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Garmin (GRMN) Financials

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$242.61 +2.52 (+1.05%)
Closing price 03:59 PM Eastern
Extended Trading
$242.49 -0.12 (-0.05%)
As of 07:54 PM Eastern
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Annual Income Statements for Garmin

Annual Income Statements for Garmin

This table shows Garmin's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/26/2015 12/31/2016 12/30/2017 12/29/2018 12/28/2019 12/26/2020 12/25/2021 12/31/2022 12/30/2023 12/28/2024 12/27/2025
Net Income / (Loss) Attributable to Common Shareholders		 456 518 709 694 952 992 1,082 974 1,290 1,411 1,664
Consolidated Net Income / (Loss)		 456 518 709 694 952 992 1,082 974 1,290 1,411 1,664
Net Income / (Loss) Continuing Operations		 456 518 709 694 952 992 1,082 974 1,290 1,411 1,664
Total Pre-Tax Income 		567 639 697 823 987 1,103 1,207 1,065 1,200 1,695 2,015
Total Operating Income		 550 633 684 778 946 1,054 1,219 1,028 1,092 1,594 1,876
Total Gross Profit		 1,539 1,689 1,798 1,980 2,234 2,481 2,890 2,807 3,005 3,697 4,256
Total Revenue		 2,820 3,046 3,122 3,347 3,758 4,187 4,983 4,860 5,228 6,297 7,246
Operating Revenue		 2,820 3,046 3,122 3,347 3,758 4,187 4,983 4,860 5,228 6,297 7,246
Total Cost of Revenue		 1,282 1,357 1,324 1,368 1,524 1,705 2,092 2,054 2,223 2,600 2,989
Operating Cost of Revenue		 1,282 1,357 1,324 1,368 1,524 1,705 2,092 2,054 2,223 2,600 2,989
Total Operating Expenses		 989 1,056 1,114 1,201 1,288 1,427 1,672 1,779 1,913 2,103 2,380
Selling, General & Admin Expense		 395 411 438 478 519 624 721 944 1,008 1,109 1,254
Research & Development Expense		 427 468 512 568 605 652 779 835 905 994 1,126
Total Other Income / (Expense), net		 18 5.76 13 45 42 49 -12 37 108 101 138
Interest & Investment Income		 30 33 37 47 53 37 29 41 77 114 129
Other Income / (Expense), net		 -12 -28 -23 -2.24 -11 12 -40 -3.70 31 -12 9.59
Income Tax Expense		 111 121 -12 129 35 111 125 91 -89 284 351
Basic Earnings per Share		 $2.39 $2.74 $3.77 $3.68 $5.01 $5.19 $5.63 $5.06 $6.74 $7.35 $8.65
Weighted Average Basic Shares Outstanding		 190.90M 188.50M 188.10M 188.60M 190.69M 191.57M 192.79M 191.36M 191.78M 192.40M 192.48M
Diluted Earnings per Share		 $2.39 $2.73 $3.76 $3.66 $4.99 $5.17 $5.61 $5.04 $6.71 $7.30 $8.59
Weighted Average Diluted Shares Outstanding		 190.90M 188.50M 188.10M 188.60M 190.69M 191.57M 192.79M 191.36M 191.78M 192.40M 192.48M
Weighted Average Basic & Diluted Shares Outstanding		 190.90M 188.50M 188.10M 188.60M 190.69M 191.57M 192.79M 191.36M 191.78M 192.40M 192.48M

Quarterly Income Statements for Garmin

This table shows Garmin's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/30/2023 3/30/2024 6/29/2024 9/28/2024 12/28/2024 3/29/2025 6/28/2025 9/27/2025 12/27/2025 3/28/2026
Net Income / (Loss) Attributable to Common Shareholders		 257 542 276 301 399 436 333 401 402 529 405
Consolidated Net Income / (Loss)		 257 542 276 301 399 436 333 401 402 529 405
Net Income / (Loss) Continuing Operations		 257 542 276 301 399 436 333 401 402 529 405
Total Pre-Tax Income 		280 383 327 366 486 516 389 480 510 635 473
Total Operating Income		 270 340 298 342 437 516 333 472 457 614 432
Total Gross Profit		 729 864 802 863 952 1,080 885 1,067 1,046 1,258 1,042
Total Revenue		 1,278 1,483 1,382 1,507 1,586 1,823 1,535 1,815 1,771 2,125 1,753
Operating Revenue		 1,278 1,483 1,382 1,507 1,586 1,823 1,535 1,815 1,771 2,125 1,753
Total Cost of Revenue		 549 618 580 644 634 743 651 748 724 867 711
Operating Cost of Revenue		 549 618 580 644 634 743 651 748 724 867 711
Total Operating Expenses		 458 524 504 521 514 564 552 595 590 644 611
Selling, General & Admin Expense		 237 286 261 278 265 305 284 318 303 349 315
Research & Development Expense		 222 237 243 243 249 259 268 277 286 295 296
Total Other Income / (Expense), net		 9.20 43 29 24 49 0.06 56 7.96 53 21 41
Interest & Investment Income		 20 23 25 29 29 30 31 32 32 35 36
Other Income / (Expense), net		 -11 20 3.60 -5.34 20 -30 26 -24 21 -13 4.89
Income Tax Expense		 22 -159 51 65 87 80 56 79 108 107 67
Basic Earnings per Share		 $1.34 $2.83 $1.44 $1.57 $2.08 $2.26 $1.73 $2.08 $2.09 $2.75 $2.10
Weighted Average Basic Shares Outstanding		 191.44M 191.78M 191.89M 192.07M 192.20M 192.40M 192.54M 192.52M 192.46M 192.48M 192.67M
Diluted Earnings per Share		 $1.34 $2.82 $1.43 $1.56 $2.07 $2.24 $1.72 $2.07 $2.08 $2.72 $2.09
Weighted Average Diluted Shares Outstanding		 191.87M 191.78M 192.70M 192.90M 193.17M 192.40M 193.72M 193.42M 193.53M 192.48M 193.57M
Weighted Average Basic & Diluted Shares Outstanding		 191.33M 191.78M 192.08M 192.21M 192.02M 192.40M 192.54M 192.49M 192.33M 192.48M 192.86M

