ASML Holding (ASML) Cash Flow: Operating & Free Cash Flow

ASML Holding (ASML) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), ASML Holding generated EUR 12.66B of operating cash flow and spent EUR 1.63B on capital expenditures. That left free cash flow of EUR 11.03B, up 21.4% from EUR 9.08B a year earlier, or 33.8% of revenue. It returned EUR 8.50B to shareholders through EUR 2.55B in dividends and EUR 5.95B in share buybacks.

ASML Holding Cash Flow Statement Analysis

Values in billions EUR

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for ASML Holding N.V. (ASML) - Annual data in billions EUR
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	9.61	7.57	7.84	6.40	5.88	3.55	2.58	2.53	2.12
Depreciation & Amortization	1.03	0.92	0.74	0.88	0.47	0.49	0.83	0.73	0.42
Deferred Income Tax	0.18	-0.14	-0.13	-0.77	-0.42	-0.21	-0.35	-0.26	-0.01
Stock Based Compensation	0.20	0.17	0.13	0.07	0.12	0.05	0.07	0.05	0.05
Change in Working Capital	1.03	2.05	-3.66	2.54	4.89	0.53	0.23	-0.05	-0.94
Change in Accounts Receivable	1.19	0.90	0.87	-2.34	-1.21	0.51	-0.26	0.20	-1.14
Change in Inventory	-0.83	-1.86	-1.65	-2.08	-0.48	-0.71	-0.40	-0.52	-0.24
Change in Accounts Payable	0.01	1.13	-0.26	0.41	0.72	0.33	-0.01	0.10	0.27
Change in Other Working Capital	0.66	1.89	-2.63	6.55	-0.22	0.40	0.91	0.16	0.17
Other Operating Activities	0.73	0.59	0.48	-0.62	-0.52	0.21	-0.09	0.31	0.16
Net Cash from Operating Activities	12.66	11.17	5.44	8.49	10.85	4.63	3.66	3.30	1.80
Investing Activities
Capital Expenditures	-1.63	-2.08	-2.20	-1.28	-0.90	-1.00	-1.19	-0.84	-0.36
Acquisitions	0.00	0.00	-0.03	0.00	0.33	-0.22	-0.42	0.04	-1.02
Purchases of Investments	-1.71	-0.31	-0.02	-0.33	-1.16	-1.48	-1.29	-0.92	-1.10
Sales/Maturities of Investments	0.01	0.31	0.13	0.86	1.83	1.36	1.02	1.03	1.25
Other Investing Activities	-0.44	-0.54	-0.56	0.65	-0.12	-0.01	0.73	-0.03	0.02
Net Cash from Investing Activities	-3.78	-2.61	-2.69	-1.03	-0.07	-1.35	-1.16	-0.72	-1.21
Financing Activities
Debt Repayment	-1.07	-0.03	-0.75	-0.02	-0.01	1.48	0.00	0.00	-0.24
Common Stock Issued	0.14	0.12	0.10	0.08	0.05	0.04	0.03	0.02	0.05
Common Stock Repurchased	-5.95	-0.50	-1.00	-4.64	-8.56	-1.21	-0.41	-1.15	-0.50
Dividends Paid	-2.55	-2.45	-2.35	-2.56	-1.37	-1.07	-1.33	-0.60	-0.52
Net Cash from Financing Activities	-8.67	-2.83	-3.00	-7.14	-9.89	-0.75	-1.71	-1.72	-1.21
Summary
Effect of Forex Changes on Cash	-0.03	0.01	-0.01	0.00	0.02	-0.01	0.00	0.01	-0.03
Net Change in Cash	0.18	5.73	-0.26	0.32	0.90	2.52	0.41	0.86	-0.65
Cash at Beginning of Period	12.74	7.00	7.27	6.95	6.05	3.53	3.12	2.26	2.91
Cash at End of Period	12.92	12.74	7.00	7.27	6.95	6.05	3.53	3.12	2.26
Free Cash Flow	11.03	9.08	3.25	7.22	9.95	3.63	2.46	2.46	1.44
Supplemental Disclosures
Interest Paid	-	0.16	0.14	0.08	0.08	-	-	-	-
Income Taxes Paid	-	1.10	2.57	1.73	1.24	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Sep 27, 2026. Data sources and methodology

Frequently Asked Questions About ASML Holding Cash Flow

What is ASML Holding's free cash flow?

ASML Holding generated free cash flow of EUR 11.03B in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of EUR 12.66B minus EUR 1.63B of capital expenditures. That was up 21.4% from EUR 9.08B a year earlier. Free cash flow equaled 33.8% of revenue.

How much does ASML Holding spend on capital expenditures?

ASML Holding spent EUR 1.63B on capital expenditures in fiscal 2025, compared with EUR 2.08B a year earlier. That equals 12.9% of operating cash flow.

Does ASML Holding pay dividends or buy back shares?

Yes. In fiscal 2025 ASML Holding returned EUR 2.55B in dividends and EUR 5.95B in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition