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ASML · Annual Report 2025 · page 286
ASML · reported system sales · linked cell evidence
ASML · FY2025 product revenue
ASML · Specialist workbook · Base Case
G8=G6+G7
| A | B | C | D | E | F | G | H | I | J | K | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | ASML Holding N.V. — Base Case | ||||||||||
| 2 | Fiscal year FY2025 | Reporting currency EUR | EUR millions except per-share data | ||||||||||
| 3 | Fiscal Year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
| 4 | Source / Status | Reported | Reported | Reported | Reported | Reported | Forecast | Forecast | Forecast | Forecast | Forecast |
| 5 | Income Statement | ||||||||||
| 6 | Net system sales | 13,652.8 | 15,430.3 | 21,938.6 | 21,768.7 | 24,474.3 | 32,079.0 | 38,825.1 | 45,982.6 | 53,186.5 | 60,771.8 |
| 7 | Net service and field option sales | 4,958.2 | 5,743.1 | 5,619.9 | 6,494.2 | 8,193.0 | 9,481.0 | 10,866.2 | 12,276.1 | 13,736.2 | 15,223.8 |
| 8 | Total net sales | 18,611.0 | 21,173.4 | 27,558.5 | 28,262.9 | 32,667.3 | 41,560.0 | 49,691.3 | 58,258.7 | 66,922.7 | 75,995.6 |
| 9 | YoY growth | - | 13.8% | 30.2% | 2.6% | 15.6% | 27.2% | 19.6% | 17.2% | 14.9% | 13.6% |
| 10 | Cost of system sales | (6,482.9) | (7,582.3) | (10,151.0) | (10,406.9) | (11,384.0) | (14,916.7) | (17,859.5) | (20,922.1) | (23,933.9) | (27,043.5) |
| 11 | Cost of service and field option sales | (2,319.1) | (2,891.0) | (3,271.4) | (3,364.0) | (4,025.3) | (4,626.7) | (5,248.4) | (5,868.0) | (6,510.9) | (7,155.2) |
| 12 | Total cost of sales | (8,802.0) | (10,473.3) | (13,422.4) | (13,770.9) | (15,409.3) | (19,543.5) | (23,107.9) | (26,790.1) | (30,444.9) | (34,198.7) |
| 13 | Gross profit | 9,809.0 | 10,700.1 | 14,136.1 | 14,492.0 | 17,258.0 | 22,016.5 | 26,583.4 | 31,468.6 | 36,477.8 | 41,797.0 |
| 14 | Gross margin | 52.7% | 50.5% | 51.3% | 51.3% | 52.8% | 53.0% | 53.5% | 54.0% | 54.5% | 55.0% |
| 15 | Research & development costs | (2,547.0) | (3,253.5) | (3,980.6) | (4,303.7) | (4,698.8) | (4,981.9) | (5,400.3) | (5,850.8) | (6,322.4) | (6,798.2) |
| 16 | Selling, general & administrative costs | (725.6) | (945.9) | (1,113.2) | (1,165.7) | (1,257.8) | (1,343.2) | (1,457.6) | (1,577.2) | (1,700.9) | (1,828.8) |
| 17 | Other income | 213.7 | - | - | - | - | - | - | - | - | - |
| 18 | Income from operations | 6,750.1 | 6,500.7 | 9,042.3 | 9,022.6 | 11,301.4 | 15,691.4 | 19,725.4 | 24,040.6 | 28,454.4 | 33,170.0 |
| 19 | Operating margin | 36.3% | 30.7% | 32.8% | 31.9% | 34.6% | 37.8% | 39.7% | 41.3% | 42.5% | 43.6% |
| 20 | Interest and other, net | (44.6) | (44.6) | 41.2 | 19.8 | 104.7 | 68.1 | 128.9 | 252.1 | 417.5 | 612.5 |
| 21 | Income before income taxes | 6,705.5 | 6,456.1 | 9,083.5 | 9,042.4 | 11,406.1 | 15,759.5 | 19,854.3 | 24,292.7 | 28,871.9 | 33,782.5 |
| 22 | Income tax expense | (1,021.4) | (969.9) | (1,435.8) | (1,680.6) | (2,013.4) | (2,836.7) | (3,573.8) | (4,372.7) | (5,196.9) | (6,080.9) |
| 23 | Effective tax rate | 15.2% | 15.0% | 15.8% | 18.6% | 17.7% | 18.0% | 18.0% | 18.0% | 18.0% | 18.0% |
| 24 | Income after income taxes | 5,684.1 | 5,486.2 | 7,647.7 | 7,361.8 | 9,392.7 | 12,922.8 | 16,280.5 | 19,920.0 | 23,675.0 | 27,701.7 |