Annual Cash Flow Statements for Garmin

This table details how cash moves in and out of Garmin's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/26/2015 12/31/2016 12/30/2017 12/29/2018 12/28/2019 12/26/2020 12/25/2021 12/31/2022 12/30/2023 12/28/2024 12/27/2025
Net Change in Cash & Equivalents		 -363 14 45 310 -174 431 40 -219 414 386 199
Net Cash From Operating Activities		 280 706 661 920 699 1,135 1,012 788 1,376 1,432 1,633
Net Cash From Continuing Operating Activities		 280 706 661 920 699 1,135 1,012 788 1,376 1,432 1,633
Net Income / (Loss) Continuing Operations		 456 518 709 694 952 992 1,082 974 1,290 1,411 1,664
Consolidated Net Income / (Loss)		 456 518 709 694 952 992 1,082 974 1,290 1,411 1,664
Depreciation Expense		 51 56 60 65 72 78 103 119 132 140 153
Amortization Expense		 27 31 26 31 34 49 51 45 45 39 36
Non-Cash Adjustments To Reconcile Net Income		 85 84 67 71 81 68 129 70 76 159 132
Changes in Operating Assets and Liabilities, net		 -339 18 -202 59 -441 -52 -353 -419 -167 -318 -351
Net Cash From Investing Activities		 -112 -122 -194 -308 -451 -261 -475 -145 -333 -393 -645
Net Cash From Continuing Investing Activities		 -112 -122 -194 -308 -451 -261 -475 -145 -333 -393 -645
Purchase of Property, Plant & Equipment		 -81 -91 -140 -156 -118 -185 -308 -244 -194 -194 -270
Acquisitions		 -43 -84 -103 -34 -303 -151 -22 -13 -151 -16 -176
Purchase of Investments		 -916 -905 -588 -403 -789 -1,053 -1,509 -1,052 -171 -508 -840
Sale and/or Maturity of Investments		 919 957 635 284 759 1,126 1,363 1,164 183 309 640
Other Investing Activities, net		 0.05 - - - - - - 0.50 -1.29 15 0.32
Net Cash From Financing Activities		 -500 -562 -448 -286 -416 -462 -487 -841 -637 -627 -844
Net Cash From Continuing Financing Activities		 -500 -562 -448 -286 -416 -462 -487 -841 -637 -627 -844
Repurchase of Preferred Equity		 - - - - - - 0.00 -201 - - -181
Payment of Dividends		 -378 -481 -383 -296 -417 -451 -491 -679 -559 -572 -664
Issuance of Common Equity		 17 19 22 27 27 15 36 62 44 50 58
Other Financing Activities, net		 -7.64 1.69 -13 -17 -26 -26 -31 -23 -23 -42 -57
Effect of Exchange Rate Changes		 -32 -8.66 27 -16 -5.94 18 -10 -21 7.46 -26 55

Quarterly Cash Flow Statements for Garmin

This table details how cash moves in and out of Garmin's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/30/2023 3/30/2024 6/29/2024 9/28/2024 12/28/2024 3/29/2025 6/28/2025 9/27/2025 12/27/2025 3/28/2026
Net Change in Cash & Equivalents		 -2.68 271 228 16 72 70 96 -103 0.64 206 11
Net Cash From Operating Activities		 357 466 435 255 258 484 421 173 486 554 536
Net Cash From Continuing Operating Activities		 357 466 435 255 258 484 421 173 486 554 536
Net Income / (Loss) Continuing Operations		 257 542 276 301 399 436 333 401 402 529 405
Consolidated Net Income / (Loss)		 257 542 276 301 399 436 333 401 402 529 405
Depreciation Expense		 34 34 34 34 34 38 37 39 40 37 40
Amortization Expense		 11 11 11 10 9.80 8.39 8.84 8.59 9.45 9.27 8.71
Non-Cash Adjustments To Reconcile Net Income		 46 0.01 34 36 6.23 84 -1.13 68 22 43 45
Changes in Operating Assets and Liabilities, net		 9.67 -122 81 -125 -192 -82 43 -343 13 -64 37
Net Cash From Investing Activities		 -198 -65 -37 -106 -48 -203 -133 -114 -268 -131 -252
Net Cash From Continuing Investing Activities		 -198 -65 -37 -106 -48 -203 -133 -114 -268 -131 -252
Purchase of Property, Plant & Equipment		 -46 -49 -33 -37 -39 -85 -40 -46 -61 -124 -67
Acquisitions		 -151 - 5.01 - - -21 -2.10 0.13 -174 - 0.00
Purchase of Investments		 -47 -55 -86 -196 -82 -144 -180 -286 -259 -116 -333
Sale and/or Maturity of Investments		 46 38 77 127 74 32 89 218 225 109 148
Other Investing Activities, net		 -0.32 -0.27 -0.22 -0.10 -0.14 15 0.60 -0.10 -0.12 -0.07 -0.31
Net Cash From Financing Activities		 -149 -150 -156 -129 -164 -177 -205 -211 -210 -219 -260
Net Cash From Continuing Financing Activities		 -149 -150 -156 -129 -164 -177 -205 -211 -210 -219 -260
Repurchase of Common Equity		 - - 0.00 - - - -27 -67 -37 - -40
Payment of Dividends		 -140 -140 -140 -144 -144 -144 -145 -173 -173 -173 -174
Other Financing Activities, net		 - -13 -16 -0.28 -0.05 -26 -33 -0.29 -0.05 -24 -47
Effect of Exchange Rate Changes		 -13 20 -14 -3.85 25 -34 13 48 -7.53 2.04 -12

Annual Balance Sheets for Garmin

This table presents Garmin's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/26/2015 12/31/2016 12/30/2017 12/29/2018 12/28/2019 12/26/2020 12/25/2021 12/31/2022 12/30/2023 12/28/2024 12/27/2025
Total Assets		 4,499 4,525 4,948 5,383 6,167 7,031 7,854 7,731 8,604 9,631 10,994
Total Current Assets		 2,211 2,263 2,346 2,665 3,058 3,669 4,262 3,955 4,464 5,336 6,248
Cash & Equivalents		 833 847 891 1,202 1,028 1,458 1,498 1,279 1,693 2,079 2,279
Short-Term Investments		 215 267 162 183 376 388 348 173 275 421 459
Accounts Receivable		 531 527 591 570 707 849 843 657 815 983 1,253
Inventories, net		 501 485 518 562 753 762 1,228 1,515 1,346 1,474 1,772
Prepaid Expenses		 82 90 154 121 169 192 329 316 319 354 468
Other Current Assets		 49 47 31 28 25 20 16 15 16 24 18
Plant, Property, & Equipment, net		 446 483 596 664 729 856 1,067 1,147 1,224 1,237 1,375
Total Noncurrent Assets		 1,842 1,779 2,006 2,054 2,380 2,506 2,525 2,629 2,915 3,057 3,370
Long-Term Investments		 1,343 1,213 1,260 1,330 1,205 1,131 1,269 1,208 1,125 1,198 1,397
Goodwill		 246 305 410 417 660 829 575 568 608 604 760
Intangible Assets		 - - - - - - 216 178 181 154 198
Noncurrent Deferred & Refundable Income Taxes		 117 110 196 177 269 245 260 441 755 823 718
Other Noncurrent Operating Assets		 136 151 140 130 246 301 205 233 246 279 296
Total Liabilities & Shareholders' Equity		 4,499 4,525 4,948 5,383 6,167 7,031 7,854 7,731 8,604 9,631 10,994
Total Liabilities		 1,154 1,107 1,096 1,220 1,373 1,515 1,740 1,527 1,592 1,782 2,021
Total Current Liabilities		 866 783 792 921 1,036 1,164 1,448 1,212 1,311 1,508 1,720
Accounts Payable		 179 172 170 205 241 259 370 212 254 359 347
Accrued Expenses		 237 263 287 255 298 334 393 346 400 388 484
Dividends Payable		 193 96 96 200 217 234 258 140 140 144 173
Current Deferred Revenue		 165 147 103 96 95 87 88 91 101 111 106
Current Deferred & Payable Income Tax Liabilities		 22 16 34 52 57 69 128 246 225 295 382
Current Employee Benefit Liabilities		 71 89 103 113 128 182 211 176 190 211 228
Total Noncurrent Liabilities		 288 324 304 299 337 351 292 315 281 274 301
Noncurrent Deferred Revenue		 230 262 225 204 173 143 104 70 53 35 26
Noncurrent Deferred & Payable Income Tax Liabilities		 56 61 77 93 115 117 118 130 115 103 110
Other Noncurrent Operating Liabilities		 1.64 1.59 1.79 1.85 50 91 70 115 113 136 165
Total Equity & Noncontrolling Interests		 3,345 3,418 3,852 4,163 4,793 5,516 6,114 6,204 7,012 7,848 8,973
Total Preferred & Common Equity		 3,345 3,418 3,852 4,163 4,793 5,516 6,114 6,204 7,012 7,848 8,973
Total Common Equity		 3,345 3,418 3,852 4,163 4,793 5,516 6,114 6,204 7,012 7,848 8,973
Common Stock		 1,860 1,854 1,846 1,842 1,854 1,898 1,979 2,060 2,145 2,267 2,388
Retained Earnings		 1,931 2,057 2,418 2,711 3,229 3,754 4,321 4,734 5,264 5,999 6,970
Treasury Stock		 -415 -456 -469 -398 -345 -320 -303 -475 -331 -271 -406
Accumulated Other Comprehensive Income / (Loss)		 -30 -37 56 8.43 56 183 118 -115 -66 -147 21

