Garmin Ltd. (GRMN) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 26	$1.84	$2.08	+13.0%	—	$1.8B	—
Q4 25	$2.39	$2.79	+16.7%	—	$2.1B	—
Q3 25	$1.99	$1.99	0.0%	—	$1.8B	—
Q2 25	$1.9	$2.17	+14.2%	—	—	—
Q1 25	$1.68	$1.61	-4.2%	—	—	—
Q4 24	$2.02	$2.41	+19.3%	—	—	—
Q3 24	$1.45	$1.99	+37.2%	—	—	—
Q2 24	$1.44	$1.58	+9.7%	—	—	—
Q1 24	$1.01	$1.42	+40.6%	—	—	—
Q4 23	$1.4	$1.72	+22.9%	—	—	—
Q3 23	$1.28	$1.41	+10.2%	—	—	—
Q2 23	$1.42	$1.45	+2.1%	—	$1.3B	—
Q1 23	$1.03	$1.02	-1.0%	—	$1.1B	—
Q4 22	$1.17	$1.35	+15.4%	—	$1.3B	—
Q3 22	$1.12	$1.24	+10.7%	—	$1.1B	—
Q2 22	$1.43	$1.44	+0.7%	—	$1.2B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$8.65	—	—	$7.2B	—
FY24	—	$7.35	—	—	$6.3B	—
FY23	—	$6.74	—	—	$5.2B	—
FY22	—	$5.06	—	—	$4.9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$3B	$3.1B	$3.3B	$3.8B	$4.2B	$5B	$4.9B	$5.2B	$6.3B	$7.2B
YoY change	+8%	+2.49%	+7.24%	+12.2%	+11.4%	+19%	-2.46%	+7.57%	+20.4%	+15.1%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	3B	3.1B	3.3B	3.8B	4.2B	5B	4.9B	5.2B	6.3B	7.2B
Cost of revenue	1.4B	1.3B	1.4B	1.5B	1.7B	2.1B	2.1B	2.2B	2.6B	3B
Gross profit	1.7B	1.8B	2B	2.2B	2.5B	2.9B	2.8B	3B	3.7B	4.3B
Gross margin	55.4%	57.6%	59.1%	59.5%	59.3%	58%	57.7%	57.5%	58.7%	58.7%
Research & development	468M	511.6M	567.8M	605.4M	705.7M	778.8M	834.9M	904.7M	993.6M	1.1B
Selling, general & administrative	587.7M	602.7M	633.6M	683M	721.4M	893.1M	944M	1B	1.1B	1.3B
Operating expenses	1.1B	1.1B	1.2B	1.3B	1.4B	1.7B	1.8B	1.9B	2.1B	2.4B
Operating income	632.9M	683.6M	778.3M	945.6M	1.1B	1.2B	1B	1.1B	1.6B	1.9B
Operating margin	20.8%	21.9%	23.3%	25.2%	25.2%	24.5%	21.1%	20.9%	25.3%	25.9%
Non-operating income, net	-27.6M	-23.5M	-2.2M	-11.2M	12.2M	-40.4M	-3.7M	30.9M	-12.1M	9.6M
Pretax income	638.6M	697.1M	823.2M	987.2M	1.1B	1.2B	1.1B	1.2B	1.7B	2B
Income tax	120.9M	-11.9M	129.2M	34.7M	111.1M	124.6M	91.4M	-89.3M	284M	350.6M
Net income	517.7M	709M	694.1M	952.5M	992.3M	1.1B	973.6M	1.3B	1.4B	1.7B
Net margin	17%	22.7%	20.7%	25.3%	23.7%	21.7%	20%	24.7%	22.4%	23%
EBITDA	750.9M	792.5M	882.2M	1.1B	1.2B	1.4B	1.2B	1.2B	1.8B	2.1B
EPS	2.71	3.7	3.68	5.01	5.19	5.63	5.06	6.74	7.35	8.65
Diluted EPS	2.7	3.68	3.66	4.99	5.17	5.61	5.04	6.71	7.3	8.59

