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GRMNGarmin

Consumer discretionary · Defense Electronics · NYSE
GRMN quote by TradingView
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FY2025 at a glance

Sales up 15.1%, free cash flow up to $1.4B

XBRL, from each 10-K
RevenueStatements ↓
$7.2B
from $6.3B in FY2024
FY2016FY2025
Net incomeStatements ↓
$1.7B
from $1.4B in FY2024
FY2016FY2025
Free cash flowStatements ↓
$1.4B
from $1.2B in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$8.59
from $7.30 in FY2024
FY2016FY2025
Operating marginStatements ↓
25.9%
from 25.3% in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (37, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)10.41Sales (ttm)7.9BNet income (ttm)2.0BSales growth+15.1%EPS growth+17.7%Sales Q/Q+12.2%
Free cash flow1.5BGross margin61.1%Oper. margin28.8%Net margin25.6%FCF margin18.6%ROE21.1%
ROA16.8%R&D / sales15.5%Dividend-Debt/Eq-Curr. ratio3.05Cash2.0B
Op. cash flow (ttm)1.9BEBITDA2.0BEBITDA margin28.0%Quick ratio2.21ROIC16.2%Tax rate17.4%
Stock pay / sales2.3%Shares out.192.7MShares Y/Y+0.2%Book / share49.56Cash / share10.59Sales / share40.93
Asset turnover0.66Inventory turns1.69Days sales out.63Sales 3Y CAGR+14.3%Sales 5Y CAGR+11.6%EPS 3Y CAGR+19.5%
EPS 5Y CAGR+10.7%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Revenue growth slowed to +15.1%+20.4% → +15.1% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
What management wrote about it → · Every company →

GRMN against Consumer discretionary peers

Ten years, side by side → · All 47 →
GrowthProfitBalanceCleanInsiders
GRMNPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 47 companies, the better end on the right. Hover a dot for the company.

Sales growth
+15.1%4th of 47 · median +5.4%
Net margin
25.6%3rd of 47 · median 10.8%
Return on equity
21.1%24th of 34 · median 32.5%
Free cash flow margin
18.6%8th of 45 · median 9.4%
GRMN and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
GRMN Garmin$7.9B +15.1%61.1%25.6%21.1%18.6%-
YUM Yum! Brands$8.8B +8.8%67.4%39.1%-18.4%-
RL Ralph Lauren Corporation$8.5B +14.6%71.8%12.6%39.3%-0.45
TPR Tapestry, Inc.$8.2B +14.2%78.3%19.7%-23.0%5.70
WSM Williams-Sonoma, Inc.$8.0B +1.2%47.2%14.7%55.1%16.8%-
WYNN Wynn Resorts$7.3B +0.1%-5.2%-7.1%-
Where each dollar goes

From $5.0B of sales to $1.1B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $2.9BRevenue to Cost of revenue: $2.1BGross profit to Operating profit: $1.2BGross profit to Operating expenses: $1.7BOperating profit to Net profit: $1.1BOperating profit to Tax & other: $136.4MOperating expenses to R&D: $778.8MOperating expenses to Sales, admin & other: $893.1M Revenue: $5.0B Revenue$5.0B +19% Y/Y Gross profit: $2.9B · 58% margin Gross profit$2.9B58% margin +16% Y/Y Cost of revenue: $2.1B · 42% of revenue Cost of revenue$2.1B42% of revenue Operating profit: $1.2B · 24% margin Operating profit$1.2B24% margin +16% Y/Y Operating expenses: $1.7B · 34% of revenue Operating expenses$1.7B34% of revenue Net profit: $1.1B · 22% margin Net profit$1.1B22% margin +9% Y/Y Tax & other: $136.4M · 3% of revenue Tax & other$136.4M3% of revenue R&D: $778.8M · 16% of revenue R&D$778.8M16% of revenue Sales, admin & other: $893.1M · 18% of revenue Sales, admin & other$893.1M18% of revenue

