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ASML · Annual Report 2025 · page 286
Original ASML Annual Report 2025 page 286, showing reported system sales by technology for 2023–2025
ASML · reported system sales · linked cell evidence
ASML analyst answer table with its EXE sales figure linked to the filed source evidence panel
ASML · FY2025 product revenue
ASML FY2025 net system sales by technology product, donut chart
ASML · historical actuals and model forecasts
A
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ASML Holding N.V. (ASML.AS) · Base case · EUR millions unless stated
Historical FY2021A–FY2025A uses admitted issuer statements. Forecast FY2026E–FY2030E references Assumptions (Base column).
Income statement
Line item
FY2021A
FY2022A
FY2023A
FY2024A
FY2025A
FY2026E
FY2027E
FY2028E
FY2029E
FY2030E
6
Net system sales
13,652.8
15,430.3
21,938.6
21,768.7
24,474.3
34,179.0
45,083.8
55,450.3
63,461.8
66,783.0
7
Net service and field option sales
4,958.2
5,743.1
5,619.9
6,494.2
8,193.0
9,340.0
10,647.6
12,138.3
13,837.7
15,774.9
8
Total net sales
18,611.0
21,173.4
27,558.5
28,262.9
32,667.3
43,519.0
55,731.4
67,588.6
77,299.5
82,557.9
9
Revenue growth
13.8%
30.2%
2.6%
15.6%
33.2%
28.1%
21.3%
14.4%
6.8%
10
Cost of system sales
(6,482.9)
(7,582.3)
(10,151.0)
(10,406.9)
(11,384.0)
(14,228.1)
(18,046.4)
(21,158.0)
(17,518.1)
(14,537.1)
11
Cost of service and field option sales
(2,319.1)
(2,891.0)
(3,271.4)
(3,364.0)
(4,025.3)
(4,585.9)
(5,228.0)
(5,959.9)
(6,794.3)
(7,745.5)
12
Total cost of sales
(8,802.0)
(10,473.3)
(13,422.4)
(13,770.9)
(15,409.3)
(18,814.1)
(23,274.4)
(27,117.9)
(24,312.4)
(22,282.6)
13
Gross profit
9,809.0
10,700.1
14,136.1
14,492.0
17,258.0
24,704.9
32,457.1
40,470.8
52,987.1
60,275.3
14
Gross margin
52.7%
50.5%
51.3%
51.3%
52.8%
56.8%
58.2%
59.9%
68.5%
73.0%
15
Research and development (R&D) costs
(2,547.0)
(3,253.5)
(3,980.6)
(4,303.7)
(4,698.8)
(5,439.9)
(6,966.4)
(8,448.6)
(9,662.4)
(10,319.7)
16
R&D as % of sales
13.7%
15.4%
14.4%
15.2%
14.4%
12.5%
12.5%
12.5%
12.5%
12.5%
17
Selling, general and administrative (SG&A) costs
(725.6)
(945.9)
(1,113.2)
(1,165.7)
(1,257.8)
(1,610.2)
(2,062.1)
(2,500.8)
(2,860.1)
(3,054.6)
18
SG&A as % of sales
3.9%
4.5%
4.0%
4.1%
3.9%
3.7%
3.7%
3.7%
3.7%
3.7%
19
Other income
213.7
-
-
-
-
-
-
-
-
-
20
Income from operations
6,750.1
6,500.7
9,042.3
9,022.6
11,301.4
17,654.8
23,428.6
29,521.4
40,464.6
46,901.0
21
Operating margin
36.3%
30.7%
32.8%
31.9%
34.6%
40.6%
42.0%
43.7%
52.3%
56.8%
22
Depreciation and amortization
471.0
583.6
739.8
918.6
1,025.9
1,364.9
1,788.9
2,276.3
2,787.7
3,262.6
23
EBITDA
7,221.1
7,084.3
9,782.1
9,941.2
12,327.3
19,019.8
25,217.5
31,797.7
43,252.3
50,163.5
24
EBITDA margin
38.8%
33.5%
35.5%
35.2%
37.7%
43.7%
45.2%
47.0%
56.0%
60.8%
25
Interest and other, net
(44.6)
(44.6)
41.2
19.8
104.7
108.8
139.3
169.0
193.2
206.4
26
Income before income taxes
6,705.5
6,456.1
9,083.5
9,042.4
11,406.1
17,763.6
23,567.9
29,690.4
40,657.8
47,107.3
27
Income tax expense
(1,021.4)
(969.9)
(1,435.8)
(1,680.6)
(2,013.4)
(3,318.6)
(4,357.7)
(5,445.0)
(7,293.6)
(8,376.7)
28
Effective tax rate
15.2%
15.0%
15.8%
18.6%
17.7%
18.7%
18.5%
18.3%
17.9%
17.8%
29
Income after income taxes
5,684.1
5,486.2
7,647.7
7,361.8
9,392.7
14,445.1
19,210.2
24,245.4
33,364.3
38,730.6
30
Profit from equity method investments
199.1
138.0
191.3
209.8
216.7
282.9
362.3
439.3
502.4
536.6
31
Net income
5,893.2
5,624.2
7,839.0
7,571.6
9,609.4
14,728.0
19,572.5
24,684.7
33,866.7
39,267.2

Historical sample workbook · forecasts are model outputs, not reported actuals.

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Start with the source.

Financial research grounded in what a company actually reported.

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Original ASML Annual Report 2025 page 286, showing reported system sales by technology for 2023–2025

Follow the evidence.

Read the answer alongside the disclosure behind it. Move from a conclusion to its evidence without losing the thread.

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ASML analyst answer table with its EXE sales figure linked to the filed source evidence panel

Make the numbers speak.