Quarterly Balance Sheets for Garmin

This table presents Garmin's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 7/1/2023 9/30/2023 12/30/2023 3/30/2024 6/29/2024 9/28/2024 12/28/2024 3/29/2025 6/28/2025 9/27/2025 3/28/2026
Total Assets		 7,872 7,965 8,604 8,634 8,883 9,348 9,631 9,788 10,324 10,523 10,952
Total Current Assets		 4,111 4,157 4,464 4,517 4,697 5,210 5,336 5,445 5,819 5,811 5,997
Cash & Equivalents		 1,426 1,423 1,693 1,922 1,937 2,009 2,079 2,176 2,072 2,073 2,290
Short-Term Investments		 254 273 275 275 289 415 421 499 515 467 411
Accounts Receivable		 717 721 815 695 808 922 983 787 1,011 956 941
Inventories, net		 1,402 1,440 1,346 1,302 1,320 1,506 1,474 1,582 1,788 1,888 1,850
Prepaid Expenses		 298 285 319 306 322 334 354 381 415 410 490
Other Current Assets		 15 15 16 18 21 23 24 21 19 17 15
Plant, Property, & Equipment, net		 1,181 1,187 1,224 1,206 1,206 1,220 1,237 1,233 1,291 1,296 1,384
Total Noncurrent Assets		 2,580 2,621 2,915 2,910 2,980 2,918 3,057 3,109 3,214 3,416 3,571
Long-Term Investments		 1,100 1,082 1,125 1,134 1,192 1,107 1,198 1,226 1,286 1,377 1,612
Goodwill		 573 594 608 602 600 612 604 617 641 757 751
Intangible Assets		 166 186 181 177 168 168 154 150 147 206 187
Noncurrent Deferred & Refundable Income Taxes		 494 515 755 763 777 788 823 832 853 782 722
Other Noncurrent Operating Assets		 247 244 246 235 243 244 279 284 288 294 300
Total Liabilities & Shareholders' Equity		 7,872 7,965 8,604 8,634 8,883 9,348 9,631 9,788 10,324 10,523 10,952
Total Liabilities		 1,748 1,616 1,592 1,388 1,878 1,841 1,782 1,608 2,199 2,045 1,681
Total Current Liabilities		 1,450 1,328 1,311 1,117 1,624 1,579 1,508 1,330 1,932 1,752 1,375
Accounts Payable		 254 268 254 243 332 374 359 345 397 378 345
Accrued Expenses		 325 334 400 324 345 357 388 342 430 389 397
Dividends Payable		 419 279 140 0.00 433 288 144 0.00 520 346 0.00
Current Deferred Revenue		 96 98 101 101 106 113 111 106 108 105 101
Current Deferred & Payable Income Tax Liabilities		 199 152 225 256 237 228 295 332 283 293 308
Current Employee Benefit Liabilities		 158 197 190 193 172 219 211 205 194 240 225
Total Noncurrent Liabilities		 298 288 281 270 254 263 274 278 267 292 306
Noncurrent Deferred Revenue		 71 60 53 50 48 47 35 32 28 27 26
Noncurrent Deferred & Payable Income Tax Liabilities		 117 116 115 114 103 105 103 105 89 109 112
Other Noncurrent Operating Liabilities		 111 111 113 106 103 110 136 141 149 157 168
Total Equity & Noncontrolling Interests		 6,124 6,349 7,012 7,246 7,005 7,507 7,848 8,179 8,125 8,478 9,271
Total Preferred & Common Equity		 6,124 6,349 7,012 7,246 7,005 7,507 7,848 8,179 8,125 8,478 9,271
Total Common Equity		 6,124 6,349 7,012 7,246 7,005 7,507 7,848 8,179 8,125 8,478 9,271
Common Stock		 2,097 2,120 2,145 2,155 2,203 2,238 2,267 2,275 2,337 2,379 2,355
Retained Earnings		 4,465 4,722 5,264 5,440 5,164 5,564 5,999 6,332 6,040 6,442 7,375
Treasury Stock		 -323 -331 -331 -227 -224 -244 -271 -302 -356 -393 -416
Accumulated Other Comprehensive Income / (Loss)		 -115 -161 -66 -122 -138 -51 -147 -126 105 50 -43