| 25 | Profit from equity method investments | 199.1 | 138.0 | 191.3 | 209.8 | 216.7 | 227.5 | 238.9 | 250.9 | 263.4 | 276.6 |
| 26 | Net income | 5,883.2 | 5,624.2 | 7,839.0 | 7,571.6 | 9,609.4 | 13,150.4 | 16,519.4 | 20,170.8 | 23,938.4 | 27,978.3 |
| 27 | Diluted shares | 410.4 | 398.0 | 394.1 | 393.6 | 388.9 | 387.0 | 384.9 | 382.7 | 380.3 | 377.8 |
| 28 | Diluted EPS | €14.34 | €14.13 | €19.89 | €19.24 | €24.71 | €33.98 | €42.92 | €52.71 | €62.95 | €74.06 |
| 29 | Depreciation & amortization | 471.0 | 583.6 | 739.8 | 918.6 | 1,025.9 | 1,139.6 | 1,260.2 | 1,394.9 | 1,542.4 | 1,701.2 |
| 30 | EBITDA | 7,221.1 | 7,084.3 | 9,782.1 | 9,941.2 | 12,327.3 | 16,831.1 | 20,985.6 | 25,435.5 | 29,996.8 | 34,871.2 |
CoverSummaryAssumptionsBase CaseBull CaseBear CaseSensitivitiesSources & ChecksSystem SalesInstalled Base MgmtGross MarginR&D and SG&AWorking CapitalCapex and D&ATax and Capital Returns
ASML Specialist workbook, 30 Oct 2026 · 2026–2030 are model forecasts, not reported actuals.
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Explore the platformG8=G6+G7
| A | B | C | D | E | F | G | H | I | J | K | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | ASML Holding N.V. — Base Case | ||||||||||
| 2 | Fiscal year FY2025 | Reporting currency EUR | EUR millions except per-share data | ||||||||||
| 3 | Fiscal Year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
| 4 | Source / Status | Reported | Reported | Reported | Reported | Reported | Forecast | Forecast | Forecast | Forecast | Forecast |
| 5 | Income Statement | ||||||||||
| 6 | Net system sales | 13,652.8 | 15,430.3 | 21,938.6 | 21,768.7 | 24,474.3 | 32,079.0 | 38,825.1 | 45,982.6 | 53,186.5 | 60,771.8 |
| 7 | Net service and field option sales | 4,958.2 | 5,743.1 | 5,619.9 | 6,494.2 | 8,193.0 | 9,481.0 | 10,866.2 | 12,276.1 | 13,736.2 | 15,223.8 |
| 8 | Total net sales | 18,611.0 | 21,173.4 | 27,558.5 | 28,262.9 | 32,667.3 | 41,560.0 | 49,691.3 | 58,258.7 | 66,922.7 | 75,995.6 |
| 9 | YoY growth | - | 13.8% | 30.2% | 2.6% | 15.6% | 27.2% | 19.6% | 17.2% | 14.9% | 13.6% |
| 10 | Cost of system sales | (6,482.9) | (7,582.3) | (10,151.0) | (10,406.9) | (11,384.0) | (14,916.7) | (17,859.5) | (20,922.1) | (23,933.9) | (27,043.5) |
| 11 | Cost of service and field option sales | (2,319.1) | (2,891.0) | (3,271.4) | (3,364.0) | (4,025.3) | (4,626.7) | (5,248.4) | (5,868.0) | (6,510.9) | (7,155.2) |
| 12 | Total cost of sales | (8,802.0) | (10,473.3) | (13,422.4) | (13,770.9) | (15,409.3) | (19,543.5) | (23,107.9) | (26,790.1) | (30,444.9) | (34,198.7) |
| 13 | Gross profit | 9,809.0 | 10,700.1 | 14,136.1 | 14,492.0 | 17,258.0 | 22,016.5 | 26,583.4 | 31,468.6 | 36,477.8 | 41,797.0 |
| 14 | Gross margin | 52.7% | 50.5% | 51.3% | 51.3% | 52.8% | 53.0% | 53.5% | 54.0% | 54.5% | 55.0% |
| 15 | Research & development costs | (2,547.0) | (3,253.5) | (3,980.6) | (4,303.7) | (4,698.8) | (4,981.9) | (5,400.3) | (5,850.8) | (6,322.4) | (6,798.2) |
| 16 | Selling, general & administrative costs | (725.6) | (945.9) | (1,113.2) | (1,165.7) | (1,257.8) | (1,343.2) | (1,457.6) | (1,577.2) | (1,700.9) | (1,828.8) |
