Asml Holding NV 6-K, filed Jan 28, 2026
Asml Holding NV (ASML)
6-K
2026-01-28
For: 2025-12-31
View Original
Added on
April 02, 2026
About this 6-K
Asml Holding NV filed this 6-K on January 28, 2026.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For January 28, 2026
Commission File Number 001-33463
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ASML Holding N.V.
De Run 6501
5504 DR Veldhoven
The Netherlands
(Address of principal executive offices)
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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. 333-203390), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-219442), THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-227464) AND THE REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-291580) OF ASML HOLDING N.V. AND IN THE OUTSTANDING PROSPECTUSES CONTAINED IN SUCH REGISTRATION STATEMENTS.
Exhibits 
99.1 “ASML reports €32.7 billion total net sales and €9.6 billion net income in 2025. ASML expects 2026 total net sales to be between €34 billion and €39 billion, with a gross margin between 51% and 53%", press release dated January 28, 2026
99.2 “ASML reports €32.7 billion total net sales and €9.6 billion net income in 2025. ASML expects 2026 total net sales to be between €34 billion and €39 billion, with a gross margin between 51% and 53%", presentation dated January 28, 2026
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: January 28, 2026 By: /s/ Christophe D. Fouquet
Christophe D. Fouquet
Chief Executive Officer
Exhibit 99.1
ASML reports €32.7 billion total net sales and €9.6 billion net income in 2025
ASML expects 2026 total net sales to be between €34 billion and €39 billion, with a gross margin between 51% and 53%
VELDHOVEN, the Netherlands, January 28, 2026 – Today, ASML Holding NV (ASML) has published its 2025 fourth-quarter and full-year results.
•Q4 total net sales of €9.7 billion, gross margin of 52.2%, net income of €2.8 billion
•Quarterly net bookings in Q4 of €13.2 billion of which €7.4 billion is EUV
•2025 total net sales of €32.7 billion, gross margin of 52.8%, net income of €9.6 billion
•Backlog at the end of 2025 of €38.8 billion
•ASML expects Q1 2026 total net sales between €8.2 billion and €8.9 billion, and a gross margin between 51% and 53%
•ASML expects 2026 total net sales to be between €34 billion and €39 billion, with a gross margin between 51% and 53%
•ASML announces a new share buyback program of up to €12 billion to be executed by December 31, 2028
•ASML to strengthen focus on engineering and innovation by streamlining the Technology and IT organizations
| (Figures in millions of euros unless otherwise indicated) | Q3 2025 | Q4 2025 | FY 2024 | FY 2025 | ||||||||||||||||||||||
Total net sales | 7,516 | 9,718 | 28,263 | 32,667 | ||||||||||||||||||||||
...of which Installed Base Management sales1 | 1,962 | 2,134 | 6,494 | 8,193 | ||||||||||||||||||||||
| New lithography systems sold (units) | 66 | 94 | 380 | 300 | ||||||||||||||||||||||
| Used lithography systems sold (units) | 6 | 8 | 38 | 27 | ||||||||||||||||||||||
Net bookings2 | 5,399 | 13,158 | 18,899 | 3 | 28,035 | 3 | ||||||||||||||||||||
Backlog4 | 35,938 | 38,797 | ||||||||||||||||||||||||
| Gross profit | 3,880 | 5,068 | 14,492 | 17,258 | ||||||||||||||||||||||
| Gross margin (%) | 51.6 | 52.2 | 51.3 | 52.8 | ||||||||||||||||||||||
| Net income | 2,125 | 2,840 | 7,572 | 9,609 | ||||||||||||||||||||||
| EPS (basic; in euros) | 5.49 | 7.35 | 19.25 | 24.73 | ||||||||||||||||||||||
| End-quarter cash and cash equivalents and short-term investments | 5,128 | 13,322 | 12,741 | 13,322 | ||||||||||||||||||||||
(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 sum of quarterly net bookings over the full year.
(4) Backlog contains accumulated sales values for all system sales orders and inflation-related adjustments, for which written authorizations have been accepted, and not yet recorded in total net sales.
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
"ASML reported another record year in 2025, with total net sales of €32.7 billion and a gross margin of 52.8%. The fourth quarter was particularly strong: we reported record total net sales of €9.7 billion, including the revenue recognized for two High NA systems. Our gross margin for Q4 was in line with our guidance at 52.2%.
"In the last months, many of our customers have shared a notably more positive assessment of the medium-term market situation, primarily based on more robust expectations of the sustainability of AI-related demand. This is reflected in a marked step-up in their medium-term capacity plans and in our record order intake.
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"Therefore, we expect 2026 to be another growth year for ASML's business, largely driven by a significant increase in EUV sales and growth in our installed base business sales1. We continue to invest in people and footprint to support that growth in 2026 and beyond.
"We expect first-quarter 2026 total net sales between €8.2 billion and €8.9 billion, with a gross margin between 51% and 53%. We expect R&D costs of around €1.2 billion and SG&A costs of around €0.3 billion. For the full year 2026, we expect total net sales to be between €34 billion and €39 billion, with a gross margin between 51% and 53%," 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 2025 of €7.50 per ordinary share, which is a 17% increase compared to 2024. An interim dividend of €1.60 per ordinary share will be made payable on February 18, 2026. Recognizing this interim dividend and the two interim dividends of €1.60 per ordinary share paid in 2025, this leads to a final dividend proposal to the Annual General Meeting of €2.70 per ordinary share.
In the fourth quarter, we purchased around €1.7 billion worth of shares under the 2022–2025 share buyback program. This program finished in December 2025, having repurchased a total of €7.6 billion out of the up to €12 billion program.