Annual Metrics And Ratios for Garmin

This table displays calculated financial ratios and metrics derived from Garmin's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/26/2015 12/31/2016 12/30/2017 12/29/2018 12/28/2019 12/26/2020 12/25/2021 12/31/2022 12/30/2023 12/28/2024 12/27/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -1.76% 8.00% 2.49% 7.24% 12.25% 11.42% 19.02% -2.46% 7.57% 20.44% 15.06%
EBITDA Growth		 -19.51% 12.29% 7.93% 16.87% 19.29% 14.66% 11.73% -10.88% 9.48% 35.44% 17.76%
EBIT Growth		 -21.89% 12.59% 9.08% 17.56% 20.40% 14.13% 10.49% -13.08% 9.66% 40.86% 19.20%
NOPAT Growth		 27.20% 16.06% 35.53% -5.63% 39.03% 3.92% 15.26% -14.02% 24.88% 13.09% 16.77%
Net Income Growth		 25.26% 13.48% 36.95% -2.11% 37.23% 4.18% 9.06% -10.04% 32.46% 9.44% 17.89%
EPS Growth		 27.13% 14.23% 37.73% -2.66% 36.34% 3.61% 8.51% -10.16% 33.13% 8.79% 17.67%
Operating Cash Flow Growth		 -46.34% 151.61% -6.35% 39.14% -24.03% 62.52% -10.82% -22.14% 74.60% 4.08% 14.02%
Free Cash Flow Firm Growth		 -78.94% 319.46% -47.63% 159.78% -75.15% 261.23% 5.39% -15.46% 55.26% 36.89% -23.81%
Invested Capital Growth		 40.34% 3.55% 37.74% 0.83% 45.66% 15.46% 17.49% 13.07% 10.20% 5.79% 16.71%
Revenue Q/Q Growth		 -0.77% 3.62% 0.30% 1.05% 4.74% 6.33% 0.81% -1.72% 3.49% 5.71% 4.36%
EBITDA Q/Q Growth		 -7.42% 4.04% 0.67% 5.41% 6.24% 11.02% -5.56% 1.21% 3.87% 7.75% 5.86%
EBIT Q/Q Growth		 -8.18% 3.96% 0.96% 5.80% 6.53% 11.55% -6.57% 1.36% 4.14% 8.62% 6.50%
NOPAT Q/Q Growth		 -12.27% 1.91% 1.02% 6.56% 21.91% -3.15% -2.15% -5.65% 26.94% -3.70% 5.14%
Net Income Q/Q Growth		 -14.58% 2.20% -0.14% 7.36% 21.83% -2.67% -4.20% 0.74% 23.91% -7.01% 5.92%
EPS Q/Q Growth		 -14.64% 2.63% 0.00% 7.33% 21.41% -2.82% -4.27% 0.80% 23.80% -7.36% 5.92%
Operating Cash Flow Q/Q Growth		 4.99% 8.45% -2.23% 2.16% 2.44% 21.57% -20.86% 33.93% 7.61% 1.27% 4.47%
Free Cash Flow Firm Q/Q Growth		 -24.39% 16.94% -41.36% 36.78% -17.71% 39.85% -28.95% 29.24% 18.19% 13.18% 0.30%
Invested Capital Q/Q Growth		 3.31% -1.83% 10.80% 1.67% 10.36% 1.10% 8.46% 2.26% 5.39% 0.69% 2.10%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 54.56% 55.44% 57.60% 59.14% 59.45% 59.27% 58.01% 57.75% 57.48% 58.70% 58.74%
EBITDA Margin		 21.84% 22.71% 23.91% 26.06% 27.69% 28.50% 26.75% 24.44% 24.88% 27.98% 28.63%
Operating Margin		 19.49% 20.78% 21.90% 23.25% 25.17% 25.18% 24.46% 21.15% 20.89% 25.31% 25.89%
EBIT Margin		 19.06% 19.87% 21.15% 23.18% 24.87% 25.47% 23.65% 21.07% 21.48% 25.12% 26.03%
Profit (Net Income) Margin		 16.18% 17.00% 22.71% 20.73% 25.35% 23.70% 21.72% 20.03% 24.67% 22.41% 22.96%
Tax Burden Percent		 80.44% 81.07% 101.71% 84.31% 96.48% 89.93% 89.68% 91.42% 107.44% 83.25% 82.59%
Interest Burden Percent		 105.52% 105.52% 105.59% 106.07% 105.65% 103.47% 102.43% 103.99% 106.88% 107.18% 106.83%
Effective Tax Rate		 19.56% 18.93% -1.71% 15.69% 3.52% 10.07% 10.32% 8.58% -7.44% 16.75% 17.41%
Return on Invested Capital (ROIC)		 45.04% 43.98% 49.28% 39.97% 45.06% 36.65% 36.25% 27.08% 30.31% 31.78% 33.31%
ROIC Less NNEP Spread (ROIC-NNEP)		 44.45% 43.77% 48.67% 38.37% 43.42% 34.93% 36.62% 25.81% 26.07% 29.18% 30.26%
Return on Net Nonoperating Assets (RNNOA)		 -31.52% -28.67% -29.78% -22.65% -23.79% -17.40% -17.64% -11.27% -10.80% -12.78% -13.52%
Return on Equity (ROE)		 13.52% 15.31% 19.50% 17.32% 21.27% 19.25% 18.61% 15.81% 19.52% 19.00% 19.78%
Cash Return on Invested Capital (CROIC)		 11.47% 40.49% 17.53% 39.14% 7.89% 22.30% 20.16% 14.81% 20.61% 26.15% 17.88%
Operating Return on Assets (OROA)		 11.69% 13.41% 13.94% 15.02% 16.18% 16.16% 15.83% 13.14% 13.75% 17.35% 18.29%
Return on Assets (ROA)		 9.93% 11.47% 14.97% 13.44% 16.49% 15.04% 14.54% 12.49% 15.79% 15.48% 16.14%
Return on Common Equity (ROCE)		 13.52% 15.31% 19.50% 17.32% 21.27% 19.25% 18.61% 15.81% 19.52% 19.00% 19.78%
Return on Equity Simple (ROE_SIMPLE)		 13.64% 15.15% 18.40% 16.67% 19.87% 17.99% 17.70% 15.69% 18.39% 17.98% 0.00%
Net Operating Profit after Tax (NOPAT)		 442 513 695 656 912 948 1,093 940 1,173 1,327 1,550
NOPAT Margin		 15.67% 16.84% 22.28% 19.60% 24.28% 22.65% 21.93% 19.33% 22.44% 21.07% 21.39%
Net Nonoperating Expense Percent (NNEP)		 0.59% 0.21% 0.61% 1.60% 1.64% 1.72% -0.38% 1.26% 4.25% 2.59% 3.04%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 15.14% 16.73% 16.91% 17.27%
Cost of Revenue to Revenue		 45.44% 44.56% 42.40% 40.86% 40.55% 40.73% 41.99% 42.25% 42.52% 41.30% 41.26%
SG&A Expenses to Revenue		 14.00% 13.48% 14.03% 14.28% 13.80% 14.90% 14.48% 19.42% 19.28% 17.61% 17.31%
R&D to Revenue		 15.14% 15.36% 16.39% 16.96% 16.11% 15.58% 15.63% 17.18% 17.30% 15.78% 15.54%
Operating Expenses to Revenue		 35.07% 34.66% 35.70% 35.89% 34.29% 34.09% 33.55% 36.60% 36.59% 33.39% 32.85%
Earnings before Interest and Taxes (EBIT)		 538 605 660 776 934 1,066 1,178 1,024 1,123 1,582 1,886
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 616 692 746 872 1,041 1,193 1,333 1,188 1,301 1,762 2,074
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.79 2,295.69 2.60 2,620.83 3.66 3.85 3.96 2.73 3.45 5.12 4.41
Price to Tangible Book Value (P/TBV)		 1.94 2,520.61 2.91 2,912.64 4.25 4.53 4.55 3.10 3.88 5.67 4.93
Price to Revenue (P/Rev)		 2.13 2,576.23 3.21 3,259.33 4.67 5.07 4.86 3.48 4.62 6.38 5.46
Price to Earnings (P/E)		 13.16 15,156.09 14.12 15,719.28 18.44 21.39 22.37 17.38 18.74 28.48 23.76
Dividend Yield		 6.97% 5.15% 4.04% 3.81% 2.53% 2.16% 2.03% 3.24% 2.31% 1.42% 1.68%
Earnings Yield		 7.60% 0.01% 7.08% 0.01% 5.42% 4.67% 4.47% 5.75% 5.33% 3.51% 4.21%