| 17 | Other income | 213.7 | - | - | - | - | - | - | - | - | - |
| 18 | Income from operations | 6,750.1 | 6,500.7 | 9,042.3 | 9,022.6 | 11,301.4 | 15,691.4 | 19,725.4 | 24,040.6 | 28,454.4 | 33,170.0 |
| 19 | Operating margin | 36.3% | 30.7% | 32.8% | 31.9% | 34.6% | 37.8% | 39.7% | 41.3% | 42.5% | 43.6% |
| 20 | Interest and other, net | (44.6) | (44.6) | 41.2 | 19.8 | 104.7 | 68.1 | 128.9 | 252.1 | 417.5 | 612.5 |
| 21 | Income before income taxes | 6,705.5 | 6,456.1 | 9,083.5 | 9,042.4 | 11,406.1 | 15,759.5 | 19,854.3 | 24,292.7 | 28,871.9 | 33,782.5 |
| 22 | Income tax expense | (1,021.4) | (969.9) | (1,435.8) | (1,680.6) | (2,013.4) | (2,836.7) | (3,573.8) | (4,372.7) | (5,196.9) | (6,080.9) |
| 23 | Effective tax rate | 15.2% | 15.0% | 15.8% | 18.6% | 17.7% | 18.0% | 18.0% | 18.0% | 18.0% | 18.0% |
| 24 | Income after income taxes | 5,684.1 | 5,486.2 | 7,647.7 | 7,361.8 | 9,392.7 | 12,922.8 | 16,280.5 | 19,920.0 | 23,675.0 | 27,701.7 |
| 25 | Profit from equity method investments | 199.1 | 138.0 | 191.3 | 209.8 | 216.7 | 227.5 | 238.9 | 250.9 | 263.4 | 276.6 |
| 26 | Net income | 5,883.2 | 5,624.2 | 7,839.0 | 7,571.6 | 9,609.4 | 13,150.4 | 16,519.4 | 20,170.8 | 23,938.4 | 27,978.3 |
| 27 | Diluted shares | 410.4 | 398.0 | 394.1 | 393.6 | 388.9 | 387.0 | 384.9 | 382.7 | 380.3 | 377.8 |
| 28 | Diluted EPS | €14.34 | €14.13 | €19.89 | €19.24 | €24.71 | €33.98 | €42.92 | €52.71 | €62.95 | €74.06 |
| 29 | Depreciation & amortization | 471.0 | 583.6 | 739.8 | 918.6 | 1,025.9 | 1,139.6 | 1,260.2 | 1,394.9 | 1,542.4 | 1,701.2 |
| 30 | EBITDA | 7,221.1 | 7,084.3 | 9,782.1 | 9,941.2 | 12,327.3 | 16,831.1 | 20,985.6 | 25,435.5 | 29,996.8 | 34,871.2 |
CoverSummaryAssumptionsBase CaseBull CaseBear CaseSensitivitiesSources & ChecksSystem SalesInstalled Base MgmtGross MarginR&D and SG&AWorking CapitalCapex and D&ATax and Capital Returns
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A reported earnings bridge, year by year. Each step, its effect, and the disclosure behind it. Prologis, FY2022 to FY2025.
PrologisFY2025
Net income 3,322Core FFO 5,561USD millions
Filed reconciliation · Form 10-K for FY2025, SEC EDGAR. Smaller adjusting lines grouped as labelled; FY2025's original is shown below.
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Proactive · earningsPrologis FY2025: Core FFO up 4.8% to $5,561m
A company you follow has reported. I’ve read the filing, checked it against last year and attached the review and the updated model.
Core FFO5,561FY2024 5,305
NAREIT FFO5,680FY2024 5,795
Net earnings3,322FY2024 3,726
Net earnings fell, partly on smaller disposal gains (685 vs 899). Core FFO, which excludes them, still grew.
Earnings reviewPDF · every figure sourced
Company modelExcel · FY2025 actuals in
Was the drop in net earnings just the disposals?
About half. Smaller disposal gains explain 214 of the 404 drop. Lower NAREIT FFO (115), higher depreciation (35) and a larger JV adjustment (56) make up the rest, less 16 from NCI. Each line is cited in the review.
Example · figures from Prologis’ Form 10-K for FY2025, USD millions
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