ASML

NASDAQ: ASML · EUR

ASML (ASML) Economic Moat Analysis63

Avantages concurrentiels, preuves datées et risques d’érosion.

Narrow avantage concurrentiel

ASML has an evidenced technology moat reinforced by installed-system upgrades and support. Lengthy development, delivered equipment and reported qualification on select customer production layers demonstrate a current advantage. Growing service and upgrade revenue strengthens evidence of customer dependence. Pricing power remains mixed: negotiated discounts coexist with protected contract terms and resilient margins, whose improvement management attributes partly to upgrade demand. The catalog does not establish competitive exclusivity or exceptional long-term durability.

Intangible assets

Specialized knowledge and complex development create a technology barrier supported by delivered systems and customer qualification. The 2026 presentation reports qualification of High NA EUV on select Intel 18A product layers, extending the evidence beyond initial delivery.

Durabilité: Almost ten years of development before full-specification delivery supports persistence. Select-layer qualification demonstrates progress, but does not establish broad adoption or sustained production economics across customers.
Concurrents: Comparaison non établie
Risques d’érosion: IP misappropriation has occurred. Specialized supplier dependence, export restrictions and technical performance limitations can constrain commercialization. The reported EXE:5000A test limitation concerns a specific earlier system and does not establish failure of subsequent models.
Ce qui invaliderait la thèse: The advantage would be undermined by demonstrated competing processes matching its production economics and performance, repeated failure to achieve customer qualification, or sustained loss of adoption because ASML cannot deliver required productivity.

Preuves (8) · Contre-preuves (8)

Switching costs

Platform-specific upgrades, service and long support commitments embed ASML in customers' equipment lifecycles. Rising installed-base revenue demonstrates continuing engagement; the magnitude of switching costs is inferred rather than directly measured.

Durabilité: Support commitments extending to at least 2035 for PAS and continued upgrade purchases support a multiyear relationship. They do not guarantee exclusive servicing or future purchases.
Concurrents: Comparaison non établie
Risques d’érosion: Export controls can limit support. Customers can delay spending, and demand linked to capacity expansion can weaken. Upgrade revenue growth does not itself prove customer inability to switch.
Ce qui invaliderait la thèse: The mechanism would weaken if customers broadly replaced ASML platforms or obtained equivalent upgrades and support elsewhere without material disruption, or if service and upgrade demand persistently declined relative to the installed base because customers disengaged.

Preuves (8) · Contre-preuves (3)

Évolution depuis la dernière analyse

Retained the narrow verdict after reassessing the current catalog; stronger 2026 results do not establish competitive exclusivity or exceptional durability.
Added reported High NA qualification on select Intel 18A product layers. This strengthens commercialization evidence but does not establish broad customer deployment.
Updated customer engagement and margin evidence through Q3 2026: nine-month service and field option sales reached €8.538 billion, and gross margin reached 55.0%, versus 53.1% in the comparable period.
Expanded capital discipline analysis to actual 2026 investment, distributions, debt repayment and working-capital movements. Retained a mixed grade because cash generation is uneven and investment returns remain incompletely established.
Re-established all criterion citations from the supplied catalog; no prior evidence identifiers or grades were treated as evidence.

Limites de l’analyse

All sources are issuer filings. Customer testimony appears within an issuer presentation; it is attributed customer evidence, not independently verified research.
The catalog names companies in glossaries but does not establish their competitive roles or comparative capabilities. Competitor arrays are therefore empty; supplier and customer names are not treated as competitors.
No comparable-product realized net pricing series, customer retention rate, quantified switching cost or unilateral repricing right is supplied.
Support guarantees demonstrate commitments, not completed future service performance. High NA initiatives and capacity expansion plans remain prospective where not supported by disclosed achievements.
Ownership levels, full compensation target difficulty and demonstrated oversight effectiveness are not established. Implemented incentive policy and reported vesting support alignment without proving exceptional governance.
Quarterly 2026 statements are unaudited. Filing dates retain dateKind filed; they are not retrieval dates. The latest supplied results cover the period ended September 27, 2026.