Enterprise Value to Invested Capital (EV/IC)		 3.15 6,608.89 4.71 6,616.60 6.23 6.58 6.47 3.87 5.19 8.50 7.06
Enterprise Value to Revenue (EV/Rev)		 1.28 2,575.47 2.47 3,258.52 3.98 4.36 4.23 2.93 4.03 5.80 4.88
Enterprise Value to EBITDA (EV/EBITDA)		 5.86 11,342.99 10.32 12,504.64 14.37 15.30 15.82 12.00 16.21 20.72 17.06
Enterprise Value to EBIT (EV/EBIT)		 6.72 12,961.17 11.66 14,054.54 16.00 17.11 17.90 13.92 18.77 23.08 18.77
Enterprise Value to NOPAT (EV/NOPAT)		 8.17 15,289.53 11.07 16,622.02 16.39 19.25 19.30 15.18 17.97 27.51 22.84
Enterprise Value to Operating Cash Flow (EV/OCF)		 12.88 11,115.98 11.65 11,862.41 21.40 16.08 20.83 18.09 15.32 25.48 21.67
Enterprise Value to Free Cash Flow (EV/FCFF)		 32.07 16,606.87 31.12 16,974.46 93.64 31.64 34.69 27.75 26.42 33.42 42.53
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -0.71 -0.66 -0.61 -0.59 -0.55 -0.50 -0.48 -0.44 -0.41 -0.44 -0.45
Leverage Ratio		 1.36 1.33 1.30 1.29 1.29 1.28 1.28 1.27 1.24 1.23 1.23
Compound Leverage Factor		 1.44 1.41 1.38 1.37 1.36 1.32 1.31 1.32 1.32 1.32 1.31
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 5.10 4,254.58 7.61 5,368.49 9.91 10.68 10.67 9.00 11.45 16.08 14.34
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.55 2.89 2.96 2.89 2.95 3.15 2.94 3.26 3.41 3.54 3.63
Quick Ratio		 1.82 2.10 2.08 2.12 2.04 2.32 1.86 1.74 2.12 2.31 2.32
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 113 472 247 643 160 577 608 514 798 1,092 832
Operating Cash Flow to CapEx		 385.94% 781.62% 474.28% 596.49% 594.50% 618.93% 329.13% 322.68% 711.16% 740.02% 603.95%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.61 0.68 0.66 0.65 0.65 0.63 0.67 0.62 0.64 0.69 0.70
Accounts Receivable Turnover		 5.12 5.75 5.58 5.77 5.89 5.38 5.89 6.48 7.10 7.00 6.48
Inventory Turnover		 2.78 2.75 2.64 2.53 2.32 2.25 2.10 1.50 1.55 1.84 1.84
Fixed Asset Turnover		 6.43 6.56 5.79 5.32 5.40 5.28 5.18 4.39 4.41 5.12 5.55
Accounts Payable Turnover		 7.81 7.73 7.74 7.30 6.83 6.82 6.65 7.05 9.54 8.48 8.46
Days Sales Outstanding (DSO)		 71.29 63.43 65.36 63.28 62.00 67.84 62.00 56.33 51.39 52.13 56.33
Days Inventory Outstanding (DIO)		 131.16 132.49 138.22 144.04 157.49 162.14 173.55 243.75 234.85 197.91 198.19
Days Payable Outstanding (DPO)		 46.71 47.24 47.16 49.99 53.40 53.48 54.86 51.76 38.27 43.03 43.16
Cash Conversion Cycle (CCC)		 155.74 148.68 156.42 157.33 166.09 176.50 180.69 248.32 247.96 207.01 211.37
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,146 1,187 1,635 1,649 2,401 2,773 3,257 3,683 4,059 4,294 5,011
Invested Capital Turnover		 2.87 2.61 2.21 2.04 1.86 1.62 1.65 1.40 1.35 1.51 1.56
Increase / (Decrease) in Invested Capital		 329 41 448 14 753 371 485 426 376 235 717
Enterprise Value (EV)		 3,612 7,844,347 7,699 10,907,726 14,952 18,251 21,089 14,259 21,080 36,503 35,392
Market Capitalization		 6,003 7,846,674 10,012 10,910,441 17,561 21,228 24,204 16,920 24,173 40,202 39,527
Book Value per Share		 $16.08 $0.02 $19.45 $0.02 $24.20 $28.84 $31.79 $32.37 $36.65 $40.79 $46.65
Tangible Book Value per Share		 $14.90 $0.02 $17.38 $0.02 $20.87 $24.51 $27.68 $28.48 $32.52 $36.85 $41.67
Total Capital		 3,345 3,418 3,852 4,163 4,793 5,516 6,114 6,204 7,012 7,848 8,973
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -2,392 -2,327 -2,313 -2,715 -2,610 -2,977 -3,115 -2,661 -3,093 -3,699 -4,135
Capital Expenditures (CapEx)		 73 90 139 154 118 183 308 244 194 194 270
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 297 366 501 359 618 659 968 1,291 1,185 1,328 1,790
Debt-free Net Working Capital (DFNWC)		 1,345 1,480 1,554 1,744 2,022 2,505 2,814 2,744 3,153 3,828 4,528
Net Working Capital (NWC)		 1,345 1,480 1,554 1,744 2,022 2,505 2,814 2,744 3,153 3,828 4,528
Net Nonoperating Expense (NNE)		 -14 -4.67 -14 -38 -40 -44 11 -34 -116 -84 -114
Net Nonoperating Obligations (NNO)		 -2,199 -2,231 -2,218 -2,514 -2,392 -2,744 -2,857 -2,521 -2,953 -3,555 -3,961
Total Depreciation and Amortization (D&A)		 78 86 86 96 106 127 155 164 178 180 189
Debt-free, Cash-free Net Working Capital to Revenue		 10.53% 12.03% 16.04% 10.73% 16.44% 15.74% 19.42% 26.56% 22.67% 21.08% 24.71%
Debt-free Net Working Capital to Revenue		 47.69% 48.60% 49.78% 52.10% 53.81% 59.84% 56.47% 56.45% 60.32% 60.80% 62.50%
Net Working Capital to Revenue		 47.69% 48.60% 49.78% 52.10% 53.81% 59.84% 56.47% 56.45% 60.32% 60.80% 62.50%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.39 $2.71 $3.70 $3.68 $5.01 $5.19 $5.63 $5.06 $6.74 $7.35 $8.65
Adjusted Weighted Average Basic Shares Outstanding		 208.08M 198.08M 198.08M 198.08M 190.69M 191.57M 192.79M 191.36M 191.78M 192.40M 192.48M
Adjusted Diluted Earnings per Share		 $2.39 $2.70 $3.68 $3.66 $4.99 $5.17 $5.61 $5.04 $6.71 $7.30 $8.59
Adjusted Weighted Average Diluted Shares Outstanding		 208.08M 198.08M 198.08M 198.08M 190.69M 191.57M 192.79M 191.36M 191.78M 192.40M 192.48M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 208.08M 198.08M 198.08M 198.08M 190.69M 191.57M 192.79M 191.36M 191.78M 192.40M 192.48M
Normalized Net Operating Profit after Tax (NOPAT)		 442 513 479 656 912 948 1,093 940 765 1,327 1,550
Normalized NOPAT Margin		 15.67% 16.84% 15.33% 19.60% 24.28% 22.65% 21.93% 19.33% 14.62% 21.07% 21.39%
Pre Tax Income Margin		 20.11% 20.97% 22.33% 24.59% 26.27% 26.36% 24.22% 21.91% 22.96% 26.92% 27.80%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 82.88% 92.99% 54.02% 42.67% 43.81% 45.41% 45.41% 69.75% 43.33% 40.55% 39.90%
Augmented Payout Ratio		 111.68% 112.42% 64.53% 42.67% 43.81% 45.41% 45.41% 69.75% 43.33% 44.97% 39.90%