Swipe sideways for the whole flow →

From $4.9B of sales to $973.6M of profit

FY2022, from the 10-K income statement and revenue by segment
Fitness Segment to Revenue: $1.1BOutdoor Segment to Revenue: $1.8BMarine Segment to Revenue: $904.0MAviation Segment to Revenue: $792.8MAuto OEM Segment to Revenue: $283.8MRevenue to Gross profit: $2.8BRevenue to Cost of revenue: $2.1BGross profit to Operating profit: $1.0BGross profit to Operating expenses: $1.8BOperating profit to Net profit: $973.6MOperating profit to Tax & other: $54.3MOperating expenses to R&D: $834.9MOperating expenses to SG&A: $944.0M Fitness Segment: $1.1B · 23% Fitness Segment$1.1B23% Outdoor Segment: $1.8B · 36% Outdoor Segment$1.8B36% Marine Segment: $904.0M · 19% Marine Segment$904.0M19% Aviation Segment: $792.8M · 16% Aviation Segment$792.8M16% Auto OEM Segment: $283.8M · 6% Auto OEM Segment$283.8M6% Revenue: $4.9B Revenue$4.9B −2% Y/Y Gross profit: $2.8B · 58% margin Gross profit$2.8B58% margin −3% Y/Y Cost of revenue: $2.1B · 42% of revenue Cost of revenue$2.1B42% of revenue Operating profit: $1.0B · 21% margin Operating profit$1.0B21% margin −16% Y/Y Operating expenses: $1.8B · 37% of revenue Operating expenses$1.8B37% of revenue Net profit: $973.6M · 20% margin Net profit$973.6M20% margin −10% Y/Y Tax & other: $54.3M · 1% of revenue Tax & other$54.3M1% of revenue R&D: $834.9M · 17% of revenue R&D$834.9M17% of revenue SG&A: $944.0M · 19% of revenue SG&A$944.0M19% of revenue

Swipe sideways for the whole flow →

From $5.2B of sales to $1.3B of profit

FY2023, from the 10-K income statement
Revenue to Gross profit: $3.0BRevenue to Cost of revenue: $2.2BGross profit to Operating profit: $1.1BGross profit to Operating expenses: $1.9BOperating profit to Net profit: $1.1BOther income to Net profit: $197.5MOperating expenses to R&D: $904.7MOperating expenses to SG&A: $1.0B Revenue: $5.2B Revenue$5.2B +8% Y/Y Gross profit: $3.0B · 57% margin Gross profit$3.0B57% margin +7% Y/Y Cost of revenue: $2.2B · 43% of revenue Cost of revenue$2.2B43% of revenue Operating profit: $1.1B · 21% margin Operating profit$1.1B21% margin +6% Y/Y Other income: $197.5M · 4% of revenue Other income$197.5M4% of revenue Operating expenses: $1.9B · 37% of revenue Operating expenses$1.9B37% of revenue Net profit: $1.3B · 25% margin Net profit$1.3B25% margin +32% Y/Y R&D: $904.7M · 17% of revenue R&D$904.7M17% of revenue SG&A: $1.0B · 19% of revenue SG&A$1.0B19% of revenue