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	—	—	—	—	—	—	—	1.8B	2.1B	1.8B	2B
Cost of revenue	—	—	—	—	—	—	—	—	724.4M	866.7M	711.2M	760.1M
Gross profit	—	—	—	—	—	—	—	—	1B	1.3B	1B	1.3B
Gross margin	—	—	—	—	—	—	—	—	59.1%	59.2%	59.4%	62.4%
Research & development	—	—	—	—	—	—	—	—	286.5M	295M	295.8M	303.9M
Selling, general & administrative	—	—	—	—	—	—	—	—	303.2M	349.1M	314.8M	342.6M
Operating expenses	—	—	—	—	—	—	—	—	589.7M	644.1M	610.6M	646.5M
Operating income	—	—	—	—	—	—	—	—	456.8M	614.2M	431.7M	615.5M
Operating margin	—	—	—	—	—	—	—	—	25.8%	28.9%	24.6%	30.4%
Non-operating income, net	—	—	—	—	—	—	—	—	20.9M	-13.3M	4.9M	-2.6M
Pretax income	—	—	—	—	—	—	—	—	509.8M	635.4M	472.5M	651.1M
Income tax	—	—	—	—	—	—	—	—	108.2M	106.7M	67.5M	109.1M
Net income	—	—	—	—	—	—	—	—	401.6M	528.7M	405.1M	541.9M
Net margin	—	—	—	—	—	—	—	—	22.7%	24.9%	23.1%	26.8%
EBITDA	326.5M	366.3M	341M	391M	463.6M	598.8M	354.4M	542.9M	485.6M	674.1M	477.7M	666.9M
EPS	1.34	2.83	1.44	1.57	2.08	2.27	1.73	2.08	2.09	2.75	2.1	2.81
Diluted EPS	1.34	2.82	1.43	1.56	2.07	2.25	1.72	2.07	2.08	2.73	2.09	2.8

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	9.2B	11.2B	11.9B	18.5B	22.9B	26.2B	17.8B	24.6B	39.6B	39B	56.7B
Enterprise value	8B	10.1B	10.6B	17.2B	21.1B	24.4B	16.4B	22.7B	37.2B	36.5B	54.3B
Shares outstanding	188.8M	187.8M	188.6M	189.9M	191.1M	192.2M	192.5M	191.4M	192.1M	192.5M	192.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	17.7	15.8	17.2	19.5	23	24.2	18.3	19.1	28.1	23.5	30.4
P/S	3.01	3.58	3.57	4.93	5.46	5.25	3.66	4.71	6.29	5.39	7.39
P/B	2.68	2.9	2.87	3.87	4.15	4.28	2.86	3.51	5.05	4.35	6.28
EV/EBITDA	10.7	12.8	12	16.1	17.9	17.2	13.7	18.3	20.8	17.7	23.5
EV/Sales	2.64	3.25	3.15	4.57	5.04	4.9	3.38	4.35	5.92	5.03	7.08
Earnings yield	5.65%	6.34%	5.81%	5.14%	4.34%	4.14%	5.48%	5.24%	3.56%	4.26%	3.29%
FCF yield	6.65%	4.55%	6.36%	3.12%	4.15%	2.69%	3.05%	4.8%	3.13%	3.49%	1.84%
PEG	—	—	—	—	—	—	—	—	—	—	0.87

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	55.4%	57.6%	59.1%	59.5%	59.3%	58%	57.7%	57.5%	58.7%	58.7%	62.4%
Operating margin	20.8%	21.9%	23.3%	25.2%	25.2%	24.5%	21.1%	20.9%	25.3%	25.9%	30.4%
Net margin	17%	22.7%	20.7%	25.3%	23.7%	21.7%	20%	24.7%	22.4%	23%	24.5%
ROE	15.1%	18.4%	16.7%	19.9%	18%	17.7%	15.7%	18.4%	18%	18.5%	21.9%
ROA	11.4%	14.3%	12.9%	15.4%	14.1%	13.8%	12.6%	15%	14.7%	15.1%	12.2%
ROIC	22.3%	24.4%	23.6%	26.5%	25.3%	25.2%	19.3%	21.2%	24.2%	24.2%	26.8%
Return on tangible assets	13.2%	17.2%	15.3%	19.6%	18.5%	17.3%	15.6%	18.4%	17.4%	18.3%	19.6%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.89	2.96	2.89	2.95	3.15	2.94	3.26	3.41	3.54	3.63	3.03
Quick ratio	2.27	2.31	2.28	2.22	2.5	2.1	2.01	2.38	2.56	2.6	2.08
Debt / equity	—	—	0	0.01	0.01	0.01	0.02	0.02	0.02	0.02	0.03
Debt / assets	—	—	0	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.02
Net debt / EBITDA	—	—	-1.57	-1.27	-1.5	-1.25	-1.11	-1.49	-1.32	-1.25	-1.08
Effective tax rate	18.9%	0%	15.7%	3.52%	10.1%	10.3%	8.58%	0%	16.7%	17.4%	17.3%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	16.1	16.6	17.7	19.8	21.9	25.9	25.2	27.3	32.8	37.6	39.8
EPS (basic)	2.71	3.7	3.68	5.01	5.19	5.63	5.06	6.74	7.35	8.65	8.65
EPS (diluted)	2.7	3.68	3.66	4.99	5.17	5.61	5.04	6.71	7.3	8.59	9.68
Book value per share	18.1	20.5	22.1	25.2	28.9	31.8	32.2	36.6	40.9	46.6	46.8
FCF per share	3.23	2.71	4.02	3.04	4.96	3.66	2.82	6.17	6.45	7.08	8.27
Cash per share	5.9	5.61	7.34	7.39	9.66	9.61	7.54	10.3	13	14.2	13.8
Capex per share	0.48	0.74	0.82	0.62	0.96	1.6	1.26	1.01	1.01	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.96%	4.46%	4.61%	3.13%	4.38%	6.17%	4.98%	3.7%	3.07%	—	—
Capex / operating cash flow	13.7%	21.4%	17.7%	16.4%	15.7%	31.5%	30.4%	13.8%	13.7%	—	—
Payout ratio	93%	54%	42.7%	43.8%	45.4%	45.4%	69.8%	43.3%	40.6%	39.9%	38.7%
Dividend yield	5.26%	3.42%	2.48%	2.25%	1.97%	1.88%	3.82%	2.27%	1.44%	1.7%	1.43%

