,355.4 | 2,737.9 |
| Interest and other, net | 26.2 | (11.9) | (0.8) | 6.3 | 49.2 |
| Income before income taxes | 1,417.6 | 1,822.7 | 2,440.4 | 3,361.7 | 2,787.1 |
| Benefit from (provision for) income taxes | (224.0) | (291.6) | (441.2) | (723.8) | (465.1) |
| Income after income taxes | 1,193.6 | 1,531.1 | 1,999.2 | 2,637.9 | 2,322.0 |
| Profit related to equity method investments | 30.2 | 46.8 | 77.3 | 55.5 | 33.0 |
| Net income | 1,223.8 | 1,577.9 | 2,076.5 | 2,693.4 | 2,355.0 |
| Basic net income per ordinary share | 3.11 | 4.01 | 5.28 | 6.85 | 6.00 |
| Diluted net income per ordinary share | 3.11 | 4.01 | 5.28 | 6.84 | 6.00 |
| Weighted average number of ordinary shares used in computing per share amounts (in millions): | |||||
| Basic | 393.4 | 393.2 | 393.2 | 393.3 | 392.3 |
| Diluted | 393.7 | 393.5 | 393.6 | 393.6 | 392.5 |
All values are in Euros.
ASML - Quarterly Summary Ratios and Other Data
| Three months ended, | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Mar 31, | Jun 30, | Sep 29, | Dec 31, | Mar 30, | ||||||
| (unaudited, in millions €, except otherwise indicated) | 2024 | 2024 | 2024 | 2024 | 2025 | |||||
| Gross profit as a percentage of net sales | 51.0 | % | 51.5 | % | 50.8 | % | 51.7 | % | 54.0 | % |
| Income from operations as a percentage of net sales | 26.3 | % | 29.4 | % | 32.7 | % | 36.2 | % | 35.4 | % |
| Net income as a percentage of net sales | 23.1 | % | 25.3 | % | 27.8 | % | 29.1 | % | 30.4 | % |
| Income taxes as a percentage of income before income taxes | 15.8 | % | 16.0 | % | 18.1 | % | 21.5 | % | 16.7 | % |
| Shareholders’ equity as a percentage of total assets | 35.3 | % | 36.1 | % | 38.7 | % | 38.0 | % | 38.5 | % |
| Sales of lithography systems (in units) 1 | 70 | 100 | 116 | 132 | 77 | |||||
| Net bookings 2 | 3,611 | 5,567 | 2,633 | 7,088 | 3,936 | |||||
| Number of payroll employees in FTEs | 40,940 | 41,505 | 42,372 | 42,786 | 43,129 | |||||
| Number of temporary employees in FTEs | 1,773 | 1,584 | 1,417 | 1,241 | 998 |
Lithography systems do not include metrology and inspection systems.
Net bookings include all system sales orders and inflation-related adjustments, for which written authorizations have been accepted.
ASML - Quarterly Summary US GAAP Consolidated Balance Sheets
| Mar 31, | Jun 30, | Sep 29, | Dec 31, | Mar 30, | |
|---|---|---|---|---|---|
| (unaudited, in millions €) | 2024 | 2024 | 2024 | 2024 | 2025 |
| ASSETS | |||||
| Cash and cash equivalents | 5,100.8 | 4,813.6 | 4,979.3 | 12,735.9 | 9,098.4 |
| Short-term investments | 305.3 | 205.3 | 5.2 | 5.4 | 5.2 |
| Accounts receivable, net | 3,585.5 | 4,475.8 | 5,160.6 | 4,477.5 | 4,597.5 |
| Finance receivables, net | 1,441.2 | 977.0 | 640.7 | 82.6 | 381.7 |
| Current tax assets | 649.3 | 684.8 | 324.4 | 283.6 | 143.2 |
| Contract assets | 302.6 | 435.0 | 553.6 | 320.6 | 407.3 |
| Inventories, net | 9,864.5 | 10,972.3 | 11,414.5 | 10,891.5 | 11,024.7 |
| Loans receivable | — | — | — | — | 17.8 |
| Other assets | 1,890.5 | 1,889.4 | 1,785.7 | 1,940.3 | 1,848.6 |
| Total current assets | 23,139.7 | 24,453.2 | 24,864.0 | 30,737.4 | 27,524.4 |
| Finance receivables, net | 13.8 | 64.0 | 370.5 | 317.2 | 153.4 |
| Deferred tax assets | 1,875.2 | 1,872.4 | 1,939.0 | 1,940.7 | 1,861.0 |
| Loans receivable | 929.5 | 929.3 | 928.6 | 1,456.6 | 1,443.4 |
| Other assets | 648.5 | 702.8 | 733.5 | 790.8 | 859.2 |
| Equity method investments | 951.5 | 1,002.3 | 1,083.4 | 903.0 | 938.9 |
| Goodwill | 4,588.6 | 4,588.6 | 4,588.6 | 4,588.6 | 4,588.6 |
| Other intangible assets, net | 711.1 | 686.4 | 652.9 | 621.3 | 591.6 |
| Property, plant and equipment, net | 5,841.4 | 6,084.0 | 6,211.9 | 6,846.8 | 7,152.9 |