ASML announces a new share buyback program, effective today and to be executed by December 31, 2028. We intend to repurchase shares of an amount up to €12 billion, of which we expect a total of up to 2 million shares will be used to cover employee share plans. We intend to cancel the remainder of the shares repurchased.
The share buyback program will be executed within the limitations of the existing authority granted by the AGM on April 23, 2025, and of the authority to be granted by future AGMs. The share buyback program may be suspended, modified or discontinued at any time.
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).
Strengthening our focus on engineering and innovation
The semiconductor ecosystem is poised to experience significant growth in the coming years, and ASML is well positioned to leverage this positive development. To prepare for future opportunities, ASML intends to strengthen its focus on engineering and innovation in critical areas of the company through the streamlining of the Technology and the IT organizations. Employees and employee representatives are being informed of the proposed changes, and further details will be made available today on asml.com at 08:30 CET.
Media Relations contacts | Investor Relations contacts | ||||
| Monique Mols +31 6 5284 4418 | Jim Kavanagh +31 40 268 3938 | ||||
Sarah de Crescenzo +1 925 899 8985 | Pete Convertito +1 203 919 1714 | ||||
Karen Lo +886 9 397 88635 | Peter Cheang +886 3 659 6771 | ||||
Quarterly video interview, annual press release conference 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 fourth-quarter, full-year results and outlook for 2026. This video and the video transcript can be viewed on www.asml.com shortly after the publication of this press release.
CEO Christophe Fouquet and CFO Roger Dassen will host a press conference on January 28, 2026, at 11:00 Central European Time, which will also be accessible via a live webcast on www.asml.com.
An investor call for both investors and the media will be hosted by CEO Christophe Fouquet and CFO Roger Dassen on January 28, 2026 at 15:00 Central European Time / 09:00 US Eastern Time. Details can be found on our website.
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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 44,000 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 December 31, 2025, the related consolidated statements of operations and consolidated statements of cash flows for the quarter and twelve months ended December 31, 2025 as presented in this press release are unaudited.
In addition to reporting financial figures in accordance with US GAAP, ASML also reports financial figures in accordance with International Financial Reporting Standards as adopted by the European Union ('IFRS') for statutory purposes. The most significant recurring differences between US GAAP and IFRS that affect ASML concerns the capitalization of certain product development costs, valuation of equity investments, and accounting for income taxes.
2025 Annual Reports
ASML will publish its 2025 Annual Report based on US GAAP and its 2025 Annual Report based on IFRS on February 25, 2026. Both reports will include sustainability statements in accordance with the Corporate Sustainability Reporting Directive. The reports and introductory video with CFO Roger Dassen will be published on our website, www.asml.com.
Regulated information
This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
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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 expected trends in the semiconductor industry and end markets, expected trends in product mix and geography, business environment trends, expected growth in the semiconductor industry by 2030, and the semiconductor ecosystem being poised to experience significant growth and ASML being well positioned to benefit, statements with respect to AI including the expected impact of AI demand on our business, industry and results and expected sustainability of AI related demand, statements with respect to EUV adoption, our expectation that lithography will remain at the heart of customer innovation, expected increase in critical lithography exposures, statements with respect to our product portfolio, expected demand, shipments, system backlog, outlook of market segments and geographies, outlook and expected financial results including outlook and expected results for Q1 2026, including net sales, Installed Base Management sales, gross margin, R&D costs, SG&A costs, outlook and expected financial results for full year 2026, including expected full year 2026 total net sales and growth, gross margin, annualized effective tax rate and IBM sales, expectations with respect to EUV and DUV demand and sales in 2026, statements made at our 2024 Investor Day, including revenue and gross margin model and opportunity for 2030, our expectation to continue to return significant amounts of cash to shareholders through growing dividends and share buybacks, intentions and expectations with respect to our share buyback program announced in January 2026, and statements with respect to dividends including 2025 dividends, statements with respect to expected performance and capabilities of our systems and customer outlook and plans including capacity expansion plans, statements with respect to our ESG strategy and commitments 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”, “guide”, “potential”, “intend”, “continue”, “target”, “future”, “progress”, “goal”, “model”, “opportunity”, “commitment” 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 industry 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 and geopolitical environment on the semiconductor industry, semiconductor market conditions, the impact of AI on our industry and business and semiconductor demand and demand for our tools, 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 technologies and 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 orders and our ability to orders into sales and risks relating to the realization of our backlog, the risk of order cancellations, delays or push outs and restrictions on shipments of systems, including 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 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 commitments 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.
