GARMIN LTD GRMN

Technology SIC 3812 - Search, Detection, Navigation, Guidance, Aeronautical Sys NAICS Manufacturing › Computer and Electronic Product Manufacturing › Navigational, Measuring, Electromedical, and Control Instruments Manufacturing › Search, Detection, Navigation, Guidance, Aeronautical, and Nautical System and Instrument Manufacturing derived NYSE

For more than 35 years, Garmin Ltd. and its subsidiaries (collectively, we, our, us, the Company or Garmin) have pioneered new products, many of which feature location technology such as Global Positioning System (GPS), services and applications that are designed for people who live an active lifestyle. Garmin serves five primary markets: fitness, outdoor, aviation, marine, and auto OEM. Garmin designs, develops, manufactures, markets, and distributes a diverse family of GPS-enabled products and other navigation, communications, sensor-based and information products and services for these markets, as well as products installed by original equipment manufacturers (OEMs) and for aftermarket applications. Since the inception of its business, Garmin has delivered over 300 million products, which included more than 20 million products delivered during fiscal 2025.

Last close 293.74 2026-10-23
Market cap $56.65B 2026-03-28 share count
52-week range 186.67 - 314.28

Valuation FY2025 figures against the last close

P/S7.8x
P/E34.2x
P/FCF41.6x
EV/EBITDA27.9x
Dividend yield1.2%
Diluted EPS8.59

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $7.25B$6.30B$5.23B$4.86B$4.98B$4.19B$3.76B$3.35B$3.12B$3.05B
Cost of revenue $2.99B$2.60B$2.22B$2.05B$2.09B$1.71B$1.52B$1.37B$1.32B$1.36B
Gross profit $4.26B$3.70B$3.00B$2.81B$2.89B$2.48B$2.23B$1.98B$1.80B$1.69B
R&D $1.13B$993.6M$904.7M$834.9M$778.8M$652.3M$605.4M$567.8M$511.6M$468.0M
SG&A $1.25B$1.11B$1.01B$944.0M$721.3M$623.6M$518.6M$478.2M$438.0M$410.6M
Total operating expenses $2.38B$2.10B$1.91B$1.78B$1.67B$1.43B$1.29B$1.20B$1.11B$1.06B
Operating income $1.88B$1.59B$1.09B$1.03B$1.22B$1.05B$945.6M$778.3M$683.6M$632.9M
Pre-tax income $2.01B$1.70B$1.20B$1.06B$1.21B$1.10B$987.2M$823.2M$697.1M$638.6M
Income tax $350.6M$284.0M$89.3M$91.4M$124.6M$111.1M$34.7M$129.2M$11.9M$120.9M
Net income $1.66B$1.41B$1.29B$973.6M$1.08B$992.3M$952.5M$694.1M$709.0M$517.7M
EPS, basic 8.657.356.745.065.635.195.013.683.772.74
EPS, diluted 8.597.306.715.045.615.174.993.663.762.73
Shares, diluted (wtd. avg.) 193.6M193.3M192.1M193.0M193,043191,895190.9M189.7M188.7M189,343

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $2.28B$2.08B$1.69B$1.28B$1.50B$1.46B$1.03B$1.20B$891.8M$847.0M
Short-term investments $459.2M$421.3M$274.6M$173.3M$348.0M$387.6M$376.5M$183.0M——
Receivables $1.25B$983.4M$815.2M$656.8M$843.4M$849.5M$706.8M$569.8M$590.9M$527.1M
Inventory $1.77B$1.47B$1.35B$1.52B$1.23B$762.1M$752.9M$561.8M$517.6M$484.8M
Total current assets $6.25B$5.34B$4.46B$3.96B$4.26B$3.67B$3.06B$2.67B$2.35B$2.26B
Property, plant and equipment $1.38B$1.24B$1.22B$1.15B$1.07B$855.5M$728.9M$663.5M$595.7M$482.9M
Goodwill $760.2M$603.9M$608.5M$568.0M$575.1M$584.2M$467.1M$301.0M$287.0M$224.6M
Total assets $10.99B$9.63B$8.60B$7.73B$7.85B$7.03B$6.17B$5.38B$4.95B$4.53B
Accounts payable $347.5M$359.4M$253.8M$212.4M$370.0M$258.9M$240.8M$205.0M$169.6M$172.4M
Total current liabilities $1.72B$1.51B$1.31B$1.21B$1.45B$1.16B$1.04B$921.3M$792.1M$782.7M
Retained earnings $6.97B$6.00B$5.26B$4.73B$4.32B$3.75B$3.23B$2.71B$2.42B$2.06B
Total equity $8.97B$7.85B$7.01B$6.20B$6.11B$5.52B$4.79B$4.16B$3.85B$3.45B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $1.63B$1.43B$1.38B$788.3M$1.01B$1.14B$698.5M$919.5M$660.8M$705.7M
Depreciation and amortisation $152.6M$140.5M$132.3M$118.7M$103.5M$78.1M$71.9M$64.8M$59.9M$55.8M
Stock-based compensation $166.0M$137.2M$101.4M$76.8M$92.5M$80.9M$63.4M$56.4M$44.7M$41.2M
Capital expenditure $270.4M$193.6M$193.5M$244.3M$307.6M$185.4M$118.0M$155.8M$139.7M$91.0M
Investing cash flow -$645.2M-$393.3M-$333.0M-$145.1M-$475.4M-$260.5M-$450.7M-$307.5M-$194.4M-$121.7M
Financing cash flow -$844.1M-$626.9M-$636.5M-$840.6M-$486.7M-$461.8M-$416.0M-$286.2M-$448.4M-$561.7M
Dividends paid $663.9M$572.4M$558.8M$679.1M$491.5M$450.6M$417.3M$296.1M$383.0M$481.5M
Buybacks $57.2M$42.1M$22.8M$22.7M$31.0M$26.3M$25.9M$16.7M$74.5M$93.2M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001308179-26-000318.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 2B 4B 6B 8B Revenue, FY2016: 3B Gross profit, FY2016: 1.7B Net income, FY2016: 517.7M Revenue, FY2017: 3.1B Gross profit, FY2017: 1.8B Net income, FY2017: 709M Revenue, FY2018: 3.3B Gross profit, FY2018: 2B Net income, FY2018: 694.1M Revenue, FY2019: 3.8B Gross profit, FY2019: 2.2B Net income, FY2019: 952.5M Revenue, FY2020: 4.2B Gross profit, FY2020: 2.5B Net income, FY2020: 992.3M Revenue, FY2021: 5B Gross profit, FY2021: 2.9B Net income, FY2021: 1.1B Revenue, FY2022: 4.9B Gross profit, FY2022: 2.8B Net income, FY2022: 973.6M Revenue, FY2023: 5.2B Gross profit, FY2023: 3B Net income, FY2023: 1.3B Revenue, FY2024: 6.3B Gross profit, FY2024: 3.7B Net income, FY2024: 1.4B Revenue, FY2025: 7.2B Gross profit, FY2025: 4.3B Net income, FY2025: 1.7B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $3.05B $3.12B $3.35B $3.76B $4.19B $4.98B $4.86B $5.23B $6.30B $7.25B
Gross profit $1.69B $1.80B $1.98B $2.23B $2.48B $2.89B $2.81B $3.00B $3.70B $4.26B
Net income $517.7M $709.0M $694.1M $952.5M $992.3M $1.08B $973.6M $1.29B $1.41B $1.66B

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Shareholder vote Item 5.07
  • Other event Item 8.01
  • Acquisition or disposal completed A purchase or sale of a significant business or asset has closed. Item 2.01
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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