Indicateurs financiers à confronter à la thèse

Ratios calculés à partir des publications annuelles. Une valeur manquante reste indisponible. Les graphiques détaillés sont accessibles dans les autres onglets.

Indicateurs financiers à confronter à la thèse
Période	Gross margin	Operating margin	ROIC	FCF margin
2021	52.7%	36.3%	56.5%	53.4%
2022	50.5%	30.7%	81.4%	34.0%
2023	51.3%	32.8%	90.2%	11.9%
2024	51.3%	31.9%	68.3%	32.2%
2025	52.8%	34.6%	89.4%	33.9%

Pouvoir de fixation des prix63

Pricing outcomes
Normal-course negotiated discounts establish actual concessions and shared bargaining power. Free goods, services and credits are disclosed possibilities. Strong upgrade monetization supports value capture, but neither rising aggregate revenue nor margins establishes comparable-product price increases; concession magnitude is absent.
Customer demand
Growing service and field option sales, continuing upgrade demand and volume purchase agreements provide strong indirect evidence of repeat engagement. No retention percentage or customer response to price changes is disclosed.
Margin resilience
Annual gross margin rose from 51.3% in 2024 to 52.8% in 2025; nine-month 2026 margin reached 55.0% versus 53.1%. First-half margin was slightly lower year over year, preventing an uninterrupted-improvement claim. Management attributes the Q3 upside to upgrade demand, so mix and operating effects cannot be separated from pricing.
Pricing freedom
Cancellation penalties and specification-limited returns protect sales economics. Negotiated volume discounts and potential credits constrain bargaining freedom; unilateral repricing rights and inflation pass-through terms are not established.

Management63

Capital discipline
Nine-month operating cash flow of €11.315 billion supported €1.256 billion of property and intangible purchases, €8.525 billion of dividends and treasury purchases, and €1.694 billion of debt and lease repayments. Liquidity remained substantial and weighted-average shares declined. However, first-half operating cash flow was negative, Q3 cash flow benefited materially from working-capital movements, receivables rose sharply and investment-level returns are unavailable. These establish mixed discipline rather than exceptional allocation.
Incentive alignment
The completed 2023–2025 LTI cycle has a reported 137.4% vesting result linked to shareholder return, cash conversion, technology and ESG measures. The 2025 implementation and three-year performance period followed by a two-year holding period support alignment. Ownership amounts and target difficulty are missing; proposed future awards are not counted as vested compensation.
Execution
Full-specification delivery, reported qualification on select customer layers, rising system units and higher revenue and operating income demonstrate strong execution. Attribution to management is partly indirect operating evidence. A specific earlier throughput-test limitation and the absence of broad High NA production outcomes prevent an exceptional grade.
Governance
No special voting rights on issued shares and shareholder authorization plus supervisory approval for issuance provide documented safeguards. Preference-share defensive arrangements and foreign-private-issuer proxy exemptions temper the assessment. These disclosures establish mechanisms, without demonstrating exceptional oversight effectiveness.

Sources et méthode

Publication courante · Mis à jour 19/10/2026 · Version 6

Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.

Méthode quality-scores-2 : six catégories de même poids. Le score global exige une couverture complète. Les données manquantes ne valent pas zéro. Les évaluations qualitatives sont des interprétations sourcées, pas des probabilités. 6/6 · 22/10/2026

Moat63

Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.

structural advantage · 3/4 · Lengthy development culminating in full-specification delivery, reported adoption and select-layer customer qualification substantiate a strong knowledge barrier. The issuer's leadership assertion alone is insufficient; competitor parity and exclusivity remain unestablished.

durability · 2/4 · Development history and support extending to at least 2035 support persistence. Qualification strengthens current commercial evidence, but broad High NA production longevity, replication timelines and durable customer economics remain unproven.

customer dependency · 3/4 · Nine-month service and field option revenue increased from €6.059 billion to €8.538 billion, with management reporting strong productivity upgrade demand. Platform upgrades and support commitments reinforce dependence, assessed indirectly without measured switching costs or customer exclusivity.

erosion resilience · 2/4 · Customer qualification and growing system and installed-base sales show continued commercial progress despite risks. Experienced IP attacks, critical supplier concentration and licensing constraints limit resilience; hypothetical disruptions are not treated as realized competitive defeat.

