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GRMNGarmin

Consumer discretionary · Defense Electronics · NYSE
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The 10-K against last year's

127 changes: 7 added, 4 removed, 111 reworded, 5 quiet changes

10-K Feb 18, 2026 vs Feb 19, 2025
Risk FactorsRedline ↓
15.2%
of the text changed · 9,300 words now
16.1%
of the text changed · 3,628 words now
Legal ProceedingsRedline ↓
3.7%
of the text changed · 301 words now
Accounting PoliciesRedline ↓
10.9%
of the text changed · 5,105 words now

10-K 0001193125-26-056028 (2026-02-18) vs 10-K 0000950170-25-022760 (2025-02-19)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Accounting Policies 192 words changed in this paragraph; it is 33% similar to last year's version.
The Company allocates revenue to all performance obligations associated with tangible products containing separately identifiable ongoing services based on the respective performance obligations’ relative standalone selling prices (SSP), with the amounts allocated to ongoing services deferred and recognized over a period of time. These ongoing services primarily consist of the Company’s contractual promises to provide personal navigation device (PND) users with map updates and server-based traffic services. In addition, the Company provides map update services (map care) over a contractual period in certain hardware and software contracts with automotive original equipment manufacturers (OEMs). The Company has determined that directly observable prices do not exist for certain map updates, map care, or server-based traffic, as stand-alone and unbundled unit sales do not occur on more than a limited basis. Therefore, the Company uses the expected cost plus a margin as the primary indicator to calculate relative SSP of certain map updates, map care, and traffic performance obligations. The revenue and associated costs allocated to map updates, map care, and server-based traffic services are deferred and recognized ratably over the contractual service period or estimated life of the products. Additionally, the Company has offered certain other products and services with ongoing performance obligations for which the associated revenue is recognized over the contractual service period (typically ranging from 1 month to 3 years), including aviation database and other service subscriptions, incremental navigation and communication service subscriptions, mobile applications, and extended warranties. product.

Source: Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0001193125-26-056028 vs Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0000950170-25-022760

Risk Factors 156 words changed in this paragraph; it is 56% similar to last year's version.
We have in the past experienced, and expect to continue to experience, malicious attacks and other attempts to gain unauthorized access to our systems that seek to compromise the confidentiality, integrity or availability of proprietary and confidential information. Actual or anticipated attacks and risks have caused, and are expected to continue to cause, us to incur increasing costs, including costs to deploy additional personnel and protection technologies, to conduct additional employee training, and to engage third party security experts and consultants. A breach of our security systems and procedures or those of others in our global supply chain could result in significant data losses or theft of our intellectual property, confidential and proprietary information, or that of our business partners, as well as our users’ or employees' personal information, which could compromise our competitive position, reputation, operating results, and financial condition. Also, if we fail to reasonably maintain the security Such events could materially adversely affect our business, financial condition and results of our intellectual property, confidential and proprietary information, or that of our business partners, or the personal information of our users or employees, we may be subject to private litigation, government investigations, regulatory proceedings, enforcement actions, and cause us to incur potentially significant liability, damages, or remediation costs. Although we maintain cyber insurance coverage that, subject to policy terms and conditions and significant self-insured retentions, is designed to address certain aspects of cyber risks, such insurance coverage may be insufficient to cover all losses or all types of claims that may arise. operations.

Source: Item 1A, 10-K 0001193125-26-056028 vs Item 1A, 10-K 0000950170-25-022760

MD&A 141 words changed in this paragraph; it is 38% similar to last year's version.
Total operating income expense increased 46% 13% in absolute dollars and increased 440 basis points was relatively flat as a percent of revenue in fiscal year 2024 2025 compared to fiscal year 2023. The increase in operating income 2024. Operating expense, as a percent of revenue was segment net sales, decreased in the fitness and aviation segments by 220 basis points and 170 basis points, respectively, when compared to the year-ago period due to increased sales, increased gross margin sales and greater leverage of expenses. Operating expense, as a percent of revenue, and lower segment net sales, increased in the outdoor segment by 140 basis points over the year-ago period, as the year-over-year increase of operating expenses expense was greater than that of net sales. Operating expense, as a percent of revenue, as described above. The improved performance segment net sales, was relatively flat in fitness, outdoor, marine, the marine and auto OEM was partially offset by a decrease in aviation. Auto OEM experienced an operating loss in fiscal year 2024, and we expect auto OEM segments when compared to experience an operating loss in 2025. the year-ago period.

