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ASML - Summary US GAAP Consolidated Statements of Operations
Three months ended,
Mar 31,Mar 30,
(unaudited, in millions €, except per share data)20242025
Net system sales3,965.9 5,740.4 
Net service and field option sales1,324.1 2,001.1 
Total net sales5,290.0 7,741.5 
Total cost of sales(2,593.4)(3,561.8)
Gross profit2,696.6 4,179.7 
Research and development costs(1,031.9)(1,161.1)
Selling, general and administrative costs(273.3)(280.7)
Income from operations1,391.4 2,737.9 
Interest and other, net26.2 49.2 
Income before income taxes1,417.6 2,787.1 
Income tax expense(224.0)(465.1)
Income after income taxes1,193.6 2,322.0 
Profit related to equity method investments30.2 33.0 
Net income1,223.8 2,355.0 
Basic net income per ordinary share3.11 6.00 
Diluted net income per ordinary share3.11 6.00 
Weighted average number of ordinary shares used in computing per share amounts (in millions):
Basic393.4 392.3 
Diluted393.7 392.5 

ASML - Ratios and Other Data
Three months ended,
Mar 31,Mar 30,
(unaudited, in millions €, except otherwise indicated)20242025
Gross profit as a percentage of net sales51.0 %54.0 %
Income from operations as a percentage of net sales 26.3 %35.4 %
Net income as a percentage of net sales23.1 %30.4 %
Income taxes as a percentage of income before income taxes15.8 %16.7 %
Shareholders’ equity as a percentage of total assets 35.3 %38.5 %
Sales of lithography systems (in units) 1
70 77 
Net bookings 2
3,611 3,936 
Number of payroll employees in FTEs 40,940 43,129 
Number of temporary employees in FTEs1,773 998 













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.


ASML - Summary US GAAP Consolidated Balance Sheets
Dec 31,Mar 30,
 (unaudited, in millions €)20242025
ASSETS
Cash and cash equivalents12,735.9 9,098.4 
Short-term investments5.4 5.2 
Accounts receivable, net4,477.5 4,597.5 
Finance receivables, net82.6 381.7 
Current tax assets283.6 143.2 
Contract assets320.6 407.3 
Inventories, net10,891.5 11,024.7 
Loans receivable— 17.8 
Other assets1,940.3 1,848.6 
Total current assets30,737.4 27,524.4 
Finance receivables, net317.2 153.4 
Deferred tax assets1,940.7 1,861.0 
Loans receivable1,456.6 1,443.4 
Other assets790.8 859.2 
Equity method investments903.0 938.9 
Goodwill4,588.6 4,588.6 
Other intangible assets, net621.3 591.6 
Property, plant and equipment, net 6,846.8 7,152.9 
Right-of-use assets387.2 365.4 
Total non-current assets17,852.2 17,954.4 
Total assets48,589.6 45,478.8 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities20,051.4 18,123.9 
Total current liabilities20,051.4 18,123.9 
Long-term debt3,677.3 3,681.0 
Deferred and other tax liabilities299.2 335.9 
Contract liabilities5,625.4 5,400.6 
Accrued and other liabilities459.5 436.7 
Total non-current liabilities10,061.4 9,854.2 
Total liabilities30,112.8 27,978.1 
Total shareholders’ equity18,476.8 17,500.7 
Total liabilities and shareholders’ equity48,589.6 45,478.8 



ASML - Summary US GAAP Consolidated Statements of Cash Flows
Three months ended,
Mar 31,Mar 30,
 (unaudited, in millions €)20242025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income1,223.8 2,355.0 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization 214.4 241.3 
Impairment and loss (gain) on disposal4.2 2.1 
Share-based compensation expense19.8 40.0 
Inventory reserves121.5 59.6 
Deferred tax expense (benefit)(2.7)79.1 
Equity method investments(33.9)(34.9)
Changes in assets and liabilities(1,799.0)(2,800.8)
Net cash provided by (used in) operating activities(251.9)(58.6)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment(417.3)(415.0)
Purchase of intangible assets(6.5)(1.5)
Purchase of short-term investments(300.0)— 
Loans issued and other investments0.2 0.8 
Net cash provided by (used in) investing activities(723.6)(415.7)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend paid(571.0)(597.2)
Purchase of treasury shares(385.1)(2,592.6)
Net proceeds from issuance of shares29.3 38.0 
Repayment of debt and finance lease obligations(0.6)0.4 
Net cash provided by (used in) financing activities(927.4)(3,151.4)
Net cash flows(1,902.9)(3,625.7)
Effect of changes in exchange rates on cash(1.0)(11.8)
Net increase (decrease) in cash and cash equivalents(1,903.9)(3,637.5)
Cash and cash equivalents at beginning of the period7,004.7 12,735.9 
Cash and cash equivalents at end of the period5,100.8 9,098.4 



