ASML Holding
(NASDAQ:ASML)

ASML Holding N.V. develops, produces, markets, sells, and services advanced semiconductor equipment systems consisting of lithography, metrology, and inspection related systems for memory and logic chipmakers. The company provides extreme ultraviolet lithography systems; and deep ultraviolet lithogr...

Website: http://www.asml.com

Founded: 1984

Full Time Employees: 39,086 (Dec 2022)

Founder: ASM International, Philips

CEO: Christophe Fouquet

Sector: Technology

Industry: Semiconductor Equipment & Materials

Technology Semiconductors

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At a glance:

EUV Lithography Leadership Remains the Core Moat: ASML remains the sole large-scale supplier of EUV lithography systems, underpinning its strategic importance to leading-edge semiconductor manufacturing and supporting premium pricing and long-term demand visibility.
High-NA EUV Ramp Is a Key Next Growth Driver: The transition to High-NA EUV tools is a major catalyst, with early customer adoption and multi-year upgrade cycles that can expand ASML’s content per fab and reinforce technology leadership.
Results Can Be Cyclical Due to Memory/Foundry Capex Swings: ASML’s revenue and earnings are influenced by semiconductor capital spending cycles; near-term performance can fluctuate with foundry and memory investment pacing, even as long-term drivers remain intact.
Geopolitical/Export Controls Are a Persistent Overhang: Export restrictions and licensing requirements—particularly related to China—can affect system shipments, service growth, and backlog conversion, adding uncertainty to regional mix and timing.
Large Installed Base Supports Recurring Service and Upgrades: A growing fleet of complex lithography tools drives recurring service revenue, spare parts demand, and productivity upgrade opportunities, helping stabilize cash generation across cycles.

Bull Thesis:

EUV Lithography Monopoly and Indispensability: ASML is the sole provider of Extreme Ultraviolet (EUV) lithography systems, which are critical for manufacturing the most advanced semiconductor chips (7nm and below). This near-monopoly position gives ASML an unassailable competitive advantage and makes its technology indispensable for leading foundries like TSMC, Samsung, and Intel.
Long-Term Semiconductor Demand Growth: The secular trends of digitalization, artificial intelligence, IoT, 5G, and high-performance computing continue to drive robust demand for more powerful and efficient chips. This sustained demand necessitates ongoing capital expenditure by chip manufacturers, directly benefiting ASML as the primary supplier of advanced lithography equipment.
Technological Leadership and Innovation Pipeline: ASML consistently invests heavily in R&D, maintaining its technological edge. The development and upcoming deployment of High-NA EUV systems demonstrate its commitment to pushing the boundaries of chip manufacturing, ensuring its relevance for future generations of semiconductors and securing its market position.
High Barriers to Entry and Customer Lock-in: The immense complexity, astronomical R&D costs, and decades of expertise required to develop lithography systems create extremely high barriers to entry for potential competitors. Furthermore, once customers invest in ASML's integrated systems, high switching costs and deep operational integration ensure strong customer stickiness.

Bear Thesis:

Cyclicality of the Semiconductor Industry: ASML's revenue is highly dependent on the capital expenditure cycles of its customers, which are inherently cyclical. Economic downturns, inventory corrections, or oversupply in the chip market can lead to reduced demand for new equipment, impacting ASML's order intake and revenue growth.
Geopolitical Risks and Export Controls: Increasing geopolitical tensions, particularly between the US and China, have led to export restrictions on advanced semiconductor equipment. While ASML's EUV machines were already restricted, further limitations on DUV systems or other technologies to key markets like China could significantly constrain ASML's addressable market and growth potential.
High Valuation and Market Sensitivity: ASML typically trades at a premium valuation reflecting its market dominance and growth prospects. This high valuation makes the stock particularly sensitive to any negative news, industry slowdowns, or shifts in investor sentiment, potentially leading to significant share price corrections if growth expectations are not met.
Customer Concentration Risk: A significant portion of ASML's revenue comes from a few major customers (e.g., TSMC, Samsung, Intel). Any substantial change in their capital expenditure plans, technological roadmaps, or market share could have a disproportionately large impact on ASML's financial performance.

Main Competitors:

Nikon Corporation ($7731.T) (DUV Steppers and Scanners (e.g., NSR series)), Nikon is a historical competitor in the photolithography market, offering Deep Ultraviolet (DUV) lithography systems. While they have largely fallen behind ASML in advanced nodes and do not offer EUV technology, they continue to compete in mature DUV segments, particularly for less advanced chip manufacturing and specific applications, by offering alternative DUV solutions.
Canon Inc. ($7751.T) (DUV Steppers and Scanners (e.g., FPA series), Nanoimprint Lithography), Canon is another long-standing competitor in the DUV lithography market, providing steppers and scanners for various chip manufacturing processes. Similar to Nikon, Canon does not offer EUV technology and primarily competes in DUV segments, including some specialized applications and less advanced nodes. They also explore alternative patterning technologies like nanoimprint lithography.
Applied Materials, Inc. ($AMAT) (Deposition, Etch, Ion Implantation, Process Control equipment), While not a direct competitor in lithography systems, Applied Materials is the largest supplier of semiconductor manufacturing equipment globally. They compete with ASML for the overall capital expenditure budgets of chip manufacturers. Their extensive portfolio of equipment for various stages of chip fabrication (e.g., deposition, etching, ion implantation) means that investment decisions in their technologies can indirectly impact the budget available for ASML's lithography systems.

Moat:

ASML holds a near-monopoly in the critical Extreme Ultraviolet (EUV) lithography market, which is essential for manufacturing the most advanced semiconductor chips. This dominant position is a result of decades of massive R&D investment, complex technological breakthroughs, and a highly integrated supply chain (e.g., with Carl Zeiss SMT for optics). While companies like Nikon and Canon compete in the Deep Ultraviolet (DUV) lithography segment, they do not offer EUV technology and are generally behind ASML in terms of advanced node capabilities. ASML's significant moat is built on its unparalleled technological leadership, extensive intellectual property, and the extremely high barriers to entry for developing competing EUV systems, making direct competition in its core advanced market virtually non-existent. Indirect competition comes from other major semiconductor equipment suppliers vying for overall fab capital expenditure, and the continuous need for ASML to innovate to stay ahead of alternative patterning technologies or process optimizations by chipmakers themselves.

Income Statements:

Quarterly

Annual

Unit: USD	2025-03-30	2024-12-31	2024-09-29	2024-06-30	2024-03-31	2023-12-31	2023-10-01	2023-07-02	2023-04-02	2022-12-31	2022-10-02	2022-07-03	2022-04-03	2021-12-31	2021-10-03	2021-04-04	2020-12-31	2020-09-27	2020-06-28	2020-03-28	2019-12-31	2019-09-29	2019-07-17	2019-04-17	2019-01-23	2018-12-31	2018-10-17	2018-07-18	2018-04-18	2018-01-17	2017-12-31	2017-10-18	2017-07-19	2017-04-19	2017-02-08	2017-01-18	2016-12-31	2016-10-19	2016-07-20	2016-04-20	2016-02-05	2016-01-20	2015-12-31	2015-10-14	2015-04-15	2015-02-11	2015-01-21	2014-12-31	2014-10-15	2014-02-12	2013-12-31	2013-10-16	2013-02-13	2012-12-31	2012-11-21	2011-12-31	2011-04-13	2011-01-19	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2007-04-18	2007-03-02	2006-12-31	2006-10-19	2006-01-19	2005-12-31	2005-07-14	2004-12-31	2003-12-31