Swipe sideways for the whole flow →

From $6.3B of sales to $1.4B of profit

FY2024, from the 10-K income statement and revenue by segment
Fitness Segment to Revenue: $1.8BOutdoor Segment to Revenue: $2.0BMarine Segment to Revenue: $1.1BAviation Segment to Revenue: $876.6MAuto OEM Segment to Revenue: $610.6MRevenue to Gross profit: $3.7BRevenue to Cost of revenue: $2.6BGross profit to Operating profit: $1.6BGross profit to Operating expenses: $2.1BOperating profit to Net profit: $1.3BOperating profit to Tax: $284.0MOther income to Net profit: $101.4MOperating expenses to R&D: $993.6MOperating expenses to SG&A: $1.1B Fitness Segment: $1.8B · 28% Fitness Segment$1.8B28% Outdoor Segment: $2.0B · 31% Outdoor Segment$2.0B31% Marine Segment: $1.1B · 17% Marine Segment$1.1B17% Aviation Segment: $876.6M · 14% Aviation Segment$876.6M14% Auto OEM Segment: $610.6M · 10% Auto OEM Segment$610.6M10% Revenue: $6.3B Revenue$6.3B +20% Y/Y Gross profit: $3.7B · 59% margin Gross profit$3.7B59% margin +23% Y/Y Cost of revenue: $2.6B · 41% of revenue Cost of revenue$2.6B41% of revenue Operating profit: $1.6B · 25% margin Operating profit$1.6B25% margin +46% Y/Y Other income: $101.4M · 2% of revenue Other income$101.4M2% of revenue Operating expenses: $2.1B · 33% of revenue Operating expenses$2.1B33% of revenue Net profit: $1.4B · 22% margin Net profit$1.4B22% margin +9% Y/Y Tax: $284.0M · 5% of revenue Tax$284.0M5% of revenue R&D: $993.6M · 16% of revenue R&D$993.6M16% of revenue SG&A: $1.1B · 18% of revenue SG&A$1.1B18% of revenue

Swipe sideways for the whole flow →

From $7.2B of sales to $1.7B of profit

FY2025, from the 10-K income statement and revenue by segment
Fitness Segment to Revenue: $2.4BOutdoor Segment to Revenue: $2.1BMarine Segment to Revenue: $1.2BAviation Segment to Revenue: $987.2MAuto OEM Segment to Revenue: $664.7MRevenue 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 Fitness Segment: $2.4B · 33% Fitness Segment$2.4B33% Outdoor Segment: $2.1B · 28% Outdoor Segment$2.1B28% Marine Segment: $1.2B · 16% Marine Segment$1.2B16% Aviation Segment: $987.2M · 14% Aviation Segment$987.2M14% Auto OEM Segment: $664.7M · 9% Auto OEM Segment$664.7M9% Revenue: $7.2B Revenue$7.2B +15% Y/Y Gross profit: $4.3B · 59% margin Gross profit$4.3B59% margin +15% Y/Y Cost of revenue: $3.0B · 41% of revenue Cost of revenue$3.0B41% of revenue Operating profit: $1.9B · 26% margin Operating profit$1.9B26% margin +18% Y/Y Other income: $138.5M · 2% of revenue Other income$138.5M2% of revenue Operating expenses: $2.4B · 33% of revenue Operating expenses$2.4B33% of revenue Net profit: $1.7B · 23% margin Net profit$1.7B23% margin +18% Y/Y Tax: $350.6M · 5% of revenue Tax$350.6M5% of revenue R&D: $1.1B · 16% of revenue R&D$1.1B16% of revenue SG&A: $1.3B · 17% of revenue SG&A$1.3B17% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax, less other income
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

3 of 4
  • ✓
    Net margin above the peer median25.6% vs 10.8%
  • !
    Gross margin down over 5 years59.3% → 58.7%
  • ✓
    Return on equity above 15%21.1%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 17.2% → 23.0%

Cash and shareholders

1 of 3
  • ✓
    Free cash flow positive in every one of 10 years$1.4B last year
  • !
    Share count up over 5 years+0.9%
  • !
    Cash from operations below net income$1.6B vs $1.7B
Free cash flow, FY2016 to FY2025: 614.7M → 1.4B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Revenue and net income, FY2016 to FY2025

