Garmin Ltd. (GRMN) — Financial statements
Income statement, balance sheet, and cash flow for Garmin Ltd. — annual and quarterly history with growth and margin analysis.
| Metric (USD Millions) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
| Revenue & Gross Profit | ||||||
| Revenue | 7,246↑15.1% | 6,297↑20.4% | 5,228↑7.6% | 4,860↓2.5% | 4,983 | |
| Cost of Revenue | 2,989↑15.0% | 2,600↑17.0% | 2,223↑8.3% | 2,054↓1.9% | 2,092 | |
| Gross Profit | 4,256↑15.1% | 3,697↑23.0% | 3,005↑7.1% | 2,807↓2.9% | 2,890 | |
| Operating Expenses | ||||||
| R&D Expenses | 1,126↑13.3% | 994↑9.8% | 905↑8.4% | 835↓0.6% | 840 | |
| General & Administrative Expenses | 0.00↓100.0% | 917↑9.9% | 835↑7.6% | 776↑17.6% | 660 | |
| Selling & Marketing Expenses | 0.00↓100.0% | 192↑10.7% | 173↑3.0% | 168↓2.2% | 172 | |
| SG&A Expenses | 1,254↑13.1% | 1,109↑10.0% | 1,008↑6.8% | 944↑13.5% | 832 | |
| Other Expenses | 0.00 | 0.00 | 0.00↓100.0% | 8↑55.7% | 5 | |
| Operating Expenses | 2,380↑13.2% | 2,103↑9.9% | 1,913↑7.5% | 1,779↑6.4% | 1,672 | |
| Total Costs & Expenses | 5,369↑14.2% | 4,703↑13.7% | 4,136↑7.9% | 3,832↑1.8% | 3,764 | |
| Operating Results | ||||||
| Operating Income | 1,876↑17.7% | 1,594↑45.9% | 1,092↑6.3% | 1,028↓15.7% | 1,219 | |
| Depreciation & Amortization | 189↑5.0% | 180↑1.2% | 178↑8.4% | 164↑5.8% | 155 | |
| EBITDA | 2,065↑16.4% | 1,774↑39.7% | 1,270↑6.5% | 1,192↓13.2% | 1,373 | |
| EBIT | 1,876↑17.7% | 1,594↑45.9% | 1,092↑6.3% | 1,028↓15.7% | 1,219 | |
| Interest & Other Income | ||||||
| Net Interest Income | 129↑13.5% | 114↑46.9% | 77↑89.3% | 41↑42.9% | 29 | |
| Interest Income | 129↑13.5% | 114↑46.9% | 77↑89.3% | 41↑42.9% | 29 | |
| Interest Expense | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Non-Operating Income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Other Income / Expenses | 138↑36.5% | 101↓6.3% | 108↑191.4% | 37↑414.0% | -12 | |
| Income Before Tax | 2,015↑18.8% | 1,695↑41.2% | 1,200↑12.7% | 1,065↓11.8% | 1,207 | |
| Income Tax Expense | 351↑23.5% | 284↑418.1% | -89↓197.7% | 91↓26.7% | 125 | |
| Net Income & EPS | ||||||
| Net Income from Continuing Operations | 1,664↑17.9% | 1,411↑9.4% | 1,290↑32.5% | 974↓10.0% | 1,082 | |
| Net Income from Discontinued Operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Net Income | 1,664↑17.9% | 1,411↑9.4% | 1,290↑32.5% | 974↓10.0% | 1,082 | |
| Bottom-Line Net Income | 1,664↑17.9% | 1,411↑9.4% | 1,290↑32.5% | 974↓10.0% | 1,082 | |
| EPS (Basic) | 8.65↑17.7% | 7.35↑9.1% | 6.74↑33.2% | 5.06↓10.1% | 5.63 | |
| EPS (Diluted) | 8.59↑17.7% | 7.30↑8.8% | 6.71↑33.1% | 5.04↓10.2% | 5.61 | |
| Weighted Average Shares | 192↑0.2% | 192↑0.4% | 191↓0.6% | 193↑0.2% | 192 | |
| Weighted Average Diluted Shares | 194↑0.1% | 193↑0.7% | 192↓0.5% | 193↓0.0% | 193 | |
* All figures in Millions of USD, except per share data. Growth rates calculated Year-over-Year (YoY). Data source: SEC Filings.