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ASML 2025 fourth-quarter and full-year results Veldhoven, the Netherlands January 28, 2026 ASML reports €32.7 billion total net sales and €9.6 billion net income in 2025 ASML expects 2026 total net sales to be between €34 billion and €39 billion, with a gross margin between 51% and 53% Exhibit 99.2
Page 2January 28, 2026 Public • Investor key messages • Business summary • Outlook • Financial statements Agenda
Page 3January 28, 2026 Investor key messages
Page 4January 28, 2026 Public Investor key messages1 • 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 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 1 Investor key messages as presented during our Investor Day in November 2024
Page 5January 28, 2026 Business summary
Page 6January 28, 2026 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. Q4 results summary Numbers have been rounded for readers' convenience. Q4 2025 Total net sales €9.7 billion Net system sales €7.6 billion Installed Base Management1 sales €2.1 billion Gross Margin 52.2% Operating margin2 35.3% Net income as a percentage of total net sales 29.2% Earnings per share (basic) €7.35 Net bookings3 €13.2 billion of which EUV bookings €7.4 billion
Page 7January 28, 2026 Public 2025 - Business summary ASML: • Total net sales of €32.7 billion at 52.8% gross margin • Net income at €9.6 billion resulted in an earnings per share (basic) of €24.73 • Returned €8.5 billion to shareholders through dividends and share buybacks • Invested €1.3 billion in Mistral AI, a strategic partnership to accelerate AI-driven innovation in holistic lithography and operations EUV lithography: • EUV system sales increased 39%1 to €11.6 billion, recognized revenue on 48 EUV systems (NXE & EXE) • Revenue recognition on the first EXE:5200B system after completion of Site Acceptance Test DUV lithography: • DUV system sales decreased 6%1 to €12.0 billion, recognized revenue on 279 systems of which 47% immersion systems • Shipped and recognized revenue from the first XT:260 system, our first product in the 3D Integration market Applications: • Metrology & Inspection systems sales increased 28%1 to €825 million due to higher YieldStar and e-beam systems sales • Multi e-beam Inspection adoption increasing, enabled by improved maturity & productivity Installed Base: • Installed Base Management2 sales increased 26%1 to €8.2 billion due to higher service and upgrade business 1 Compared to FY 2024. 2 Installed Base Management equals our net service and field option sales.
Page 8January 28, 2026 Public Net system sales breakdown (Quarterly) Q4’25 Net system sales €7,584 million Q3’25 Net system sales €5,554 million
Page 9January 28, 2026 Public 2025 Net system sales €24,474 million 2024 Net system sales €21,769 million Net system sales breakdown (Yearly)
Page 10January 28, 2026 Public Logic Memory Installed Base Management1 1 Installed Base Management equals our net service and field option sales. Total net sales by End-use
Page 11January 28, 2026 Public Net bookings1 activity by End-use (quarterly) Q4’25 net bookings €13,158 million Q3’25 net bookings €5,399 million 1 Net bookings include all system sales orders and inflation-related adjustments, for which written authorizations have been accepted.
Page 12January 28, 2026 Public Backlog1 in Value (for the period-ended) FY 2025 total value €38,797 million FY 2024 total value €35,938 million End use Technology 1 Backlog contains accumulated sales values for all system sales orders and inflation-related adjustments, for which written authorizations have been accepted, and not yet recorded in total net sales.
Page 13January 28, 2026 Public • ASML intends to declare a total dividend for the year 2025 of €7.50 per ordinary share. An interim dividend of €1.60 per ordinary share will be made payable on February 18, 2026 • Recognizing this (third) interim dividend and the two interim dividends of €1.60 per ordinary share paid in 2025, this leads to a final dividend proposal to the Annual General Meeting of €2.70 per ordinary share • In Q4 2025 we purchased around 1.9 million shares for a total amount of around €1.7 billion • ASML announced a new share buyback program of up to €12 billion to be executed by December 31, 2028 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) Interim dividend (to be paid) Proposal final dividend
Page 14January 28, 2026 Outlook
Page 15January 28, 2026 Public Outlook 1 Installed Base Management equals our net service and field option sales. Q1 2026 Total net sales between €8.2 billion and €8.9 billion of which Installed Base Management1 sales around €2.4 billion Gross margin between 51% and 53% R&D costs around €1.2 billion SG&A costs around €0.3 billion FY 2026 Total net sales between €34 billion and €39 billion Gross margin between 51% and 53% Annualized effective tax rate around 17%
Page 16January 28, 2026 Financial Statements
Page 17January 28, 2026 Public Consolidated statements of operations Quarter on Quarter (in millions €, except otherwise indicated) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Total net sales 9,263 7,742 7,692 7,516 9,718 Gross profit 4,790 4,180 4,130 3,880 5,068 Gross margin % 51.7 54.0 53.7 51.6 52.2 R&D costs (1,116) (1,161) (1,167) (1,109) (1,262) SG&A costs (318) (281) (299) (303) (375) Income from operations 3,356 2,738 2,664 2,468 3,431 Operating income as a % of total net sales 36.2 35.4 34.6 32.8 35.3 Net income 2,693 2,355 2,290 2,125 2,840 Net income as a % of total net sales 29.1 30.4 29.8 28.3 29.2 Earnings per share (basic) € 6.85 6.00 5.90 5.49 7.35 Earnings per share (diluted) € 6.84 6.00 5.90 5.48 7.34 Lithography systems sold (units) 1 132 77 76 72 102 Net bookings 2 7,088 3,936 5,541 5,399 13,158 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 18January 28, 2026 Public (in millions €, except otherwise indicated) 2021 2022 2023 2024 2025 Total net sales 18,611 21,173 27,559 28,263 32,667 Gross profit 9,809 10,700 14,136 14,492 17,258 Gross margin % 52.7 50.5 51.3 51.3 52.8 Other income 1 214 — — — — R&D costs (2,547) (3,254) (3,981) (4,304) (4,699) SG&A costs (726) (946) (1,113) (1,166) (1,258) Income from operations 6,750 6,501 9,042 9,022 11,301 Operating income as a % of total net sales 36.3 30.7 32.8 31.9 34.6 Net income 5,883 5,624 7,839 7,572 9,609 Net income as a % of total net sales 31.6 26.6 28.4 26.8 29.4 Earnings per share (basic) € 14.36 14.14 19.91 19.25 24.73 Earnings per share (diluted) € 14.34 14.13 19.89 19.24 24.71 Lithography systems sold (units) 2 309 345 449 418 327 Net bookings 3 26,240 30,674 20,041 18,899 28,035 These numbers have been prepared in accordance with US GAAP. Numbers have been rounded for readers' convenience. Consolidated statements of operations Year on Year 1 Other income includes the gain on the sale of Berliner Glas subsidiaries. 2 Lithography systems do not include metrology and inspection systems. 3 The sum of quarterly net bookings over the full year.
