Garmin
GRMN · NYSESearch, Detection, Navigation, Guidance, Aeronautical Sys · Fiscal year ends Dec 26
Garmin reported revenue of $7.2B in the fiscal year ended Dec 2025, up 15.1% from the year before. Operating income was $1.9B, an operating margin of 25.9%, and net income was $1.7B. Operating cash flow of $1.6B less capital expenditure of $270M left free cash flow of $1.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $5B | $4.9B | $5.2B | $6.3B | $7.2B |
| Cost of revenue | $2.1B | $2.1B | $2.2B | $2.6B | $3B |
| Gross profit | $2.9B | $2.8B | $3B | $3.7B | $4.3B |
| Research & development | $779M | $835M | $905M | $994M | $1.1B |
| Selling, general & admin | $721M | $944M | $1B | $1.1B | $1.3B |
| Operating income | $1.2B | $1B | $1.1B | $1.6B | $1.9B |
| Pre-tax income | $1.2B | $1.1B | $1.2B | $1.7B | $2B |
| Income tax | $125M | $91M | −$89M | $284M | $351M |
| Net income | $1.1B | $974M | $1.3B | $1.4B | $1.7B |
| Diluted EPS | 5.61 | 5.04 | 6.71 | 7.30 | 8.59 |
| Diluted shares | 0M | 193M | 192M | 193M | 194M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.5B | $1.3B | $1.7B | $2.1B | $2.3B |
| Receivables | $843M | $657M | $815M | $983M | $1.3B |
| Inventory | $1.2B | $1.5B | $1.3B | $1.5B | $1.8B |
| Current assets | $4.3B | $4B | $4.5B | $5.3B | $6.2B |
| Net PP&E | $1.1B | $1.1B | $1.2B | $1.2B | $1.4B |
| Goodwill | $575M | $568M | $608M | $604M | $760M |
| Total assets | $7.9B | $7.7B | $8.6B | $9.6B | $11B |
| Payables | $370M | $212M | $254M | $359M | $347M |
| Deferred revenue | $88M | $91M | $101M | $111M | $106M |
| Current liabilities | $1.4B | $1.2B | $1.3B | $1.5B | $1.7B |
| Shareholders' equity | $6.1B | $6.2B | $7B | $7.8B | $9B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1B | $788M | $1.4B | $1.4B | $1.6B |
| Capital expenditure | $308M | $244M | $194M | $194M | $270M |
| Free cash flow | $705M | $544M | $1.2B | $1.2B | $1.4B |
| Depreciation & amortisation | $103M | $119M | $132M | $140M | $153M |
| Stock-based compensation | $93M | $77M | $101M | $137M | $166M |
| Acquisitions | $20M | $13M | $151M | – | – |
| Dividends paid | $491M | $679M | $559M | $572M | $664M |
| Dividend per share | 2.68 | 1.34 | – | – | – |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −2.5% | 7.6% | 20.4% | 15.1% |
| Operating income growth (YoY) | – | −15.7% | 6.3% | 45.9% | 17.7% |
| EPS growth (YoY) | – | −10.2% | 33.1% | 8.8% | 17.7% |
| Gross margin | 58.0% | 57.7% | 57.5% | 58.7% | 58.7% |
| Operating margin | 24.5% | 21.1% | 20.9% | 25.3% | 25.9% |
| Net margin | 21.7% | 20.0% | 24.7% | 22.4% | 23.0% |
| Return on equityBlank when equity is negative | 17.7% | 15.7% | 18.4% | 18.0% | 18.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 19.0% | 15.8% | 15.0% | 19.6% | 20.2% |
| Free cash flow margin | 14.1% | 11.2% | 22.6% | 19.7% | 18.8% |
| Cash conversion (CFO ÷ net income) | 0.94x | 0.81x | 1.07x | 1.01x | 0.98x |
| Receivable days | 62 | 49 | 57 | 57 | 63 |
| Inventory days | 214 | 269 | 221 | 207 | 216 |
| Payable days | 65 | 38 | 42 | 50 | 42 |
| Current ratio | 2.94x | 3.26x | 3.41x | 3.54x | 3.63x |
Recent filings
More in Search, Detection, Navigation, Guidance, Aeronautical Sys
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.