Pouvoir de fixation des prix63

Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.

realized pricing · 2/4 · Normal-course negotiated discounts establish actual concessions and shared bargaining power. Free goods, services and credits are disclosed possibilities. Strong upgrade monetization supports value capture, but neither rising aggregate revenue nor margins establishes comparable-product price increases; concession magnitude is absent.

retention · 3/4 · Growing service and field option sales, continuing upgrade demand and volume purchase agreements provide strong indirect evidence of repeat engagement. No retention percentage or customer response to price changes is disclosed.

margin resilience · 3/4 · Annual gross margin rose from 51.3% in 2024 to 52.8% in 2025; nine-month 2026 margin reached 55.0% versus 53.1%. First-half margin was slightly lower year over year, preventing an uninterrupted-improvement claim. Management attributes the Q3 upside to upgrade demand, so mix and operating effects cannot be separated from pricing.

contractual freedom · 2/4 · Cancellation penalties and specification-limited returns protect sales economics. Negotiated volume discounts and potential credits constrain bargaining freedom; unilateral repricing rights and inflation pass-through terms are not established.

Prévisibilité82

Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.

Nondeclining revenue years (%): 100.00
Revenue growth volatility (pp): 9.82
Positive FCF years (%): 100.00
FCF margin volatility (pp): 13.15

Source 1

Solidité financière85

Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.

debtFcfGrade: 100.00
netDebtEbitGrade: 100.00
interestCoverageGrade: 100.00
currentRatioGrade: 40.94
Debt / FCF (x): 0.33
Net debt / operating income (x): -0.82
Interest coverage (x): 95.53
Current ratio (x): 1.26

Source 1

Allocation du capital98

Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.

3-year pre-tax operating return (%): 99.86
3-year average dilution (%): -0.78
3-year average SBC / revenue (%): 0.57
cashConversionGrade: 93.81

Source 1

Qualité du management63

Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.

capital discipline · 2/4 · Nine-month operating cash flow of €11.315 billion supported €1.256 billion of property and intangible purchases, €8.525 billion of dividends and treasury purchases, and €1.694 billion of debt and lease repayments. Liquidity remained substantial and weighted-average shares declined. However, first-half operating cash flow was negative, Q3 cash flow benefited materially from working-capital movements, receivables rose sharply and investment-level returns are unavailable. These establish mixed discipline rather than exceptional allocation.

incentive alignment · 3/4 · The completed 2023–2025 LTI cycle has a reported 137.4% vesting result linked to shareholder return, cash conversion, technology and ESG measures. The 2025 implementation and three-year performance period followed by a two-year holding period support alignment. Ownership amounts and target difficulty are missing; proposed future awards are not counted as vested compensation.

execution · 3/4 · Full-specification delivery, reported qualification on select customer layers, rising system units and higher revenue and operating income demonstrate strong execution. Attribution to management is partly indirect operating evidence. A specific earlier throughput-test limitation and the absence of broad High NA production outcomes prevent an exceptional grade.

governance · 2/4 · No special voting rights on issued shares and shareholder authorization plus supervisory approval for issuance provide documented safeguards. Preference-share defensive arrangements and foreign-private-issuer proxy exemptions temper the assessment. These disclosures establish mechanisms, without demonstrating exceptional oversight effectiveness.

Preuves

Our specific knowledge gives us a leading edge and a head start over competitors.
Intellectual property protection: issuer description of knowledge advantage · Dépôt 05/03/2025

NXE:3800E system which continues to be adopted by advanced Logic and DRAM customers due to its higher productivity and
CEO discussion: NXE:3800E adoption and productivity · Dépôt 25/02/2026

development. After almost 10 years of
CEO discussion: High NA development duration · Dépôt 25/02/2026

tremendous work from so many people in
CEO discussion: High NA development work · Dépôt 25/02/2026

ASML, we have released our first TWINSCAN
CEO discussion: first EXE system release · Dépôt 25/02/2026