ASML - Quarterly Summary US GAAP Consolidated Statements of Operations
Three months ended,
Mar 31,Jun 30,Sep 29,Dec 31,Mar 30,
 (unaudited, in millions €, except per share data)20242024202420242025
Net system sales3,965.9 4,760.9 5,926.0 7,115.9 5,740.4 
Net service and field option sales1,324.1 1,481.9 1,541.3 2,146.9 2,001.1 
Total net sales5,290.0 6,242.8 7,467.3 9,262.8 7,741.5 
Total cost of sales(2,593.4)(3,030.6)(3,673.9)(4,473.0)(3,561.8)
Gross profit2,696.6 3,212.2 3,793.4 4,789.8 4,179.7 
Research and development costs(1,031.9)(1,100.6)(1,055.2)(1,116.0)(1,161.1)
Selling, general and administrative costs(273.3)(277.0)(297.0)(318.4)(280.7)
Income from operations1,391.4 1,834.6 2,441.2 3,355.4 2,737.9 
Interest and other, net26.2 (11.9)(0.8)6.3 49.2 
Income before income taxes1,417.6 1,822.7 2,440.4 3,361.7 2,787.1 
Benefit from (provision for) income taxes(224.0)(291.6)(441.2)(723.8)(465.1)
Income after income taxes1,193.6 1,531.1 1,999.2 2,637.9 2,322.0 
Profit related to equity method investments30.2 46.8 77.3 55.5 33.0 
Net income1,223.8 1,577.9 2,076.5 2,693.4 2,355.0 
Basic net income per ordinary share3.11 4.01 5.28 6.85 6.00 
Diluted net income per ordinary share

3.11 4.01 5.28 6.84 6.00 
Weighted average number of ordinary shares used in computing per share amounts (in millions):
Basic393.4 393.2 393.2 393.3 392.3 
Diluted

393.7 393.5 393.6 393.6 392.5 


ASML - Quarterly Summary Ratios and Other Data
Three months ended,
Mar 31,Jun 30,Sep 29,Dec 31,Mar 30,
(unaudited, in millions €, except otherwise indicated)20242024202420242025
Gross profit as a percentage of net sales51.0 %51.5 %50.8 %51.7 %54.0 %
Income from operations as a percentage of net sales 26.3 %29.4 %32.7 %36.2 %35.4 %
Net income as a percentage of net sales23.1 %25.3 %27.8 %29.1 %30.4 %
Income taxes as a percentage of income before income taxes15.8 %16.0 %18.1 %21.5 %16.7 %
Shareholders’ equity as a percentage of total assets 35.3 %36.1 %38.7 %38.0 %38.5 %
Sales of lithography systems (in units) 1
70 100 116 132 77 
Net bookings 2
3,611 

5,567 

2,633 

7,088 

3,936 
Number of payroll employees in FTEs
40,940 41,505 42,372 42,786 43,129 
Number of temporary employees in FTEs1,773 1,584 1,417 1,241 998 




    
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.



ASML - Quarterly Summary US GAAP Consolidated Balance Sheets
Mar 31,Jun 30,Sep 29,Dec 31,Mar 30,
(unaudited, in millions €)20242024202420242025
ASSETS
Cash and cash equivalents5,100.8 4,813.6 4,979.3 12,735.9 9,098.4 
Short-term investments305.3 205.3 5.2 5.4 5.2 
Accounts receivable, net3,585.5 4,475.8 5,160.6 4,477.5 4,597.5 
Finance receivables, net1,441.2 977.0 640.7 82.6 381.7 
Current tax assets649.3 684.8 324.4 283.6 143.2 
Contract assets302.6 435.0 553.6 320.6 407.3 
Inventories, net9,864.5 10,972.3 11,414.5 10,891.5 11,024.7 
Loans receivable— — — — 17.8 
Other assets1,890.5 1,889.4 1,785.7 1,940.3 1,848.6 
Total current assets23,139.7 24,453.2 24,864.0 30,737.4 27,524.4 
Finance receivables, net13.8 64.0 370.5 317.2 153.4 
Deferred tax assets