Yield

1.43%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.05

ex-dividend Sep 11, 2026

Payout ratio

39%

of earnings

Dividend growth

7 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 11, 2026	$1.05
Jun 15, 2026	$1.05
Mar 13, 2026	$0.90

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	—	—	—	—	—	—	—	$1.8B	$2.1B	$1.8B	$2B
YoY change	—	—	—	—	—	—	—	—	—	—	—	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.1B	1.1B	1.4B	1.4B	1.8B	1.8B	1.5B	2B	2.5B	2.7B
Receivables	527.1M	590.9M	569.8M	706.8M	849.5M	843.4M	656.8M	815.2M	983.4M	1.3B
Inventory	484.8M	517.6M	561.8M	752.9M	762.1M	1.2B	1.5B	1.3B	1.5B	1.8B
Total current assets	2.3B	2.3B	2.7B	3.1B	3.7B	4.3B	4B	4.5B	5.3B	6.2B
Property, plant & equipment	106M	112.9M	124.3M	195.1M	287.4M	393.3M	428.3M	433M	419M	461.4M
Goodwill & intangibles	610M	819.6M	834.2M	1.3B	1.7B	1.6B	1.5B	1.6B	1.5B	1.9B
Total assets	4.5B	4.9B	5.4B	6.2B	7B	7.9B	7.7B	8.6B	9.6B	11B
Accounts payable	172.4M	169.6M	205M	240.8M	258.9M	370M	212.4M	253.8M	359.4M	347.5M
Short-term debt	—	—	—	—	—	—	—	—	—	—
Total current liabilities	782.7M	792.1M	921.3M	1B	1.2B	1.4B	1.2B	1.3B	1.5B	1.7B
Long-term debt	—	—	0	49.2M	76M	70M	114.5M	113M	134.9M	164.8M
Total liabilities	1.1B	1.1B	1.2B	1.4B	1.5B	1.7B	1.5B	1.6B	1.8B	2B
Shareholders' equity	3.4B	3.9B	4.2B	4.8B	5.5B	6.1B	6.2B	7B	7.8B	9B
Total debt	—	—	0	49.2M	76M	70M	114.5M	113M	134.9M	164.8M
Net debt	—	—	-1.2B	-978.3M	-1.4B	-1.4B	-1.2B	-1.6B	-1.9B	-2.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.7B	2B	2.2B	2.2B	2.4B	2.5B	2.7B	2.6B	2.5B	2.7B	2.7B	2.7B
Receivables	721.1M	815.2M	694.7M	808.4M	922M	983.4M	787.1M	1B	955.6M	1.3B	941M	1.2B
Inventory	1.4B	1.3B	1.3B	1.3B	1.5B	1.5B	1.6B	1.8B	1.9B	1.8B	1.9B	2B
Total current assets	4.2B	4.5B	4.5B	4.7B	5.2B	5.3B	5.4B	5.8B	5.8B	6.2B	6B	6.3B
Property, plant & equipment	1.3B	433M	1.3B	1.3B	1.4B	419M	1.4B	1.5B	1.5B	461.4M	1.6B	1.7B
Goodwill & intangibles	1.6B	1.6B	1.6B	1.5B	1.6B	1.5B	1.5B	1.6B	1.9B	1.9B	1.9B	1.9B
Total assets	8B	8.6B	8.6B	8.9B	9.3B	9.6B	9.8B	10.3B	10.5B	11B	11B	11.4B
Accounts payable	268M	253.8M	243.1M	331.9M	374M	359.4M	344.8M	397.3M	378M	347.5M	344.7M	401.3M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	1.3B	1.3B	1.1B	1.6B	1.6B	1.5B	1.3B	1.9B	1.8B	1.7B	1.4B	2.1B
Long-term debt	111M	113M	105.9M	102.2M	109.8M	134.9M	140.2M	148.6M	155.8M	164.8M	167.6M	178M
Total liabilities	1.6B	1.6B	1.4B	1.9B	1.8B	1.8B	1.6B	2.2B	2B	2B	1.7B	2.4B
