Garmin Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 28, 2026	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	7,464	7,246	6,297	5,228	4,860	4,983
Revenue Growth (YoY)	15.71%	15.07%	20.44%	7.57%	-2.46%	19.02%
Cost of Revenue	3,050	2,989	2,600	2,223	2,054	2,092
Gross Profit	4,414	4,256	3,697	3,005	2,807	2,890
Selling, General & Admin	1,285	-	-	-	944	893.09
Research & Development	1,154	1,126	993.6	904.7	834.93	778.75
Total Operating Expenses	2,439	1,126	993.6	904.7	1,779	1,672
Operating Income	2,324	3,130	2,703	2,100	1,028	1,219
Interest Income	134.34	128.87	113.52	77.3	40.83	28.57
Other Non-Operating Income (Expense)	-11.27	9.59	-12.11	30.89	-3.7	-40.4
Total Non-Operating Income (Expense)	123.07	138.46	101.41	108.2	37.13	-11.82
Pretax Income	2,098	2,015	1,695	1,200	1,065	1,207
Provision for Income Taxes	361.79	350.65	283.97	-89.28	91.39	124.6
Net Income	1,736	1,664	1,411	1,290	973.59	1,082
Net Income to Common	1,736	1,664	1,411	1,290	973.59	1,082
Net Income Growth	18.25%	17.89%	9.44%	32.46%	-10.04%	9.06%
Shares Outstanding (Basic)	192	192	192	191	193	192
Shares Outstanding (Diluted)	194	194	193	192	193	193
Shares Change (YoY)	0.10%	0.17%	0.64%	-0.51%	-0.00%	0.60%
EPS (Basic)	9.02	8.65	7.35	6.74	5.06	5.63
EPS (Diluted)	8.97	8.59	7.30	6.71	5.04	5.61
EPS Growth	18.03%	17.67%	8.79%	33.13%	-10.16%	8.51%
Shares Outstanding	192.9	192.62	192.47	191.78	191.62	192.61
Free Cash Flow	1,452	1,363	1,239	1,183	543.97	704.78
Free Cash Flow Growth	6.50%	10.01%	4.75%	117.43%	-22.82%	-25.80%
Free Cash Flow Per Share	7.50	7.04	6.41	6.16	2.82	3.65
Dividends Per Share	4.200	3.600	3.000	2.920	2.920	2.680
Dividend Growth	16.67%	20.00%	2.74%	-	8.96%	9.84%
Gross Margin	59.14%	58.74%	58.70%	57.48%	57.75%	58.01%
Operating Margin	31.14%	43.20%	42.93%	40.17%	21.15%	24.46%
Profit Margin	23.26%	22.96%	22.41%	24.67%	20.03%	21.72%
FCF Margin	19.45%	18.81%	19.67%	22.62%	11.19%	14.14%
EBITDA	2,516	3,319	2,883	2,278	1,192	1,373
EBITDA Margin	33.70%	45.81%	45.78%	43.57%	24.52%	27.56%
EBIT	2,324	3,130	2,703	2,100	1,028	1,219
EBIT Margin	31.14%	43.20%	42.93%	40.17%	21.15%	24.46%
Effective Tax Rate	17.24%	17.41%	16.75%	-7.44%	8.58%	10.32%

Updated Apr 29, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q