1,875.2 1,872.4 1,939.0 1,940.7 1,861.0 
Loans receivable929.5 929.3 928.6 1,456.6 1,443.4 
Other assets648.5 702.8 733.5 790.8 859.2 
Equity method investments951.5 1,002.3 1,083.4 903.0 938.9 
Goodwill4,588.6 4,588.6 4,588.6 4,588.6 4,588.6 
Other intangible assets, net711.1 686.4 652.9 621.3 591.6 
Property, plant and equipment, net 5,841.4 6,084.0 6,211.9 6,846.8 7,152.9 
Right-of-use assets343.3 358.0 393.7 387.2 365.4 
Total non-current assets15,902.9 16,287.8 16,902.1 17,852.2 17,954.4 
Total assets39,042.6 40,741.0 41,766.1 48,589.6 45,478.8 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities15,048.7 16,132.3 16,025.8 20,051.4 18,123.9 
Total current liabilities

15,048.7 16,132.3 16,025.8 20,051.4 18,123.9 
Long-term debt4,612.0 4,608.2 4,692.2 3,677.3 3,681.0 
Deferred and other tax liabilities

400.4 351.9 346.9 299.2 335.9 
Contract liabilities4,744.7 4,463.0 4,103.9 5,625.4 5,400.6 
Accrued and other liabilities442.7 474.4 445.7 459.5 436.7 
Total non-current liabilities10,199.8 9,897.5 9,588.7 10,061.4 9,854.2 
Total liabilities25,248.5 26,029.8 25,614.5 30,112.8 27,978.1 
Total shareholders’ equity13,794.1 14,711.2 16,151.6 18,476.8 17,500.7 
Total liabilities and shareholders’ equity39,042.6 40,741.0 41,766.1 48,589.6 45,478.8 



ASML - Quarterly Summary US GAAP Consolidated Statements of Cash Flows
Three months ended,
Mar 31,Jun 30,Sep 29,Dec 31,Mar 30,
 (unaudited, in millions €)20242024202420242025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income1,223.8 1,577.9 2,076.5 2,693.4 2,355.0 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization214.4 227.5 235.7 241.0 241.3 
Impairment and loss (gain) on disposal4.2 13.7 6.8 11.1 2.1 
Share-based compensation expense19.8 46.5 53.3 53.0 40.0 
Inventory reserves121.5 110.7 154.8 167.7 59.6 
Deferred tax expense (benefit)(2.7)0.8 (114.6)(28.3)79.1 
Equity method investments(33.9)(50.6)(81.0)169.9 (34.9)
Changes in assets and liabilities(1,799.0)(1,003.1)(1,381.6)6,237.0 (2,800.8)
Net cash provided by (used in) operating activities(251.9)923.4 949.9 9,544.8 (58.6)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment(417.3)(531.0)(414.9)(704.0)(415.0)
Purchase of intangible assets(6.5)(7.0)(0.9)(1.5)(1.5)
Purchase of short-term investments(300.0)(0.5)(3.8)(0.9)— 
Maturity of short-term investments— 100.4 203.9 0.9 — 
Loans issued and other investments0.2 0.3 0.7 (527.4)0.8 
Net cash provided by (used in) investing activities(723.6)(437.8)(215.0)(1,232.9)(415.7)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend paid(571.0)(688.3)(595.8)(597.8)(597.2)
Purchase of treasury shares(385.1)(114.9)— — (2,592.6)
Net proceeds from issuance of shares29.3 31.2 31.5 32.0 38.0 
Net proceeds from issuance of notes, net of issuance costs— — — 22.5 — 
Repayment of debt and finance lease obligations(0.6)(0.3)(0.7)(24.1)0.4 
Net cash provided by (used in) financing activities(927.4)(772.3)(565.0)(567.4)(3,151.4)
Net cash flows(1,902.9)(286.7)169.9 7,744.5 (3,625.7)
Effect of changes in exchange rates on cash(1.0)(0.5)(4.2)12.1 (11.8)
Net increase (decrease) in cash and cash equivalents(1,903.9)(287.2)165.7 7,756.6 (3,637.5)
Cash and cash equivalents at beginning of the period7,004.7 5,100.8 4,813.6 4,979.3 12,735.9 
Cash and cash equivalents at end of the period5,100.8 4,813.6 4,979.3 12,735.9 9,098.4 


Notes to the Summary US GAAP Consolidated Financial Statements

Basis of preparation
The accompanying unaudited Summary Consolidated Financial Statements have been prepared in conformity with the accounting principles generally accepted in the United States of America ("US GAAP").
For further details on our annual disclosure requirements under US GAAP, including our significant accounting policies, these interim unaudited Summary Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes included within our 2024 Annual Report based on US GAAP, which is available on www.asml.com.