net system sales	5,740,400,000	7,115,900,000	5,926,000,000	4,760,900,000	3,965,900,000	5,682,500,000	5,308,200,000	5,606,100,000	5,341,800,000	4,747,900,000	4,254,700,000	6,427,700,000	2,287,200,000	3,463,200,000	4,111,100,000	3,128,800,000	3,198,300,000	3,095,600,000		1,584,000,000	3,130,700,000	2,325,600,000	1,850,800,000	1,689,000,000	2,424,300,000	1,458,700,000	2,080,600,000	2,086,500,000	1,667,700,000							1,223,000,000	837,025,000	1,238,200,000	1,254,100,000	855,800,000		880,900,000	839,075,000	975,300,000	1,246,500,000		1,085,300,000	789,375,000	884,500,000		637,975,000	959,500,000		758,780,750	3,035,123,000		1,284,400,000	1,313,100,000					858,948,000		562,618,750	856,556,000	456,016,000
net service and field option sales	2,001,100,000	2,146,900,000	1,541,300,000	1,481,900,000	1,324,100,000	1,554,500,000	1,364,800,000	1,296,200,000	1,404,400,000	1,682,300,000	1,523,600,000	2,537,200,000	1,247,200,000	1,522,400,000	1,130,200,000	1,235,100,000	1,055,800,000	862,400,000	1,743,700,000	856,600,000	905,700,000	660,900,000	717,100,000	540,100,000	718,200,000	491,675,000	695,500,000	653,900,000	617,300,000						2,223,634,000	684,400,000	684,334,000	576,400,000	485,500,000	477,400,000	2,050,192,000	553,300,000	553,292,000	573,900,000	403,400,000		408,700,000	301,200,000	437,700,000		211,275,000	358,700,000		168,345,250	673,381,000		167,800,000	208,300,000
total net sales	7,741,500,000	9,262,800,000	7,467,300,000	6,242,800,000	5,290,000,000	7,237,000,000	6,673,000,000	6,902,300,000	6,746,200,000	6,430,200,000	5,778,300,000	8,964,900,000	3,534,400,000	4,985,600,000	5,241,300,000	4,363,900,000	4,254,100,000	3,958,000,000		2,440,600,000	4,036,400,000	2,986,500,000	2,567,900,000	2,229,100,000	3,142,500,000	1,950,375,000	2,776,100,000	2,740,400,000	2,285,000,000	2,560,400,000	1,623,100,000	2,447,400,000	2,101,400,000	1,943,600,000		1,907,400,000	1,221,850,000	1,814,600,000	1,739,600,000	1,333,200,000		1,434,200,000	1,213,300,000	1,549,200,000	1,649,900,000		1,494,000,000	1,090,575,000	1,322,200,000		849,250,000	1,318,200,000		927,126,000	3,708,504,000		1,452,200,000	1,521,400,000
yoy	46.34%	27.99%	11.90%	-9.55%	-21.59%	12.55%	15.48%	-23.01%	90.87%	28.98%	10.25%	105.43%	-16.92%	25.96%		78.80%	5.39%	32.53%		9.49%	28.45%	53.12%	-7.50%	-18.66%	37.53%	-23.83%	71.04%	11.97%	8.74%	31.73%		28.31%	71.99%	7.11%		43.07%		26.52%	43.38%	-13.94%			-18.79%	42.05%	24.78%		75.92%	-17.27%			-77.10%			-39.06%
qoq	-16.42%	24.04%	19.61%	18.01%	-26.90%	8.45%	-3.32%	2.31%	4.91%	11.28%	-35.55%	153.65%	-29.11%	-4.88%	20.11%	2.58%	7.48%			-39.54%	35.15%	16.30%	15.20%	-29.07%	61.12%	-29.74%	1.30%	19.93%	-10.76%	57.75%	-33.68%	16.47%	8.12%			56.11%	-32.67%	4.31%	30.48%			18.21%	-21.68%	-6.10%			36.99%	-17.52%			-35.58%			-75.00%			-4.55%
total cost of sales	-3,561,800,000	-4,473,000,000	-3,673,900,000	-3,030,600,000	-2,593,400,000	-3,519,700,000	-3,211,400,000	-3,358,300,000	-3,333,000,000	-1,838,500,000	-2,784,600,000	-4,711,300,000	-1,803,400,000	-2,285,000,000	-2,529,900,000	-2,011,500,000	-2,043,000,000	-2,076,600,000																											-871,300,000		-837,100,000	-605,700,000	-744,100,000		-510,825,000	-787,400,000		530,865,250	2,123,461,000		802,600,000
gross profit	4,179,700,000	4,789,800,000	3,793,400,000	3,212,200,000	2,696,600,000	3,717,300,000	3,461,600,000	3,544,000,000	3,413,200,000	3,310,900,000	2,993,700,000	4,253,600,000	1,731,000,000	2,700,600,000	2,711,400,000	2,352,400,000	2,211,100,000	1,881,400,000	2,497,900,000	1,101,400,000	1,940,100,000	1,306,400,000	1,105,200,000	928,000,000	1,392,900,000	1,392,900,000	1,335,900,000	1,186,900,000	1,113,500,000	1,156,100,000	1,156,100,000	1,049,500,000	946,500,000	924,600,000	2,897,844,000	900,600,000	900,580,000	834,400,000	741,400,000	568,100,000	2,833,033,000	659,800,000	659,844,000	703,500,000	778,600,000		656,900,000	484,875,000	578,100,000		338,425,000	530,800,000											392,599,000		255,864,500	390,914,000
yoy	55.00%	28.85%	9.59%	-9.36%	-20.99%	12.27%	15.63%	-16.68%	97.18%	22.60%	10.41%	80.82%	-21.71%	43.54%	8.55%	113.58%	13.97%	44.01%	126.01%	18.69%	39.28%	-6.21%	-17.27%	-21.81%	25.09%	20.48%	15.55%	13.09%	17.64%	25.04%	-60.10%	16.53%	5.10%	10.81%	290.86%	58.53%	-68.21%	26.46%	12.36%	-19.25%	263.86%		0.45%	45.09%	34.68%		94.11%	-8.65%
qoq	-12.74%	26.27%	18.09%	19.12%	-27.46%	7.39%	-2.33%	3.83%	3.09%	10.60%	-29.62%	145.73%	-35.90%	-0.40%	15.26%	6.39%	17.52%	-24.68%	126.79%	-43.23%	48.51%	18.20%	19.09%	-33.38%	0.00%	4.27%	12.55%	6.59%	-3.68%	0.00%	10.16%	10.88%	2.37%	-68.09%	221.77%	0.00%	7.93%	12.54%	30.51%	-79.95%	329.38%	-0.01%	-6.21%	-9.65%			35.48%	-16.13%			-36.24%														-34.55%
gross margin %	53.99%	51.71%	50.80%	51.45%	50.98%	51.37%	51.87%	51.35%	50.59%	51.49%	51.81%	47.45%	48.98%	54.17%	51.73%	53.91%	51.98%	47.53%	Infinity%	45.13%	48.07%	43.74%	43.04%	41.63%	44.32%	71.42%	48.12%	43.31%	48.73%	45.15%	71.23%	42.88%	45.04%	47.57%	Infinity%	47.22%	73.71%	45.98%	42.62%	42.61%	Infinity%	46.00%	54.38%	45.41%	47.19%	NaN%	43.97%	44.46%	43.72%	NaN%	39.85%	40.27%	NaN%	0%	0%	NaN%	0%	0%				NaN%	Infinity%	NaN%	Infinity%	Infinity%	NaN%	NaN%	NaN%
research and development costs	-1,161,100,000	-1,116,000,000	-1,055,200,000	-1,100,600,000	-1,031,900,000	-1,041,300,000	-991,400,000	-999,900,000	-947,900,000	-906,300,000	-819,400,000	-1,076,500,000	-738,700,000	-680,600,000	-609,200,000	-623,400,000	-555,900,000	-534,000,000																											-261,400,000		-268,000,000	-201,525,000	-260,100,000		-157,225,000	-244,100,000		108,438,500	433,754,000		145,400,000	141,000,000									88,087,000		89,070,000
selling, general and administrative costs	-280,700,000	-318,400,000	-297,000,000	-277,000,000	-273,300,000	-284,100,000	-287,800,000	-281,100,000	-260,300,000	-280,400,000	-235,800,000	-429,700,000	-207,700,000	-202,500,000	-182,900,000	-168,400,000	-151,500,000	-131,500,000																											-82,300,000		-79,400,000	-60,425,000	-76,900,000		-55,425,000	-91,200,000		44,965,250	179,861,000		54,400,000	50,100,000
income from operations	2,737,900,000	3,355,400,000	2,441,200,000	1,834,600,000	1,391,400,000	2,391,900,000	2,182,400,000	2,263,000,000	2,205,000,000	2,124,200,000	1,938,500,000		784,600,000	2,031,200,000	1,919,300,000	1,560,600,000	1,503,700,000	1,215,900,000		426,700,000	1,276,500,000	685,600,000	494,300,000	334,300,000	815,900,000	815,900,000	817,800,000	689,400,000	642,200,000	750,000,000	750,000,000	655,600,000	555,800,000	534,800,000		529,900,000	529,934,000	495,600,000	404,200,000	228,000,000		318,100,000	318,135,000	372,400,000	455,700,000		329,700,000	238,125,000	261,400,000		137,575,000	212,200,000					449,800,000	493,600,000