Revenue 7.2B Net income 1.7B
FY2016 revenue 3.0B · SalesRevenueNet, 0001615774-18-001344 FY2016 net income 517.7M · NetIncomeLoss, 0001615774-19-002739 3.0B FY2016 FY2017 revenue 3.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001564590-20-005133 FY2017 net income 709.0M · NetIncomeLoss, 0001564590-20-005133 3.1B FY2017 FY2018 revenue 3.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001564590-21-006192 FY2018 net income 694.1M · NetIncomeLoss, 0001564590-21-006192 3.3B FY2018 FY2019 revenue 3.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000950170-22-001303 FY2019 net income 952.5M · NetIncomeLoss, 0000950170-22-001303 3.8B FY2019 FY2020 revenue 4.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000950170-23-003566 FY2020 net income 992.3M · NetIncomeLoss, 0000950170-23-003566 4.2B FY2020 FY2021 revenue 5.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000950170-24-017559 FY2021 net income 1.1B · NetIncomeLoss, 0000950170-24-017559 5.0B FY2021 FY2022 revenue 4.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000950170-25-022760 FY2022 net income 973.6M · NetIncomeLoss, 0000950170-25-022760 4.9B FY2022 FY2023 revenue 5.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001193125-26-056028 FY2023 net income 1.3B · NetIncomeLoss, 0001193125-26-056028 5.2B FY2023 FY2024 revenue 6.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001193125-26-056028 FY2024 net income 1.4B · NetIncomeLoss, 0001193125-26-056028 6.3B FY2024 FY2025 revenue 7.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001193125-26-056028 FY2025 net income 1.7B · NetIncomeLoss, 0001193125-26-056028 7.2B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

GRMN's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue7.2B
FY2016: 3.0BFY2017: 3.1BFY2018: 3.3BFY2019: 3.8BFY2020: 4.2BFY2021: 5.0BFY2022: 4.9BFY2023: 5.2BFY2024: 6.3BFY2025: 7.2B FY2017FY2019FY2021FY2023FY2025
Net income1.7B
FY2016: 517.7MFY2017: 709.0MFY2018: 694.1MFY2019: 952.5MFY2020: 992.3MFY2021: 1.1BFY2022: 973.6MFY2023: 1.3BFY2024: 1.4BFY2025: 1.7B FY2017FY2019FY2021FY2023FY2025
Free cash flow1.4B
FY2016: 614.7MFY2017: 521.1MFY2018: 763.8MFY2019: 580.5MFY2020: 949.9MFY2021: 704.8MFY2022: 544.0MFY2023: 1.2BFY2024: 1.2BFY2025: 1.4B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)8.59
FY2016: 2.73FY2017: 3.76FY2018: 3.66FY2019: 4.99FY2020: 5.17FY2021: 5.61FY2022: 5.04FY2023: 6.71FY2024: 7.30FY2025: 8.59 FY2017FY2019FY2021FY2023FY2025
Dividend per share2.68
FY2016: -FY2017: 1.53FY2018: 2.12FY2019: 2.28FY2020: 2.44FY2021: 2.68FY2022: -FY2023: -FY2024: -FY2025: - FY2017FY2019FY2021FY2023FY2025
Diluted shares193.6M
FY2016: 189KFY2017: 188.7MFY2018: 189.7MFY2019: 190.9MFY2020: 192KFY2021: 193KFY2022: 193.0MFY2023: 192.1MFY2024: 193.3MFY2025: 193.6M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 27, 2025
RevenueSharevs year before
Fitness Segment 2.4B32.5% +32.8%
Outdoor Segment 2.1B28.3% +4.7%
Marine Segment 1.2B16.3% +10.2%
Aviation Segment 987.2M13.6% +12.6%
Auto OEM Segment 664.7M9.2% +8.9%

