ASML Holding N.V. (ASML) Cash Flow Statement
Where ASML’s cash came from and went, 2025
December 31, 2025 · euros- Cash from operations
- €12.66B +13.4% vs 2024
- Capital expenditures
- €1.57B 4.8% of revenue
- Free cash flow
- €11.08B 33.9% margin
- Returned to shareholders
- €8.50B 77% of free cash flow
- Change in cash
- €180.1M cash at year-end €12.92B
Cash from operations
€12.66B
Capital expenditures
−€1.57B
Investments (net)
−€1.70B
Acquisitions & other
−€501.1M
Dividends
−€2.55B
Share buybacks (net)
−€5.95B
Net borrowing (repayment)
−€312.5M
Shares issued
+€142.3M
Change in cash
€180.1M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ASML operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
ASML cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | €1.67B2016 | €12.66B2025 | +25.3%/yr | |
| Capital expenditures | €324.7M2016 | €1.57B2025 | +19.2%/yr | |
| Free cash flow | €1.34B2016 | €11.08B2025 | +26.4%/yr | |
| Free cash flow margin | 19.5%2016 | 33.9%2025 | +14.4 pts | |
| Operating cash flow / net income | 1.132016 | 1.322025 | +0.19 | |
| Stock-based compensation | €47.7M2016 | €202.3M2025 | +17.4%/yr | |
| Dividends paid | €445.9M2016 | €2.55B2025 | +21.4%/yr | |
| Share buybacks (net) | €400.0M2016 | €5.95B2025 | +35.0%/yr | |
| Capex / revenue | 4.7%2016 | 4.8%2025 | +0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ASML cash flow by activity
OperatingInvestingFinancingChange in cash
ASML net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ASML cash flow statement in euros
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | €9.61B | €7.57B | €7.84B | €5.62B | €5.88B | €3.55B | €2.59B | €2.53B | €2.12B | €1.47B |
| Depreciation & amortization | €1.03B | €918.6M | €786.2M | €557.3M | €432.8M | €551.9M | €521.2M | €422.7M | €417.5M | €356.9M |
| Stock-based compensation | €202.3M | €172.6M | €134.8M | €68.9M | €117.5M | €53.9M | €74.6M | €48.3M | €53.1M | €47.7M |
| Change in working capital | €1.03B | €2.05B | −€3.66B | €2.21B | €3.29B | €1.22B | €538.6M | −€53.1M | −€939.3M | −€294.9M |
| Other non-cash items | €794.4M | €450.1M | €347.0M | €22.6M | €1.12B | −€750.7M | −€450.3M | €358.1M | €148.8M | €84.3M |
| Cash from operating activities | €12.66B | €11.17B | €5.44B | €8.49B | €10.85B | €4.63B | €3.28B | €3.30B | €1.80B | €1.67B |
| Investing activities | ||||||||||
| Capital expenditures | −€1.57B | −€2.08B | −€2.20B | −€1.28B | −€900.7M | −€962.0M | −€766.6M | −€838.3M | −€358.0M | −€324.7M |
| Investments (net) | −€1.70B | −€2.61B | −€2.44B | −€1.03B | €663.7M | −€1.35B | −€1.16B | −€491.5M | −€1.21B | −€3.19B |
| Acquisitions & other investing | −€501.1M | €2.08B | €1.94B | €1.28B | €165.0M | €962.0M | €766.6M | €609.5M | €358.0M | €324.8M |
| Cash from investing activities | −€3.78B | −€2.61B | −€2.69B | −€1.03B | −€72.0M | −€1.35B | −€1.16B | −€720.3M | −€1.21B | −€3.19B |
| Financing activities | ||||||||||
| Dividends paid | −€2.55B | −€2.45B | −€2.35B | −€2.56B | −€1.37B | −€1.07B | −€1.33B | −€597.1M | −€516.7M | −€445.9M |
