Garmin Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 27, 2025	Dec '24 Dec 28, 2024	Dec '23 Dec 30, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 25, 2021
Net Income	1,664	1,411	1,290	973.59	1,082
Depreciation & Amortization	188.76	179.74	177.57	163.85	154.82
Stock-Based Compensation	166	137.16	101.42	76.8	92.52
Other Adjustments	48.16	-66.14	-366.04	-150.25	30.69
Change in Receivables	-222.81	-196.26	-129.12	167.34	-19.11
Changes in Inventories	-218.06	-178.82	244.51	-363.33	-476.45
Changes in Accounts Payable	-30.52	120.64	28.5	-131.27	108.95
Changes in Income Taxes Payable	-46.43	43.69	-38.04	49.89	5.89
Changes in Unearned Revenue	-2.75	-1.39	7.75	1.21	0.91
Changes in Other Operating Activities	87.13	-17.58	60.08	0.43	32
Operating Cash Flow	1,633	1,432	1,376	788.26	1,012
Operating Cash Flow Growth	14.02%	4.08%	74.60%	-22.14%	-10.82%
Capital Expenditures	-270.45	-193.57	-193.52	-244.29	-307.65
Sale of Property, Plant & Equipment	-	-	-	-	0.04
Purchases of Intangible Assets	-	-	-	-	-1.94
Purchases of Investments	-839.85	-507.52	-170.68	-1,052	-1,509
Proceeds from Sale of Investments	640.4	309.17	183.37	1,164	1,363
Payments for Business Acquisitions	-175.66	-16.44	-150.85	-13.46	-20.18
Other Investing Activities	0.32	15.03	-1.29	0.5	-
Investing Cash Flow	-645.24	-393.33	-332.97	-145.12	-475.37
Issuance of Common Stock	58.01	49.96	44.06	62.22	35.73
Repurchase of Common Stock	-238.21	-104.47	-121.8	-223.74	-30.99
Net Common Stock Issued (Repurchased)	-180.2	-54.5	-77.74	-161.52	4.75
Common Dividends Paid	-663.89	-572.36	-558.77	-679.1	-491.46
Financing Cash Flow	-844.08	-626.86	-636.51	-840.62	-486.71
Effect of Exchange Rate Changes on Cash and Cash Equivalents	55.16	-26.28	7.46	-21.45	-10.25
Net Cash Flow	199.21	386	414.24	-218.93	40.1
Free Cash Flow	1,363	1,239	1,183	543.97	704.78
Free Cash Flow Growth	10.01%	4.75%	117.43%	-22.82%	-25.80%
FCF Margin	18.81%	19.67%	22.62%	11.19%	14.14%
Free Cash Flow Per Share	7.04	6.41	6.16	2.82	3.65
Levered Free Cash Flow	1,372	1,364	1,576	450.09	600.67
Unlevered Free Cash Flow	1,257	1,280	1,460	416.14	611.28

Updated Dec 27, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.