10-K 0001193125-26-056028, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue3.0B3.1B3.3B3.8B4.2B5.0B4.9B5.2B6.3B7.2B
Cost of revenue1.4B1.3B1.4B1.5B1.7B2.1B2.1B2.2B2.6B3.0B
Gross profit1.7B1.8B2.0B2.2B2.5B2.9B2.8B3.0B3.7B4.3B
R&D468.0M511.6M567.8M605.4M652.3M778.8M834.9M904.7M993.6M1.1B
SG&A410.6M438.0M478.2M518.6M623.6M721.3M944.0M1.0B1.1B1.3B
Operating income632.9M683.6M778.3M945.6M1.1B1.2B1.0B1.1B1.6B1.9B
Pretax income638.6M697.1M823.2M987.2M1.1B1.2B1.1B1.2B1.7B2.0B
Income tax120.9M-11.9M129.2M34.7M111.1M124.6M91.4M-89.3M284.0M350.6M
Net income517.7M709.0M694.1M952.5M992.3M1.1B973.6M1.3B1.4B1.7B
EPS (diluted)2.733.763.664.995.175.615.046.717.308.59
Diluted shares189K188.7M189.7M190.9M192K193K193.0M192.1M193.3M193.6M
Depreciation & amortization55.8M59.9M64.8M71.9M78.1M103.5M118.7M132.3M140.5M152.6M
EBITDA688.7M743.5M843.1M1.0B1.1B1.3B1.1B1.2B1.7B2.0B
Gross margin55.9%57.6%59.1%59.5%59.3%58.0%57.7%57.5%58.7%58.7%
Operating margin21.0%21.9%23.3%25.2%25.2%24.5%21.1%20.9%25.3%25.9%
Net margin17.2%22.7%20.7%25.3%23.7%21.7%20.0%24.7%22.4%23.0%
Revenue growth-+3.4%+7.2%+12.2%+11.4%+19.0%-2.5%+7.6%+20.4%+15.1%
EPS growth-+37.7%-2.7%+36.3%+3.6%+8.5%-10.2%+33.1%+8.8%+17.7%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash846.9M891.5M1.2B1.0B1.5B1.5B1.3B1.7B2.1B2.3B
Short-term investments--183.0M376.5M387.6M348.0M173.3M274.6M421.3M459.2M
Receivables527.1M590.9M569.8M706.8M849.5M843.4M656.8M815.2M983.4M1.3B
Inventory484.8M517.6M561.8M752.9M762.1M1.2B1.5B1.3B1.5B1.8B
Current assets2.3B2.3B2.7B3.1B3.7B4.3B4.0B4.5B5.3B6.2B
Property & equipment482.9M595.7M663.5M728.9M855.5M1.1B1.1B1.2B1.2B1.4B
Goodwill224.6M287.0M301.0M467.1M584.2M575.1M568.0M608.5M603.9M760.2M
Total assets4.5B4.9B5.4B6.2B7.0B7.9B7.7B8.6B9.6B11.0B
Accounts payable172.4M169.6M205.0M240.8M258.9M370.0M212.4M253.8M359.4M347.5M
Current liabilities782.7M792.1M921.3M1.0B1.2B1.4B1.2B1.3B1.5B1.7B
Shareholders' equity3.5B3.9B4.2B4.8B5.5B6.1B6.2B7.0B7.8B9.0B
Retained earnings2.1B2.4B2.7B3.2B3.8B4.3B4.7B5.3B6.0B7.0B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow705.7M660.8M919.5M698.5M1.1B1.0B788.3M1.4B1.4B1.6B
Capital spending91.0M139.7M155.8M118.0M185.4M307.6M244.3M193.5M193.6M270.4M
Free cash flow614.7M521.1M763.8M580.5M949.9M704.8M544.0M1.2B1.2B1.4B
Stock-based pay (added back)41.2M44.7M56.4M63.4M80.9M92.5M76.8M101.4M137.2M166.0M
Dividends paid481.5M383.0M296.1M417.3M450.6M491.5M679.1M558.8M572.4M663.9M
Buybacks93.2M74.5M--------
Acquisitions77.9M90.5M29.2M300.3M148.6M20.2M13.5M150.9M--
Investing cash flow-121.7M-194.4M-307.5M-450.7M-260.5M-475.4M-145.1M-333.0M-393.3M-645.2M
Financing cash flow-561.7M-448.4M-286.2M-416.0M-461.8M-486.7M-840.6M-636.5M-626.9M-844.1M
Dividend per share-1.532.122.282.442.68----

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)41.2M44.7M56.4M63.4M80.9M92.5M76.8M101.4M137.2M166.0M
Stock-based pay / revenue1.4%1.4%1.7%1.7%1.9%1.9%1.6%1.9%2.2%2.3%
Operating lease cost---25.2M29.9M35.1M40.7M47.3M54.5M63.9M
Operating lease cash paid---18.6M20.4M24.9M28.7M34.6M37.8M46.0M
Right-of-use assets--063.6M94.6M89.5M138.0M143.7M164.7M196.2M
Operating lease liabilities---64.0M94.8M90.5M139.7M140.8M162.8M196.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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