Garmin Income 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
Revenue	7,246	6,297	5,228	4,860	4,983
Revenue Growth (YoY)	15.07%	20.44%	7.57%	-2.46%	19.02%
Cost of Revenue	2,989	2,600	2,223	2,054	2,092
Gross Profit	4,256	3,697	3,005	2,807	2,890
Selling, General & Admin	1,254	1,109	1,008	944	893.09
Research & Development	1,126	993.6	904.7	834.93	778.75
Operating Expenses	2,380	2,103	1,913	1,779	1,672
Operating Income	1,876	1,594	1,092	1,028	1,219
Interest & Investment Income	128.87	113.52	77.3	40.83	28.57
Currency Exchange Gain (Loss)	7.85	-20.6	26.43	-11.27	-45.26
Other Non Operating Income (Expenses)	2.64	8.49	4.52	8.56	4.24
EBT Excluding Unusual Items	2,015	1,695	1,200	1,066	1,206
Gain (Loss) on Sale of Investments	-0.9	-0.01	-0.06	-0.99	0.62
Pretax Income	2,015	1,695	1,200	1,065	1,207
Income Tax Expense	350.65	283.97	-89.28	91.39	124.6
Net Income	1,664	1,411	1,290	973.59	1,082
Net Income to Common	1,664	1,411	1,290	973.59	1,082
Net Income Growth	17.89%	9.45%	32.46%	-10.04%	9.06%
Shares Outstanding (Basic)	192	192	191	193	192
Shares Outstanding (Diluted)	194	193	192	193	193
Shares Change (YoY)	0.17%	0.64%	-0.51%	-0.00%	0.60%
EPS (Basic)	8.65	7.35	6.74	5.06	5.63
EPS (Diluted)	8.59	7.30	6.71	5.04	5.61
EPS Growth	17.67%	8.79%	33.13%	-10.16%	8.51%
Free Cash Flow	1,363	1,239	1,183	543.97	704.78
Free Cash Flow Per Share	7.04	6.41	6.16	2.82	3.65
Dividend Per Share	3.600	3.000	2.920	2.920	2.680
Dividend Growth	20.00%	2.74%	-	8.96%	9.84%
Gross Margin	58.74%	58.70%	57.48%	57.75%	58.01%
Operating Margin	25.89%	25.31%	20.89%	21.15%	24.46%
Profit Margin	22.96%	22.41%	24.67%	20.03%	21.72%
Free Cash Flow Margin	18.81%	19.68%	22.62%	11.19%	14.14%
EBITDA	2,065	1,774	1,270	1,192	1,373
EBITDA Margin	28.50%	28.17%	24.29%	24.52%	27.56%
D&A For EBITDA	188.76	179.74	177.57	163.85	154.82
EBIT	1,876	1,594	1,092	1,028	1,219
EBIT Margin	25.89%	25.31%	20.89%	21.15%	24.46%
Effective Tax Rate	17.41%	16.75%	-	8.58%	10.32%
Advertising Expenses	228.54	191.59	173.11	168.04	171.83

Source: S&P Global Market Intelligence. Standard template. Financial Sources.