EXE:5200B in full specification to our first customer.
CEO discussion: EXE:5200B full-specification delivery · Dépôt 25/02/2026

Page 6July 15, 2026 Public High NA EUV reaches new readiness milestone with first high-volume Logic product “This milestone reflects the close technical collaboration between Intel and ASML and shows how High NA EUV can be integrated into advanced semiconductor manufacturing at scale.
Q2 2026 presentation, page 6: High NA readiness milestone and customer statement · Dépôt 15/07/2026

By qualifying the High NA EUV process option on select Intel 18A product layers, our existing fleet of tools are providing customers with increased output, while we develop future options to achieve leading-edge performance, density and manufacturing flexibility on upcoming nodes.”
Q2 2026 presentation, page 6: customer statement on select Intel 18A layer qualification · Dépôt 15/07/2026

We have experienced and may in the future experience
Risk factors: experienced misappropriation attacks · Dépôt 05/03/2025

misappropriation attacks by third parties or our employees,
Risk factors: parties involved in misappropriation attacks · Dépôt 05/03/2025

where the complexity and uniqueness of parts often make multi- sourcing economically impractical.
Supplier risk: economically impractical multisourcing of specialized EUV parts · Dépôt 25/02/2026

Furthermore, if Carl Zeiss SMT were
Supplier risk: critical optics supplier · Dépôt 25/02/2026

to terminate its supply relationship with us or be unable to maintain
Supplier risk: termination or prolonged optics production interruption · Dépôt 25/02/2026

production of optics over a prolonged period, we would effectively
Supplier risk: consequence of prolonged optics interruption · Dépôt 25/02/2026

cease to be able to conduct our business.
Supplier risk: potential inability to conduct business · Dépôt 25/02/2026

was not capable of running at full throughput
Energy measurement disclosure: EXE:5000A could not run at full throughput during test · Dépôt 25/02/2026

We develop refresh packages to maintain
Circular economy: refresh packages · Dépôt 25/02/2026

adapted to new customer requirements.
Circular economy: adapting systems to customer requirements · Dépôt 25/02/2026

We offer PAS customers a service roadmap
Circular economy: PAS service roadmap · Dépôt 25/02/2026

guaranteed until at least 2035. For each
Circular economy: PAS roadmap guaranteed until at least 2035 · Dépôt 25/02/2026

at least the committed date, subject to export control limitations.
Circular economy: support commitments subject to export controls · Dépôt 25/02/2026

Three months ended Nine months ended Sep 28, Sep 27, Sep 28, Sep 27, (Unaudited, €, in millions, except per share data) 2025 2026 2025 2026 Net system sales 5,553.8 8,373.2 16,890.3 21,217.3 Net service and field option sales 1,962.2 3,288.8 6,058.9 8,538.1 Total net sales 7,516.0 11,662.0 22,949.2 29,755.4 Total cost of sales (3,635.7) (4,962.2) (10,759.7) (13,375.1) Gross profit 3,880.3 6,699.8 12,189.5 16,380.3 Research and development costs (1,108.7) (1,174.4) (3,436.5) (3,635.9) Selling, general and administrative costs (303.2) (352.6) (882.5) (957.6) Income from operations 2,468.4 5,172.8 7,870.5 11,786.8 Gain (loss) on equity investments — 509.7 — 509.7 Interest and other, net 19.4 68.2 93.3 139.0 Income before income taxes 2,487.8 5,750.7 7,963.8 12,435.5 Income tax expense (442.2) (925.0) (1,394.7) (2,081.2) Income after income taxes 2,045.6 4,825.7 6,569.1 10,354.3 Profit related to equity method investments 78.9 134.7 200.7 280.4 Net income 2,124.5 4,960.4 6,769.8 10,634.7 Basic net income per ordinary share 5.49 12.95 17.39 27.67 Diluted net income per ordinary share 5.48 12.93 17.38 27.64 Weighted average number of ordinary shares (in millions) used in computing per share amounts: Basic 387.3 383.1 389.2 384.3 Diluted 387.6 383.5 389.5 384.7 Summary US GAAP Quarterly Summary US GAAP Notes Forward Looking Statements ASML Financial statements US GAAP Q3 2026 2 Consolidated Statements of Operations Ratios and Other Data Consolidated Balance Sheets Consolidated Statements of Cash Flows Summary US GAAP Consolidated Statements of Operations
Q3 2026 statements: quarterly and nine-month sales, operating results and share counts · Dépôt 14/10/2026