Page 19January 28, 2026 Public Consolidated statements of cash flows Quarter on Quarter (in millions €) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Cash and cash equivalents, beginning of period 4,979 12,736 9,098 7,243 5,126 Net cash provided by (used in) operating activities 9,545 (59) 748 559 11,410 Net cash provided by (used in) investing activities (1,233) (416) (428) (1,928) (1,006) Net cash provided by (used in) financing activities (567) (3,151) (2,164) (742) (2,613) Effect of changes in exchange rates on cash 12 (12) (11) (6) (1) Net increase (decrease) in cash and cash equivalents 7,757 (3,638) (1,855) (2,117) 7,790 Cash and cash equivalents, end of period 12,736 9,098 7,243 5,126 12,916 Short-term investments 5 5 5 2 406 Cash and cash equivalents and short-term investments 12,741 9,103 7,248 5,128 13,322 Purchases of property, plant and equipment and intangible assets (706) (417) (429) (315) (470) Free cash flow 1 8,839 (476) 319 244 10,940 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 20January 28, 2026 Public (in millions €) 2021 2022 2023 2024 2025 Cash and cash equivalents, beginning of period 6,049 6,952 7,268 7,005 12,736 Net cash provided by (used in) operating activities 10,847 8,487 5,443 11,166 12,659 Net cash provided by (used in) investing activities (72) (1,029) (2,689) (2,609) (3,778) Net cash provided by (used in) financing activities (9,892) (7,138) (3,003) (2,832) (8,671) Effect of changes in exchange rates on cash 20 (4) (14) 6 (30) Net increase (decrease) in cash and cash equivalents 903 316 (263) 5,731 180 Cash and cash equivalents, end of period 6,952 7,268 7,005 12,736 12,916 Short-term investments 638 108 5 5 406 Cash and cash equivalents and short-term investments 7,590 7,376 7,010 12,741 13,322 Purchases of property, plant and equipment and intangible assets (940) (1,319) (2,196) (2,083) (1,631) Free cash flow 1 9,907 7,168 3,247 9,083 11,028 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. Consolidated statements of cash flows Year on Year These numbers have been prepared in accordance with US GAAP. Numbers have been rounded for readers' convenience.
Page 21January 28, 2026 Public Consolidated balance sheets Quarter End (in millions €) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Assets Cash & cash equivalents and short-term investments 12,741 9,103 7,248 5,128 13,322 Accounts receivable and finance receivables, net 4,877 5,132 5,703 6,030 3,649 Contract assets 321 407 275 367 441 Inventories, net 10,892 11,025 11,576 11,763 11,429 Loans receivable 1,457 1,461 1,463 1,876 1,920 Other assets 2,731 2,708 2,811 2,493 2,490 Tax assets 2,224 2,004 1,928 1,932 1,808 Equity investments — — — 1,227 1,321 Equity method investments 903 939 1,029 1,109 823 Goodwill 4,589 4,589 4,589 4,589 4,589 Other intangible assets 621 592 566 556 540 Property, plant and equipment 6,847 7,153 7,296 7,681 7,894 Right-of-use assets 387 365 365 346 341 Total assets 48,590 45,479 44,849 45,097 50,567 Liabilities and shareholders' equity Current liabilities 20,051 18,124 18,616 19,225 24,264 Non-current liabilities 10,062 9,854 8,615 6,879 6,691 Shareholders' equity 18,477 17,501 17,618 18,993 19,612 Total liabilities and shareholders' equity 48,590 45,479 44,849 45,097 50,567 These numbers have been prepared in accordance with US GAAP. Numbers have been rounded for readers' convenience.
Page 22January 28, 2026 Public (in millions €) 2021 2022 2023 2024 2025 Assets Cash & cash equivalents and short-term investments 7,590 7,376 7,010 12,741 13,322 Accounts receivable and finance receivables, net 4,597 6,680 5,774 4,877 3,649 Contract assets 165 132 240 321 441 Inventories, net 5,179 7,200 8,851 10,892 11,429 Loans receivable 124 364 929 1,457 1,920 Other assets 1,886 2,383 2,230 2,731 2,490 Tax assets 1,141 1,706 2,873 2,224 1,808 Equity investments — — — — 1,321 Equity method investments 893 924 920 903 823 Goodwill 4,556 4,556 4,589 4,589 4,589 Other intangible assets 952 842 742 621 540 Property, plant and equipment 2,983 3,944 5,493 6,847 7,894 Right-of-use assets 165 193 307 387 341 Total assets 30,231 36,300 39,958 48,590 50,567 Liabilities and shareholders' equity Current liabilities 12,298 17,983 16,275 20,051 24,264 Non-current liabilities 7,792 9,506 10,231 10,062 6,691 Shareholders' equity 10,141 8,811 13,452 18,477 19,612 Total liabilities and shareholders' equity 30,231 36,300 39,958 48,590 50,567 Consolidated balance sheets Year End These numbers have been prepared in accordance with US GAAP. Numbers have been rounded for readers' convenience.