| Right-of-use assets | 343.3 | 358.0 | 393.7 | 387.2 | 365.4 |
| Total non-current assets | 15,902.9 | 16,287.8 | 16,902.1 | 17,852.2 | 17,954.4 |
| Total assets | 39,042.6 | 40,741.0 | 41,766.1 | 48,589.6 | 45,478.8 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||
| Current liabilities | 15,048.7 | 16,132.3 | 16,025.8 | 20,051.4 | 18,123.9 |
| Total current liabilities | 15,048.7 | 16,132.3 | 16,025.8 | 20,051.4 | 18,123.9 |
| Long-term debt | 4,612.0 | 4,608.2 | 4,692.2 | 3,677.3 | 3,681.0 |
| Deferred and other tax liabilities | 400.4 | 351.9 | 346.9 | 299.2 | 335.9 |
| Contract liabilities | 4,744.7 | 4,463.0 | 4,103.9 | 5,625.4 | 5,400.6 |
| Accrued and other liabilities | 442.7 | 474.4 | 445.7 | 459.5 | 436.7 |
| Total non-current liabilities | 10,199.8 | 9,897.5 | 9,588.7 | 10,061.4 | 9,854.2 |
| Total liabilities | 25,248.5 | 26,029.8 | 25,614.5 | 30,112.8 | 27,978.1 |
| Total shareholders’ equity | 13,794.1 | 14,711.2 | 16,151.6 | 18,476.8 | 17,500.7 |
| Total liabilities and shareholders’ equity | 39,042.6 | 40,741.0 | 41,766.1 | 48,589.6 | 45,478.8 |
ASML - Quarterly Summary US GAAP Consolidated Statements of Cash Flows
| Mar 31, | Jun 30, | Sep 29, | Dec 31, | Mar 30, | |
| (unaudited, in millions ) | 2024 | 2024 | 2024 | 2024 | 2025 |
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||
| Net income | 1,223.8 | 1,577.9 | 2,076.5 | 2,693.4 | 2,355.0 |
| Adjustments to reconcile net income to net cash flows from operating activities: | |||||
| Depreciation and amortization | 214.4 | 227.5 | 235.7 | 241.0 | 241.3 |
| Impairment and loss (gain) on disposal | 4.2 | 13.7 | 6.8 | 11.1 | 2.1 |
| Share-based compensation expense | 19.8 | 46.5 | 53.3 | 53.0 | 40.0 |
| Inventory reserves | 121.5 | 110.7 | 154.8 | 167.7 | 59.6 |
| Deferred tax expense (benefit) | (2.7) | 0.8 | (114.6) | (28.3) | 79.1 |
| Equity method investments | (33.9) | (50.6) | (81.0) | 169.9 | (34.9) |
| Changes in assets and liabilities | (1,799.0) | (1,003.1) | (1,381.6) | 6,237.0 | (2,800.8) |
| Net cash provided by (used in) operating activities | (251.9) | 923.4 | 949.9 | 9,544.8 | (58.6) |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||
| Purchase of property, plant and equipment | (417.3) | (531.0) | (414.9) | (704.0) | (415.0) |
| Purchase of intangible assets | (6.5) | (7.0) | (0.9) | (1.5) | (1.5) |
| Purchase of short-term investments | (300.0) | (0.5) | (3.8) | (0.9) | — |
| Maturity of short-term investments | — | 100.4 | 203.9 | 0.9 | — |
| Loans issued and other investments | 0.2 | 0.3 | 0.7 | (527.4) | 0.8 |
| Net cash provided by (used in) investing activities | (723.6) | (437.8) | (215.0) | (1,232.9) | (415.7) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||
| Dividend paid | (571.0) | (688.3) | (595.8) | (597.8) | (597.2) |
| Purchase of treasury shares | (385.1) | (114.9) | — | — | (2,592.6) |
| Net proceeds from issuance of shares | 29.3 | 31.2 | 31.5 | 32.0 | 38.0 |
| Net proceeds from issuance of notes, net of issuance costs | — | — | — | 22.5 | — |
| Repayment of debt and finance lease obligations | (0.6) | (0.3) | (0.7) | (24.1) | 0.4 |
| Net cash provided by (used in) financing activities | (927.4) | (772.3) | (565.0) | (567.4) | (3,151.4) |
| Net cash flows | (1,902.9) | (286.7) | 169.9 | 7,744.5 | (3,625.7) |
| Effect of changes in exchange rates on cash | (1.0) | (0.5) | (4.2) | 12.1 | (11.8) |
| Net increase (decrease) in cash and cash equivalents | (1,903.9) | (287.2) | 165.7 | 7,756.6 | (3,637.5) |
| Cash and cash equivalents at beginning of the period | 7,004.7 | 5,100.8 | 4,813.6 | 4,979.3 | 12,735.9 |
| Cash and cash equivalents at end of the period | 5,100.8 | 4,813.6 | 4,979.3 | 12,735.9 | 9,098.4 |
All values are in Euros.