Source: Item 7, 10-K 0001193125-26-056028 vs Item 7, 10-K 0000950170-25-022760

Legal Proceedings 20 words changed in this paragraph; it is 72% similar to last year's version.
Certain cash balances are held as collateral in relation to bank guarantees. The total amount of This restricted cash was is reported within other noncurrent assets on the Company’s consolidated balance sheets and totaled $714 and $685 and $704 on December 28, 2024 27, 2025 and December 30, 2023, 28, 2024, respectively.

Source: Item 3, via Note 7 – Commitments and Contingencies, 10-K 0001193125-26-056028 vs Item 3, via Note 7 – Commitments and Contingencies, 10-K 0000950170-25-022760

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of GRMN's Risk Factors and MD&A, 10-K 2026-02-18 against 10-K 2025-02-19. Each links to the text at sec.gov.

AddedRisk Factors
This section should be read in conjunction with Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and accompanying notes in Part II, Item 8, “Financial Statements and Supplementary Data” of this Annual Report on Form 10-K.

Read it in 10-K 2026-02-18 at sec.gov ↗

AddedRisk Factors
Many of our products utilize Global Positioning System (GPS) and other global navigation satellite systems (GNSS), which are critical to their functionality. There are risks related to our reliance on GPS and GNSS that could materially adversely affect our business, financial condition and results of operations.

Read it in 10-K 2026-02-18 at sec.gov ↗

AddedRisk Factors
The rapidly evolving international trade environment has created economic and operational uncertainties that could result in outcomes that could materially adversely affect our business, financial condition and results of operations.

Read it in 10-K 2026-02-18 at sec.gov ↗

AddedRisk Factors
Certain of the goods we import are subject to tariffs and duties imposed by customs authorities of the jurisdictions into which they are imported. We manufacture our products in, and source goods from, multiple jurisdictions, such as Taiwan and China among others. New or increased tariffs, duties, or other trade restrictions imposed on products, goods, or components we import into the United States or other countries could materially adversely affect our business, financial condition and results of operations.

Read it in 10-K 2026-02-18 at sec.gov ↗

AddedRisk Factors
On July 4, 2025, the U.S. enacted new tax legislation which changed the CFC attribution rules. For tax years beginning after December 31, 2025, the CFC determination is made daily based on whether the 10% U.S. Shareholders own cumulatively more than fifty percent of the voting power or value of the Company, and only U.S. persons that own ten percent or more of the voting power of the Company’s shares will qualify as 10% U.S. Shareholders.

Read it in 10-K 2026-02-18 at sec.gov ↗

AddedMD&A
The Company recorded income tax expense of $350.6 million, an effective tax rate of 17.4%, for the fiscal year ended December 27, 2025. The Company recorded income tax expense of $284.0 million, an effective tax rate of 16.7%, for the fiscal year ended December 28, 2024. The increase in effective tax rate when compared to the year-ago period was primarily driven by the U.S. tax legislation enacted in 2025, which, among other things, changed capitalization requirements of certain research and development costs, resulting in a decrease of certain U.S. tax deductions and credits. Certain provisions of the U.S. tax legislation enacted in 2025 become effective in 2026, which the Company anticipates will increase certain U.S. tax deductions and result in a lower effective tax rate in 2026 as compared to 2025.

Read it in 10-K 2026-02-18 at sec.gov ↗

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