Overview
GARMIN LTD
Latest 10-K: FY2025, filed Feb 18, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $7.25B
- 15.1%YoYup from FY2024
- TotalRevenue
- Gross profit
- $4.26B
- 15.1%YoYup from FY2024
- GrossProfit
- Operating income
- $1.88B
- 17.7%YoYup from FY2024
- OperatingIncome
- Net income
- $1.66B
- 17.9%YoYup from FY2024
- NetIncome
- Diluted EPS
- $8.59
- 17.7%YoYup from FY2024
- EPSDiluted
- Diluted shares
- 193.6M
- 0.2%YoYup from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- GARMIN LTD reported revenue of $7.25B for fiscal 2025, up 15.1% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 4 of the last 5 fiscal years.
Profitability
- Operating margin was 25.9% and net margin was 23.0%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $8.59, up 17.7% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 24, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $7.25B15.1%up S&P 500 6.4% | $6.30B20.4%up S&P 500 4.5% | $5.23B7.6%up S&P 500 4.8% | $4.86B2.5%down S&P 500 10.3% | $4.98B19.0%up S&P 500 13.8% | 9.8% S&P 500 6.6% |
| Gross Profit Median of 315 / 498 | $4.26B15.1%up S&P 500 6.8% | $3.70B23.0%up S&P 500 5.5% | $3.00B7.1%up S&P 500 5.2% | $2.81B2.9%down S&P 500 8.3% | $2.89B16.5%up S&P 500 15.7% | 10.2% S&P 500 6.2% |
| Operating Income Median of 373 / 498 | $1.88B17.7%up S&P 500 7.3% | $1.59B45.9%up S&P 500 7.4% | $1.09B6.3%up S&P 500 4.9% | $1.03B15.7%down S&P 500 7.5% | $1.22B15.6%up S&P 500 23.5% | 11.4% S&P 500 7.2% |
| Net Income | $1.66B17.9%up S&P 500 4.8% | $1.41B9.4%up S&P 500 5.7% | $1.29B32.5%up S&P 500 1.9% | $0.97B10.0%down S&P 500 1.3% | $1.08B9.1%up S&P 500 33.9% | 11.4% S&P 500 4.1% |
| EPS (Diluted) | $8.5917.7%up S&P 500 6.2% | $7.308.8%up S&P 500 7.9% | $6.7133.1%up S&P 500 1.9% | $5.0410.2%down S&P 500 1.5% | $5.618.5%up S&P 500 34.8% | 11.2% S&P 500 5.6% |
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $10.99B14.2%up S&P 500 5.6% | $9.63B11.9%up S&P 500 3.4% | $8.60B11.3%up S&P 500 4.1% | $7.73B1.6%down S&P 500 2.2% | $7.85B11.7%up S&P 500 6.7% | 8.8% S&P 500 4.7% |
| Total Liabilities Median of 357 / 498 | — | — | — | — | — | — S&P 500 4.4% |
| Stockholders' Equity | $8.97B14.3%up S&P 500 6.8% | $7.85B11.9%up S&P 500 5.4% | $7.01B13.0%up S&P 500 7.3% | $6.20B1.5%up S&P 500 2.5% | $6.11B10.8%up S&P 500 9.0% | 10.1% S&P 500 6.1% |
| Cash & Equivalents | $2.28B9.6%up S&P 500 5.2% | $2.08B22.8%up S&P 500 1.9% | $1.69B32.4%up S&P 500 6.7% | $1.28B14.6%down S&P 500 -8.6% | $1.50B2.7%up S&P 500 -2.9% | 11.1% S&P 500 2.0% |
| Total Debt Median of 393 / 498 | — | — | — | — | — | — S&P 500 3.7% |
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.63B14.0%up S&P 500 6.3% | $1.43B4.1%up S&P 500 4.8% | $1.38B74.6%up S&P 500 9.9% | $0.79B22.1%down S&P 500 -0.7% | $1.01B10.8%down S&P 500 10.7% | 12.7% S&P 500 7.0% |
| Capital Expenditures | $270.45M39.7%up S&P 500 5.4% | $193.57M0.0%unchanged S&P 500 2.8% | $193.52M20.8%down S&P 500 11.3% | $244.29M20.6%down S&P 500 14.0% | $307.64M65.9%up S&P 500 8.1% | -3.2% S&P 500 9.0% |
| Free Cash Flow Median of 378 / 498 | $1.36B10.0%up S&P 500 7.3% | $1.24B4.7%up S&P 500 6.1% | $1.18B117.4%up S&P 500 8.8% | $0.54B22.8%down S&P 500 -11.3% | $0.70B25.8%down S&P 500 10.2% | 17.9% S&P 500 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
S&P 500 median = median of the companies in the index on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-20. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
4.2%
Wall Street
on net earnings
FY2024 3.5%
3.4%
Value investor
on free cash flow
FY2024 3.1%
Gap −0.8 pts: Value-investor figure 0.8 points lower
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 23.9×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Book yield
Net assets behind a dollar of market value
22.5%
Wall Street
on book equity
FY2024 19.4%
20.6%
Value investor
on tangible book
FY2024 17.9%
Gap −1.9 pts: Value-investor figure 1.9 points lower
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 4.4×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
19.8%
Wall Street
ROE: net income ÷ equity
FY2024 19.0%
23.8%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 23.5%
Gap +4.0 pts: Value-investor figure 4.0 points higher
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
28.0%
Wall Street
EBITDA margin
FY2024 27.5%
18.8%
Value investor
Free-cash-flow margin
FY2024 19.7%
Gap −9.2 pts: Value-investor figure 9.2 points lower
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
3.63×
Wall Street
Current ratio
FY2024 3.54×
2.60×
Value investor
Quick ratio, inventory excluded
FY2024 2.56×
Gap −1.03×: Value-investor figure 1.03 lower
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on GRMN yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on GRMN and publish the result to your public profile.
Cite this page
Data as of Oct 24, 2026. Canonical address: https://valuein.biz/data/GRMN
Valuein. (2026, October 24). GARMIN LTD (GRMN) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/GRMN
@misc{valuein_grmn_2026,
author = {{Valuein}},
title = {GARMIN LTD (GRMN) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/GRMN}},
note = {Data as of 2026-10-24; source: SEC EDGAR filings}
}10-K filed Feb 18, 2026 · accession 0001193125-26-056028
Agents: every figure Valuein's tools return carries a fact_id that traces to its SEC filing.
point-in-time · survivorship-free · every number traceable to its SEC filing