Notes to the Summary US GAAP Consolidated Financial Statements
Basis of preparation
The accompanying unaudited Summary Consolidated Financial Statements have been prepared in conformity with the accounting principles generally accepted in the United States of America ("US GAAP").
For further details on our annual disclosure requirements under US GAAP, including our significant accounting policies, these interim unaudited Summary Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes included within our 2024 Annual Report based on US GAAP, which is available on www.asml.com.
Forward Looking Statements
This document and related discussions contain statements that are forward-looking within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements with respect to plans, strategies, expected trends, including trends in the semiconductor industry and end markets and business environment trends, expected growth in the semiconductor industry by 2030, our expectation that AI will be the key driver for the industry and the expected impact of AI demand on our business and results, our expectation that lithography will remain at the heart of customer innovation, expected demand, bookings, outlook of market segments, outlook and expected financial results including expected results for Q2 2025, including net sales, Installed Base Management sales, gross margin, R&D costs, SG&A costs, outlook for full year 2025, including expected full year 2025 total net sales, gross margin, estimated annualized effective tax rate and expected growth in IBM sales, the expectation that 2025 and 2026 will be growth years, statements made at our 2024 Investor Day, including revenue and gross margin opportunity for 2030, statements with respect to the recent US tariff announcements and the expected impact of such tariffs on our business and results, our expectation to continue to return significant amounts of cash to shareholders through growing dividends and share buybacks, statements with respect to our share buyback program, and statements with respect to dividends, statements with respect to expected performance and capabilities of our systems and customer plans, statements with respect to our ESG strategy and other non- historical statements. You can generally identify these statements by the use of words like “may”, “expect”, “will”, “could”, “should”, “project”, “believe”, “anticipate”, “expect”, “plan”, “estimate”, “forecast”, “potential”, “intend”, “continue”, “target”, “future”, “progress”, “goal”, “model”, “opportunity” and variations of these words or comparable words. These statements are not historical facts, but rather are based on current expectations, estimates, assumptions, plans and projections about our business and our future financial results and readers should not place undue reliance on them. Forward- looking statements do not guarantee future performance and involve a number of substantial known and unknown risks and uncertainties. These risks and uncertainties include, without limitation, risks relating to customer demand, semiconductor equipment industry capacity, worldwide demand for semiconductors and semiconductor manufacturing capacity, lithography tool utilization and semiconductor inventory levels, general trends and consumer confidence in the semiconductor industry, the impact of general economic conditions, including the impact of the current macroeconomic environment on the semiconductor industry, uncertainty around a market recovery including the timing thereof, the ultimate impact of AI on our industry and business, the impact of inflation, interest rates, wars and geopolitical developments, the impact of pandemics, the performance of our systems, the success of technology advances and the pace of new product development and customer acceptance of and demand for new products, our production capacity and ability to adjust capacity to meet demand, supply chain capacity, timely availability of parts and components, raw materials, critical manufacturing equipment and qualified employees, our ability to produce systems to meet demand, the number and timing of systems ordered, shipped and recognized in revenue, risks relating to fluctuations in net bookings and our ability to convert bookings into sales, the risk of order cancellation or push outs and restrictions on shipments of ordered systems under export controls, risks relating to the trade environment, import/export and national security regulations and orders and their impact on us, including the impact of changes in export regulations and the impact of such regulations on our ability to obtain necessary licenses and to sell our systems and provide services to certain customers, the impact of the recent tariff announcements, exchange rate fluctuations, changes in tax rates, available liquidity and free cash flow and liquidity requirements, our ability to refinance our indebtedness, available cash and distributable reserves for, and other factors impacting, dividend payments and share repurchases, the number of shares that we repurchase under our share repurchase program, our ability to enforce patents and protect intellectual property rights and the outcome of intellectual property disputes and litigation, our ability to meet ESG goals and execute our ESG strategy, other factors that may impact ASML’s business or financial results, and other risks indicated in the risk factors included in ASML’s Annual Report on Form 20-F for the year ended December 31, 2024 and other filings with and submissions to the US Securities and Exchange Commission. These forward-looking statements are made only as of the date of this document. We undertake no obligation to update any forward-looking statements after the date of this report or to conform such statements to actual results or revised expectations, except as required by law.