The Revenue LinesWide moat

ASML (ASML) — moat facet

Two lines tied at €12 billion in 2025; by the first half of 2026 the monopoly line was 61.5% of machine sales.

ASML sells four things, and in 2025 two of them were almost exactly the same size. DUV systems brought in €12,047 million and EUV systems €11,603 million, out of total net sales of €32,667.3 million.12 The Installed Base business, which is service, parts and upgrades on machines already in customers' fabs, brought in €8,193.0 million, and metrology and inspection €824.6 million.3

Net sales by line, first half (€bn)H1 2025H1 2026EUV systems5.877.90DUV systems5.154.58Metrology & inspection0.320.36Installed Base (service)4.105.25ASML H1 2026 interim report; EUV = NXE + EXE, DUV = ArFi + ArF dry + KrF + i-line
EUV added €2.0 billion in a year and DUV lost €0.6 billion.

That near-tie ended in the first half of 2026. EUV sales were €7,897 million against €4,585 million for DUV, and service, at €5,249.2 million, was larger than DUV for the first time on these figures.45 The machine only ASML can build now carries the company, and the older machines are shrinking.

ASML discloses profit only for systems and service together, not by technology. In 2025 systems earned a 53.5% gross margin and service 50.9%.67 On the IFRS basis of the interim report the order reversed in the first half of 2026: service 60.3%, systems 47.0%.89

The four pages that follow take each line as a business: what is inside it, how it grew and what it is paid for. The moat pages carry the arguments about the EUV monopoly and the service annuity; these pages carry the series behind them.

The one number that ties the four together is EUV's share of system sales: 61.5% in the first half of 2026, from 51.8% a year earlier.1011 If it falls back while DUV recovers, the growth was a China and immersion story rather than a leading-edge one.

Moat trajectory: Widening

EUV rose from 51.8% to 61.5% of system sales between the first halves of 2025 and 2026.

The number that tests this moat
Moat Explorer calc
EUV share of system sales, first half
61.5% in H1 2026, from 51.8%

A fall back while DUV recovers would mean growth was coming from China and immersion rather than the leading edge.