Quarterly Metrics And Ratios for Garmin

This table displays calculated financial ratios and metrics derived from Garmin's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/30/2023 3/30/2024 6/29/2024 9/28/2024 12/28/2024 3/29/2025 6/28/2025 9/27/2025 12/27/2025 3/28/2026
DEI Shares Outstanding		 - - - - - - - - - - 192,480,830.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 192,480,830.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 2.10
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 12.02% 13.48% 20.41% 14.07% 24.15% 22.94% 11.11% 20.44% 11.66% 16.59% 14.23%
EBITDA Growth		 22.10% 13.57% 39.13% 11.54% 64.81% 31.26% 16.73% 30.16% 5.02% 21.56% 19.96%
EBIT Growth		 23.82% 14.14% 46.70% 13.28% 76.09% 34.86% 18.73% 33.22% 4.44% 23.69% 21.75%
NOPAT Growth		 8.57% 102.86% 40.12% 8.43% 44.34% -9.58% 13.05% 40.30% 0.22% 17.29% 30.00%
Net Income Growth		 22.00% 84.85% 36.39% 4.41% 55.15% -19.63% 20.59% 33.33% 0.63% 21.33% 21.73%
EPS Growth		 22.94% 84.31% 36.19% 4.00% 54.48% -20.57% 20.28% 32.69% 0.48% 21.43% 21.51%
Operating Cash Flow Growth		 131.91% 26.39% 55.91% -6.72% -27.83% 3.85% -3.33% -32.18% 88.26% 14.44% 27.38%
Free Cash Flow Firm Growth		 99.84% 156.46% 116.21% -61.62% -9,181.37% 88.92% -393.84% -1,540.08% -427.08% -202.81% -296.06%
Invested Capital Growth		 6.92% 10.20% 6.10% 6.80% 10.72% 5.79% 9.26% 18.73% 15.11% 16.71% 15.88%
Revenue Q/Q Growth		 -3.28% 16.04% -6.80% 9.05% 5.27% 14.91% -15.77% 18.21% -2.41% 19.99% -17.48%
EBITDA Q/Q Growth		 -10.84% 33.23% -14.47% 9.79% 31.74% 6.11% -23.94% 22.42% 6.30% 22.82% -24.94%
EBIT Q/Q Growth		 -12.60% 38.66% -16.15% 11.48% 35.86% 6.20% -26.18% 25.09% 6.51% 25.77% -27.34%
NOPAT Q/Q Growth		 -3.99% 93.69% -47.74% 11.58% 27.80% 21.34% -34.66% 38.48% -8.71% 42.01% -27.59%
Net Income Q/Q Growth		 -10.66% 110.75% -49.10% 8.94% 32.76% 9.18% -23.63% 20.45% 0.20% 31.64% -23.38%
EPS Q/Q Growth		 -10.67% 110.45% -49.29% 9.09% 32.69% 8.21% -23.21% 20.35% 0.48% 30.77% -23.16%
Operating Cash Flow Q/Q Growth		 30.58% 30.37% -6.58% -41.35% 1.03% 87.59% -13.04% -58.85% 180.43% 14.04% -3.21%
Free Cash Flow Firm Q/Q Growth		 -100.90% 18,392.08% -75.00% -6.32% -316.68% 472.33% -138.88% -359.13% 20.69% 27.38% -49.77%
Invested Capital Q/Q Growth		 2.34% 5.39% -3.52% 2.64% 6.09% 0.69% -0.35% 11.53% 2.86% 2.10% -1.07%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 57.03% 58.29% 58.06% 57.27% 60.00% 59.25% 57.62% 58.80% 59.09% 59.21% 59.44%
EBITDA Margin		 23.83% 27.35% 25.10% 25.27% 31.63% 29.21% 26.37% 27.31% 29.75% 30.45% 27.70%
Operating Margin		 21.16% 22.96% 21.60% 22.70% 27.58% 28.32% 21.68% 26.03% 25.79% 28.90% 24.62%
EBIT Margin		 20.33% 24.30% 21.86% 22.35% 28.84% 26.65% 23.36% 24.72% 26.98% 28.27% 24.90%
Profit (Net Income) Margin		 20.14% 36.57% 19.97% 19.95% 25.16% 23.91% 21.68% 22.09% 22.68% 24.88% 23.10%
Tax Burden Percent		 92.01% 141.53% 84.38% 82.15% 82.08% 84.42% 85.53% 83.46% 78.78% 83.21% 85.73%
Interest Burden Percent		 107.62% 106.34% 108.29% 108.70% 106.30% 106.25% 108.51% 107.07% 106.72% 105.75% 108.24%
Effective Tax Rate		 7.99% -41.53% 15.62% 17.85% 17.92% 15.58% 14.47% 16.54% 21.22% 16.79% 14.27%
Return on Invested Capital (ROIC)		 26.40% 43.90% 26.18% 27.07% 33.24% 36.04% 29.19% 33.40% 30.76% 37.45% 34.11%
ROIC Less NNEP Spread (ROIC-NNEP)		 26.05% 41.70% 25.38% 26.33% 31.84% 36.04% 27.86% 33.19% 29.54% 36.98% 33.25%
Return on Net Nonoperating Assets (RNNOA)		 -10.17% -17.27% -11.24% -10.72% -13.19% -15.78% -13.06% -13.91% -12.59% -16.52% -15.65%
Return on Equity (ROE)		 16.23% 26.63% 14.94% 16.35% 20.04% 20.26% 16.13% 19.49% 18.18% 20.93% 18.45%
Cash Return on Invested Capital (CROIC)		 18.11% 20.61% 26.85% 26.06% 23.78% 26.15% 24.35% 16.41% 18.09% 17.88% 20.68%
Operating Return on Assets (OROA)		 13.18% 15.55% 14.60% 15.07% 19.85% 18.41% 16.36% 17.39% 18.85% 19.87% 17.92%
Return on Assets (ROA)		 13.05% 23.41% 13.34% 13.45% 17.32% 16.51% 15.18% 15.54% 15.85% 17.48% 16.63%
Return on Common Equity (ROCE)		 16.23% 26.63% 14.94% 16.35% 20.04% 20.26% 16.13% 19.49% 18.18% 20.93% 18.45%
Return on Equity Simple (ROE_SIMPLE)		 16.39% 0.00% 18.81% 19.64% 20.22% 0.00% 17.95% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 249 482 252 281 359 436 285 394 360 511 370
NOPAT Margin		 19.47% 32.50% 18.22% 18.65% 22.64% 23.91% 18.54% 21.72% 20.32% 24.05% 21.10%
Net Nonoperating Expense Percent (NNEP)		 0.35% 2.20% 0.80% 0.74% 1.39% 0.00% 1.33% 0.21% 1.23% 0.47% 0.85%
Return On Investment Capital (ROIC_SIMPLE)		 - 6.87% - - - 5.55% 3.48% 4.85% 4.24% 5.70% 3.99%
Cost of Revenue to Revenue		 42.97% 41.71% 41.94% 42.73% 40.00% 40.75% 42.38% 41.20% 40.91% 40.79% 40.56%
SG&A Expenses to Revenue		 18.52% 19.32% 18.90% 18.43% 16.71% 16.74% 18.47% 17.53% 17.12% 16.43% 17.95%
R&D to Revenue		 17.34% 16.00% 17.55% 16.14% 15.71% 14.20% 17.47% 15.25% 16.18% 13.88% 16.87%
Operating Expenses to Revenue		 35.87% 35.33% 36.46% 34.57% 32.42% 30.94% 35.94% 32.77% 33.30% 30.31% 34.82%
Earnings before Interest and Taxes (EBIT)		 260 360 302 337 457 486 359 449 478 601 437
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 304 406 347 381 502 532 405 496 527 647 486
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 3.11 3.45 3.91 4.47 4.46 5.12 5.03 4.94 5.46 4.41 4.78
Price to Tangible Book Value (P/TBV)		 3.55 3.88 4.38 5.02 4.97 5.67 5.55 5.47 6.16 4.93 5.32
Price to Revenue (P/Rev)		 3.91 4.62 5.19 5.54 5.61 6.38 6.37 5.94 6.67 5.46 5.94
Price to Earnings (P/E)		 18.98 18.74 20.80 22.74 22.03 28.48 28.00 25.58 29.47 23.76 25.52
Dividend Yield		 2.83% 2.31% 1.97% 1.80% 1.70% 1.42% 1.40% 1.51% 1.37% 1.68% 1.56%