yoy	96.77%	40.28%	11.86%	-18.93%	-36.90%	12.60%	12.58%		181.03%	4.58%	1.00%		-47.82%	67.05%		265.74%	17.80%	77.35%		27.64%	56.45%	-15.97%	-39.56%	-51.51%	27.05%	8.79%	9.04%	5.16%	15.55%	40.24%		23.72%	4.88%	7.91%		132.41%		55.80%	27.05%	-38.78%			-3.51%	56.39%	74.33%		139.65%	12.22%
qoq	-18.40%	37.45%	33.06%	31.85%	-41.83%	9.60%	-3.56%	2.63%	3.80%	9.58%			-61.37%	5.83%	22.98%	3.78%	23.67%			-66.57%	86.19%	38.70%	47.86%	-59.03%	0.00%	-0.23%	18.62%	7.35%	-14.37%	0.00%	14.40%	17.96%	3.93%			-0.01%	6.93%	22.61%	77.28%			-0.01%	-14.57%	-18.28%			38.46%	-8.90%			-35.17%						-8.87%
operating margin %	35.37%	36.22%	32.69%	29.39%	26.30%	33.05%	32.70%	32.79%	32.69%	33.03%	33.55%	0%	22.20%	40.74%	36.62%	35.76%	35.35%	30.72%	NaN%	17.48%	31.62%	22.96%	19.25%	15.00%	25.96%	41.83%	29.46%	25.16%	28.11%	29.29%	46.21%	26.79%	26.45%	27.52%	NaN%	27.78%	43.37%	27.31%	23.24%	17.10%	NaN%	22.18%	26.22%	24.04%	27.62%	NaN%	22.07%	21.83%	19.77%	NaN%	16.20%	16.10%	NaN%	0%	0%	NaN%	30.97%	32.44%				NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
interest and other	49,200,000	6,300,000	-800,000	-11,900,000	26,200,000	5,200,000	7,100,000	16,700,000	12,200,000	-3,100,000	-15,100,000		-15,600,000	-12,200,000	-10,500,000	-12,100,000	-8,000,000	-8,400,000																		74,800,000									-3,500,000		-2,600,000	-1,500,000	-2,000,000		-5,225,000	-11,600,000
income before income taxes	2,787,100,000	3,361,700,000	2,440,400,000	1,822,700,000	1,417,600,000	2,397,100,000	2,189,500,000	2,279,700,000	2,217,200,000	2,121,100,000	1,923,400,000	2,721,000,000	769,000,000	2,019,000,000	1,908,800,000	1,548,500,000	1,495,700,000	1,207,500,000	1,433,000,000	415,300,000	1,271,700,000	680,200,000	487,400,000	326,400,000	808,400,000	808,400,000	809,700,000	687,200,000	631,700,000	737,100,000	737,100,000	643,100,000	545,000,000	520,700,000	1,944,864,000	604,700,000	604,678,000	461,700,000	400,600,000	224,400,000	1,856,076,000	313,500,000	313,520,000	368,200,000	452,200,000		327,100,000	236,625,000	259,400,000		132,350,000	200,600,000		242,173,000	968,692,000								206,939,000		146,111,250	238,786,000	72,821,000		157,834,000
income tax expense	-465,100,000	-723,800,000	-441,200,000	-291,600,000	-224,000,000	-385,600,000	-343,700,000	-403,900,000	-302,600,000	-357,300,000	-252,000,000	-365,700,000	-114,400,000	-316,000,000	-270,900,000	-230,300,000	-170,200,000
income after income taxes	2,322,000,000	2,637,900,000	1,999,200,000	1,531,100,000	1,193,600,000	2,011,500,000	1,845,800,000	1,875,800,000	1,914,600,000	1,763,800,000	1,671,400,000	2,355,300,000	654,600,000	1,703,000,000	1,637,900,000	1,318,200,000	1,325,500,000	1,041,000,000	1,219,600,000	366,800,000	1,147,200,000	615,200,000	468,300,000	343,400,000	768,300,000	768,300,000	680,100,000	579,700,000	557,300,000	659,700,000
profit related to equity method investments	33,000,000	55,500,000	77,300,000	46,800,000	30,200,000	36,600,000	47,600,000	65,900,000	41,200,000	21,325,000	30,100,000		40,700,000	70,400,000	102,300,000	13,200,000	25,000,000	20,500,000		23,800,000		11,600,000	7,700,000	12,000,000	19,200,000		300,000	4,300,000
net income	2,355,000,000	2,693,400,000	2,076,500,000	1,577,900,000	1,223,800,000	2,048,100,000	1,893,400,000	1,941,700,000	1,955,800,000	1,816,500,000	1,701,500,000	2,410,500,000	695,300,000	1,773,400,000	1,740,200,000	1,331,400,000	1,350,500,000	1,061,500,000	1,262,600,000	390,600,000	1,134,100,000	626,800,000	476,000,000	355,400,000	787,500,000	787,500,000	680,400,000	584,000,000	539,700,000	643,000,000	643,000,000	557,100,000	466,300,000	452,100,000	1,556,942,000	524,200,000	524,194,000	395,900,000	353,800,000	198,000,000	1,619,489,000	292,400,000	292,374,000	322,400,000	402,700,000		304,800,000	222,950,000	244,000,000		127,525,000	193,100,000		212,143,500	848,574,000		395,000,000	406,800,000					153,300,000		-418,539,311	172,018,000	51,621,000		111,815,000
yoy	92.43%	31.51%	9.67%	-18.74%	-37.43%	12.75%	11.28%	-19.45%	181.29%	2.43%	-2.22%	81.05%	-48.52%	67.07%	37.83%	240.86%	19.08%	69.35%	165.25%	9.90%	44.01%	-20.41%	-30.04%	-39.14%	45.91%	22.47%	5.82%	4.83%	15.74%	42.23%	-58.70%	6.28%	-11.04%	14.20%	340.06%	164.75%	-67.63%	35.40%	21.01%	-38.59%	302.16%		-4.08%	44.61%	65.04%		139.01%	15.46%			-84.97%			-47.85%									196.97%		-474.31%
qoq	-12.56%	29.71%	31.60%	28.93%	-40.25%	8.17%	-2.49%	-0.72%	7.67%	6.76%	-29.41%	246.68%	-60.79%	1.91%	30.70%	-1.41%	27.23%	-15.93%	223.25%	-65.56%	80.93%	31.68%	33.93%	-54.87%	0.00%	15.74%	16.51%	8.21%	-16.07%	0.00%	15.42%	19.47%	3.14%	-70.96%	197.01%	0.00%	32.41%	11.90%	78.69%	-87.77%	453.86%	0.01%	-9.31%	-19.94%			36.71%	-8.63%			-33.96%			-75.00%			-2.90%								-343.31%	233.23%
net income margin %	30.42%	29.08%	27.81%	25.28%	23.13%	28.30%	28.37%	28.13%	28.99%	28.25%	29.45%	26.89%	19.67%	35.57%	33.20%	30.51%	31.75%	26.82%	Infinity%	16.00%	28.10%	20.99%	18.54%	15.94%	25.06%	40.38%	24.51%	21.31%	23.62%	25.11%	39.62%	22.76%	22.19%	23.26%	Infinity%	27.48%	42.90%	21.82%	20.34%	14.85%	Infinity%	20.39%	24.10%	20.81%	24.41%	NaN%	20.40%	20.44%	18.45%	NaN%	15.02%	14.65%	NaN%	22.88%	22.88%	NaN%	27.20%	26.74%				NaN%	Infinity%	NaN%	-Infinity%	Infinity%	Infinity%	NaN%	Infinity%
basic net income per ordinary share	6,000,000	6,850,000	5,280,000	4,010,000	3,110,000	5,210,000	4,810,000	4,930,000	4,960,000	4,610,000	4,290,000	6,050,000	1,730,000	4,390,000	4,270,000	3,210,000	3,230,000	2,540,000		930,000	2,700,000	1,490,000	1,130,000	840,000	1,870,000	1,060,000	1,600,000	1,370,000	1,260,000	1,500,000	857,500	1,300,000	1,080,000	1,050,000		1,230,000	557,500	930,000	830,000	460,000		680,000	635,000	750,000	930,000		700,000	510,000	560,000		300,000	440,000		512.5	2,050		900,000	940,000					320		-878.68	370	110		230
diluted net income per ordinary share	6,000,000	6,840,000	5,280,000	4,010,000	3,110,000	5,200,000	4,810,000	4,930,000	4,950,000	4,610,000	4,290,000	6,040,000	1,730,000	4,380,000	4,260,000	3,200,000	3,230,000	2,530,000		930,000																				460,000		680,000	630,000	750,000													900,000	930,000					310		-828.73	350	110		220
weighted-average number of ordinary shares used in computing per share amounts
basic	392.3	393.3	393.2	393.2	393.4	393.4	393.4	393.8	394.5		396.2		401.1	404.3	407.9	415.3	417.5	418.4		419	420.1	420.9	421.1	421.1	422.2		424.3	426	427.2	428.4		430.1	430.4	430.1		427.1		423.8	424.5	427		428.8		429.9	432.6		434.1		436.1			443			414,570
diluted	392.5	393.6	393.6	393.5	393.7	393.8	393.7	394	394.8		396.6		401.5	405	408.6	415.8	418.4	419.2		419.7																				429.1		430.8		432.3