| Share repurchases & issuance (net) | −€5.95B | −€500.0M | −€1.00B | −€4.64B | −€8.56B | −€1.21B | −€410.0M | −€1.15B | −€500.0M | −€400.0M |
| Net borrowing (repayment) | −€312.5M | −€3.2M | €245.0M | −€20.6M | −€12.0M | €1.48B | −€3.8M | −€2.8M | −€243.0M | €2.23B |
| Shares issued | €142.3M | €124.0M | €92.4M | €81.8M | €49.0M | €37.9M | €27.2M | €21.8M | €0 | €0 |
| Other financing | €0 | €0 | €7.0M | −€55.0M | −€100,000 | €0 | −€73.1M | €0 | €50.6M | €583.6M |
| Cash from financing activities | −€8.67B | −€2.83B | −€3.00B | −€7.19B | −€9.89B | −€753.0M | −€1.79B | −€1.72B | −€1.21B | €1.96B |
| Summary | ||||||||||
| Net change in cash | €180.1M | €5.73B | −€263.6M | €316.5M | €902.4M | €2.52B | €411.2M | €862.1M | −€647.9M | €448.2M |
| Cash at end of period | €12.92B | €12.74B | €7.00B | €7.27B | €6.95B | €6.05B | €3.53B | €3.12B | €2.26B | €2.91B |
| Free cash flow | €11.08B | €9.08B | €3.25B | €7.20B | €9.95B | €3.67B | €2.51B | €2.46B | €1.44B | €1.34B |
| Free cash flow margin | 33.9% | 32.1% | 11.8% | 34.0% | 53.4% | 26.2% | 21.2% | 22.5% | 16.1% | 19.5% |
| Capex / revenue | 4.8% | 7.4% | 8.0% | 6.1% | 4.8% | 6.9% | 6.5% | 7.7% | 4.0% | 4.7% |
| Operating cash flow / net income | 1.32 | 1.47 | 0.69 | 1.51 | 1.84 | 1.30 | 1.26 | 1.31 | 0.85 | 1.13 |
| Sep '26 | Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | €4.96B | €2.92B | €2.76B | €2.84B | €2.12B | €2.68B | €2.35B | €2.69B | €2.08B | €1.58B | €1.22B | €2.05B |
| Depreciation & amortization | €262.9M | €246.9M | €259.4M | €255.2M | €274.6M | €254.9M | €241.3M | €241.0M | €235.7M | €227.5M | €214.4M | €212.1M |
| Stock-based compensation | — | — | €31.1M | €55.6M | €57.7M | €35.1M | €40.0M | €53.0M | €53.3M | €46.5M | €19.8M | €41.6M |
| Change in working capital | €7.01B | −€1.61B | −€5.16B | €7.64B | −€1.90B | −€1.89B | −€2.80B | €6.24B | −€1.38B | −€1.00B | −€1.80B | €547.7M |
| Other non-cash items | −€434.7M | €153.2M | −€74.7M | €619.2M | €5.6M | €268.1M | €105.9M | €320.4M | −€34.0M | €74.6M | €89.1M | €347.5M |
| Cash from operating activities | €11.80B | €1.70B | −€2.19B | €11.41B | €559.1M | €1.35B | −€58.6M | €9.54B | €949.9M | €923.4M | −€251.9M | €3.20B |
| Investing activities | ||||||||||||
| Capital expenditures | −€413.3M | −€299.4M | −€422.3M | −€447.9M | −€315.4M | −€988.3M | −€416.5M | −€705.5M | −€415.8M | −€538.0M | −€423.8M | −€602.3M |
| Investments (net) | — | — | −€1.8M | −€496.6M | −€1.93B | −€987.4M | −€415.7M | −€1.23B | −€215.0M | −€437.8M | −€723.6M | −€616.9M |
| Acquisitions & other investing | −€4.27B | −€627.0M | −€63.5M | −€61.8M | €315.4M | €988.3M | €416.5M | €705.5M | €415.8M | €538.0M | €423.8M | €602.3M |
| Cash from investing activities | −€4.69B | −€926.4M | −€487.6M | −€1.01B | −€1.93B | −€987.4M | −€415.7M | −€1.23B | −€215.0M | −€437.8M | −€723.6M | −€616.9M |
| Financing activities | ||||||||||||