Earnings Yield		 5.27% 5.33% 4.81% 4.40% 4.54% 3.51% 3.57% 3.91% 3.39% 4.21% 3.92%
Enterprise Value to Invested Capital (EV/IC)		 4.41 5.19 6.39 6.94 7.01 8.50 8.70 7.60 8.63 7.06 8.07
Enterprise Value to Revenue (EV/Rev)		 3.36 4.03 4.58 4.94 5.02 5.80 5.77 5.36 6.10 4.88 5.36
Enterprise Value to EBITDA (EV/EBITDA)		 13.56 16.21 17.89 19.39 18.30 20.72 20.45 18.74 21.62 17.06 18.55
Enterprise Value to EBIT (EV/EBIT)		 15.74 18.77 20.52 22.15 20.54 23.08 22.71 20.71 23.93 18.77 20.36
Enterprise Value to NOPAT (EV/NOPAT)		 18.36 17.97 20.08 21.95 21.71 27.51 27.35 24.59 28.75 22.84 24.47
Enterprise Value to Operating Cash Flow (EV/OCF)		 13.27 15.32 16.33 18.41 21.15 25.48 26.24 27.13 27.10 21.67 22.87
Enterprise Value to Free Cash Flow (EV/FCFF)		 25.15 26.42 24.50 27.49 31.00 33.42 37.29 50.26 51.08 42.53 41.87
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -0.39 -0.41 -0.44 -0.41 -0.41 -0.44 -0.47 -0.42 -0.43 -0.45 -0.47
Leverage Ratio		 1.28 1.24 1.20 1.28 1.25 1.23 1.19 1.27 1.24 1.23 1.19
Compound Leverage Factor		 1.37 1.31 1.30 1.39 1.33 1.30 1.30 1.36 1.33 1.30 1.29
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 9.33 11.16 14.36 11.99 13.00 15.70 17.53 13.02 15.71 13.96 18.07
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 3.13 3.41 4.04 2.89 3.30 3.54 4.10 3.01 3.32 3.63 4.36
Quick Ratio		 1.82 2.12 2.59 1.87 2.12 2.31 2.60 1.86 1.99 2.32 2.65
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -0.58 106 27 25 -54 201 -78 -358 -284 -206 -309
Operating Cash Flow to CapEx		 785.00% 957.78% 1,312.42% 687.14% 669.25% 571.29% 1,050.34% 379.13% 802.21% 445.98% 804.58%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.65 0.64 0.67 0.67 0.69 0.69 0.70 0.70 0.70 0.70 0.72
Accounts Receivable Turnover		 7.42 7.10 8.37 7.41 7.25 7.00 8.71 7.43 7.40 6.48 8.64
Inventory Turnover		 1.46 1.55 1.66 1.76 1.68 1.84 1.85 1.79 1.69 1.84 1.78
Fixed Asset Turnover		 4.42 4.41 4.61 4.73 4.95 5.12 5.29 5.41 5.52 5.55 5.70
Accounts Payable Turnover		 8.07 9.54 10.22 8.16 7.71 8.48 9.09 7.61 7.62 8.46 8.85
Days Sales Outstanding (DSO)		 49.21 51.39 43.61 49.28 50.34 52.13 41.93 49.12 49.35 56.33 42.25
Days Inventory Outstanding (DIO)		 250.47 234.85 219.90 207.79 217.09 197.91 197.04 204.37 216.15 198.19 205.38
Days Payable Outstanding (DPO)		 45.21 38.27 35.73 44.72 47.32 43.03 40.16 47.96 47.90 43.16 41.26
Cash Conversion Cycle (CCC)		 254.46 247.96 227.78 212.35 220.11 207.01 198.80 205.53 217.60 211.37 206.37
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 3,851 4,059 3,916 4,019 4,264 4,294 4,279 4,772 4,908 5,011 4,958
Invested Capital Turnover		 1.36 1.35 1.44 1.45 1.47 1.51 1.57 1.54 1.51 1.56 1.62
Increase / (Decrease) in Invested Capital		 249 376 225 256 413 235 363 753 644 717 679
Enterprise Value (EV)		 16,974 21,080 25,019 27,875 29,913 36,503 37,208 36,245 42,375 35,392 39,988
Market Capitalization		 19,751 24,173 28,350 31,293 33,443 40,202 41,109 40,118 46,291 39,527 44,301
Book Value per Share		 $33.16 $36.65 $37.76 $36.47 $39.05 $40.79 $42.51 $42.20 $44.04 $46.65 $48.17
Tangible Book Value per Share		 $29.09 $32.52 $33.71 $32.47 $34.99 $36.85 $38.53 $38.11 $39.04 $41.67 $43.30
Total Capital		 6,349 7,012 7,246 7,005 7,507 7,848 8,179 8,125 8,478 8,973 9,271
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -2,778 -3,093 -3,330 -3,418 -3,531 -3,699 -3,901 -3,873 -3,916 -4,135 -4,313
Capital Expenditures (CapEx)		 46 49 33 37 39 85 40 46 61 124 67
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 1,133 1,185 1,204 847 1,207 1,328 1,441 1,300 1,519 1,790 1,921
Debt-free Net Working Capital (DFNWC)		 2,829 3,153 3,400 3,073 3,631 3,828 4,115 3,887 4,059 4,528 4,622
Net Working Capital (NWC)		 2,829 3,153 3,400 3,073 3,631 3,828 4,115 3,887 4,059 4,528 4,622
Net Nonoperating Expense (NNE)		 -8.47 -60 -24 -20 -40 -0.05 -48 -6.64 -42 -18 -35
Net Nonoperating Obligations (NNO)		 -2,498 -2,953 -3,330 -2,986 -3,242 -3,555 -3,901 -3,353 -3,570 -3,961 -4,313
Total Depreciation and Amortization (D&A)		 45 45 45 44 44 47 46 47 49 46 49
Debt-free, Cash-free Net Working Capital to Revenue		 22.43% 22.67% 22.03% 14.99% 20.26% 21.08% 22.34% 19.24% 21.88% 24.71% 25.74%
Debt-free Net Working Capital to Revenue		 56.00% 60.32% 62.24% 54.40% 60.95% 60.80% 63.80% 57.52% 58.46% 62.50% 61.92%
Net Working Capital to Revenue		 56.00% 60.32% 62.24% 54.40% 60.95% 60.80% 63.80% 57.52% 58.46% 62.50% 61.92%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.34 $2.83 $1.44 $1.57 $2.08 $2.26 $1.73 $2.08 $2.09 $2.75 $2.10
Adjusted Weighted Average Basic Shares Outstanding		 191.44M 191.78M 191.89M 192.07M 192.20M 192.40M 192.54M 192.52M 192.46M 192.48M 192.67M
Adjusted Diluted Earnings per Share		 $1.34 $2.82 $1.43 $1.56 $2.07 $2.24 $1.72 $2.07 $2.08 $2.72 $2.09
Adjusted Weighted Average Diluted Shares Outstanding		 191.87M 191.78M 192.70M 192.90M 193.17M 192.40M 193.72M 193.42M 193.53M 192.48M 193.57M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 191.33M 191.78M 192.08M 192.21M 192.02M 192.40M 192.54M 192.49M 192.33M 192.48M 192.86M
Normalized Net Operating Profit after Tax (NOPAT)		 249 238 252 281 359 436 285 394 360 511 370
Normalized NOPAT Margin		 19.47% 16.08% 18.22% 18.65% 22.64% 23.91% 18.54% 21.72% 20.32% 24.05% 21.10%
Pre Tax Income Margin		 21.88% 25.84% 23.67% 24.29% 30.66% 28.32% 25.35% 26.47% 28.79% 29.90% 26.95%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 67.18% 43.33% 41.01% 40.96% 37.42% 40.55% 39.28% 38.63% 40.42% 39.90% 39.91%
Augmented Payout Ratio		 67.18% 43.33% 41.01% 40.96% 37.42% 44.97% 45.37% 47.95% 50.81% 39.90% 39.91%

