GARMIN LTD financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data GARMIN LTD files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,046	3,122	3,347	3,758	4,187	4,983	4,860	5,228	6,297	7,246
Cost of revenue	1,357	1,324	1,368	1,524	1,705	2,092	2,054	2,223	2,600	2,989
Gross profit	1,689	1,798	1,980	2,234	2,481	2,890	2,807	3,005	3,697	4,256
Research and development	468	512	568	605	652	779	835	905	994	1,126
Selling, general and administrative	411	438	478	519	624	721	944	1,008	1,109	1,254
Operating expenses	1,056	1,114	1,201	1,288	1,427	1,672	1,779	1,913	2,103	2,380
Operating income	633	684	778	946	1,054	1,219	1,028	1,092	1,594	1,876
Interest income	33.4	36.9	47.1	52.8	37	28.6	40.8	77.3	114	129
Other non-operating income	5.76	13.4	44.9	41.6	49.2	-11.8	37.1	108	101	138
Pre-tax income	639	697	823	987	1,103	1,207	1,065	1,200	1,695	2,015
Income tax	121	-11.9	129	34.7	111	125	91.4	-89.3	284	351
Net income	518	709	694	952	992	1,082	974	1,290	1,411	1,664
EBITDA	689	744	843	1,018	1,132	1,322	1,147	1,225	1,734	2,029
EPS, basic	2.74	3.77	3.68	5.01	5.19	5.63	5.06	6.74	7.35	8.65
EPS, diluted	2.73	3.76	3.66	4.99	5.17	5.61	5.04	6.71	7.30	8.59
Shares, basic (weighted)	0.19	188	189	190	0.19	0.19	193	191	192	192
Shares, diluted (weighted)	0.19	189	190	191	0.19	0.19	193	192	193	194
Dividend per share		1.53	2.12	2.28	2.44	2.68

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	847	891	1,202	1,028	1,458	1,498	1,279	1,693	2,079	2,279
Short-term investments			183	376	388	348	173	275	421	459
Receivables	527	591	570	707	849	843	657	815	983	1,253
Inventory	485	518	562	753	762	1,228	1,515	1,346	1,474	1,772
Other current assets	89.9	154	121	169	192	329	316	319	354	468
Total current assets	2,263	2,346	2,665	3,058	3,669	4,262	3,955	4,464	5,336	6,248
Property, plant and equipment	483	596	664	729	856	1,067	1,147	1,224	1,237	1,375
Lease right-of-use assets			0	63.6	94.6	89.5	138	144	165	196
Goodwill	225	287	301	467	584	575	568	608	604	760
Long-term investments			1,330	1,205	1,131	1,269	1,208	1,125	1,198	1,397
Other non-current assets	94.4	107	100	159	190	103	85.3	91.1	107	95.9
Total assets	4,525	4,948	5,383	6,167	7,031	7,854	7,731	8,604	9,631	10,994
Accounts payable	172	170	205	241	259	370	212	254	359	347
Accrued liabilities	88.8	103	113	128	182	211	176	190	211	228
Deferred revenue	147	103	96.4	94.6	86.9	87.7	91.1	101	111	106
Total current liabilities	783	792	921	1,036	1,164	1,448	1,212	1,311	1,508	1,720
Lease liabilities			0	49.2	76	70	115	113	135	165
Other non-current liabilities	1.59	1.79	1.85	0.28	15.5	0.32	0.36	0.44	0.78	0.63
Total liabilities	1,072	1,096	1,220	1,373	1,515	1,740	1,527	1,592	1,782	2,021
Paid-in capital	1,836	1,828	1,824	1,836	1,880	1,961	2,042	2,125	2,247	2,369
Retained earnings	2,057	2,418	2,711	3,229	3,754	4,321	4,734	5,264	5,999	6,970
Treasury stock	-456	-469	-398	-345	-320	-303	-475	-331	-271	-406
Other comprehensive income	-36.8	56.4	8.43	55.9	183	118	-115	-65.6	-147	20.6
Shareholders' equity	3,453	3,852	4,163	4,793	5,516	6,114	6,204	7,012	7,848	8,973
Total equity	3,453	3,852	4,163	4,793	5,516	6,114	6,204	7,012	7,848	8,973
Total liabilities and equity	4,525	4,948	5,383	6,167	7,031	7,854	7,731	8,604	9,631	10,994
Shares outstanding	0.19	0.19	189	191	192	193	192	192	192	193