Installed Base Management sales1 came in above guidance at €3.3 billion as a result of the continued strong demand for productivity upgrades.
Q3 2026 CEO statement: installed-base sales and productivity upgrade demand · Dépôt 14/10/2026

The main portion of our net sales is derived from volume purchase agreements with our customers that have multiple
Revenue recognition: main portion of sales from volume purchase agreements · Dépôt 25/02/2026

customers have declined compared to prior years and we have
Risk factors: realized capital spending declines at some customers · Dépôt 25/02/2026

experienced changes in timing of orders from certain customers,
Risk factors: experienced changes in order timing · Dépôt 25/02/2026

In our volume purchase agreements we offer customers discounts in the
Revenue recognition: customer discounts in volume agreements · Dépôt 25/02/2026

normal course of sales negotiations.
Revenue recognition: discounts in normal sales negotiations · Dépôt 25/02/2026

As part of these volume purchase agreements, we may also offer free goods or
Revenue recognition: possible free goods in volume agreements · Dépôt 25/02/2026

services and credits that can be used toward future purchases.
Revenue recognition: possible services and future purchase credits · Dépôt 25/02/2026

typically include cancellation penalties that provide economic protection from the risk of customer cancellation.
Revenue recognition: cancellation penalties providing economic protection · Dépôt 25/02/2026

Our sales agreements do not include
Revenue recognition: sales agreement return restrictions · Dépôt 25/02/2026

a right of return for any reason other than not meeting the agreed-upon specifications.
Revenue recognition: returns limited to failure to meet specifications · Dépôt 25/02/2026

Three months ended Nine months ended Sep 28, Sep 27, Sep 28, Sep 27, (Unaudited) 2025 2026 2025 2026 Gross margin 51.6 % 57.5 % 53.1 % 55.0 % Income from operations as a percentage of net sales 32.8 % 44.4 % 34.3 % 39.6 % Net income as a percentage of net sales 28.3 % 42.5 % 29.5 % 35.7 % Income taxes as a percentage of income before income taxes 17.8 % 16.1 % 17.5 % 16.7 % Shareholders’ equity as a percentage of total assets 42.1 % 37.4 % 42.1 % 37.4 % Sales of lithography systems (in units) 1 72 121 225 291 Number of payroll employees (in FTEs) 43,461 44,681 43,461 44,681 Number of temporary employees (in FTEs) 789 1,078 789 1,078 1.
Q3 2026 ratios: margins and lithography system units · Dépôt 14/10/2026

Three months ended Six months ended Jun 29, Jun 28, Jun 29, Jun 28, (Unaudited) 2025 2026 2025 2026 Gross margin 53.7 % 54.0 % 53.8 % 53.5 % Income from operations as a percentage of net sales 34.6 % 37.1 % 35.0 % 36.6 % Net income as a percentage of net sales 29.8 % 31.3 % 30.1 % 31.4 % Income taxes as a percentage of income before income taxes 18.1 % 17.5 % 17.4 % 17.3 % Shareholders’ equity as a percentage of total assets 39.3 % 43.5 % 39.3 % 43.5 % Sales of lithography systems (in units) 1 76 91 153 170 Number of payroll employees (in FTEs) 43,193 43,938 43,193 43,938 Number of temporary employees (in FTEs) 870 696 870 696 1.
Q2 2026 ratios: first-half and quarterly margin comparisons · Dépôt 15/07/2026