cost of system sales												-3,349,700,000
cost of service and field option sales												-1,361,600,000
operating income												2,747,400,000							1,451,500,000																1,898,248,000						1,860,747,000													242,857,000	971,428,000								196,679,000		147,768,500	239,151,000	74,604,000		161,633,000
finance income												2,900,000							5,700,000
finance costs												-29,300,000
profit from investments in associates												55,200,000
weighted-average number of shares outstanding												398,400,000
diluted weighted-average number of shares												398,800,000
other income 1														213,700,000
benefit from (provision for) income taxes																		-166,500,000						17,000,000
notes
2																			4,022,600,000
3																			5,766,300,000
6																																																																1,340
profit related to investments in associates																			43,000,000
8																			3,020,000																3,660											3,240				2,780
number of ordinary shares used in computing per share amounts
diluted net income per ordinary share 3																					2,690,000	1,490,000	1,130,000	840,000												1,220,000	555,000	930,000	830,000						930,000		700,000				297,500	430,000
weighted-average number of ordinary shares used in computing per share amounts
basic	392.3	393.3	393.2	393.2	393.4	393.4	393.4	393.8	394.5		396.2		401.1	404.3	407.9	415.3	417.5	418.4		419	420.1	420.9	421.1	421.1	422.2		424.3	426	427.2	428.4		430.1	430.4	430.1		427.1		423.8	424.5	427		428.8		429.9	432.6		434.1		436.1			443			414,570
diluted 3																					421.1	421.7	421.8	422.5												429.2	106.75	425.8	426.5						435.3		436.7				107.4	447.1
other income																														24,000,000	17,950,000	23,900,000	24,000,000	23,900,000		23,500,000	17,575,000	23,400,000	23,500,000	23,400,000		20,800,000	15,600,000	20,800,000	20,800,000		20,200,000	15,200,000	20,300,000		11,800,000	16,700,000
provision for income taxes																																																															-53,639,000		-41,320,250	-66,768,000	-21,200,000		-46,019,000
diluted net income per ordinary share 4																									1,860,000	1,055,000	1,600,000	1,370,000	1,260,000	1,490,000	852,500	1,290,000	1,080,000	1,050,000
diluted 4																									423.6	106.85	425.9	427.6	428.9	430.3	108.025	432	432.4	432.3
net system sales 3																														1,954,900,000	1,104,700,000	1,818,900,000	1,384,100,000	1,215,800,000
net service and field option sales 3																														605,500,000	518,400,000	628,500,000	717,300,000	727,800,000
benefit from income taxes																																													-49,500,000		-22,300,000	-13,675,000	-15,400,000		-4,825,000	-7,500,000		-30,029,500	-120,118,000		-56,700,000	-85,700,000
28																																			4,571,118,000																		3,801,632,000
29																																														4,242,790,000				3,993,129,000			2,835,692,000
35																																			93,777,000
29, 31																																																					298,052,000
32																																			71,688,000																		16,585,000
26																																																					-35,562,000
27																																									4,237,183,000					-108,050,000				-62,469,000
34																																									83,200,000
28, 30
31																																									10,909,000
25
7																																									3,760												3,070
30																																														-3,358,907,000				-3,159,346,000
36																																														81,006,000				64,456,000
30, 32																																														-735,947,000				-563,965,000
33																																														14,526,000				9,187,000
diluted net income per ordinary share3																																																505,000	560,000
diluted3																																																110.275	439
gross profit on sales																																																						396,260,750	1,585,043,000		649,600,000	684,700,000									204,145,000		298,733,000
interest income																																																						-684,000	-2,736,000		1,900,000
diluted net income per ordinary share 1																																																						507.5	2,030
diluted 1																																																						104,410	417,640
income from operations before income taxes																																																									451,700,000	492,500,000
number of ordinary shares used in computing per share amounts
basic																																																									436.6	435.9					473,573		-97	460,739	484,532		483,787
diluted																																																									440.6	439.9					502,613		-32,004	521,362	487,253		542,348
cost of sales																																																										836,700,000					567,644,000		-1,503,984,914	567,519,000	343,724,000		464,532,000
interest expense																																																										-1,100,000									-1,783,000		-3,799,000
net service sales																																																															101,295,000		69,775,750	101,877,000	91,853,000
net sales																																																															960,243,000		-2,525,980,896	958,433,000	547,869,000		763,265,000
research and development costs, net of credits																																																															116,442,000		69,913,000	100,321,000
amortization of in process r&d																																																															23,148,000
selling, general and administrative expenses																																																															56,330,000		-152,527,201	51,442,000	47,285,000		54,924,000
total expenses																																																															195,920,000		108,096,000	151,763,000	129,541,000		137,100,000
financial income																																																															10,260,000
21																																																																3,229,065,000
19																																																																-246,234,000
financial expense																																																																	-1,657,250	-365,000
research and development credits																																																																			-5,831,000		-6,894,000
restructuring expenses

