Garmin (GRMN) financial statements
Garmin reported revenue of $7.2B in fiscal 2025, up 10.1% a year over 9 years.
Net income was $1.7B and the operating margin 25.9%, against 20.8% in 2016.
Free cash flow was $1.4B, and the company returned $664M in dividends.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Garmin's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.0B | $3.1B | $3.3B | $3.8B | $4.2B | $5.0B | $4.9B | $5.2B | $6.3B | $7.2B |
| Cost of revenue | $1.4B | $1.3B | $1.4B | $1.5B | $1.7B | $2.1B | $2.1B | $2.2B | $2.6B | $3.0B |
| Gross profit | $1.7B | $1.8B | $2.0B | $2.2B | $2.5B | $2.9B | $2.8B | $3.0B | $3.7B | $4.3B |
| Research and development | $468M | $512M | $568M | $605M | $652M | $779M | $835M | $905M | $994M | $1.1B |
| Selling, general and admin | $411M | $438M | $478M | $519M | $624M | $721M | $944M | $1.0B | $1.1B | $1.3B |
| Operating income | $633M | $684M | $778M | $946M | $1.1B | $1.2B | $1.0B | $1.1B | $1.6B | $1.9B |
| Pre-tax income | $639M | $697M | $823M | $987M | $1.1B | $1.2B | $1.1B | $1.2B | $1.7B | $2.0B |
| Income tax | $121M | -$12M | $129M | $35M | $111M | $125M | $91M | -$89M | $284M | $351M |
| Net income | $518M | $709M | $694M | $952M | $992M | $1.1B | $974M | $1.3B | $1.4B | $1.7B |
| EPS (diluted) | $2.73 | $3.76 | $3.66 | $4.99 | $5.17 | $5.61 | $5.04 | $6.71 | $7.30 | $8.59 |
| Diluted shares | 189M | 189M | 190M | 191M | 192M | 193M | 193M | 192M | 193M | 194M |
| Gross margin | 55.4% | 57.6% | 59.1% | 59.5% | 59.3% | 58.0% | 57.7% | 57.5% | 58.7% | 58.7% |
| Operating margin | 20.8% | 21.9% | 23.3% | 25.2% | 25.2% | 24.5% | 21.1% | 20.9% | 25.3% | 25.9% |
| Net margin | 17.0% | 22.7% | 20.7% | 25.3% | 23.7% | 21.7% | 20.0% | 24.7% | 22.4% | 23.0% |
Balance sheet
Fiscal years, from Garmin's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.1B | $1.1B | $1.4B | $1.4B | $1.8B | $1.8B | $1.5B | $2.0B | $2.5B | $2.7B |
| Receivables | $527M | $591M | $570M | $707M | $849M | $843M | $657M | $815M | $983M | $1.3B |
| Inventory | $485M | $518M | $562M | $753M | $762M | $1.2B | $1.5B | $1.3B | $1.5B | $1.8B |
| Total current assets | $2.3B | $2.3B | $2.7B | $3.1B | $3.7B | $4.3B | $4.0B | $4.5B | $5.3B | $6.2B |
| Property, plant and equipment | $483M | $596M | $664M | $729M | $856M | $1.1B | $1.1B | $1.2B | $1.2B | $1.4B |
| Goodwill | $225M | $287M | $301M | $467M | $584M | $575M | $568M | $608M | $604M | $760M |
| Total assets | $4.5B | $4.9B | $5.4B | $6.2B | $7.0B | $7.9B | $7.7B | $8.6B | $9.6B | $11.0B |
| Total current liabilities | $783M | $792M | $921M | $1.0B | $1.2B | $1.4B | $1.2B | $1.3B | $1.5B | $1.7B |
| Total liabilities | $1.1B | $1.1B | $1.2B | $1.4B | $1.5B | $1.7B | $1.5B | $1.6B | $1.8B | $2.0B |
| Shareholders' equity | $3.5B | $3.9B | $4.2B | $4.8B | $5.5B | $6.1B | $6.2B | $7.0B | $7.8B | $9.0B |
| Net debt | -$847M | -$891M | -$1.2B | -$1.0B | -$1.5B | -$1.5B | -$1.3B | -$1.7B | -$2.1B | -$2.3B |
Cash flow
Fiscal years, from Garmin's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $706M | $661M | $920M | $699M | $1.1B | $1.0B | $788M | $1.4B | $1.4B | $1.6B |
| Capital spending | $91M | $140M | $156M | $118M | $185M | $308M | $244M | $194M | $194M | $270M |
| Free cash flow | $615M | $521M | $764M | $581M | $950M | $705M | $544M | $1.2B | $1.2B | $1.4B |
| Stock-based compensation | $41M | $45M | $56M | $63M | $81M | $93M | $77M | $101M | $137M | $166M |
| Dividends paid | $481M | $383M | $296M | $417M | $451M | $491M | $679M | $559M | $572M | $664M |
| Share buybacks (net) | -$93M | -$75M | — | — | — | — | — | — | — | — |
| Free cash flow margin | 20.2% | 16.7% | 22.8% | 15.4% | 22.7% | 14.1% | 11.2% | 22.6% | 19.7% | 18.8% |
| Dividends per share | $2.54 | $2.03 | $1.56 | $2.19 | $2.35 | $2.55 | $3.52 | $2.91 | $2.96 | $3.43 |
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Open GRMN in InvestinglyQuestions
What was Garmin's revenue in 2025?
$7.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Garmin generate?
$1.4B in fiscal 2025 (operating cash flow minus capital spending).
From Garmin's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.