How it's calculated: (EXE + NXE system sales) / net system sales: 7,897.4 / 12,844.2 in H1 2026; 5,867.0 / 11,336.5 in H1 2025.
Source: ASML H1 2026 interim report (Moat Explorer calc) ↗
Dig deeper
DIG DEEPER 01
EUV systems
Sales up more than tenfold since 2017, with the price per machine doing more of the work than the count.
DIG DEEPER 02
DUV systems
Still €12 billion in 2025, but units fell by a quarter and China's buying is running down.
DIG DEEPER 03
Metrology & inspection
Three times the sales of 2017 and still about 2.5% of the company.
DIG DEEPER 04
Installed Base (service)
Service tripled since 2018 and in early 2026 earned more per euro than the machines.
References
  1. ReportedDUV systems brought in €12,047 million and EUV systems €11,603 million, out of total net sales of €32,667.3 million.
    ASML Holding N.V. Form 20-F FY2025 - net system sales per technology 2023-2025 (units, €m): NXE 53/9,124.0, 42/7,856.4, 44/10,445.8; EXE 2/465.0 (2024), 4/1,156.9 (2025); ArFi 125/9,017.4, 129/9,667.0, 131/10,311.4; ArF dry 32/780.2, 28/774.4, 16/427.0; KrF 184/2,202.5, 152/1,991.2, 78/1,001.3; I-line 55/278.4, 65/369.2, 54/307.3; Metrology & Inspection 151/536.1, 165/645.5, 208/824.6; net service and field option sales 5,619.9/6,494.2/8,193.0 with cost 3,271.4/3,364.0/4,025.3; total net sales 27,558.5/28,262.9/32,667.3; China sales 7,251.8/10,195.1/9,519.7; service growth attributed to the growing installed base of systems, higher tool use and more NXE field upgrades — FY2023-FY2025 · publ. February 2026 · source ↗
  2. Moat Explorer calcDUV systems brought in €12,047 million and EUV systems €11,603 million, out of total net sales of €32,667.3 million.
    Moat Explorer calculation from ASML's Forms 20-F FY2019, FY2021, FY2023 and FY2025 and the H1 2026 interim report: line totals (EUV = NXE + EXE; DUV = ArF immersion + ArF dry + KrF + i-line), shares of sales, sales per system, growth rates and gross margins (sales less cost of sales, over sales) — 2017 to H1 2026 · publ. 2026-09-23 · source ↗
  3. ReportedThe Installed Base business, which is service, parts and upgrades on machines already in customers' fabs, brought in €8,193.0 million, and metrology and inspection €824.6 million.
    ASML Holding N.V. Form 20-F FY2025 - net system sales per technology 2023-2025 (units, €m): NXE 53/9,124.0, 42/7,856.4, 44/10,445.8; EXE 2/465.0 (2024), 4/1,156.9 (2025); ArFi 125/9,017.4, 129/9,667.0, 131/10,311.4; ArF dry 32/780.2, 28/774.4, 16/427.0; KrF 184/2,202.5, 152/1,991.2, 78/1,001.3; I-line 55/278.4, 65/369.2, 54/307.3; Metrology & Inspection 151/536.1, 165/645.5, 208/824.6; net service and field option sales 5,619.9/6,494.2/8,193.0 with cost 3,271.4/3,364.0/4,025.3; total net sales 27,558.5/28,262.9/32,667.3; China sales 7,251.8/10,195.1/9,519.7; service growth attributed to the growing installed base of systems, higher tool use and more NXE field upgrades — FY2023-FY2025 · publ. February 2026 · source ↗
  4. ReportedEUV sales were €7,897 million against €4,585 million for DUV, and service, at €5,249.2 million, was larger than DUV for the first time on these figures.
    ASML statutory interim report H1 2026 (IFRS) - net system sales per technology, six months to June 2025 and June 2026 (units, €m): EXE 1/273.8 and 3/1,188.9; NXE 24/5,593.2 and 29/6,708.5; ArF immersion 56/4,301.7 and 40/3,331.7; ArF dry 7/193.3 and 13/367.3; KrF 38/495.6 and 65/772.6; I-line 27/158.0 and 20/113.1; Metrology & Inspection 88/320.9 and 104/362.1; net system sales 11,336.5 and 12,844.2 (+13.3%), net service and field option sales 4,096.7 and 5,249.2 (+28.1%); cost of system sales 5,298.3 and 6,803.1, cost of service 1,911.5 and 2,084.9 (+9.1%) — H1 2026 · publ. July 15, 2026 · source ↗
  5. Moat Explorer calcEUV sales were €7,897 million against €4,585 million for DUV, and service, at €5,249.2 million, was larger than DUV for the first time on these figures.