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-03-30	2024-12-31	2024-09-29	2024-06-30	2024-03-31	2023-12-31	2023-10-01	2023-07-02	2023-04-02	2022-12-31	2022-10-02	2022-07-03	2022-04-03	2021-12-31	2021-10-03	2021-04-04	2020-12-31	2020-09-27	2020-06-28	2020-03-28	2019-12-31	2019-09-29	2019-07-17	2019-04-17	2019-01-23	2018-12-31	2018-10-17	2018-07-18	2018-04-18	2018-01-17	2017-12-31	2017-10-18	2017-07-19	2017-04-19	2017-02-08	2017-01-18	2016-12-31	2016-10-19	2016-07-20	2016-04-20	2016-02-05	2016-01-20	2015-12-31	2015-10-14	2015-04-15	2015-01-21	2014-12-31	2014-10-15	2013-12-31	2013-10-16	2013-02-13	2012-12-31	2012-09-30	2011-12-31	2011-04-13	2011-01-19	2010-12-31	2009-12-31	2008-12-31	2007-04-18	2007-03-02	2006-12-31	2006-10-19	2006-01-19	2005-12-31	2005-07-14	2004-12-31	2003-12-31

assets
cash and cash equivalents	9,098,400,000	12,735,900,000	4,979,300,000	4,813,600,000	5,100,800,000	7,004,700,000	4,975,500,000	6,341,300,000	6,647,700,000	7,268,300,000	3,152,800,000	4,096,500,000	4,324,100,000	6,951,800,000	4,318,700,000	3,243,800,000	6,049,400,000	3,531,500,000		2,723,700,000	3,532,300,000	1,586,100,000		2,253,000,000	3,121,100,000		2,203,200,000	2,325,700,000	2,464,800,000	2,259,000,000		2,077,600,000	1,914,200,000	2,910,600,000		2,906,900,000		2,913,000,000	1,926,100,000	2,063,400,000		2,458,700,000		2,680,900,000	2,778,500,000	2,419,500,000		2,144,800,000		2,061,200,000					2,699,500,000	1,949,800,000				1,463,212,000			1,580,889,000	1,319,651,000		1,319,651,000
short-term investments	5,200,000	5,400,000	5,200,000	205,300,000	305,300,000	5,400,000	5,400,000	5,100,000	4,800,000	107,700,000	210,000,000	305,400,000	398,500,000	638,500,000	137,000,000	1,411,600,000	1,302,200,000	876,300,000		1,388,100,000	1,185,800,000	483,800,000		1,022,100,000	913,300,000		744,300,000	654,300,000	729,300,000	1,029,300,000		600,000,000	600,000,000	925,000,000		1,150,000,000		1,400,000,000	1,000,000,000	1,075,000,000		950,000,000			60,000,000	334,900,000		539,800,000		662,500,000			1,039,991,000
accounts receivable	4,597,500,000	4,477,500,000	5,160,600,000	4,475,800,000	3,585,500,000	4,334,100,000	3,910,500,000	3,963,600,000	3,454,700,000	5,323,800,000	5,840,200,000	5,376,700,000	3,494,600,000	3,028,000,000	3,383,300,000	2,239,200,000	1,310,300,000	2,458,800,000	1,770,000,000	1,767,400,000	1,786,800,000	2,100,700,000	1,637,700,000	1,589,300,000	1,498,200,000		1,679,100,000	1,138,900,000	1,603,400,000	1,772,300,000		1,664,200,000	1,224,600,000	864,800,000		700,200,000		858,400,000	732,400,000	753,200,000		803,700,000		1,089,400,000	1,270,600,000	1,052,500,000		961,200,000		626,200,000			326,804,000		1,018,800,000	1,123,500,000				648,608,000			674,522,000	483,898,000		483,898,000
finance receivables	381,700,000	82,600,000	640,700,000	977,000,000	1,441,200,000	1,379,200,000	1,348,200,000	1,650,800,000	1,349,200,000	1,356,700,000	1,399,400,000	1,233,100,000	1,267,600,000	1,185,600,000	1,185,900,000	2,218,600,000	1,710,500,000	1,855,400,000	444,000,000	748,700,000	564,500,000	584,900,000	406,300,000	534,600,000	611,100,000		921,100,000	599,700,000	228,700,000	59,100,000		138,200,000	413,600,000	346,900,000		447,400,000		663,500,000	524,000,000	446,500,000		280,500,000		453,700,000	184,000,000	196,100,000		255,900,000		426,300,000			221,627,000			12,600,000
current tax assets	143,200,000	283,600,000	324,400,000	684,800,000	649,300,000	1,001,200,000	854,300,000	595,800,000	253,600,000	33,400,000	305,600,000	658,000,000	811,000,000	42,000,000	289,500,000	809,700,000	67,300,000	265,600,000		529,000,000	178,700,000	339,600,000	320,900,000	373,300,000	79,700,000		193,400,000	292,800,000	312,500,000	61,600,000		73,600,000	32,600,000	137,000,000		11,600,000		143,500,000	178,000,000	96,000,000		19,100,000		42,800,000	94,300,000	43,900,000		76,700,000		26,800,000			36,599,000		1,000,000	12,700,000
contract assets	407,300,000	320,600,000	553,600,000	435,000,000	302,600,000	240,100,000	266,500,000	191,900,000	236,400,000	131,900,000	276,900,000	270,400,000	371,300,000	164,600,000	272,000,000	107,400,000	119,200,000	176,800,000	260,900,000	292,100,000	231,000,000	287,800,000	190,400,000	103,500,000	95,900,000		116,700,000	284,700,000	11,500,000
inventories	11,024,700,000	10,891,500,000	11,414,500,000	10,972,300,000	9,864,500,000	8,850,700,000	8,378,500,000	7,734,400,000	7,392,000,000	7,199,700,000	6,884,000,000	6,367,100,000	6,073,500,000	5,179,200,000	4,944,200,000	4,748,100,000	4,569,400,000	4,613,700,000	4,685,600,000	4,345,300,000	3,809,200,000	3,895,000,000	3,914,100,000	3,764,800,000	3,439,500,000		3,402,700,000	3,217,500,000	3,231,500,000	2,958,400,000		2,998,500,000	3,136,900,000	2,995,700,000		2,780,900,000		2,696,900,000	2,715,300,000	2,750,000,000		2,573,700,000		2,537,000,000	2,607,500,000	2,549,800,000		2,676,800,000		2,479,700,000			1,920,038,000		1,565,600,000	1,497,200,000				906,710,000			837,216,000	728,378,000		728,378,000
loans receivable	17,800,000	1,456,600,000
other assets	1,848,600,000	1,940,300,000	1,785,700,000	1,889,400,000	1,890,500,000	1,578,500,000	1,916,800,000	1,915,300,000	1,722,400,000	1,643,400,000	1,657,500,000	857,100,000	1,468,200,000	1,000,500,000	995,000,000	915,700,000	801,700,000	772,700,000	781,100,000	905,800,000	842,800,000	816,200,000	752,600,000	755,700,000	772,600,000		652,600,000	700,600,000	631,000,000	867,300,000		741,800,000	719,600,000	589,600,000		560,400,000		540,400,000	504,700,000	502,100,000		488,800,000		416,100,000	456,400,000	390,000,000		362,200,000		387,300,000			234,909,000		257,500,000	214,200,000				216,435,000			36,501,000	41,267,000		41,267,000
total current assets	27,524,400,000	30,737,400,000	24,864,000,000	24,453,200,000	23,139,700,000	24,393,900,000	21,655,700,000	22,398,200,000	21,060,800,000	23,064,900,000	19,726,400,000	19,444,200,000	18,208,800,000	18,190,200,000	15,678,300,000	15,859,600,000	15,930,000,000	14,550,800,000	13,295,000,000	12,700,100,000	12,131,100,000	10,094,100,000	9,771,800,000	10,396,300,000	10,531,400,000	10,531,400,000	9,913,100,000	9,214,200,000	9,212,700,000	9,007,000,000	9,007,000,000	8,293,900,000	8,041,500,000	8,769,600,000	8,483,110,000	8,557,400,000	8,557,429,000	9,215,700,000	7,580,500,000	7,686,200,000	7,513,239,000	7,707,600,000	7,707,701,000	7,347,500,000	7,625,100,000	7,146,200,000		7,161,600,000		6,828,600,000			9,009,772,000		5,667,700,000	4,944,500,000				3,329,022,000			3,356,431,000	2,755,695,000		2,755,695,000
deferred tax assets	1,861,000,000	1,940,700,000	1,939,000,000	1,872,400,000	1,875,200,000	1,872,300,000	1,827,400,000	1,679,100,000	1,667,400,000	1,672,800,000	1,599,600,000	1,637,600,000	1,141,900,000	1,098,700,000	986,000,000	700,800,000	671,500,000	610,700,000		482,300,000	445,300,000	309,200,000	445,100,000	280,700,000	236,300,000		109,500,000	97,500,000	90,700,000	31,700,000		25,500,000	30,100,000	34,500,000								133,100,000		127,600,000	173,800,000	159,500,000		144,200,000		158,600,000			111,021,000		125,300,000	134,500,000
equity method investments	938,900,000	903,000,000	1,083,400,000	1,002,300,000	951,500,000	919,600,000	1,094,300,000	1,040,400,000	969,600,000	923,600,000	998,700,000		940,000,000	892,500,000	963,200,000	842,500,000	820,700,000	918,000,000		865,100,000	833,000,000	969,000,000		933,600,000	915,800,000		985,200,000	979,500,000	970,500,000	982,200,000		1,007,900,000	1,002,100,000
goodwill	4,588,600,000	4,588,600,000	4,588,600,000	4,588,600,000	4,588,600,000	4,588,600,000	4,582,600,000	4,555,600,000	4,555,600,000	4,555,600,000	4,555,600,000	4,577,100,000	4,555,600,000	4,555,600,000	4,555,600,000	4,555,500,000	4,629,100,000	4,541,100,000	4,562,700,000	4,541,100,000	4,541,100,000	4,541,100,000	4,562,700,000	4,541,100,000	4,541,100,000		4,541,200,000	4,541,200,000	4,541,200,000	4,541,100,000		4,564,700,000	4,645,900,000	4,784,100,000		4,873,900,000		2,571,000,000	2,603,700,000	2,537,700,000		2,624,600,000		2,574,000,000	2,610,800,000	2,357,500,000		2,264,900,000		1,949,400,000			145,863,000		133,300,000	141,300,000
other intangible assets	591,600,000	621,300,000	652,900,000	686,400,000	711,100,000	741,700,000	756,600,000	789,200,000	813,700,000	842,400,000	870,100,000		923,400,000	952,100,000	963,800,000	1,014,200,000	1,049,000,000	1,035,400,000	2,592,300,000	1,082,500,000	1,104,400,000	1,122,800,000	2,569,400,000	1,158,500,000	1,104,000,000		1,108,700,000	1,130,200,000	1,146,500,000	1,166,000,000		1,191,100,000	1,230,400,000	1,279,500,000		1,323,000,000		694,000,000	713,500,000	706,000,000		738,200,000		739,500,000	773,800,000	723,800,000		712,700,000		745,400,000			7,153,000		12,300,000	13,700,000
property, plant and equipment	7,152,900,000	6,846,800,000	6,211,900,000	6,084,000,000	5,841,400,000	5,493,200,000	5,093,200,000	4,727,900,000	4,354,800,000	3,944,200,000	3,561,700,000	3,357,700,000	3,159,400,000	2,982,700,000	2,730,300,000	2,521,600,000	2,470,300,000	2,198,300,000	2,109,600,000	2,046,900,000	1,999,300,000	1,817,900,000	1,669,800,000	1,621,800,000	1,589,500,000		1,572,400,000	1,584,600,000	1,559,500,000	1,600,800,000		1,552,000,000	1,567,300,000	1,622,400,000		1,687,200,000		1,587,400,000	1,608,900,000	1,580,300,000		1,620,700,000		1,532,600,000	1,523,400,000	1,447,500,000		1,372,400,000		1,173,200,000			1,036,907,000		848,700,000	745,300,000				288,522,000			281,454,000	310,316,000		310,316,000
