Garmin Financial Statements
NYSE: GRMNIndustrialsIndustrial Machinery/ComponentsUSD
At close: Oct 9, 4:01 PM ET · Delayed 15 min
Garmin revenue and earnings
In fiscal 2025, Garmin generated $7.25 billion in revenue, up 15.1% from fiscal 2024, its 3rd consecutive year of revenue growth. Net income was $1.66 billion (+17.9% year over year), for a net margin of 23.0% versus a median of 22.4% in the prior 5 years. Gross margin was 58.7% (flat year over year) and operating margin 25.9%.
Diluted earnings per share came in at $8.59, up from $7.30. Over the last 5 fiscal years, GRMN's revenue has grown at a 11.6% compound annual rate.
Summary generated from market data by MetaCap's automated system. Methodology
Garmin income statement (annual)
| Fiscal year (USD) | FY 20252025-12-27 | FY 20242024-12-28 | FY 20232023-12-30 | FY 20222022-12-31 | FY 20212021-12-25 | FY 20202020-12-26 | FY 20192019-12-28 | FY 20182018-12-29 | FY 20172017-12-30 | FY 20162016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 7.25B | 6.30B | 5.23B | 4.86B | 4.98B | 4.19B | 3.76B | 3.35B | 3.12B | 3.05B |
| Revenue growth (YoY) | +15.06% | +20.44% | +7.57% | -2.46% | +19.02% | +11.42% | +12.25% | +7.24% | +2.49% | +8.00% |
| 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 |
| Operating Expenses | 2.38B | 2.10B | 1.91B | 1.78B | 1.67B | 1.43B | 1.29B | 1.20B | 1.11B | 1.06B |
| Research & Development | 1.13B | 993.60M | 904.70M | 834.93M | 778.75M | 652.34M | 605.37M | 567.80M | 511.63M | 467.96M |
| Selling, General & Admin | 1.25B | 1.11B | 1.01B | 944.00M | 721.26M | 623.59M | 518.57M | 478.18M | 437.98M | 410.56M |
| Operating Income | 1.88B | 1.59B | 1.09B | 1.03B | 1.22B | 1.05B | 945.59M | 778.34M | 683.64M | 632.86M |
| Other Income (Expense) | 138.46M | 101.41M | 108.20M | 37.13M | -11.82M | 49.17M | 41.64M | 44.90M | 13.43M | 5.76M |
| Pretax Income | 2.01B | 1.70B | 1.20B | 1.06B | 1.21B | 1.10B | 987.22M | 823.25M | 697.07M | 638.63M |
| Income Tax | 350.65M | 283.96M | -89.28M | 91.39M | 124.60M | 111.09M | 34.74M | 129.17M | -11.94M | 120.90M |
| Net Income | 1.66B | 1.41B | 1.29B | 973.59M | 1.08B | 992.32M | 952.49M | 694.08M | 709.01M | 517.72M |
| Net Income growth (YoY) | +17.89% | +9.44% | +32.46% | -10.04% | +9.06% | +4.18% | +37.23% | -2.11% | +36.95% | +13.48% |
| EPS (Basic) | 8.65 | 7.35 | 6.74 | 5.06 | 5.63 | 5.19 | 5.01 | 3.68 | 3.77 | 2.74 |
| EPS (Diluted) | 8.59 | 7.30 | 6.71 | 5.04 | 5.61 | 5.17 | 4.99 | 3.66 | 3.76 | 2.73 |
| Shares Outstanding (Basic) | 192.47M | 192.06M | 191.40M | 192.54M | 192.18K | 191.09K | 189.93M | 188.63M | 187.83M | 188.82K |
| Shares Outstanding (Diluted) | 193.62M | 193.28M | 192.06M | 193.04M | 193.04K | 191.90K | 190.90M | 189.73M | 188.73M | 189.34K |
| EBITDA | 2.03B | 1.73B | 1.22B | 1.15B | 1.32B | 1.13B | 1.02B | 843.14M | 743.53M | 688.66M |
| Gross Margin | 58.74% | 58.70% | 57.48% | 57.75% | 58.01% | 59.27% | 59.45% | 59.14% | 57.60% | 55.44% |
| Operating Margin | 25.89% | 25.31% | 20.89% | 21.15% | 24.46% | 25.18% | 25.17% | 23.25% | 21.90% | 20.78% |
| Net Margin | 22.96% | 22.41% | 24.67% | 20.03% | 21.72% | 23.70% | 25.35% | 20.73% | 22.71% | 17.00% |
This table shows 10 annual periods of Garmin's income statement, from FY 2025 back to FY 2016, across 20 line items including revenue, cost of revenue, gross profit. Values in USD; B = billions, M = millions. Fiscal periods follow GRMN's reporting calendar. What is a income statement?