The point from the filings that matters most is that revenue growth has accelerated: the twelve-month rate stood at 20.8%, an 18.2-percentage-point increase over the rate a quarter earlier.
Source: SEC EDGAR XBRL company facts. Latest period shown: FY25 Q4.
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| Period | Revenue growth, TTM YoY | Operating margin (TTM) | FCF margin (TTM) |
|---|---|---|---|
| FY18 Q4 | 27.7% | 27.1% | 22.5% |
| FY19 Q4 | 2.3% | 23.6% | 20.2% |
| FY20 Q4 | 20.5% | 29.0% | 25.9% |
| FY21 Q4 | 38.0% | 36.3% | 53.2% |
| FY22 Q4 | 1.3% | 30.7% | 33.9% |
| FY23 Q4 | 33.6% | 32.8% | 11.8% |
| FY24 Q4 | 2.6% | 31.9% | 32.1% |
| FY25 Q4 | 20.8% | 34.6% | 33.8% |
Profit is outgrowing sales
Revenue over the twelve months to Q4 2025 was $36.9 billion, up 20.8% on the year before. That growth rate was up 18.2 percentage points on the rate a quarter earlier.
Profit is growing faster than sales. Net income over the twelve months was $10.9 billion, up 32.6% on the year before, while revenue grew 20.8%. The trailing operating margin was 34.6%, up 2.7 percentage points from a year earlier, and the trailing net margin was 29.4%.
Cash generation is outpacing revenue growth. Free cash flow over the twelve months was $12.5 billion, up 26.9% on the year before, against revenue growth of 20.8%. The free-cash-flow margin was 33.8% of revenue, up 1.6 percentage points from a year earlier. Operating cash flow was $14.3 billion, up 18.5%, while capital spending was $1.8 billion, or 5.0% of revenue.
Where Asml Holding NV's figures sit in its own record
Today's free-cash-flow margin of 33.8% is higher than 89% of the company's own past quarterly readings, which have ranged from −0.4% to 53.2%. The operating margin of 34.6% sits above 94% of past readings, which have ranged from −10.2% to 36.3%. The twelve-month revenue growth rate of 20.8% is higher than 65% of past readings, which have ranged from −48.9% to 168.8%.
The value hinges on growth more than margins
In our model, growth 5 percentage points lower would lower the value by 23.4%, and growth 5 percentage points higher would raise it by 29.9%. A free-cash-flow margin 1 percentage point lower would lower the value by 2.9%. The model is far more sensitive to the growth rate than to the margin.
What the filings cannot tell you at Asml Holding NV
Our figures run to Q4 2025, from the company's own filings; they cannot confirm, explain or rule out anything in the reports. The revenue growth rate and the free-cash-flow margin bear on the chip demand questions in the coverage, while the average diluted share count relates to the buyback activity also in the coverage.