Garmin Ltd. (GRMN)

Garmin Cash Flow Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 27, 2025	Dec 28, 2024	Dec 30, 2023	Dec 31, 2022	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
Loss (Gain) From Sale of Assets	0.88	-4.9	0.22	-2.08	0.3
Loss (Gain) From Sale of Investments	0.9	0.01	0.06	0.99	-0.62
Stock-Based Compensation	166	137.16	101.42	76.8	92.52
Other Operating Activities	46.38	-61.25	-366.32	-149.15	31.02
Change in Accounts Receivable	-222.81	-196.26	-129.12	167.34	-19.11
Change in Inventory	-218.06	-178.82	244.51	-363.33	-476.45
Change in Accounts Payable	-30.52	120.64	28.5	-131.27	108.95
Change in Unearned Revenue	-11.84	2.22	10.41	-2.38	-7.38
Change in Income Taxes	-46.43	43.69	-38.04	49.89	5.89
Change in Other Net Operating Assets	96.22	-21.2	57.41	4.02	40.29
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
Cash Acquisitions	-175.66	-16.44	-150.85	-13.46	-20.18
Sale (Purchase) of Intangibles	-	-	-	-	-1.94
Investment in Securities	-199.46	-198.35	12.69	112.12	-145.64
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
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
Foreign Exchange Rate Adjustments	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%
Free Cash Flow Margin	18.81%	19.68%	22.62%	11.19%	14.14%
Free Cash Flow Per Share	7.04	6.41	6.16	2.82	3.65
Cash Income Tax Paid	-	-	-	177.02	122.78
Levered Free Cash Flow	790.87	977.27	871.09	310.68	389.23
Unlevered Free Cash Flow	790.87	977.27	871.09	310.68	389.23
Change in Working Capital	-433.45	-229.72	173.67	-275.73	-347.81

Updated Feb 18, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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