ASML Holding NV (XSWX:ASML) Operating Income: CHF11,325 Mil (TTM As of Mar. 2026)


XSWX:ASML ASML Holding NV XSWX:ASML
89 GF Score
Price CHF1,462.80
GF Value CHF894.70
Valuation Significantly Overvalued
! 4 Warning Signs
View Full Analysis

What is ASML Holding NV Operating Income?

ASML Holding NV XSWX:ASML -1.83% 89 Operating Income is CHF11,325 Mil as of Mar. 2026. GuruFocus rates XSWX:ASML with a GF Score™ of 89/100 and a GF Value™ of CHF894.70 (Significantly Overvalued). The stock has 4 warning signs investors should review.

ASML Holding NV's Operating Income for the three months ended in Mar. 2026 was CHF2,874 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was CHF11,325 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. ASML Holding NV's Operating Income for the three months ended in Mar. 2026 was CHF2,874 Mil. ASML Holding NV's Revenue for the three months ended in Mar. 2026 was CHF7,979 Mil. Therefore, ASML Holding NV's Operating Margin % for the quarter that ended in Mar. 2026 was 36.02%.

Good Sign:

ASML Holding NV operating margin is expanding. Margin expansion is usually a good sign.

ASML Holding NV's 5-Year average Growth Rate for Operating Margin % was 1.90% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. ASML Holding NV's annualized ROC % for the quarter that ended in Mar. 2026 was 26.39%. ASML Holding NV's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 152.80%.


ASML Holding NV  (XSWX:ASML) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

ASML Holding NV's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=11496.584 * ( 1 - 17.09% )/( (35122.107 + 37102.946)/ 2 )
=9531.8177944/36112.5265
=26.39 %

where

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=47185.625 - 6136.037 - ( 12431.173 - max(0, 22641.571 - 28569.052+12431.173))
=35122.107

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=43743.389 - 0 - ( 7623.886 - max(0, 18465.598 - 25106.041+7623.886))
=37102.946

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

ASML Holding NV's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=11496.584/( ( (7684.206 + max(-6423.815, 0)) + (7363.94 + max(-2355.165, 0)) )/ 2 )
=11496.584/( ( 7684.206 + 7363.94 )/ 2 )
=11496.584/7524.073
=152.80 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(2820.877 + 10665.116 + 1162.318) - (6136.037 + 14936.09 + -0.0010000000002037)
=-6423.815

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(4007.403 + 10659.223 + 1443.807) - (0 + 0 + 18465.598)
=-2355.165

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

ASML Holding NV's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=2874.146/7979.399
=36.02 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.


Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.


ASML Holding NV Operating Income Related Terms


ASML Holding NV Operating Income Historical Data

* Premium members only.

The historical data trend for ASML Holding NV's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

ASML Holding NV Operating Income Chart

ASML Holding NV Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 6,802.29 6,415.31 8,527.57 8,423.61 10,545.77

ASML Holding NV Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 2,615.36 2,943.18 2,306.45 3,201.69 2,874.15
XSWX:ASML
89GF Score
ASML Holding NV XSWX:ASML
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

ASML Holding NV Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was CHF11,325 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of CHF11,325 Mil mean?
ASML Holding NV (XSWX:ASML) has a Operating Income of CHF11,325 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on ASML Holding NV and its competitors.
Is ASML Holding NV's Operating Income too high?
ASML Holding NV's current Operating Income is CHF11,325 Mil. Overall, ASML Holding NV has a GF Score™ of 89/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does ASML Holding NV's Operating Income compare to LRCX and AMAT?
ASML Holding NV's Operating Income of CHF11,325 Mil can be compared against companies in the Semiconductors industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Semiconductors company?
A good Operating Income depends on the Semiconductors industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on ASML Holding NV and its competitors. ASML Holding NV's current Operating Income is CHF11,325 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ASML Holding NV stock overvalued right now?
Based on GuruFocus' analysis, ASML Holding NV (XSWX:ASML) is currently considered Significantly Overvalued. The stock's GF Value™ is CHF894.70, compared to a current price of CHF1,462.80 — trading 63.5% above its estimated fair value. The current Operating Income is CHF11,325 Mil. ASML Holding NV's overall GF Score™ is 89/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For ASML Holding NV (XSWX:ASML), the current Operating Income is CHF11,325 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is ASML Holding NV (XSWX:ASML) Overvalued in 2026?

Based on GuruFocus' analysis, ASML Holding NV stock appears to be overvalued. The current stock price of CHF1,462.80 is trading 63.5% above its estimated GF Value™ of CHF894.70. GuruFocus considers ASML Holding NV to be Significantly Overvalued.

Key valuation signals for XSWX:ASML:

  • Operating Income: CHF11,325 Mil
  • GF Value™: CHF894.70 vs. price of CHF1,462.80 (63.5% above fair value)
  • GF Score™: 89/100 with 4 warning signs

No single metric tells the full story. See the XSWX:ASML stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


ASML Holding NV Business Description

Address De Run 6501, Veldhoven, NB, NLD, 5504 DR
ASML is the leader in lithography systems for manufacturing semiconductors with 90% market share. Lithography is the process in which a light source is used to expose circuit patterns from a photo mask onto a semiconductor wafer. Lithography allows chipmakers to increase the number of transistors on the same area of silicon, with lithography historically representing a high portion of the cost of making cutting-edge chips. ASML outsources the manufacturing of most of its parts, acting like an assembler. ASML's largest clients are TSMC, Samsung, Intel, SK Hynix, and Micron.
89GF Score

Get the complete analysis for XSWX:ASML

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

CHF1,462.80
Price
CHF894.70
GF Value