Page 23January 28, 2026 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 expected trends in the semiconductor industry and end markets, expected trends in product mix and geography, business environment trends, expected growth in the semiconductor industry by 2030, and the semiconductor ecosystem being poised to experience significant growth and ASML being well positioned to benefit, statements with respect to AI including the expected impact of AI demand on our business, industry and results and expected sustainability of AI related demand, statements with respect to EUV adoption, our expectation that lithography will remain at the heart of customer innovation, expected increase in critical lithography exposures, statements with respect to our product portfolio, expected demand, shipments, system backlog, outlook of market segments and geographies, outlook and expected financial results including outlook and expected results for Q1 2026, including net sales, Installed Base Management sales, gross margin, R&D costs, SG&A costs, outlook and expected financial results for full year 2026, including expected full year 2026 total net sales and growth, gross margin, annualized effective tax rate and IBM sales, expectations with respect to EUV and DUV demand and sales in 2026, statements made at our 2024 Investor Day, including revenue and gross margin model and opportunity for 2030, our expectation to continue to return significant amounts of cash to shareholders through growing dividends and share buybacks, intentions and expectations with respect to our share buyback program announced in January 2026, and statements with respect to dividends including 2025 dividends, statements with respect to expected performance and capabilities of our systems and customer outlook and plans including capacity expansion plans, statements with respect to our ESG strategy and commitments 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”, “guide”, “potential”, “intend”, “continue”, “target”, “future”, “progress”, “goal”, “model”, “opportunity”, “commitment” 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 industry 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 and geopolitical environment on the semiconductor industry, semiconductor market conditions, the impact of AI on our industry and business and semiconductor demand and demand for our tools, 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 technologies and 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 orders and our ability to orders into sales and risks relating to the realization of our backlog, the risk of order cancellations, delays or push outs and restrictions on shipments of systems, including 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 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 commitments 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
Financial Statements US GAAP Q4 2025 Exhibit 99.3
ASML Financial Statements US GAAP Q4 2025 2 Summary US GAAP Consolidated Statements of Operations 3 Summary US GAAP Ratios and Other Data 4 Summary US GAAP Consolidated Balance Sheets 5 Summary US GAAP Consolidated Statements of Cash Flows 6 Quarterly Summary US GAAP Consolidated Statements of Operations 7 Quarterly Summary US GAAP Ratios and Other Data 8 Quarterly Summary US GAAP Consolidated Balance Sheets 9 Quarterly Summary US GAAP Consolidated Statements of Cash Flows 10 Notes to the Summary US GAAP Consolidated Financial Statements 11 Forward Looking Statements Consolidated Statements of Operations Ratios and Other Data Consolidated Balance Sheets Consolidated Statements of Cash Flows Contents
Three months ended Twelve months ended Dec 31, Dec 31, Dec 31, Dec 31, (unaudited, in millions €, except per share data) 2024 2025 2024 2025 Net system sales 7,115.9 7,584.0 21,768.7 24,474.3 Net service and field option sales 2,146.9 2,134.1 6,494.2 8,193.0 Total net sales 9,262.8 9,718.1 28,262.9 32,667.3 Total cost of sales (4,473.0) (4,649.5) (13,770.9) (15,409.3) Gross profit 4,789.8 5,068.6 14,492.0 17,258.0 Research and development costs (1,116.0) (1,262.3) (4,303.7) (4,698.8) Selling, general and administrative costs (318.4) (375.2) (1,165.7) (1,257.8) Income from operations 3,355.4 3,431.1 9,022.6 11,301.4 Interest and other, net 6.3 11.2 19.8 104.7 Income before income taxes 3,361.7 3,442.3 9,042.4 11,406.1 Income tax expense (723.8) (618.7) (1,680.6) (2,013.4) Income after income taxes 2,637.9 2,823.6 7,361.8 9,392.7 Profit related to equity method investments 55.5 16.0 209.8 216.7 Net income 2,693.4 2,839.6 7,571.6 9,609.4 Basic net income per ordinary share 6.85 7.35 19.25 24.73 Diluted net income per ordinary share 6.84 7.34 19.24 24.71 Weighted average number of ordinary shares used in computing per share amounts (in millions): Basic 393.3 386.5 393.3 388.5 Diluted 393.6 387.0 393.6 388.9 Summary US GAAP Quarterly Summary US GAAP Notes Forward Looking Statements ASML Financial statements US GAAP Q4 2025 2 Consolidated Statements of Operations Ratios and Other Data Consolidated Balance Sheets Consolidated Statements of Cash Flows Summary US GAAP Consolidated Statements of Operations