right-of-use assets	365,400,000	387,200,000	393,700,000	358,000,000	343,300,000	306,600,000	300,400,000	305,700,000	290,200,000	192,700,000		188,400,000							353,900,000				210,800,000	148,100,000	137,600,000		129,500,000	127,400,000	124,000,000
total non-current assets	17,954,400,000	17,852,200,000	16,902,100,000	16,287,800,000	15,902,900,000	15,563,600,000	15,857,800,000	14,530,300,000	14,086,800,000	13,235,500,000	13,077,100,000	14,707,800,000	12,023,000,000	12,040,800,000	11,619,700,000	11,359,100,000	11,337,400,000	10,912,600,000	12,555,400,000	10,577,500,000	10,498,500,000	10,605,100,000	11,707,300,000	9,964,300,000	9,605,500,000	9,605,500,000	9,544,500,000	9,524,600,000	9,431,500,000	9,189,400,000	9,189,400,000	9,202,500,000	9,230,600,000	8,555,200,000	10,233,743,000	8,648,500,000	8,648,532,000	5,586,500,000	5,723,000,000	5,457,400,000	7,001,541,000	5,587,400,000	5,587,330,000	5,358,100,000	5,466,000,000	5,057,700,000		4,935,000,000		4,238,600,000			1,577,941,000		1,289,000,000	1,235,900,000
total assets	45,478,800,000	48,589,600,000	41,766,100,000	40,741,000,000	39,042,600,000	39,957,500,000	37,513,500,000	36,928,500,000	35,147,600,000	36,300,400,000	32,803,500,000	34,152,000,000	30,231,800,000	30,231,000,000	27,298,000,000	27,218,700,000	27,267,400,000	25,463,400,000	25,850,400,000	23,277,600,000	22,629,600,000	20,699,200,000	21,479,100,000	20,360,600,000	20,136,900,000	20,136,900,000	19,457,600,000	18,738,800,000	18,644,200,000	18,196,400,000	18,196,400,000	17,496,400,000	17,272,100,000	17,324,800,000	18,716,853,000	17,205,900,000	17,205,961,000	14,802,200,000	13,303,500,000	13,143,600,000	14,514,780,000	13,295,000,000	13,295,031,000	12,705,600,000	13,091,100,000	12,203,900,000		12,096,600,000		11,067,200,000			10,587,713,000		6,956,700,000	6,180,400,000				4,028,539,000			3,854,499,000	3,347,868,000		3,347,868,000
liabilities and shareholders’ equity
current liabilities	18,123,900,000	20,051,400,000	16,025,800,000	16,132,300,000	15,048,700,000	16,274,800,000	16,309,500,000	16,754,300,000	16,948,100,000	17,983,600,000	15,668,600,000		13,612,800,000	12,298,000,000	9,114,700,000	6,829,100,000																																							2,441,700,000	2,155,800,000				1,221,305,000			1,518,615,000	765,668,000		765,668,000
total current liabilities	18,123,900,000	20,051,400,000	16,025,800,000	16,132,300,000	15,048,700,000	16,274,800,000	16,309,500,000	16,754,300,000	16,948,100,000	17,983,600,000	15,668,600,000	14,634,200,000	13,612,800,000	12,298,000,000	9,162,600,000	6,876,300,000	6,603,500,000	4,990,900,000	4,630,500,000	4,677,400,000	4,694,100,000	3,712,500,000	3,692,500,000	3,721,200,000	3,791,900,000	3,791,900,000	3,546,100,000	3,380,800,000	3,132,200,000	3,341,900,000	3,341,900,000	2,974,200,000	3,125,000,000	2,875,400,000	3,280,596,000		3,280,596,000			3,246,800,000	3,104,793,000	3,107,200,000	3,107,172,000	2,711,300,000	3,194,300,000	2,888,800,000		2,926,000,000		2,758,300,000			2,301,832,000
long-term debt	3,681,000,000	3,677,300,000	4,692,200,000	4,608,200,000	4,612,000,000	4,631,500,000	4,522,300,000	4,517,800,000	3,536,000,000	3,514,200,000	3,503,100,000	4,385,300,000	3,951,700,000	4,075,000,000	4,105,800,000	4,634,200,000	4,662,800,000	4,626,700,000	4,625,000,000	3,868,200,000	3,108,300,000	3,170,000,000	3,132,400,000	3,082,500,000	3,026,500,000		2,985,900,000	3,007,700,000	2,978,600,000	3,000,100,000		2,996,700,000	2,995,500,000	3,040,300,000		3,071,800,000		2,390,600,000	901,900,000	1,144,300,000		1,125,500,000		1,125,300,000	1,155,500,000	1,149,900,000		1,137,400,000		1,079,600,000			747,346,000		695,600,000	710,100,000
deferred and other tax liabilities	335,900,000	299,200,000	346,900,000	351,900,000	400,400,000	372,200,000	380,400,000	372,800,000	293,000,000	267,000,000	283,000,000		262,200,000	240,600,000	282,600,000	245,200,000	238,300,000	209,100,000		262,700,000	234,400,000	203,600,000	377,300,000	218,600,000	251,200,000		363,100,000	390,900,000	354,700,000	327,900,000		320,000,000	337,900,000	410,100,000						138,000,000		256,700,000		259,200,000	269,300,000	237,300,000		304,700,000		363,700,000			223,000		177,300,000	155,700,000
contract liabilities	5,400,600,000	5,625,400,000	4,103,900,000	4,463,000,000	4,744,700,000	4,825,500,000	3,826,000,000	4,205,300,000	4,147,400,000	5,269,900,000	4,918,600,000	4,630,600,000	3,292,200,000	3,225,700,000	2,001,700,000	1,583,200,000	1,639,900,000	1,652,800,000	1,918,100,000	1,702,600,000	1,759,600,000	1,276,500,000	1,280,200,000	1,190,000,000	1,224,600,000		1,140,700,000	854,800,000	819,400,000
accrued and other liabilities	436,700,000	459,500,000	445,700,000	474,400,000	442,700,000	401,200,000	480,400,000	473,400,000	436,800,000	454,900,000	475,100,000	262,800,000	302,500,000	251,100,000	242,900,000	250,900,000	257,500,000	241,400,000	240,600,000	241,500,000	241,000,000	265,500,000	183,900,000	153,300,000	172,400,000		239,700,000	258,900,000	275,300,000	829,100,000		837,500,000	760,600,000	735,500,000		615,700,000		387,600,000	323,300,000	311,100,000		414,400,000		462,100,000	391,500,000	411,700,000		400,400,000		256,300,000			1,892,703,000		579,600,000
total non-current liabilities	9,854,200,000	10,061,400,000	9,588,700,000	9,897,500,000	10,199,800,000	10,230,400,000	9,209,100,000	9,569,300,000	8,413,200,000	9,506,000,000	9,179,800,000	9,861,100,000	7,808,600,000	7,792,400,000	6,633,000,000	6,713,500,000	6,798,500,000	6,730,000,000	7,111,500,000	6,075,000,000	5,343,300,000	4,915,600,000	4,973,800,000	4,673,700,000	4,704,000,000	4,704,000,000	4,757,500,000	4,535,800,000	4,450,300,000	4,178,300,000	4,178,300,000	4,175,400,000	4,114,500,000	4,206,400,000	4,407,514,000	4,104,900,000	4,104,884,000	3,016,800,000	1,434,200,000	1,593,400,000	1,918,836,000	1,799,000,000	1,799,028,000	1,849,400,000	1,820,000,000	1,802,500,000		1,846,500,000		1,705,800,000			1,380,162,000		1,463,100,000	1,250,700,000
total liabilities	27,978,100,000	30,112,800,000	25,614,500,000	26,029,800,000	25,248,500,000	26,505,200,000	25,518,600,000	26,323,600,000	25,361,300,000	27,489,600,000	24,848,400,000		21,421,400,000	20,090,400,000	15,795,600,000	13,589,800,000	13,402,000,000	11,720,900,000		10,752,400,000	10,037,400,000	8,628,100,000		8,394,900,000	8,495,900,000	8,495,900,000	8,303,600,000	7,916,600,000	7,582,500,000	7,520,200,000	7,520,200,000	7,149,600,000	7,239,500,000	7,081,800,000		7,385,500,000	7,385,480,000	6,289,000,000	5,154,300,000	4,840,200,000		4,906,200,000	4,906,200,000	4,560,700,000	5,014,300,000	4,691,300,000		4,772,500,000		4,464,100,000			3,681,994,000		3,904,800,000	3,406,500,000
total shareholders’ equity	17,500,700,000	18,476,800,000	16,151,600,000	14,711,200,000	13,794,100,000	13,452,300,000	11,994,900,000	10,604,900,000	9,786,300,000	8,810,800,000	7,955,100,000		8,810,400,000	10,140,600,000	11,502,400,000	13,628,900,000	13,865,400,000	13,742,500,000		12,525,200,000	12,592,200,000	12,071,100,000		11,965,700,000	11,641,000,000		11,154,000,000	10,822,200,000	11,061,700,000	10,676,200,000		10,346,800,000	10,032,600,000	10,243,000,000		9,820,400,000		8,513,200,000	8,149,200,000	8,303,400,000		8,388,800,000		8,144,900,000	8,076,800,000	7,512,600,000		7,324,100,000		6,603,100,000
total liabilities and shareholders’ equity	45,478,800,000	48,589,600,000	41,766,100,000	40,741,000,000	39,042,600,000	39,957,500,000	37,513,500,000	36,928,500,000	35,147,600,000	36,300,400,000	32,803,500,000		30,231,800,000	30,231,000,000	27,298,000,000	27,218,700,000	27,267,400,000	25,463,400,000		23,277,600,000	22,629,600,000	20,699,200,000		20,360,600,000	20,136,900,000	20,136,900,000	19,457,600,000	18,738,800,000	18,644,200,000	18,196,400,000	18,196,400,000	17,496,400,000	17,272,100,000	17,324,800,000		17,205,900,000	17,205,961,000	14,802,200,000	13,303,500,000	13,143,600,000		13,295,000,000	13,295,031,000	12,705,600,000	13,091,100,000	12,203,900,000		12,096,600,000		11,067,200,000			10,587,713,000		6,956,700,000	6,180,400,000				4,028,539,000				3,347,868,000	3,756,023,000
loan receivable			928,600,000	929,300,000	929,500,000	929,200,000	920,700,000	364,400,000	364,400,000	364,400,000	364,400,000
right-of-use assets - operating											203,800,000		172,500,000	159,500,000	155,000,000	179,700,000	180,100,000	180,100,000		197,100,000	205,400,000	227,200,000
right-of-use assets - finance											3,100,000		4,500,000	5,300,000	5,900,000	164,800,000	164,800,000	117,900,000		119,400,000	118,500,000	78,500,000
derivative financial instruments												20,200,000
investments in associates												961,400,000							891,600,000				949,900,000