Forward Looking Statements
This document and related discussions contain statements that are forward-looking within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements with respect to plans, strategies, expected trends, including trends in the semiconductor industry and end markets and business environment trends, expected growth in the semiconductor industry by 2030, our expectation that AI will be the key driver for the industry and the expected impact of AI demand on our business and results, our expectation that lithography will remain at the heart of customer innovation, expected demand, bookings, outlook of market segments, outlook and expected financial results including expected results for Q2 2025, including net sales, Installed Base Management sales, gross margin, R&D costs, SG&A costs, outlook for full year 2025, including expected full year 2025 total net sales, gross margin, estimated annualized effective tax rate and expected growth in IBM sales, the expectation that 2025 and 2026 will be growth years, statements made at our 2024 Investor Day, including revenue and gross margin opportunity for 2030, statements with respect to the recent US tariff announcements and the expected impact of such tariffs on our business and results, our expectation to continue to return significant amounts of cash to shareholders through growing dividends and share buybacks, statements with respect to our share buyback program, and statements with respect to dividends, statements with respect to expected performance and capabilities of our systems and customer plans, statements with respect to our ESG strategy and other non- historical statements. You can generally identify these statements by the use of words like “may”, “expect”, “will”, “could”, “should”, “project”, “believe”, “anticipate”, “expect”, “plan”, “estimate”, “forecast”, “potential”, “intend”, “continue”, “target”, “future”, “progress”, “goal”, “model”, “opportunity” and variations of these words or comparable words. These statements are not historical facts, but rather are based on current expectations, estimates, assumptions, plans and projections about our business and our future financial results and readers should not place undue reliance on them. Forward- looking statements do not guarantee future performance and involve a number of substantial known and unknown risks and uncertainties. These risks and uncertainties include, without limitation, risks relating to customer demand, semiconductor equipment industry capacity, worldwide demand for semiconductors and semiconductor manufacturing capacity, lithography tool utilization and semiconductor inventory levels, general trends and consumer confidence in the semiconductor industry, the impact of general economic conditions, including the impact of the current macroeconomic environment on the semiconductor industry, uncertainty around a market recovery including the timing thereof, the ultimate impact of AI on our industry and business, the impact of inflation, interest rates, wars and geopolitical developments, the impact of pandemics, the performance of our systems, the success of technology advances and the pace of new product development and customer acceptance of and demand for new products, our production capacity and ability to adjust capacity to meet demand, supply chain capacity, timely availability of parts and components, raw materials, critical manufacturing equipment and qualified employees, our ability to produce systems to meet demand, the number and timing of systems ordered, shipped and recognized in revenue, risks relating to fluctuations in net bookings and our ability to convert bookings into sales, the risk of order cancellation or push outs and restrictions on shipments of ordered systems under export controls, risks relating to the trade environment, import/export and national security regulations and orders and their impact on us, including the impact of changes in export regulations and the impact of such regulations on our ability to obtain necessary licenses and to sell our systems and provide services to certain customers, the impact of the recent tariff announcements, exchange rate fluctuations, changes in tax rates, available liquidity and free cash flow and liquidity requirements, our ability to refinance our indebtedness, available cash and distributable reserves for, and other factors impacting, dividend payments and share repurchases, the number of shares that we repurchase under our share repurchase program, our ability to enforce patents and protect intellectual property rights and the outcome of intellectual property disputes and litigation, our ability to meet ESG goals and execute our ESG strategy, other factors that may impact ASML’s business or financial results, and other risks indicated in the risk factors included in ASML’s Annual Report on Form 20-F for the year ended December 31, 2024 and other filings with and submissions to the US Securities and Exchange Commission. These forward-looking statements are made only as of the date of this document. We undertake no obligation to update any forward-looking statements after the date of this report or to conform such statements to actual results or revised expectations, except as required by law.