Garmin Ltd. (GRMN)GRMNGarmin Ltd.

Income Statement

Revenue, expenses, and profitability analysis

Quarterly Income Statement (USD)

Swipe horizontally to review earlier periods. The line-item column stays pinned.

Quarterly Report	TTM	Quarter ended Mar 2026	Quarter ended Dec 2025	Quarter ended Sep 2025	Quarter ended Jun 2025	Quarter ended Mar 2025	Quarter ended Dec 2024	Quarter ended Sep 2024	Quarter ended Jun 2024
Revenue	7.46B	1.75B	2.12B	1.77B	1.81B	1.54B	1.82B	1.59B	1.51B
Cost of Goods Sold	3.05B	711.20M	866.70M	724.41M	747.55M	650.55M	742.64M	634.42M	643.78M
Gross Profit	4.41B	1.04B	1.26B	1.05B	1.07B	884.54M	1.08B	951.60M	862.89M
Gross Profit Margin	59.1%	59.4%	59.2%	59.1%	58.8%	57.6%	59.3%	60.0%	57.3%
Total Operating Expenses	2.44B	610.62M	644.11M	589.68M	594.72M	551.72M	563.84M	514.12M	520.86M
Research & Development	1.15B	295.82M	294.98M	286.46M	276.66M	268.12M	258.75M	249.16M	243.15M
Selling, General & Administrative	1.29B	314.81M	349.12M	303.22M	318.05M	283.60M	305.09M	264.96M	277.71M
Operating Income (EBIT)	1.97B	431.67M	614.15M	456.80M	472.30M	332.82M	516.08M	437.48M	342.03M
Operating Margin	26.5%	24.6%	28.9%	25.8%	26.0%	21.7%	28.3%	27.6%	22.7%
Income Before Tax (EBT)	2.10B	472.53M	635.39M	509.82M	480.25M	389.08M	516.14M	486.25M	365.97M
Interest Income	134.34M	35.97M	34.56M	32.09M	31.72M	30.51M	30.38M	28.83M	29.29M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Other Income/Expense	123.07M	40.86M	21.23M	53.02M	7.96M	56.25M	57K	48.77M	23.95M
Net Income	1.74B	405.08M	528.68M	401.62M	400.82M	332.77M	435.73M	399.11M	300.63M
Income Tax Expense	361.79M	67.45M	106.70M	108.20M	79.43M	56.31M	80.41M	87.14M	65.34M
Net Profit Margin	23.3%	23.1%	24.9%	22.7%	22.1%	21.7%	23.9%	25.2%	20.0%
EBITDA	2.17B	480.79M	660.41M	505.91M	519.40M	379.12M	562.62M	481.73M	386.14M
EBITDA Margin	29.0%	27.4%	31.1%	28.6%	28.6%	24.7%	30.9%	30.4%	25.6%
Depreciation & Amortization	191.59M	49.13M	46.25M	49.10M	47.10M	46.30M	46.54M	44.26M	44.11M
EPS Basic	9.02	2.10	2.75	2.09	2.08	1.73	2.27	2.08	1.57
EPS Diluted	8.97	2.09	2.73	2.08	2.07	1.72	2.25	2.07	1.56
Shares Outstanding	192.67M	192.67M	192.34M	192.46M	192.52M	192.54M	192.07M	192.20M	192.07M
Diluted Shares Outstanding	193.56M	193.56M	193.78M	193.53M	193.42M	193.72M	193.76M	193.17M	192.90M

Annual Income Statement (USD)

Swipe horizontally to review earlier years. The line-item column stays pinned.