Three months ended Twelve months ended Dec 31, Dec 31, Dec 31, Dec 31, (unaudited, in millions €, except otherwise indicated) 2024 2025 2024 2025 Gross profit as a percentage of net sales 51.7 % 52.2 % 51.3 % 52.8 % Income from operations as a percentage of net sales 36.2 % 35.3 % 31.9 % 34.6 % Net income as a percentage of net sales 29.1 % 29.2 % 26.8 % 29.4 % Income taxes as a percentage of income before income taxes 21.5 % 18.0 % 18.6 % 17.7 % Shareholders’ equity as a percentage of total assets 38.0 % 38.8 % 38.0 % 38.8 % Sales of lithography systems (in units) 1 132 102 418 327 Net bookings 2 7,088 13,158 18,899 28,035 Number of payroll employees (in FTEs) 42,786 43,520 42,786 43,520 Number of temporary employees (in FTEs) 1,241 689 1,241 689 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. Summary US GAAP Quarterly Summary US GAAP Notes Forward Looking Statements ASML Financial statements US GAAP Q4 2025 3 Consolidated Statements of Operations Ratios and Other Data Consolidated Balance Sheets Consolidated Statements of Cash Flows Summary US GAAP Ratios and Other Data
Dec 31, Dec 31, (unaudited, in millions €) 2024 2025 Assets Cash and cash equivalents 12,735.9 12,916.0 Short-term investments 5.4 405.9 Accounts receivable, net 4,477.5 3,023.0 Finance receivables, net 82.6 613.5 Current tax assets 283.6 88.9 Contract assets 320.6 440.6 Inventories, net 10,891.5 11,429.3 Loans receivable — 266.1 Other assets 1,940.3 1,432.8 Total current assets 30,737.4 30,616.1 Finance receivables, net 317.2 13.3 Deferred tax assets 1,940.7 1,719.4 Loans receivable 1,456.6 1,653.9 Other assets 790.8 1,057.1 Equity investments — 1,320.7 Equity method investments 903.0 822.6 Goodwill 4,588.6 4,588.6 Other intangible assets, net 621.3 540.1 Property, plant and equipment, net 6,846.8 7,893.8 Right-of-use assets 387.2 341.0 Total non-current assets 17,852.2 19,950.5 Total assets 48,589.6 50,566.6 Dec 31, Dec 31, (unaudited, in millions €) 2024 2025 Liabilities and shareholders’ equity Current liabilities 20,051.4 24,263.9 Total current liabilities 20,051.4 24,263.9 Long-term debt 3,677.3 2,709.0 Deferred and other tax liabilities 299.2 183.0 Contract liabilities 5,625.4 3,366.3 Accrued and other liabilities 459.5 432.2 Total non-current liabilities 10,061.4 6,690.5 Total liabilities 30,112.8 30,954.4 Total shareholders’ equity 18,476.8 19,612.2 Total liabilities and shareholders’ equity 48,589.6 50,566.6 Summary US GAAP Quarterly Summary US GAAP Notes Forward Looking Statements ASML Financial statements US GAAP Q4 2025 4 Consolidated Statements of Operations Ratios and Other Data Consolidated Balance Sheets Consolidated Statements of Cash Flows Summary US GAAP Consolidated Balance Sheets
Cash flows from operating activities Net income 2,693.4 2,839.6 7,571.6 9,609.4 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation and amortization 241.0 255.2 918.6 1,025.9 Impairment and loss (gain) on disposal 11.1 28.0 35.8 49.7 Share-based compensation expense 53.0 55.6 172.6 202.3 Inventory reserves 167.7 171.5 554.7 469.4 Deferred tax expense (benefit) (28.3) 118.8 (144.8) 180.7 Equity method investments 169.9 300.9 4.4 94.6 Changes in assets and liabilities 6,237.0 7,640.7 2,053.3 1,026.5 Net cash provided by (used in) operating activities 9,544.8 11,410.3 11,166.2 12,658.5 Cash flows from investing activities Purchase of property, plant and equipment (704.0) (447.9) (2,067.2) (1,573.6) Purchase of intangible assets (1.5) (22.5) (15.9) (57.6) Purchase of short-term investments (0.9) (409.7) (305.2) (406.2) Maturity of short-term investments 0.9 5.3 305.2 5.3 Purchase of equity investments — (92.2) — (1,302.2) Loans issued and other investments (527.4) (296.9) (526.2) (703.7) Repayment on loans — 257.6 — 260.2 Net cash provided by (used in) investing activities (1,232.9) (1,006.3) (2,609.3) (3,777.8) Three months ended Twelve months ended Dec 31, Dec 31, Dec 31, Dec 31, (unaudited, in millions €) 2024 2025 2024 2025 Cash flows from financing activities Dividend paid (597.8) (619.2) (2,452.9) (2,550.3) Purchase of treasury shares — (1,700.0) (500.0) (5,950.0) Net proceeds from issuance of shares 32.0 32.7 124.0 142.3 Net proceeds from issuance of borrowings 22.5 739.2 22.5 754.2 Repayment of debt and finance lease obligations (24.1) (1,066.0) (25.7) (1,066.7) Net cash provided by (used in) financing activities (567.4) (2,613.3) (2,832.1) (8,670.5) Net cash flows 7,744.5 7,790.7 5,724.8 210.2 Effect of changes in exchange rates on cash 12.1 (1.2) 6.4 (30.1) Net increase (decrease) in cash and cash equivalents 7,756.6 7,789.5 5,731.2 180.1 Cash and cash equivalents at beginning of the period 4,979.3 5,126.5 7,004.7 12,735.9 Cash and cash equivalents at end of the period 12,735.9 12,916.0 12,735.9 12,916.0 Three months ended Twelve months ended Dec 31, Dec 31, Dec 31, Dec 31, (unaudited, in millions €) 2024 2025 2024 2025 Summary US GAAP Quarterly Summary US GAAP Notes Forward Looking Statements ASML Financial statements US GAAP Q4 2025 5 Consolidated Statements of Operations Ratios and Other Data Consolidated Balance Sheets Consolidated Statements of Cash Flows Summary US GAAP Consolidated Statements of Cash Flows
