Garmin Ltd. (GRMN) Financial Statements

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Garmin financial statements at a glance

Garmin reported revenue of $7.25 billion for fiscal year 2025 (ended December 31, 2025), up 15.1% from fiscal year 2024. Net income was $1.66 billion, a net margin of 23.0%, and diluted earnings per share were $8.59.

At the end of fiscal year 2025 it had total assets of $10.99 billion, total liabilities of $2.02 billion and shareholders' equity of $8.97 billion, with cash and short-term investments of $2.74 billion and total debt of $164.84 million.

Its operations brought in $1.63 billion of cash; capital spending was $270.45 million, leaving free cash flow of $1.36 billion.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in USD; latest fiscal year ended December 31, 2025.

GRMN logo

Garmin Ltd.

GRMNSwitzerland
Technology
USD (Local)

Income Statement

Annual • USD

Total Revenue
7.25B
Prev Year: 6.30B
YoY: +15.1%
Operating Revenue
7.25B
Prev Year: 6.30B
YoY: +15.1%
Tax Rate for Calcs
0.174
Prev Year: 0
Tax Effect of Unusual Items
1.37M
Prev Year: -3.50M
YoY: +139.0%
Total Unusual Items
7.85M
Prev Year: -20.60M
YoY: +138.1%
Total Unusual Items Excluding Goodwill
7.85M
Prev Year: -20.60M
YoY: +138.1%
Other Income Expense
9.59M
Prev Year: -12.11M
YoY: +179.1%
Other Non-operating Income (expense)
1.74M
Prev Year: 8.49M
YoY: -79.5%
Gain on Sale of Securities
7.85M
Prev Year: -20.60M
YoY: +138.1%
Research and Development
1.13B
Prev Year: 993.60M
YoY: +13.3%
Selling General and Administrative
1.25B
Prev Year: 1.11B
YoY: +13.1%
Cost of Revenue
2.99B
Prev Year: 2.60B
YoY: +15.0%
Gross Profit
4.26B
Prev Year: 3.70B
YoY: +15.1%
Operating Expense
2.38B
Prev Year: 2.10B
YoY: +13.2%
Operating Income
1.88B
Prev Year: 1.59B
YoY: +17.7%
Net Non Operating Interest Income Expense
128.87M
Prev Year: 113.52M
YoY: +13.5%
Non-operating Interest Income
128.87M
Prev Year: 113.52M
YoY: +13.5%
Pre-tax Income
2.01B
Prev Year: 1.70B
YoY: +18.8%
Provision for Income Taxes
350.65M
Prev Year: 283.96M
YoY: +23.5%
Net Income Common Stockholders
1.66B
Prev Year: 1.41B
YoY: +17.9%
Net Income
1.66B
Prev Year: 1.41B
YoY: +17.9%
Net Income Including Non-Controlling Interests
1.66B
Prev Year: 1.41B
YoY: +17.9%
Net Income from Continuing Operations
1.66B
Prev Year: 1.41B
YoY: +17.9%
Diluted NI Available to Com Stockholders
1.66B
Prev Year: 1.41B
YoY: +17.9%
Basic EPS
8.65
Prev Year: 7.35
YoY: +17.7%
Diluted EPS
8.59
Prev Year: 7.3
YoY: +17.7%
Weighted Average Shares (basic)
192.47M
Prev Year: 192.06M
YoY: +0.2%
Weighted Average Shares (diluted)
193.62M
Prev Year: 193.28M
YoY: +0.2%
Total Operating Income as Reported
1.88B
Prev Year: 1.59B
YoY: +17.7%
Total Expenses
5.37B
Prev Year: 4.70B
YoY: +14.2%
Net Income from Continuing and Discontinued Operation
1.66B
Prev Year: 1.41B
YoY: +17.9%
Normalized Income
1.66B
Prev Year: 1.43B
YoY: +16.0%
Interest Income
128.87M
Prev Year: 113.52M
YoY: +13.5%
Net Interest Income
128.87M
Prev Year: 113.52M
YoY: +13.5%
EBIT
1.88B
Prev Year: 1.59B
YoY: +17.7%
EBITDA
2.06B
Prev Year: 1.77B
YoY: +16.4%
Reconciled Cost of Revenue
2.99B
Prev Year: 2.60B
YoY: +15.0%
Reconciled Depreciation
188.76M
Prev Year: 179.74M
YoY: +5.0%
Net Income from Continuing Operation Net Minority Interest
1.66B
Prev Year: 1.41B
YoY: +17.9%
Normalized EBITDA
2.06B
Prev Year: 1.79B
YoY: +14.6%
Values in USD

Garmin key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue$7.2B$6.3B$5.2B$4.9B$5.0B
Gross profit$4.3B$3.7B$3.0B$2.8B$2.9B
Operating income$1.9B$1.6B$1.1B$1.0B$1.2B
Net income$1.7B$1.4B$1.3B$973.6M$1.1B
Diluted EPS$8.59$7.30$6.71$5.04$5.61
Total assets$11.0B$9.6B$8.6B$7.7B$7.9B
Total liabilities$2.0B$1.8B$1.6B$1.5B$1.7B
Shareholders' equity$9.0B$7.8B$7.0B$6.2B$6.1B
Cash and short-term investments$2.7B$2.5B$2.0B$1.5B$1.8B
Total debt$164.8M$134.9M$113.0M$114.5M$70.0M
Operating cash flow$1.6B$1.4B$1.4B$788.3M$1.0B
Capital spending$270.4M$193.6M$193.5M$244.3M$309.6M
Free cash flow$1.4B$1.2B$1.2B$544.0M$702.8M

In USD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2014.

Questions and answers

What was Garmin's revenue in fiscal year 2025?

$7.25 billion, up 15.1% from $6.30 billion in fiscal year 2024.

How much profit does Garmin make?

Garmin reported net income of $1.66 billion for fiscal year 2025 (23.0% of revenue); operating income was $1.88 billion.

How much cash and debt does Garmin have?

At the end of fiscal year 2025: cash and short-term investments of $2.74 billion and total debt of $164.84 million.

What is Garmin's free cash flow?

$1.36 billion in fiscal year 2025 (operating cash flow of $1.63 billion minus capital spending of $270.45 million).

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Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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