Garmin Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 27, 2025	Dec '24 Dec 28, 2024	Dec '23 Dec 30, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 25, 2021	Dec '20 Dec 26, 2020
Revenue	6,943	6,297	5,228	4,860	4,983	4,187
Revenue Growth (YoY)	16.56%	20.44%	7.57%	-2.46%	19.02%	11.42%
Cost of Revenue	2,865	2,600	2,223	2,054	2,092	1,705
Gross Profit	4,078	3,697	3,005	2,807	2,890	2,481
Selling, General & Admin	1,210	1,109	1,008	944	893.09	774.75
Research & Development	1,090	993.6	904.7	834.93	778.75	652.34
Operating Expenses	2,300	2,103	1,913	1,779	1,672	1,427
Operating Income	1,778	1,594	1,092	1,028	1,219	1,054
Interest & Investment Income	124.69	113.52	77.3	40.83	28.57	37
Currency Exchange Gain (Loss)	-14.6	-20.6	26.43	-11.27	-45.26	2.83
Other Non Operating Income (Expenses)	8.03	8.49	4.52	8.56	4.24	7.95
EBT Excluding Unusual Items	1,896	1,695	1,200	1,066	1,206	1,102
Gain (Loss) on Sale of Investments	-0.84	-0.01	-0.06	-0.99	0.62	1.39
Pretax Income	1,895	1,695	1,200	1,065	1,207	1,103
Income Tax Expense	324.35	283.97	-89.28	91.39	124.6	111.09
Net Income	1,571	1,411	1,290	973.59	1,082	992.32
Net Income to Common	1,571	1,411	1,290	973.59	1,082	992.32
Net Income Growth	3.50%	9.45%	32.46%	-10.04%	9.06%	4.18%
Shares Outstanding (Basic)	192	192	191	193	192	191
Shares Outstanding (Diluted)	194	193	192	193	193	192
Shares Change (YoY)	0.42%	0.64%	-0.51%	-0.00%	0.60%	0.52%
EPS (Basic)	8.16	7.35	6.74	5.06	5.63	5.19
EPS (Diluted)	8.11	7.30	6.71	5.04	5.61	5.17
EPS Growth	3.11%	8.79%	33.13%	-10.16%	8.51%	3.61%
Free Cash Flow	1,332	1,239	1,183	543.97	704.78	949.87
Free Cash Flow Per Share	6.88	6.41	6.16	2.82	3.65	4.95
Dividend Per Share	3.600	3.000	2.920	2.920	2.680	2.440
Dividend Growth	20.00%	2.74%	-	8.96%	9.84%	7.02%
Gross Margin	58.73%	58.70%	57.48%	57.75%	58.01%	59.27%
Operating Margin	25.61%	25.31%	20.89%	21.15%	24.46%	25.18%
Profit Margin	22.63%	22.41%	24.67%	20.03%	21.72%	23.70%
Free Cash Flow Margin	19.19%	19.68%	22.62%	11.19%	14.14%	22.69%
EBITDA	1,967	1,774	1,270	1,192	1,373	1,181
EBITDA Margin	28.33%	28.17%	24.29%	24.52%	27.56%	28.21%
D&A For EBITDA	189.05	179.74	177.57	163.85	154.82	126.72
EBIT	1,778	1,594	1,092	1,028	1,219	1,054
EBIT Margin	25.61%	25.31%	20.89%	21.15%	24.46%	25.18%
Effective Tax Rate	17.11%	16.75%	-	8.58%	10.32%	10.07%
Advertising Expenses	-	191.59	173.11	168.04	171.83	151.17

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