Three months ended Dec 31, Mar 30, Jun 29, Sep 28, Dec 31, (unaudited, in millions €, except per share data) 2024 2025 2025 2025 2025 Net system sales 7,115.9 5,740.4 5,596.1 5,553.8 7,584.0 Net service and field option sales 2,146.9 2,001.1 2,095.6 1,962.2 2,134.1 Total net sales 9,262.8 7,741.5 7,691.7 7,516.0 9,718.1 Total cost of sales (4,473.0) (3,561.8) (3,562.2) (3,635.7) (4,649.5) Gross profit 4,789.8 4,179.7 4,129.5 3,880.3 5,068.6 Research and development costs (1,116.0) (1,161.1) (1,166.7) (1,108.7) (1,262.3) Selling, general and administrative costs (318.4) (280.7) (298.7) (303.2) (375.2) Income from operations 3,355.4 2,737.9 2,664.1 2,468.4 3,431.1 Interest and other, net 6.3 49.2 24.8 19.4 11.2 Income before income taxes 3,361.7 2,787.1 2,688.9 2,487.8 3,442.3 Benefit from (provision for) income taxes (723.8) (465.1) (487.4) (442.2) (618.7) Income after income taxes 2,637.9 2,322.0 2,201.5 2,045.6 2,823.6 Profit related to equity method investments 55.5 33.0 88.8 78.9 16.0 Net income 2,693.4 2,355.0 2,290.3 2,124.5 2,839.6 Basic net income per ordinary share 6.85 6.00 5.90 5.49 7.35 Diluted net income per ordinary share 6.84 6.00 5.90 5.48 7.34 Weighted average number of ordinary shares used in computing per share amounts (in millions): Basic 393.3 392.3 388.2 387.3 386.5 Diluted 393.6 392.5 388.4 387.6 387.0 Summary US GAAP Quarterly Summary US GAAP Notes Forward Looking Statements ASML Financial statements US GAAP Q4 2025 6 Consolidated Statements of Operations Ratios and Other Data Consolidated Balance Sheets Consolidated Statements of Cash Flows Quarterly Summary Consolidated Statements of Operations
Three months ended Dec 31, Mar 30, Jun 29, Sep 28, Dec 31, (unaudited, in millions €, except otherwise indicated) 2024 2025 2025 2025 2025 Gross profit as a percentage of net sales 51.7 % 54.0 % 53.7 % 51.6 % 52.2 % Income from operations as a percentage of net sales 36.2 % 35.4 % 34.6 % 32.8 % 35.3 % Net income as a percentage of net sales 29.1 % 30.4 % 29.8 % 28.3 % 29.2 % Income taxes as a percentage of income before income taxes 21.5 % 16.7 % 18.1 % 17.8 % 18.0 % Shareholders’ equity as a percentage of total assets 38.0 % 38.5 % 39.3 % 42.1 % 38.8 % Sales of lithography systems (in units) 1 132 77 76 72 102 Net bookings 2 7,088 3,936 5,541 5,399 13,158 Number of payroll employees (in FTEs) 42,786 43,129 43,193 43,461 43,520 Number of temporary employees (in FTEs) 1,241 998 870 789 689 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. Summary US GAAP Quarterly Summary US GAAP Notes Forward Looking Statements ASML Financial statements US GAAP Q4 2025 7 Consolidated Statements of Operations Ratios and Other Data Consolidated Balance Sheets Consolidated Statements of Cash Flows Quarterly Summary US GAAP Ratios and Other Data
Dec 31, Mar 30, Jun 29, Sep 28, Dec 31, (unaudited, in millions €) 2024 2025 2025 2025 2025 Assets Cash and cash equivalents 12,735.9 9,098.4 7,243.5 5,126.5 12,916.0 Short-term investments 5.4 5.2 5.4 1.7 405.9 Accounts receivable, net 4,477.5 4,597.5 4,996.9 5,364.3 3,023.0 Finance receivables, net 82.6 381.7 531.1 666.2 613.5 Current tax assets 283.6 143.2 98.5 93.0 88.9 Contract assets 320.6 407.3 275.3 366.7 440.6 Inventories, net 10,891.5 11,024.7 11,575.8 11,762.8 11,429.3 Loans receivable — 17.8 17.8 190.0 266.1 Other assets 1,940.3 1,848.6 1,966.2 1,575.1 1,432.8 Total current assets 30,737.4 27,524.4 26,710.5 25,146.3 30,616.1 Finance receivables, net 317.2 153.4 175.1 — 13.3 Deferred tax assets 1,940.7 1,861.0 1,830.4 1,838.6 1,719.4 Loans receivable 1,456.6 1,443.4 1,444.9 1,686.0 1,653.9 Other assets 790.8 859.2 843.7 918.5 1,057.1 Equity investments — — — 1,226.9 1,320.7 Equity method investments 903.0 938.9 1,029.2 1,109.3 822.6 Goodwill 4,588.6 4,588.6 4,588.6 4,588.6 4,588.6 Other intangible assets, net 621.3 591.6 565.7 555.7 540.1 Property, plant and equipment, net 6,846.8 7,152.9 7,296.0 7,681.2 7,893.8 Right-of-use assets 387.2 365.4 365.0 346.0 341.0 Total non-current assets 17,852.2 17,954.4 18,138.6 19,950.8 19,950.5 Total assets 48,589.6 45,478.8 44,849.1 45,097.1 50,566.6 Dec 31, Mar 30, Jun 29, Sep 28, Dec 31, (unaudited, in millions €) 2024 2025 2025 2025 2025 Liabilities and shareholders’ equity Current liabilities 20,051.4 18,123.9 18,616.0 19,224.9 24,263.9 Total current liabilities 20,051.4 18,123.9 18,616.0 19,224.9 24,263.9 Long-term debt 3,677.3 3,681.0 3,698.9 2,704.7 2,709.0 Deferred and other tax liabilities 299.2 335.9 294.8 187.2 183.0 Contract liabilities 5,625.4 5,400.6 4,187.1 3,572.3 3,366.3 Accrued and other liabilities 459.5 436.7 434.1 414.5 432.2 Total non-current liabilities 10,061.4 9,854.2 8,614.9 6,878.7 6,690.5 Total liabilities 30,112.8 27,978.1 27,230.9 26,103.6 30,954.4 Total shareholders’ equity 18,476.8 17,500.7 17,618.2 18,993.5 19,612.2 Total liabilities and shareholders’ equity 48,589.6 45,478.8 44,849.1 45,097.1 50,566.6 Summary US GAAP Quarterly Summary US GAAP Notes Forward Looking Statements ASML Financial statements US GAAP Q4 2025 8 Consolidated Statements of Operations Ratios and Other Data Consolidated Balance Sheets Consolidated Statements of Cash Flows Quarterly Summary US GAAP Consolidated Balance Sheets