| Dividends paid | −€721.3M | −€1.04B | −€617.0M | −€619.2M | −€619.6M | −€714.4M | −€597.2M | −€597.8M | −€595.8M | −€688.3M | −€571.0M | −€570.8M |
| Share repurchases & issuance (net) | −€4.07B | −€1.08B | −€1.00B | −€1.70B | −€172.2M | −€1.49B | −€2.59B | −€1.9M | −€1.5M | −€114.9M | −€385.1M | €12.7M |
| Net borrowing (repayment) | — | — | −€692.9M | −€326.8M | €14.5M | −€39.5M | €400,000 | −€1.6M | −€700,000 | — | — | — |
| Shares issued | €0 | €0 | €35.0M | €32.7M | €35.3M | €36.4M | €38.0M | €32.0M | €31.5M | €31.2M | €29.3M | €25.9M |
| Other financing | −€963.6M | €36.4M | €0 | €0 | €0 | €0 | €0 | €1.9M | €1.5M | −€300,000 | −€600,000 | −€12.9M |
| Cash from financing activities | −€5.76B | −€2.08B | −€2.27B | −€2.61B | −€742.0M | −€2.20B | −€3.15B | −€567.4M | −€565.0M | −€772.3M | −€927.4M | −€545.1M |
| Summary | ||||||||||||
| Net change in cash | €1.36B | −€1.30B | −€4.95B | €7.79B | −€2.12B | −€1.85B | −€3.64B | €7.76B | €165.7M | −€287.2M | −€1.90B | €2.03B |
| Cash at end of period | €8.03B | €6.67B | €7.97B | €12.92B | €5.13B | €7.24B | €9.10B | €12.74B | €4.98B | €4.81B | €5.10B | €7.00B |
| Free cash flow | €11.38B | €1.40B | −€2.61B | €10.96B | €243.7M | €357.7M | −€475.1M | €8.84B | €534.1M | €385.4M | −€675.7M | €2.59B |
| Free cash flow margin | 97.6% | 15.1% | −29.7% | 112.8% | 3.2% | 4.7% | −6.1% | 95.4% | 7.2% | 6.2% | −12.8% | 35.9% |
| Capex / revenue | 3.5% | 3.2% | 4.8% | 4.6% | 4.2% | 12.8% | 5.4% | 7.6% | 5.6% | 8.6% | 8.0% | 8.3% |
| Operating cash flow / net income | 2.38 | 0.58 | −0.79 | 4.02 | 0.26 | 0.50 | −0.02 | 3.54 | 0.46 | 0.59 | −0.21 | 1.56 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported; data from EODHD.
ASML cash generation
In fiscal 2025 (ended December 31, 2025), ASML generated €12.7 billion of cash from operations (up 13.4%) and spent €1.6 billion on capital expenditures, leaving free cash flow of €11.1 billion, 33.9% of revenue. It returned €8.5 billion to shareholders through dividends (€2.6 billion) and net share buybacks (€6.0 billion). Cash and equivalents rose by €180.1 million over the year.
Related: ASML income statement, ASML balance sheet, ASML dividend history. See the ASML stock overview for the latest quote and news.
ASML cash flow FAQ
What is ASML's free cash flow?
ASML's free cash flow was €11.1 billion in fiscal 2025: €12.7 billion of operating cash flow minus €1.6 billion of capital expenditures It was €9.1 billion a year earlier..
How much cash does ASML generate from operations?
ASML generated €12.7 billion of cash from operating activities in fiscal 2025, 1.32 times its net income of €9.6 billion.
How much does ASML spend on capital expenditures?
ASML spent €1.6 billion on capital expenditures in fiscal 2025, 4.8% of revenue, compared with €2.1 billion the year before.
How much stock does ASML buy back?
ASML spent €6.0 billion on net share repurchases in fiscal 2025.
How much does ASML pay in dividends?
ASML paid €2.6 billion in dividends in fiscal 2025, 23.0% of free cash flow.