Shareholders' equity	6.3B	7B	7.2B	7B	7.5B	7.8B	8.2B	8.1B	8.5B	9B	9.3B	9B
Total debt	111M	113M	105.9M	102.2M	109.8M	134.9M	140.2M	148.6M	155.8M	164.8M	167.6M	178M
Net debt	-1.3B	-1.6B	-1.8B	-1.8B	-1.9B	-1.9B	-2B	-1.9B	-1.9B	-2.1B	-2.1B	-2.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	517.7M	709M	694.1M	952.5M	992.3M	1.1B	973.6M	1.3B	1.4B	1.7B
Depreciation & amortization	86.3M	86.3M	96.2M	106.2M	126.7M	154.8M	163.9M	177.6M	179.7M	188.8M
Stock-based compensation	41.3M	44.7M	56.4M	63.4M	80.9M	92.5M	76.8M	101.4M	137.2M	166M
Change in working capital	11.2M	-98.2M	-15.4M	-318.5M	-37.9M	-347.8M	-275.7M	173.7M	-229.7M	-433.4M
Operating cash flow	660.3M	651.8M	870.3M	715.2M	1.2B	976.4M	795.2M	1.4B	1.4B	1.6B
Capital expenditure	-90.3M	-139.3M	-154.2M	-117.5M	-183.4M	-307.6M	-241.9M	-193.3M	-193.6M	—
Investing cash flow	-115.8M	-182.3M	-302.9M	-448.4M	-258.5M	-473.4M	-143.2M	-331.5M	-393.3M	-374.8M
Dividends paid	-481.5M	-383M	-296.1M	-417.3M	-450.6M	-491.5M	-679.1M	-558.8M	-572.4M	-663.9M
Share repurchases	-93.2M	-74.5M	0	-25.9M	-26.3M	0	-201M	-99M	-62.3M	-181M
Financing cash flow	-573M	-457.5M	-296.1M	-443.1M	-477M	-491.5M	-880.1M	-657.8M	-634.7M	-844.9M
Net change in cash	-28.5M	12M	271.2M	-176.3M	433.6M	11.5M	-228.1M	412.3M	382.4M	413.7M
Free cash flow	609M	508.9M	759.2M	578.1M	947.8M	702.8M	542.1M	1.2B	1.2B	1.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	276M	300.6M	399.1M	435.7M	332.8M	—	—	—	—	541.9M
Depreciation & amortization	—	—	44.8M	44.1M	44.3M	46.5M	46.3M	47.1M	49.1M	46.3M	49.1M	48.9M
Stock-based compensation	—	—	30.7M	35.3M	35.1M	36.1M	37.8M	44.5M	42.7M	41M	43.3M	45.5M
Change in working capital	—	—	90.4M	-65.6M	-173.5M	-47.8M	19.3M	-269.4M	-56M	-127.4M	88.7M	-289.6M
Operating cash flow	—	—	432.3M	288.3M	286.8M	436.4M	424.6M	-215.9M	485.6M	553.8M	536M	403.6M
Capital expenditure	—	—	-33.2M	-37.2M	-38.5M	-84.7M	-40.1M	-45.7M	—	—	—	—
Investing cash flow	—	—	-36.9M	-106.3M	-47.6M	-202.6M	-132.6M	-113.5M	-207.2M	-7.2M	-185.8M	-16.5M
Dividends paid	—	—	-140.2M	-144M	-144.1M	-144M	-144.6M	-173.2M	-173.2M	-173M	-173.6M	-202.4M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	—	—	-140.2M	-144M	-144.1M	-144M	-144.6M	-173.2M	-173.2M	-173M	-173.6M	-202.4M
Net change in cash	—	—	255.3M	38M	95M	89.8M	147.4M	-502.6M	105.3M	373.6M	176.6M	184.6M
Free cash flow	—	—	402.1M	218.2M	219.4M	399.2M	380.7M	127.5M	425.1M	429.6M	469.4M	275.8M

Garmin Ltd. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history