intangible assets												3,108,300,000																																																194,560,000			19,705,000	29,772,000		29,772,000
equity and liabilities
shareholders’ equity												9,656,700,000							14,108,400,000																																				3,051,900,000	2,773,900,000				2,156,472,000				1,482,661,000
deferred and other income tax liabilities												486,500,000
accounts payable												2,162,500,000							1,848,900,000				1,295,000,000			964,000,000					837,300,000				593,197,000		593,197,000				418,894,000		418,894,000										392,851,000
current tax liabilities												35,000,000											116,700,000																														11,169,000
current portion of long-term debt												25,600,000							2,900,000																																		2,563,000
total equity and liabilities												34,152,000,000							25,850,400,000				21,479,100,000												18,716,853,000						14,514,780,000
held for sale assets															152,700,000	165,500,000
held for sale liabilities															47,900,000	47,200,000
notes
6																			671,500,000							1,498,200,000					1,772,300,000						700,206,000						803,696,000				1,052,504,000		878,321,000			265,167,000		78,853,000			12,648,000	21,553,000	463,273,000						777,200,000		717,688,000	595,017,000
9																			148,700,000							772,600,000					867,300,000				1,687,237,000		560,471,000				2,647,809,000		488,824,000				390,091,000		336,421,000		158,067,000	149,168,000		146,044,000			141,286,000	131,462,000	236,077,000		808,481,000				278,581,000		303,691,000	347,883,000
4, 9																			3,499,100,000
4																							140,700,000																													1,767,596,000		2,731,782,000			1,949,834,000	1,037,074,000
4, 5																							673,500,000
equity																							12,812,800,000
provisions																								29,300,000	29,300,000		28,100,000	23,500,000	22,300,000	21,200,000		21,200,000	20,500,000	20,500,000	20,524,000	20,500,000	1,785,000	16,500,000	12,600,000		2,445,000	2,400,000	2,441,000	2,800,000	3,700,000	3,600,000		4,000,000		6,200,000			2,323,000		10,600,000	11,800,000
5																										3,121,100,000					2,259,000,000						2,906,868,000						2,458,717,000				2,419,487,000		2,330,694,000			605,288,000		880,627,000			1,123,534,000	377,439,000	1,109,184,000						302,572,000		503,153,000	314,495,000
7																										611,100,000					59,100,000						447,384,000						280,523,000				196,087,000		250,472,000			1,856,970,000		1,624,627,000			1,497,180,000	963,382,000	6,225,000		1,655,857,000				125,802,000		175,792,000	157,912,000
21																										79,700,000															412,491,000										7,974,000																1,391,602,000	1,141,207,000
23																										95,900,000
8																										3,439,500,000					2,958,400,000						2,780,878,000				1,620,678,000		2,573,730,000				2,549,837,000		2,393,022,000		1,029,923,000	246,005,000		238,095,000			214,162,000	218,746,000	999,150,000		672,762,000						31,818,000	14,590,000
10																										915,800,000					982,200,000				4,898,344,000		4,873,894,000				2,018,514,000		2,624,552,000				2,357,536,000		2,088,589,000		460,928,000	9,943,000		8,366,000			13,651,000	18,128,000	131,453,000		147,683,000
11																										4,541,100,000					4,541,100,000				2,882,292,000		1,322,924,000						738,170,000				723,839,000		697,634,000		38,621,000	1,029,923,000		1,053,610,000			745,331,000	618,706,000	26,692,000		139,913,000				380,238,000		802,810,000	842,543,000
12																										1,104,000,000					1,166,000,000						1,687,237,000				81,777,000		1,620,678,000				1,447,523,000		1,217,840,000			1,880,370,000		1,768,647,000			1,518,749,000	817,361,000	540,640,000		270,890,000
13, 22																										1,589,500,000
14																										137,600,000					2,327,400,000				377,475,000		247,672,000				2,573,730,000		4,211,000				2,354,000		2,227,000		206,900,000	3,610,000		2,587,000			710,060,000	663,102,000	4,678,000		333,220,000
15																										911,400,000					25,200,000				2,780,878,000						124,036,000						4,261,000		4,385,000		1,856,970,000								647,050,000						95,636,000
16																																			117,232,000						803,696,000										605,288,000																54,554,000	49,590,000
ordinary shares; eur 0.09 nominal value;
issued and outstanding shares																										38,600,000					38,800,000						39,391,000						38,786,000
share premium																										3,741,300,000					3,732,500,000						3,693,587,000						3,070,332,000										3,493,456,000
treasury shares at cost																																																					-332,467,000
retained earnings																										9,197,900,000					7,211,300,000						6,282,504,000						5,284,315,000										2,783,807,000
accumulated other comprehensive income																										285,000,000					251,500,000						601,172,000						472,320,000										67,922,000
28																										11,641,000,000
20																															61,600,000				3,071,793,000												159,460,000		32,333,000																1,711,837,000
13, 21																															1,600,800,000
26																															10,676,200,000				181,647,000												7,512,590,000		6,922,427,000		188,638,000	4,066,893,000		3,444,154,000
13																																			89,516,000		2,236,012,000				369,105,000		2,675,593,000				2,347,799,000		2,216,882,000		101,651,000	2,280,000		2,326,000			2,250,000	2,504,000	789,788,000									10,850,000
17																																			700,206,000						950,000,000										930,005,000										8,271,000
18																																			1,150,000,000						9,491,151,000																12,678,000	11,286,000
19																																			11,028,743,000		11,622,000				1,125,474,000		19,080,000								752,892,000	57,116,000		32,105,000					87,560,000		315,180,000
22																																			577,667,000																401,109,000
deferred tax assets 5
total current liabilities 5																																				3,280,600,000		3,272,200,000	3,720,100,000
deferred and other tax liabilities 5																																				396,900,000		222,100,000	196,400,000
16, 18
cumulative preference shares; eur 0.09 nominal value;
ordinary shares b; eur 0.01 nominal value;
25																																					9,820,481,000				139,622,000		8,388,831,000														2,773,908,000	1,774,768,000
17, 19
18, 35																																																			4,498,202,000
cash and cash equivalents 1																																																					5,118,783,000
ordinary shares																																																					44,427,000
earnings current year																																																					848,574,000
total shareholders’ equity 1																																																					6,905,719,000
authorized ordinary shares																																																					700,000,000
issued and outstanding ordinary shares																																																					485,046,000
accrued liabilities and other liabilities																																																								373,100,000
15, 17
24																																																											1,988,769,000
1
2																																																																			2,695,000	5,007,000
other current assets																																																												310,492,000			263,804,000	223,768,000		223,768,000
convertible subordinated bonds																																																												380,000,000			380,000,000	825,041,000		825,041,000
long term debt and deferred liabilities																																																												270,762,000			214,392,000	274,498,000		274,498,000
13, 14																																																													667,198,000
14, 17																																																													1,433,000
net income																																																														624,689,000
foreign currency translation, net of taxes																																																														-20,104,000
gain on derivative instruments																																																														11,240,000
comprehensive income																																																														615,825,000
13, 15
deferred tax asset																																																															160,408,000	210,818,000		210,818,000
liabilities and shareholders' equity
shareholders' equity																																																															1,741,492,000			1,482,661,000
total liabilities and shareholders' equity																																																															3,854,499,000			3,347,868,000
3,10																																																																	985,621,000		453,831,000	442,383,000
12,13																																																																	17,426,000		20,973,000
12,14