Annual Report	12/27/2025	12/28/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018
Revenue	7.25B	6.30B	5.23B	4.86B	4.98B	4.19B	3.76B	3.35B
Cost of Goods Sold	2.99B	2.60B	2.22B	2.05B	2.09B	1.71B	1.52B	1.37B
Gross Profit	4.26B	3.70B	3.00B	2.81B	2.89B	2.48B	2.23B	1.98B
Gross Profit Margin	58.7%	58.7%	57.5%	57.7%	58.0%	59.3%	59.5%	59.1%
Total Operating Expenses	2.38B	2.10B	1.91B	1.78B	1.67B	1.43B	1.29B	1.20B
Research & Development	1.13B	993.60M	904.70M	834.93M	840.02M	705.68M	605.37M	567.80M
Selling, General & Administrative	1.25B	1.11B	1.01B	944.00M	831.82M	721.41M	683.02M	633.57M
Operating Income (EBIT)	1.88B	1.59B	1.09B	1.03B	1.22B	1.05B	945.59M	778.34M
Operating Margin	25.9%	25.3%	20.9%	21.1%	24.5%	25.2%	25.2%	23.3%
Income Before Tax (EBT)	2.01B	1.70B	1.20B	1.06B	1.21B	1.10B	987.22M	823.25M
Interest Income	128.87M	113.52M	77.30M	40.83M	28.57M	37.00M	52.82M	47.15M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Other Income/Expense	138.46M	101.41M	108.20M	37.13M	-11.82M	49.17M	41.64M	44.90M
Net Income	1.66B	1.41B	1.29B	973.59M	1.08B	992.32M	952.49M	694.08M
Income Tax Expense	350.65M	283.96M	-89.28M	91.39M	124.60M	111.09M	34.74M	129.17M
Net Profit Margin	23.0%	22.4%	24.7%	20.0%	21.7%	23.7%	25.3%	20.7%
EBITDA	2.06B	1.77B	1.27B	1.19B	1.37B	1.18B	1.05B	874.54M
EBITDA Margin	28.5%	28.2%	24.3%	24.5%	27.6%	28.2%	28.0%	26.1%
Depreciation & Amortization	188.76M	179.74M	177.57M	163.85M	154.82M	126.72M	106.17M	96.19M
EPS Basic	8.65	7.35	6.74	5.06	5.63	5.19	5.01	3.68
EPS Diluted	8.59	7.30	6.71	5.04	5.61	5.17	4.99	3.66
Shares Outstanding	192.47M	192.14M	191.40M	192.54M	192.18M	191.09M	189.93M	188.63M
Diluted Shares Outstanding	193.62M	193.47M	192.06M	193.04M	193.04M	191.90M	190.90M	189.73M

Values are displayed in USD. Negative numbers shown in red.

Values are displayed in USD. Negative numbers are shown in red.

About Garmin Ltd.

Garmin Ltd. specializes in the design, development, manufacturing, marketing, and global distribution of diverse wireless products and solutions. Its operations span across North and South America, the Asia Pacific region, the Australian Continent, Europe, the Middle East, and Africa. The company's offerings are organized into several key segments: Fitness: This division caters to athletes and active individuals with products like specialized running and multi-sport watches, cycling computers, activity trackers, smartwatches, and various fitness-related accessories. Additionally, it supports these offerings with its Garmin Connect web and mobile platforms, alongside Connect IQ, an ecosystem for app development. Outdoor: Garmin's Outdoor category features rugged adventure watches, portable GPS devices, golf-specific instruments and accompanying mobile applications, plus specialized dog tracking and training systems. Aviation: The Aviation sector delivers comprehensive avionics solutions for aircraft, encompassing integrated cockpit systems, advanced flight displays and instrumentation, navigation and communication tools, automated flight controls, safety enhancements, audio management, engine monitoring, traffic and weather avoidance systems, ADS-B transponders, data connectivity, portable GPS navigators, wearable aviation devices, and related support services. Marine: For the Marine market, Garmin provides a suite of solutions including chartplotters, multi-function displays, marine cartography, fish finders, sonar technology, autopilots, radar systems, compliant instrumentation and sensors, VHF radios, handheld and wearable marine devices, sailing-specific products, onboard entertainment, digital switching, and electric trolling motors. Auto: The Automotive segment focuses on in-vehicle computing and infotainment systems, personal navigation units, and various camera solutions. Garmin's products are distributed through a diverse network including independent and online retailers, authorized dealers, distributors, service and installation centers, original equipment manufacturers (OEMs), and directly via its official e-commerce platform, garmin.com. Established in 1989, Garmin Ltd. maintains its corporate headquarters in Schaffhausen, Switzerland.

Schaffhausen, SH

23,000 employees

www.garmin.com

Technology / Hardware, Equipment & Parts

Sector: Technology
Industry: Hardware, Equipment & Parts
CEO: Clifton Albert Pemble

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