Look through the headline to the product mix, operating drivers and changes that shape an investment view.

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ASML FY2025 net system sales by technology product, donut chart

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History, assumptions and forecasts in a workbook you can interrogate. Research that carries through to the model.

Explore the platform
A
B
C
D
E
F
G
H
I
J
K
ASML Holding N.V. (ASML.AS) · Base case · EUR millions unless stated
Historical FY2021A–FY2025A uses admitted issuer statements. Forecast FY2026E–FY2030E references Assumptions (Base column).
Income statement
Line item
FY2021A
FY2022A
FY2023A
FY2024A
FY2025A
FY2026E
FY2027E
FY2028E
FY2029E
FY2030E
6
Net system sales
13,652.8
15,430.3
21,938.6
21,768.7
24,474.3
34,179.0
45,083.8
55,450.3
63,461.8
66,783.0
7
Net service and field option sales
4,958.2
5,743.1
5,619.9
6,494.2
8,193.0
9,340.0
10,647.6
12,138.3
13,837.7
15,774.9
8
Total net sales
18,611.0
21,173.4
27,558.5
28,262.9
32,667.3
43,519.0
55,731.4
67,588.6
77,299.5
82,557.9
9
Revenue growth
13.8%
30.2%
2.6%
15.6%
33.2%
28.1%
21.3%
14.4%
6.8%
10
Cost of system sales
(6,482.9)
(7,582.3)
(10,151.0)
(10,406.9)
(11,384.0)
(14,228.1)
(18,046.4)
(21,158.0)
(17,518.1)
(14,537.1)
11
Cost of service and field option sales
(2,319.1)
(2,891.0)
(3,271.4)
(3,364.0)
(4,025.3)
(4,585.9)
(5,228.0)
(5,959.9)
(6,794.3)
(7,745.5)
12
Total cost of sales
(8,802.0)
(10,473.3)
(13,422.4)
(13,770.9)
(15,409.3)
(18,814.1)
(23,274.4)
(27,117.9)
(24,312.4)
(22,282.6)
13
Gross profit
9,809.0
10,700.1
14,136.1
14,492.0
17,258.0
24,704.9
32,457.1
40,470.8
52,987.1
60,275.3
14
Gross margin
52.7%
50.5%
51.3%
51.3%
52.8%
56.8%
58.2%
59.9%
68.5%
73.0%
15
Research and development (R&D) costs
(2,547.0)
(3,253.5)
(3,980.6)
(4,303.7)
(4,698.8)
(5,439.9)
(6,966.4)
(8,448.6)
(9,662.4)
(10,319.7)
16
R&D as % of sales
13.7%
15.4%
14.4%
15.2%
14.4%
12.5%
12.5%
12.5%
12.5%
12.5%
17
Selling, general and administrative (SG&A) costs
(725.6)
(945.9)
(1,113.2)
(1,165.7)
(1,257.8)
(1,610.2)
(2,062.1)
(2,500.8)
(2,860.1)
(3,054.6)
18
SG&A as % of sales
3.9%
4.5%
4.0%
4.1%
3.9%
3.7%
3.7%
3.7%
3.7%
3.7%
19
Other income
213.7
-
-
-
-
-
-
-
-
-
20
Income from operations
6,750.1
6,500.7
9,042.3
9,022.6
11,301.4
17,654.8
23,428.6
29,521.4
40,464.6
46,901.0
21
Operating margin
36.3%
30.7%
32.8%
31.9%
34.6%
40.6%
42.0%
43.7%
52.3%
56.8%
22
Depreciation and amortization
471.0
583.6
739.8
918.6
1,025.9
1,364.9
1,788.9
2,276.3
2,787.7
3,262.6
23
EBITDA
7,221.1
7,084.3
9,782.1
9,941.2
12,327.3
19,019.8
25,217.5
31,797.7
43,252.3
50,163.5
24
EBITDA margin
38.8%
33.5%
35.5%
35.2%
37.7%
43.7%
45.2%
47.0%
56.0%
60.8%
25
Interest and other, net
(44.6)
(44.6)
41.2
19.8
104.7
108.8
139.3
169.0
193.2
206.4
26
Income before income taxes
6,705.5
6,456.1
9,083.5
9,042.4
11,406.1
17,763.6
23,567.9
29,690.4
40,657.8
47,107.3
27
Income tax expense
(1,021.4)
(969.9)
(1,435.8)
(1,680.6)
(2,013.4)
(3,318.6)
(4,357.7)
(5,445.0)
(7,293.6)
(8,376.7)
28
Effective tax rate
15.2%
15.0%
15.8%
18.6%
17.7%
18.7%
18.5%
18.3%
17.9%
17.8%
29
Income after income taxes
5,684.1
5,486.2
7,647.7
7,361.8
9,392.7
14,445.1
19,210.2
24,245.4
33,364.3
38,730.6
30
Profit from equity method investments
199.1
138.0
191.3
209.8
216.7
282.9
362.3
439.3
502.4
536.6
31
Net income
5,893.2
5,624.2
7,839.0
7,571.6
9,609.4
14,728.0
19,572.5
24,684.7
33,866.7
39,267.2

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Evergreen Marine: original VISION3 research and cited Chinese-language reviewed report
Evergreen Marine · TaiwanChinese-language reviewed report

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A reported earnings bridge. Each step, its effect, and the disclosure behind it. Prologis, FY2025.

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Prologis FY2025 earnings bridge and original filed reconciliation

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To: Odey

Prepare an ASML earnings review.
Include the original sources and the model.

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ASML earnings reviewPDF · original VISION3 tear sheet
ASML financial modelExcel · live formulas
Example request · original VISION3 report

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Original ASML VISION3 tear sheet, including its printed provenance and model-status line

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