GRMNGarmin
- Headquarters
- Schaffhausen
- CEO
- Clifton A. Pemble
- Next results
- around Feb 17, 2027
The biggest changes in the 10-K filed 2026-02-18, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Net income
+17.9% Big change FY to 2025-12-27 vs 2024-12-28“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.”
Read it in the 10-K ↗
Revenue
+15.1% Big change FY to 2025-12-27 vs 2024-12-28“Typically, sales of our consumer products are highest in the fourth quarter due to increased demand during the holiday buying season, and many marine products experience increased demand in the first and second quarters in advance of the summer boating season.”
Read it in the 10-K ↗
“Operating expense, as a percent of 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 and greater leverage of expenses.”
Read it in the 10-K ↗
Cash from operations
+14.0% Big change FY to 2025-12-27 vs 2024-12-28The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Operating margin
25.3% → 25.9% (+0.6 pts) FY to 2025-12-27 vs 2024-12-28“The improved operating income dollar performance in fitness, aviation, and marine was partially offset by decreases in outdoor and auto OEM.”
Read it in the 10-K ↗
Gross margin
58.7% → 58.7% (+0.0 pts) FY to 2025-12-27 vs 2024-12-28“Gross profit dollars in fiscal year 2025 increased 15%, primarily due to the increase in net sales compared to the year-ago period as described above.”
Read it in the 10-K ↗
“The fitness gross margin increase of 130 basis points compared to the year-ago period was primarily attributable favorable product mix.”
Read it in the 10-K ↗
Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗
Work on GRMN in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/GRMN/export.csv") into a cell.