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-03-30	2024-12-31	2024-09-29	2024-06-30	2024-03-31	2023-12-31	2023-10-01	2023-07-02	2023-04-02	2022-12-31	2022-04-03	2021-12-31	2021-04-04	2020-12-31	2020-03-28	2019-12-31	2019-07-17	2012-12-31

cash flows from operating activities
net income	2,355,000,000	616,900,000	498,600,000	354,100,000	1,223,800,000	154,700,000	-48,300,000	-14,100,000	1,955,800,000	115,000,000	695,300,000	33,200,000	1,331,400,000	289,100,000	390,600,000	507,300,000	810,400,000
adjustments to reconcile net income to net cash flows from operating activities:
depreciation and amortization	241,300,000	5,300,000	8,200,000	13,100,000	214,400,000	35,900,000	-5,000,000	10,900,000	170,300,000	45,300,000	131,000,000	8,000,000	117,900,000	3,400,000	118,300,000	10,500,000
impairment and loss on disposal	2,100,000	4,300,000	-6,900,000	9,500,000	4,200,000	-10,400,000	16,500,000	700,000	3,200,000	500,000	12,100,000	57,300,000
share-based compensation expense	40,000,000	-300,000	6,800,000	26,700,000	19,800,000	100,000	8,100,000	15,100,000	18,300,000	-1,500,000	11,500,000	-500,000	21,000,000	-16,300,000	14,900,000
inventory reserves	59,600,000	12,900,000	44,100,000	-10,800,000	121,500,000	108,400,000	11,700,000	8,900,000	81,700,000	-10,500,000	50,200,000	-3,500,000
deferred tax expense	79,100,000	86,300,000	-115,400,000	3,500,000	-2,700,000	90,000,000	-180,400,000	28,800,000	12,700,000	251,800,000	-39,700,000	163,900,000
equity method investments	-34,900,000	250,900,000	-30,400,000	-16,700,000	-33,900,000	229,500,000	17,100,000	-24,100,000	-46,800,000	157,600,000	-47,500,000	188,700,000	-21,500,000	121,900,000
changes in assets and liabilities	-2,800,800,000	7,618,600,000	-378,500,000	795,900,000	-1,799,000,000	1,460,700,000	923,700,000	-375,100,000	-1,461,600,000	3,622,800,000	-1,399,000,000	4,382,000,000	-2,395,300,000	3,990,000,000
net cash from operating activities	-58,600,000	8,594,900,000	26,500,000	1,175,300,000	-251,900,000	2,068,900,000	743,400,000	-348,900,000	733,600,000	4,181,000,000	-586,100,000	4,615,400,000	-941,700,000	4,479,300,000		3,518,900,000
capital expenditures	-415,000,000	-289,100,000	116,100,000	-113,700,000	-417,300,000	-82,200,000	36,000,000	-5,800,000	-532,000,000	-97,000,000	-240,100,000	-76,200,000	-189,400,000	-80,400,000		0
free cash flows	-473,600,000	8,305,800,000	142,600,000	1,061,600,000	-669,200,000	1,986,700,000	779,400,000	-354,700,000	201,600,000	4,084,000,000	-826,200,000	4,539,200,000	-1,131,100,000	4,398,900,000		3,518,900,000
cash flows from investing activities
purchase of property, plant and equipment	-415,000,000	-289,100,000	116,100,000	-113,700,000	-417,300,000	-82,200,000	36,000,000	-5,800,000	-532,000,000	-97,000,000	-240,100,000	-76,200,000	-189,400,000	-80,400,000
purchase of intangible assets	-1,500,000	-600,000	6,100,000	-500,000	-6,500,000	-10,000,000	-1,700,000	800,000	-7,400,000	-4,600,000	-11,500,000	-9,500,000	-7,900,000	-3,100,000
purchase of short-term investments		2,900,000	-3,300,000	299,500,000	-300,000,000	2,900,000	-3,400,000	17,700,000	-18,200,000	99,900,000	-19,600,000	-454,200,000	-608,500,000	-477,100,000
loans issued and other investments	800,000	-528,100,000	400,000	100,000	200,000	544,500,000
net cash from investing activities	-415,700,000	-1,017,900,000	222,800,000	285,800,000	-723,600,000	474,100,000	-546,100,000	-108,400,000	-436,500,000	144,900,000	-11,700,000	-196,500,000	-306,700,000	-789,500,000
cash flows from financing activities
dividend paid	-597,200,000	-2,000,000	92,500,000	-117,300,000	-571,000,000	-400,000	95,700,000	-125,000,000	-541,100,000	2,400,000
purchase of treasury shares	-2,592,600,000			270,200,000	-385,100,000		381,500,000	-96,400,000	-396,200,000	752,900,000	-2,038,200,000	-205,600,000
net proceeds from issuance of shares	38,000,000	500,000	300,000	1,900,000	29,300,000	200,000	600,000	2,400,000	22,700,000	-1,000,000	21,500,000	-300,000	11,000,000	-2,500,000	8,600,000	-200,000	12,600,000
repayment of debt and finance lease obligations	400,000	-23,400,000	-400,000	300,000	-600,000	750,200,000	-749,700,000	800,000	-1,500,000	400,000	-13,500,000	0	-3,600,000	200,000
net cash from financing activities	-3,151,400,000	-2,400,000	207,300,000	155,100,000	-927,400,000	861,100,000	-1,269,700,000	779,600,000	-916,100,000	754,700,000	-2,030,200,000	-935,100,000	-1,560,200,000	-1,203,900,000	240,000,000
net cash flows	-3,625,700,000	7,574,600,000	456,600,000	1,616,200,000	-1,902,900,000	3,404,100,000	-1,072,400,000	322,300,000	-619,000,000	5,080,600,000	-2,628,000,000	3,483,800,000	-2,808,600,000	2,485,900,000
effect of changes in exchange rates on cash	-11,800,000	16,300,000	-3,700,000	500,000	-1,000,000	-9,100,000	13,000,000	-8,100,000	-1,600,000	-21,400,000	300,000	17,200,000	3,000,000	-400,000	1,500,000	-4,000,000
net increase in cash and cash equivalents	-3,637,500,000	7,590,900,000	452,900,000	1,616,700,000	-1,903,900,000	3,395,000,000	-1,059,400,000	314,200,000	-620,600,000	5,059,200,000	-2,627,700,000	3,501,000,000	-2,805,600,000	2,485,500,000
cash and cash equivalents at beginning of the period	12,735,900,000	165,700,000	-287,200,000	-1,903,900,000	7,004,700,000	-1,365,800,000	-306,400,000	-620,600,000	7,268,300,000	-943,700,000	6,951,800,000	-867,900,000	6,049,400,000	32,400,000	3,532,300,000	-75,000,000
cash and cash equivalents at end of the period	9,098,400,000	7,756,600,000	165,700,000	-287,200,000	5,100,800,000	2,029,200,000	-1,365,800,000	-306,400,000	6,647,700,000	4,115,500,000	4,324,100,000	2,633,100,000	3,243,800,000	2,517,900,000	2,723,700,000	1,946,200,000
maturity of short-term investments		-203,000,000	103,500,000			-2,700,000			121,100,000	-93,400,000	259,500,000	-97,000,000	499,100,000	-13,900,000	108,200,000	-89,700,000
acquisition of subsidiaries						21,600,000
net proceeds from issuance of notes, net of issuance costs															739,800,000
gain on sale of subsidiaries
proceeds from sale of subsidiaries
impairment															2,700,000		2,700,000
loss on disposal of property, plant and equipment													6,200,000	0	1,000,000	500,000
allowance for obsolete inventory													34,400,000	41,300,000	39,300,000	8,100,000	121,200,000
deferred income taxes													-35,800,000	49,900,000
loans issued and other investing														7,800,000
purchase of shares													-1,567,600,000
repayment on loans															300,000
repayment of debt
share-based payments																11,200,000	28,300,000
cash from derivative financial instruments
notes
depreciation and amortization 1																	401,400,000
loss on disposal of property, plant and equipment 2																	2,000,000
investments in associates 3
changes in assets and liabilities:
accounts receivable
finance receivables
inventories 2,4
other assets
accrued and other liabilities
accounts payable																	314,700,000
9
contract assets and liabilities
purchase of property, plant and equipment 4
4																	528,700,000
12
cash and cash equivalents at beginning of the year																	3,121,100,000
supplemental disclosures of cash flow information:
interest received																	3,900,000
interest paid
9, 12, 13, 16
11, 12, 13
13
19, 24
6
8
21
10
7
15
23
5
cash from (used for) derivative financial instruments
2
28
28, 29
16
19, 21
income taxes paid
9, 12, 13, 15
18, 22
20
14
26
26, 27
18, 20
9, 11, 14, 20
9, 10, 11
23, 29, 30
17
22
11
18
19
23, 30
net proceeds from issuance of notes
interest and other paid
9, 11, 12, 14
10, 11, 12
17, 21
25
25, 26
17, 19
8, 10, 13, 19
8, 9, 10
22, 28, 29
22, 29
11, 12
13, 14
8,10
23,30
21,22
4,17
10, 11
12, 13
27
allowance for doubtful receivables
purchase of available for sale securities
maturity of available for sale securities
deposits from customers
tax benefit from share-based payments
effect of changes in currency rates on cash
cash and cash equivalents at the beginning of the nine month period
cash and cash equivalents at the end of the nine month period
17,21
17,19
16, 20
16, 18
loss on disposals of property, plant and equipment
allowance for doubtful debts
inventories
current income taxes
other liabilities
purchases of property, plant and equipment
proceeds from sale of property, plant and equipment
purchases of intangible assets
acquisition of subsidiary
capital repayment
purchase of shares in conjunction with conversion rights of bondholders and share-based payments
net proceeds from issuance of shares and stock options
net proceeds from issuance of bond
net proceeds from other long-term debt
tax benefits from stock options
net decrease in cash and cash equivalents
cash and cash equivalents at end of the year
taxes paid
supplemental non-cash investing and financing activities:
conversion of bonds into 26,232,275, 0 and 0 ordinary shares respectively in 2007, 2008 and 2009
loss on disposals of property, plant and equipment3
share-based payments3
changes in assets and liabilities that provided (used) cash:
income taxes payable
proceeds from sale of property, plant and equipment3
purchase of shares in conjunction with conversion rights of bondholders and stock options
net proceeds from issuance of shares and stock options3
redemption and/or repayment of debt
excess tax benefits from stock options
cash paid for:
interest
taxes
conversion of bonds into 30,811,215, 26,232,275 and 0 ordinary shares respectively in 2006, 2007 and 2008
impairment charges
accrued liabilities
net cash from operating activities from continuing operations
net cash from operating activities from discontinued operations
net cash from operating activities from total operations
net cash from investing activities from operations
purchase of shares in conjunction with conversion rights of bond holders and stock options
net cash from financing activities from operations
conversion of bonds into 0, 30,811,215 and 26,232,275 ordinary shares respectively in 2005, 2006 and 2007
adjustments to reconcile net income to net cash from operating activities:
share-based payment expenses
convertible financial expenses
net cash from investing activities from total operations
purchase of shares in conjunction with conversion rights of bond holders
net cash from financing activities from total operations
conversion of bonds into 0 and 30,811,215 ordinary shares in 2005 and 2006, respectively
net income from continued operations
net cash from investing activities from continuing operations
net cash from investing activities from discontinued operations
proceeds from issuance of convertible subordinated notes
payment of underwriting commission
net cash from financing activities from continuing operations
net cash from financing activities from discontinued operations
year ended december 31
conversion of bonds into 536, 0 and 0 ordinary shares respectively in 2003, 2004 and 2005
net cash flow (used) provided by discontinued operations
conversion of bonds into 13,634,782, 536 and 0 ordinary shares respectively in 2002, 2003 and 2004
investments in financial fixed assets
minority interest
net cash used by svg for the quarter ended december 31, 20001
conversion of bonds into 13,634,782 and 536 ordinary shares respectively in 2002 and 2003

ASML Holding(NASDAQ:ASML)

ASML Holding
(NASDAQ:ASML)