Financials Breakdown Chart

Key Financial Trends

Here are the key trends for Garmin (GRMN) based on the most recent four quarterly reports (Q1–Q4 2025) and the prior year comparisons embedded in the provided data. The focus is on likely implications for retail investors.

  • Q4 2025 revenue surged to about $2.125 billion, up from $1.771 billion in Q3 2025, indicating a strong end to the year and clear seasonality with a holiday-quarter lift.
  • Q4 2025 net income attributable to common shareholders rose to about $528.681 million, up from Q4 2024’s $435.734 million, signaling improved profitability year over year.
  • Q4 2025 diluted earnings per share (EPS) was $2.72, up from $2.24 in Q4 2024, reflecting higher earnings per share despite the share count remaining roughly flat.
  • Q4 2025 operating income reached about $614.154 million, up meaningfully from prior quarters within 2025, highlighting improved operating profitability in the quarter.
  • Gross margin remained robust in Q4 2025, with gross profit around $1.259 billion on revenue of about $2.125 billion (roughly 59%+), indicating efficient core operations.
  • Net cash from continuing operating activities in Q4 2025 was about $553.785 million, supporting solid quarterly cash generation and liquidity.
  • There was a modest buyback activity in 2025 (for example, a small repurchase in Q3 2025), suggesting some capital-return optimization alongside ongoing dividends.
  • Total assets rose into 2025 (roughly from ~$9.79B in early 2025 to just over $10.5B by mid-2025), with equity also expanding, signaling a strengthening balance sheet.
  • Net cash from financing activities was negative in Q4 2025 (about -$218.6 million), driven by dividends and financing outflows, which reduces cash but is a common pattern for cash-returning programs.
05/12/26 12:54 AM ETAI Generated. May Contain Errors.

Garmin Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Garmin's fiscal year ends in December. Their fiscal year 2025 ended on December 27, 2025.

Garmin's net income appears to be on an upward trend, with a most recent value of $1.66 billion in 2025, rising from $456.23 million in 2015. The previous period was $1.41 billion in 2024. Check out Garmin's forecast to explore projected trends and price targets.

Garmin's total operating income in 2025 was $1.88 billion, based on the following breakdown:
  • Total Gross Profit: $4.26 billion
  • Total Operating Expenses: $2.38 billion

Over the last 10 years, Garmin's total revenue changed from $2.82 billion in 2015 to $7.25 billion in 2025, a change of 156.9%.

Garmin's total liabilities were at $2.02 billion at the end of 2025, a 13.4% increase from 2024, and a 75.1% increase since 2015.

In the past 10 years, Garmin's cash and equivalents has ranged from $833.07 million in 2015 to $2.28 billion in 2025, and is currently $2.28 billion as of their latest financial filing in 2025.

Over the last 10 years, Garmin's book value per share changed from 16.08 in 2015 to 46.65 in 2025, a change of 190.2%.


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Financial statements for NYSE:GRMN last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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