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	518	709	694	952	992	1,082	974	1,290	1,411	1,664
Depreciation and amortization	55.8	59.9	64.8	71.9	78.1	103	119	132	140	153
Stock-based compensation	41.3	44.7	56.4	63.4	80.9	92.5	76.8	101	137	166
Deferred income tax	3.06	-91.2	35.7	-88.3	6.62	-5.44	-142	-340	-89.6	82.5
Change in receivables	9	-39.1	7.29	-123	-109	-19.1	167	-129	-196	-223
Change in inventory	-2.46	-7.5	-57.7	-170	28.7	-476	-363	245	-179	-218
Change in payables	-11.5	-17.2	40.6	26.2	1.45	109	-131	28.5	121	-30.5
Cash from operations	706	661	920	699	1,135	1,012	788	1,376	1,432	1,633
Capital expenditures	-91	-140	-156	-118	-185	-308	-244	-194	-194	-270
Acquisitions	-77.9	-90.5	-29.2	-300	-149	-20.2	-13.5	-151
Purchases of investments		-588	-403	-789	-1,053	-1,509	-1,052	-171	-508	-840
Cash from investing	-122	-194	-308	-451	-261	-475	-145	-333	-393	-645
Share buybacks	-93.2	-74.5
Dividends paid	-481	-383	-296	-417	-451	-491	-679	-559	-572	-664
Cash from financing	-562	-448	-286	-416	-462	-487	-841	-637	-627	-844
Exchange rate effect	-8.66	26.7	-15.8	-5.94	18.1	-10.3
Net change in cash	13.7	44.8	310	-174	431	40.1	-219	414	386	199
Free cash flow	615	521	764	581	950	705	544	1,183	1,239	1,363
Income taxes paid	116	106	67.6	160	133	131	185	302	319	317

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 28, 2026; growth uses fiscal years. Valuation uses the share price of $294.14 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	59.1%	Gross profit / revenue.
Operating margin	26.5%	Operating income / revenue.
EBITDA margin	28.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	28.1%	Pre-tax income / revenue.
Net margin	23.3%	Net income / revenue.
FCF margin	19.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	23.4%	Cash from operations / revenue.
Effective tax rate	17.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	18.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	15.9%	Net income / average total assets.
Return on invested capital (ROIC)	23.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	15.5%	Research and development expense / revenue.
SG&A / revenue	17.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.0%	Capital expenditures / revenue.
D&A / revenue	2.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	15.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	14.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	15.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	14.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	11.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	17.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	22.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	12.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	17.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	20.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	12.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	17.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	19.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	10.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	17.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	19.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	10.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	14.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	27.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	7.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	10.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	35.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	7.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	14.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	13.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	10.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	14.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	12.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	298.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.36x	Current assets / current liabilities.
Quick ratio	2.65x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.96x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	15.4%	Total liabilities / total assets.
Working capital	$4.62B	Current assets - current liabilities.
Goodwill and intangibles / assets	6.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$8.52B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.68x	Revenue / average total assets.
Fixed asset turnover	5.39x	Revenue / average property, plant and equipment.
Inventory turnover	1.65x	Cost of revenue / average inventory.
Days inventory	221 days	365 x average inventory / cost of revenue.
Receivables turnover	7.93x	Revenue / average receivables.
Days sales outstanding	46 days	365 x average receivables / revenue.
Days payables	41 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	226 days	Days inventory + days sales outstanding - days payables.
FCF conversion	83.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	17.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$8.97	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$38.56	Revenue / diluted weighted shares.
FCF per share	$7.50	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.03	Cash from operations / diluted weighted shares.
Book value per share	$48.06	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$44.17	Tangible book value / shares outstanding.
Cash per share	$14.00	(Cash + short-term investments) / shares outstanding.
Payout ratio	39.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	47.7%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$56.73B	Share price x shares outstanding.
Enterprise value	$54.02B	Market cap + total debt - cash - short-term investments.
P/E	32.7x	Market cap / net income. Only when net income is positive.
P/S	7.60x	Market cap / revenue.
P/B	6.12x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	6.66x	Market cap / tangible book value, when positive.
P/FCF	39.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	32.4x	Market cap / cash from operations, when positive.
EV/Sales	7.24x	Enterprise value / revenue.
EV/EBIT	27.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	25.4x	Enterprise value / EBITDA, when both are positive.
EV/FCF	37.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.6%	Free cash flow / market cap.
Earnings yield	3.1%	Net income / market cap (the inverse of P/E).
Dividend yield	1.2%	Dividends paid over the period / market cap.
Shareholder yield	1.2%	(Dividends paid + share buybacks) / market cap.
PEG	1.68x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was GARMIN LTD's revenue in fiscal 2025?

GARMIN LTD reported revenue of $7.25B for fiscal 2025, 15.1% higher than the year before.

Was GARMIN LTD profitable in fiscal 2025?

Yes. Net income was $1.66B, a net margin of 23%.

How much free cash flow did GARMIN LTD generate in fiscal 2025?

Cash from operations of $1.63B minus capital expenditures of $270.4M left free cash flow of $1.36B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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