Roger Dassen Executive Vice President and Chief Financial Officer STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 54 At a glance Q&A with the CEO Our business Financial performance Risk and security Financial performance KPIs Sales Profitability Liquidity Total net sales Gross profit % of total net sales Cash and cash equivalents and short-term investments (year end) €32.7bn €17.3bn 52.8% €13.3bn 2024: €28.3bn 2024: €14.5bn 2024: 51.3% 2024: €12.7bn Net system sales Income from operations Net cash provided by operating activities €24.5bn €11.3bn 34.6% €12.7bn 2024: €21.8bn 2024: €9.0bn 2024: 31.9% 2024: €11.2bn Net service and field option sales Net income Free cash flow2 €8.2bn €9.6bn Sales of our lithography systems, services and other holistic
2025 financial KPIs: annual margins, sales, cash generation and liquidity · Dépôt 25/02/2026

This drove the gross margin above guidance at 57.5%.
Q3 2026 CEO statement: upgrade demand contribution to gross margin · Dépôt 14/10/2026

Cash flows from operating activities Net income 2,124.5 4,960.4 6,769.8 10,634.7 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation and amortization 274.6 262.9 770.8 769.1 Impairment and loss (gain) on disposal 3.1 10.7 21.7 19.4 Share-based compensation expense 57.7 73.2 146.7 162.8 Inventory reserves 138.6 79.5 297.9 276.0 Deferred tax expense (benefit) (55.3) 54.1 61.9 32.2 Equity investments — (508.8) — (508.8) Equity method investments (80.8) (143.4) (206.4) (306.6) Changes in assets and liabilities (1,903.3) 7,009.0 (6,614.2) 236.2 Net cash provided by (used in) operating activities 559.1 11,797.6 1,248.2 11,315.0 Cash flows from investing activities Purchase of property, plant and equipment (295.9) (413.3) (1,125.7) (1,115.1) Purchase of intangible assets (19.5) (33.9) (35.1) (140.4) Purchase of short-term investments 3.5 (4,595.1) 3.5 (5,499.0) Maturity of short-term investments — 800.4 — 1,200.8 Purchase of equity investments (1,210.0) (405.7) (1,210.0) (409.9) Loans issued and other investments (405.9) (39.5) (404.2) (138.5) Repayment on loans — 0.6 — 1.7 Net cash provided by (used in) investing activities (1,927.8) (4,686.5) (2,771.5) (6,100.4) Three months ended Nine months ended Sep 28, Sep 27, Sep 28, Sep 27, (Unaudited,€, in millions) 2025 2026 2025 2026 Cash flows from financing activities Dividend paid (619.6) (721.3) (1,931.2) (2,376.8) Purchase of treasury shares (172.2) (4,071.0) (4,250.0) (6,148.4) Net proceeds from issuance of shares 35.3 36.8 109.7 108.5 Net proceeds from issuance of borrowings 15.0 — 15.0 — Repayment of debt and finance lease obligations (0.5) (1,000.4) (0.7) (1,693.7) Net cash provided by (used in) financing activities (742.0) (5,755.9) (6,057.2) (10,110.4) Net cash flows (2,110.7) 1,355.2 (7,580.5) (4,895.8) Effect of changes in exchange rates on cash (6.3) 3.8 (28.9) 10.7 Net increase (decrease) in cash and cash equivalents (2,117.0) 1,359.0 (7,609.4) (4,885.1) Cash and cash equivalents at beginning of the period 7,243.5 6,671.9 12,735.9 12,916.0 Cash and cash equivalents at end of the period 5,126.5 8,030.9 5,126.5 8,030.9 Three months ended Nine months ended Sep 28, Sep 27, Sep 28, Sep 27, (Unaudited,€, in millions) 2025 2026 2025 2026 Summary US GAAP Quarterly Summary US GAAP Notes Forward Looking Statements ASML Financial statements US GAAP Q3 2026 5 Consolidated Statements of Operations Ratios and Other Data Consolidated Balance Sheets Consolidated Statements of Cash Flows Summary US GAAP Consolidated Statements of Cash Flows
Q3 2026 cash flows: actual investments, dividends, treasury purchases and debt repayment · Dépôt 14/10/2026

