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Screener / SEC EDGAR /CIK 0001121788 /10-K filed Feb 18, 2026, compared with Feb 19, 2025 /Numbers from the XBRL of the 10-Ks
Consumer discretionary peers:
WSMTPRRLYUMGRMNWYNN
NYSE Consumer discretionary · Defense Electronics

Garmin GRMN

GRMN quote by TradingView
Headquarters
Schaffhausen
CEO
Clifton A. Pemble
Next results
around Feb 17, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $7.2B through the costs to a net profit of $1.7B · income statement of the 10-K

26% operating margin
Revenue to Gross profit: $4.3BRevenue to Cost of revenue: $3.0BGross profit to Operating profit: $1.9BGross profit to Operating expenses: $2.4BOperating profit to Net profit: $1.5BOperating profit to Tax: $350.6MOther income to Net profit: $138.5MOperating expenses to R&D: $1.1BOperating expenses to SG&A: $1.3B Revenue: $7.2B REVENUE $7.2B +15% Y/Y Gross profit: $4.3B · 59% margin GROSS PROFIT $4.3B 59% margin · +15% Y/Y Cost of revenue: $3.0B · 41% of revenue COST OF REVENUE $3.0B 41% of revenue Operating profit: $1.9B · 26% margin OPERATING PROFIT $1.9B 26% margin · +18% Y/Y Other income: $138.5M · 2% of revenue OTHER INCOME $138.5M 2% of revenue Operating expenses: $2.4B · 33% of revenue OPERATING EXPENSES $2.4B 33% of revenue Net profit: $1.7B · 23% margin NET PROFIT $1.7B 23% margin · +18% Y/Y Tax: $350.6M · 5% of revenue TAX $350.6M 5% of revenue R&D: $1.1B · 16% of revenue R&D $1.1B 16% of revenue SG&A: $1.3B · 17% of revenue SG&A $1.3B 17% of revenue
Gross profit $4.3B 59% margin · +15% Y/Y
Operating profit $1.9B 26% margin · +18% Y/Y
Net profit $1.7B 23% margin · +18% Y/Y
The full income statement, year by year

GRMN among Consumer discretionary peers

Six ratios from the latest 10-K. Each corner is the share of 46 peers the company is above, not a score.

Compare
Revenue growth: 15.1%, above 93% of 46 peers (their median 5.2%) REVENUE GROWTH 15.1% · above 93% Gross margin: 61.1%, above 80% of 30 peers (their median 40.7%) GROSS MARGIN 61.1% · above 80% Operating margin: 28.8%, above 92% of 39 peers (their median 15.8%) OPERATING MARGIN 28.8% · above 92% Net margin: 25.6%, above 96% of 46 peers (their median 10.8%) NET MARGIN 25.6% · above 96% FCF margin: 18.6%, above 84% of 44 peers (their median 9.2%) FCF MARGIN 18.6% · above 84% Return on capital: 16.2%, above 33% of 24 peers (their median 22.8%) RETURN ON CAPITAL 16.2% · above 33%
GRMN Peer median Below the median

What changed

6 new risk paragraphs and 3 accounting facts worth reading about. 10-K filed Feb 18, 2026 against Feb 19, 2025.

Risk factors
6 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Receivables growing faster than revenue
Receivables +27.4% vs revenue +15.1% (+12.4 pts)
10-K · XBRL
Cash from operations lower than net income
Cash from operations $1.6B vs net income $1.7B (FY ending Dec 27, 2025)
10-K · XBRL
Critical audit matters changed
New this year: Measurement of Uncertain Tax Positions (“The Company accounts for income taxes in accordance with ASC 740, Income Taxes. The Company operates in a multinational tax environment and is subject to a multitude of tax laws, regulations, and guidelines. Some transactions and the related impact to the income tax provision are judgmental, particu”). No longer listed: Measurement of Reserve for Unrecognized Income Tax Benefits
10-K · XBRL
Accounting checks
8 other checks clear, 3 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
2 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

3facts worth reading about the other 8 checks found nothing to note

  • Receivables growing faster than revenue
    Receivables +27.4% vs revenue +15.1% (+12.4 pts)
  • Cash from operations lower than net income
    Cash from operations $1.6B vs net income $1.7B (FY ending Dec 27, 2025)
  • Critical audit matters changed
    New this year: Measurement of Uncertain Tax Positions (“The Company accounts for income taxes in accordance with ASC 740, Income Taxes. The Company operates in a multinational tax environment and is subject to a multitude of tax laws, regulations, and guidelines. Some transactions and the related impact to the income tax provision are judgmental, particu”). No longer listed: Measurement of Reserve for Unrecognized Income Tax Benefits
  • Inventory +20.2% vs revenue +15.1% (+5.2 pts)
7 more checks with nothing to note
  • Same auditor in both 10-Ks: Ernst & Young LLP
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

6 paragraphs in Risk Factors that were not in the 10-K filed Feb 19, 2025. Quoted as filed.

All 6 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 19, 2025 10-K, ITEM 1A
    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.
  2. Item 1A · new paragraph · not in the 10-K filed Feb 19, 2025 10-K, ITEM 1A
    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.
  3. Item 1A · new paragraph · not in the 10-K filed Feb 19, 2025 10-K, ITEM 1A
    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. Certain of the goods we import are subject to tariffs and duties imposed by customs authorities of the…
  4. Item 1A · new paragraph · not in the 10-K filed Feb 19, 2025 10-K, ITEM 1A
    As a result of recent U.S. tax legislation, ownership attribution and income inclusion rules have changed over time as described below.

New risk paragraphs, against peers

Latest 10-K of each, Consumer discretionary companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$4.9B$5.2B$6.3B$7.2B
Net income$973.6M$1.3B$1.4B$1.7B
Operating cash flow$788.3M$1.4B$1.4B$1.6B
Free cash flow$544.0M$1.2B$1.2B$1.4B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$7.2B ▲ 15.1% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

2 filings in the last 30 days · SEC EDGAR

All filings

About the company

Garmin, Schaffhausen · from the 10-K filed Feb 18, 2026

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.

Headquarters
Schaffhausen
Reports in
USD
Listed on
NYSE
Fiscal year ends
December 26
Last results
Oct 28, 2026
Incorporated in
Switzerland

Email alerts

Sources

The 10-K filed Feb 18, 2026 (open at SEC), compared with the 10-K filed Feb 19, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

Work with it: Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/GRMN/export.csv") into a cell.