    Moat Explorer calculation from ASML's Forms 20-F FY2019, FY2021, FY2023 and FY2025 and the H1 2026 interim report: line totals (EUV = NXE + EXE; DUV = ArF immersion + ArF dry + KrF + i-line), shares of sales, sales per system, growth rates and gross margins (sales less cost of sales, over sales) — 2017 to H1 2026 · publ. 2026-09-23 · source ↗
  6. ReportedIn 2025 systems earned a 53.5% gross margin and service 50.9%.
    ASML Holding N.V. Form 20-F FY2025 - net system sales per technology 2023-2025 (units, €m): NXE 53/9,124.0, 42/7,856.4, 44/10,445.8; EXE 2/465.0 (2024), 4/1,156.9 (2025); ArFi 125/9,017.4, 129/9,667.0, 131/10,311.4; ArF dry 32/780.2, 28/774.4, 16/427.0; KrF 184/2,202.5, 152/1,991.2, 78/1,001.3; I-line 55/278.4, 65/369.2, 54/307.3; Metrology & Inspection 151/536.1, 165/645.5, 208/824.6; net service and field option sales 5,619.9/6,494.2/8,193.0 with cost 3,271.4/3,364.0/4,025.3; total net sales 27,558.5/28,262.9/32,667.3; China sales 7,251.8/10,195.1/9,519.7; service growth attributed to the growing installed base of systems, higher tool use and more NXE field upgrades — FY2023-FY2025 · publ. February 2026 · source ↗
  7. Moat Explorer calcIn 2025 systems earned a 53.5% gross margin and service 50.9%.
    Moat Explorer calculation from ASML's Forms 20-F FY2019, FY2021, FY2023 and FY2025 and the H1 2026 interim report: line totals (EUV = NXE + EXE; DUV = ArF immersion + ArF dry + KrF + i-line), shares of sales, sales per system, growth rates and gross margins (sales less cost of sales, over sales) — 2017 to H1 2026 · publ. 2026-09-23 · source ↗
  8. ReportedOn the IFRS basis of the interim report the order reversed in the first half of 2026: service 60.3%, systems 47.0%.
    ASML statutory interim report H1 2026 (IFRS) - net system sales per technology, six months to June 2025 and June 2026 (units, €m): EXE 1/273.8 and 3/1,188.9; NXE 24/5,593.2 and 29/6,708.5; ArF immersion 56/4,301.7 and 40/3,331.7; ArF dry 7/193.3 and 13/367.3; KrF 38/495.6 and 65/772.6; I-line 27/158.0 and 20/113.1; Metrology & Inspection 88/320.9 and 104/362.1; net system sales 11,336.5 and 12,844.2 (+13.3%), net service and field option sales 4,096.7 and 5,249.2 (+28.1%); cost of system sales 5,298.3 and 6,803.1, cost of service 1,911.5 and 2,084.9 (+9.1%) — H1 2026 · publ. July 15, 2026 · source ↗
  9. Moat Explorer calcOn the IFRS basis of the interim report the order reversed in the first half of 2026: service 60.3%, systems 47.0%.
    Moat Explorer calculation from ASML's Forms 20-F FY2019, FY2021, FY2023 and FY2025 and the H1 2026 interim report: line totals (EUV = NXE + EXE; DUV = ArF immersion + ArF dry + KrF + i-line), shares of sales, sales per system, growth rates and gross margins (sales less cost of sales, over sales) — 2017 to H1 2026 · publ. 2026-09-23 · source ↗
  10. ReportedThe one number that ties the four together is EUV's share of system sales: 61.5% in the first half of 2026, from 51.8% a year earlier.
    ASML statutory interim report H1 2026 (IFRS) - net system sales per technology, six months to June 2025 and June 2026 (units, €m): EXE 1/273.8 and 3/1,188.9; NXE 24/5,593.2 and 29/6,708.5; ArF immersion 56/4,301.7 and 40/3,331.7; ArF dry 7/193.3 and 13/367.3; KrF 38/495.6 and 65/772.6; I-line 27/158.0 and 20/113.1; Metrology & Inspection 88/320.9 and 104/362.1; net system sales 11,336.5 and 12,844.2 (+13.3%), net service and field option sales 4,096.7 and 5,249.2 (+28.1%); cost of system sales 5,298.3 and 6,803.1, cost of service 1,911.5 and 2,084.9 (+9.1%) — H1 2026 · publ. July 15, 2026 · source ↗
  11. Moat Explorer calcThe one number that ties the four together is EUV's share of system sales: 61.5% in the first half of 2026, from 51.8% a year earlier.
    Moat Explorer calculation from ASML's Forms 20-F FY2019, FY2021, FY2023 and FY2025 and the H1 2026 interim report: line totals (EUV = NXE + EXE; DUV = ArF immersion + ArF dry + KrF + i-line), shares of sales, sales per system, growth rates and gross margins (sales less cost of sales, over sales) — 2017 to H1 2026 · publ. 2026-09-23 · source ↗
Sources
Generated September 23, 2026