Dec 31, Sep 27, (Unaudited, €, in millions) 2025 2026 Assets Cash and cash equivalents 12,916.0 8,030.9 Short-term investments 405.9 4,704.2 Accounts receivable, net 3,023.0 9,252.8 Finance receivables, net 613.5 674.8 Current tax assets 88.9 145.4 Contract assets 440.6 453.4 Inventories, net 11,429.3 11,907.3 Loans receivable 266.1 303.0 Other assets 1,432.8 1,554.1 Total current assets 30,616.1 37,025.9 Finance receivables, net 13.3 — Deferred tax assets 1,719.4 1,688.2 Loans receivable 1,653.9 1,782.5 Other assets 1,057.1 1,547.5 Equity investments 1,320.7 2,239.4 Equity method investments 822.6 1,129.2 Goodwill 4,588.6 4,588.6 Other intangible assets, net 540.1 582.5 Property, plant and equipment, net 7,893.8 8,077.3 Right-of-use assets 341.0 320.1 Total non-current assets 19,950.5 21,955.3 Total assets 50,566.6 58,981.2 Dec 31, Sep 27, (Unaudited, €, in millions) 2025 2026 Liabilities and shareholders’ equity Current liabilities 24,263.9 24,904.3 Total current liabilities 24,263.9 24,904.3 Long-term debt 2,709.0 1,963.0 Deferred and other tax liabilities 183.0 289.2 Contract liabilities 3,366.3 9,300.6 Accrued and other liabilities 432.2 460.2 Total non-current liabilities 6,690.5 12,013.0 Total liabilities 30,954.4 36,917.3 Total shareholders’ equity 19,612.2 22,063.9 Total liabilities and shareholders’ equity 50,566.6 58,981.2 Summary US GAAP Quarterly Summary US GAAP Notes Forward Looking Statements ASML Financial statements US GAAP Q3 2026 4 Consolidated Statements of Operations Ratios and Other Data Consolidated Balance Sheets Consolidated Statements of Cash Flows Summary US GAAP Consolidated Balance Sheets
September 2026 balance sheet: liquidity, receivables, loans and contract liabilities · Dépôt 14/10/2026

Cash flows from operating activities Net income 2,290.3 2,917.6 4,645.3 5,674.3 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation and amortization 254.9 246.9 496.2 506.3 Impairment and loss (gain) on disposal 16.5 8.2 18.6 8.7 Share-based compensation expense 49.0 58.5 89.0 89.6 Inventory reserves 99.7 116.3 159.3 196.5 Deferred tax expense (benefit) 38.1 20.1 117.2 (22.0) Equity method investments (90.7) (49.9) (125.6) (163.2) Changes in assets and liabilities (1,910.1) (1,614.7) (4,710.9) (6,772.7) Net cash provided by (used in) operating activities 747.7 1,703.0 689.1 (482.5) Cash flows from investing activities Purchase of property, plant and equipment (414.8) (299.4) (829.8) (701.8) Purchase of intangible assets (14.1) (86.6) (15.6) (106.6) Purchase of short-term investments — (903.9) — (903.9) Maturity of short-term investments — 400.4 — 400.4 Purchase of equity investments — (2.4) — (4.2) Loans issued and other investments 0.9 (34.8) 1.7 (99.0) Repayment on loans — 0.4 — 1.1 Net cash provided by (used in) investing activities (428.0) (926.3) (843.7) (1,414.0) Three months ended Six months ended Jun 29, Jun 28, Jun 29, Jun 28, (Unaudited,€, in millions) 2025 2026 2025 2026 Cash flows from financing activities Dividend paid (714.4) (1,038.5) (1,311.6) (1,655.5) Purchase of treasury shares (1,485.2) (1,077.5) (4,077.8) (2,077.5) Net proceeds from issuance of shares 36.4 36.7 74.4 71.7 Repayment of debt and finance lease obligations (0.6) (0.3) (0.2) (693.2) Net cash provided by (used in) financing activities (2,163.8) (2,079.6) (5,315.2) (4,354.5) Net cash flows (1,844.1) (1,302.9) (5,469.8) (6,251.0) Effect of changes in exchange rates on cash (10.8) 4.4 (22.6) 6.9 Net increase (decrease) in cash and cash equivalents (1,854.9) (1,298.5) (5,492.4) (6,244.1) Cash and cash equivalents at beginning of the period 9,098.4 7,970.4 12,735.9 12,916.0 Cash and cash equivalents at end of the period 7,243.5 6,671.9 7,243.5 6,671.9 Three months ended Six months ended Jun 29, Jun 28, Jun 29, Jun 28, (Unaudited,€, in millions) 2025 2026 2025 2026 Summary US GAAP Quarterly Summary US GAAP Notes Forward Looking Statements ASML Financial statements US GAAP Q2 2026 5 Consolidated Statements of Operations Ratios and Other Data Consolidated Balance Sheets Consolidated Statements of Cash Flows Summary US GAAP Consolidated Statements of Cash Flows
First-half 2026 cash flows: working capital use and shareholder distributions · Dépôt 15/07/2026