Cash flows from operating activities Net income 2,693.4 2,355.0 2,290.3 2,124.5 2,839.6 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation and amortization 241.0 241.3 254.9 274.6 255.2 Impairment and loss (gain) on disposal 11.1 2.1 16.5 3.1 28.0 Share-based compensation expense 53.0 40.0 49.0 57.7 55.6 Inventory reserves 167.7 59.6 99.7 138.6 171.5 Deferred tax expense (benefit) (28.3) 79.1 38.1 (55.3) 118.8 Equity method investments 169.9 (34.9) (90.7) (80.8) 300.9 Changes in assets and liabilities 6,237.0 (2,800.8) (1,910.1) (1,903.3) 7,640.7 Net cash provided by (used in) operating activities 9,544.8 (58.6) 747.7 559.1 11,410.3 Cash flows from investing activities Purchase of property, plant and equipment (704.0) (415.0) (414.8) (295.9) (447.9) Purchase of intangible assets (1.5) (1.5) (14.1) (19.5) (22.5) Purchase of short-term investments (0.9) — — 3.5 (409.7) Maturity of short-term investments 0.9 — — — 5.3 Purchase of equity investment — — — (1,210.0) (92.2) Loans issued and other investments (527.4) 0.8 0.9 (405.9) (296.9) Repayment on loans — — — — 257.6 Net cash provided by (used in) investing activities (1,232.9) (415.7) (428.0) (1,927.8) (1,006.3) Three months ended Dec 31, Mar 30, Jun 29, Sep 28, Dec 31, (unaudited, in millions €) 2024 2025 2025 2025 2025 Cash flows from financing activities Dividend paid (597.8) (597.2) (714.4) (619.6) (619.2) Purchase of treasury shares — (2,592.6) (1,485.2) (172.2) (1,700.0) Net proceeds from issuance of shares 32.0 38.0 36.4 35.3 32.7 Net proceeds from issuance of borrowings 22.5 — — 15.0 739.2 Repayment of debt and finance lease obligations (24.1) 0.4 (0.6) (0.5) (1,066.0) Net cash provided by (used in) financing activities (567.4) (3,151.4) (2,163.8) (742.0) (2,613.3) Net cash flows 7,744.5 (3,625.7) (1,844.1) (2,110.7) 7,790.7 Effect of changes in exchange rates on cash 12.1 (11.8) (10.8) (6.3) (1.2) Net increase (decrease) in cash and cash equivalents 7,756.6 (3,637.5) (1,854.9) (2,117.0) 7,789.5 Cash and cash equivalents at beginning of the period 4,979.3 12,735.9 9,098.4 7,243.5 5,126.5 Cash and cash equivalents at end of the period 12,735.9 9,098.4 7,243.5 5,126.5 12,916.0 Three months ended Dec 31, Mar 30, Jun 29, Sep 28, Dec 31, (unaudited, in millions €) 2024 2025 2025 2025 2025 Summary US GAAP Quarterly Summary US GAAP Notes Forward Looking Statements ASML Financial statements US GAAP Q4 2025 9 Consolidated Statements of Operations Ratios and Other Data Consolidated Balance Sheets Consolidated Statements of Cash Flows Quarterly Summary US GAAP Consolidated Statements of Cash Flows
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 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. Summary US GAAP Quarterly Summary US GAAP Notes Forward Looking Statements ASML Financial statements US GAAP Q4 2025 10 Notes to the Summary US GAAP Consolidated Financial 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 expected trends in the semiconductor industry and end markets, expected trends in product mix and geography, business environment trends, expected growth in the semiconductor industry by 2030, and the semiconductor ecosystem being poised to experience significant growth and ASML being well positioned to benefit, statements with respect to AI including the expected impact of AI demand on our business, industry and results and expected sustainability of AI related demand, statements with respect to EUV adoption, our expectation that lithography will remain at the heart of customer innovation, expected increase in critical lithography exposures, statements with respect to our product portfolio, expected demand, shipments, system backlog, outlook of market segments and geographies, outlook and expected financial results including outlook and expected results for Q1 2026, including net sales, Installed Base Management sales, gross margin, R&D costs, SG&A costs, outlook and expected financial results for full year 2026, including expected full year 2026 total net sales and growth, gross margin, annualized effective tax rate and IBM sales, expectations with respect to EUV and DUV demand and sales in 2026, statements made at our 2024 Investor Day, including revenue and gross margin model and opportunity for 2030, our expectation to continue to return significant amounts of cash to shareholders through growing dividends and share buybacks, intentions and expectations with respect to our share buyback program announced in January 2026, and statements with respect to dividends including 2025 dividends, statements with respect to expected performance and capabilities of our systems and customer outlook and plans including capacity expansion plans, statements with respect to our ESG strategy and commitments 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”, “guide”, “potential”, “intend”, “continue”, “target”, “future”, “progress”, “goal”, “model”, “opportunity”, “commitment” 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 industry 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 and geopolitical environment on the semiconductor industry, semiconductor market conditions, the impact of AI on our industry and business and semiconductor demand and demand for our tools, 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 technologies and 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 orders and our ability to orders into sales and risks relating to the realization of our backlog, the risk of order cancellations, delays or push outs and restrictions on shipments of systems, including 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 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 commitments 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. Summary US GAAP Quarterly Summary US GAAP Notes Forward Looking Statements ASML Financial statements US GAAP Q4 2025 11 Forward Looking Statements