the LTI 2023–2025 series, ASML exceeded
Remuneration report: completed 2023–2025 LTI cycle · Dépôt 25/02/2026

target on all performance measures –
Remuneration report: performance against LTI targets · Dépôt 25/02/2026

Relative Total Shareholder Return (rTSR), Cash Conversion Rate, Technology Leadership Index and ESG.
Remuneration report: shareholder return, cash conversion, technology and ESG measures · Dépôt 25/02/2026

LTI result is a vesting of 137.4% of target.
Remuneration report: reported LTI vesting result · Dépôt 25/02/2026

performance targets during a three-year period,
2025 remuneration policy: three-year performance period · Dépôt 25/02/2026

after which a two-year holding period applies.
2025 remuneration policy: subsequent two-year holding period · Dépôt 25/02/2026

2025 Implementation LTI 2025-2027 target levels CEO Other BoM members LTI 2025-2027 performance measure weighting 25% 40% 35% Relative TSR 25% Financial strategic value drivers 35% Non-financial measures 40% A detailed breakdown of the LTI 2023-2025 vesting levels can be found
2025 implementation: LTI 2025–2027 performance weightings · Dépôt 25/02/2026

There are no special voting rights on the issued shares in our share capital.
Share capital: no special voting rights on issued shares · Dépôt 25/02/2026

Our Board of Management has the power to issue ordinary shares and cumulative preference shares insofar as it has
Share issuance: Board of Management authority · Dépôt 25/02/2026

been authorized to do so by the General Meeting.
Share issuance: General Meeting authorization · Dépôt 25/02/2026

The Board of Management requires approval of the Supervisory
Share issuance: supervisory approval requirement · Dépôt 25/02/2026

Board for such an issue. The authorization by the General Meeting can only be granted for a certain period not In that case, we are obliged to effect the repurchase and respective cancellation as soon as possible.
Share issuance: Supervisory Board approval · Dépôt 25/02/2026

If the Foundation does not request that we repurchase or cancel all cumulative preference shares held by the
Preference shares: Foundation repurchase or cancellation process · Dépôt 25/02/2026

Foundation within 20 months of issuance of these shares, we will be required to convene a General Meeting for the
Preference shares: 20-month period and General Meeting requirement · Dépôt 25/02/2026

As a ‘foreign private issuer’, we are exempt
Documents on display: foreign private issuer exemptions · Dépôt 25/02/2026

from the rules under the Exchange Act prescribing certain disclosure and procedural requirements for proxy
Documents on display: proxy disclosure and procedure exemptions · Dépôt 25/02/2026

solicitations, and our officers, directors and principal shareholders are exempt from the reporting and ‘short-swing’
Documents on display: scope of proxy exemptions · Dépôt 25/02/2026

Sales of ASML’s EUV systems are also subject
Export controls: EUV sales subject to licensing · Dépôt 05/03/2025

Historique des publications

Historique des publications
Version	Mis à jour	Avantage concurrentiel
6	22/10/2026	narrow
5	19/10/2026	narrow
4	19/10/2026	narrow
3	18/10/2026	narrow
2	18/10/2026	narrow
1	18/10/2026	Indisponible

Sources

Méthode et limites de l’analyse · Comprendre ce concept