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Garmin vs Nextnav: revenue, profit, margins and growth compared

Garmin brought in $7.2B of revenue in fiscal 2025, Nextnav $4.6M in fiscal 2025. Revenue changed by +15.1% at Garmin and -19.3% at Nextnav on the year before, so Garmin grew faster. Garmin kept 23.0% of its revenue as net profit, Nextnav -4,138.5%. Free cash flow was $1.4B at Garmin and -$50.8M at Nextnav.

Side by side, latest fiscal year

GRMNNN
Fiscal year endedFY2025 (December 27, 2025)FY2025 (December 31, 2025)
Revenue$7.2B$4.6M
Revenue growth+15.1%-19.3%
Net income$1.7B-$189.3M
Net margin23.0%-4,138.5%
Free cash flow$1.4B-$50.8M
Free cash flow margin18.8%-1,110.8%
Earnings per share (diluted)$8.59-$1.42
Cash$2.3B$44.8M
Debtn/a$273.6M
Price to earnings34.2n/a
Market value$56.7B$2.4B
Dividend yieldn/an/a
Rank by revenue in sector#97 of 587 · Industrials#527 of 587 · Industrials

Over the years

Revenue
GRMN FY2018: $3.3BGRMN FY2019: $3.8BGRMN FY2020: $4.2BGRMN FY2021: $5BGRMN FY2022: $4.9BGRMN FY2023: $5.2BGRMN FY2024: $6.3BGRMN FY2025: $7.2BNN FY2021: $569KNN FY2021: $763KNN FY2022: $3.9MNN FY2023: $3.9MNN FY2024: $5.7MNN FY2025: $4.6MFY18FY19FY20FY21FY22FY23FY24FY25
GRMN $7.2BNN $4.6M
Net income
GRMN FY2018: $694.1MGRMN FY2019: $952.5MGRMN FY2020: $992.3MGRMN FY2021: $1.1BGRMN FY2022: $973.6MGRMN FY2023: $1.3BGRMN FY2024: $1.4BGRMN FY2025: $1.7BNN FY2021: -$137.3MNN FY2021: -$144.7MNN FY2022: -$40.1MNN FY2023: -$71.7MNN FY2024: -$101.9MNN FY2025: -$189.3MFY18FY19FY20FY21FY22FY23FY24FY25
GRMN $1.7BNN -$189.3M
Net margin
GRMN FY2018: 20.7%GRMN FY2019: 25.3%GRMN FY2020: 23.7%GRMN FY2021: 21.7%GRMN FY2022: 20.0%GRMN FY2023: 24.7%GRMN FY2024: 22.4%GRMN FY2025: 23.0%NN FY2021: -24,136.4%NN FY2021: -18,960.2%NN FY2022: -1,021.8%NN FY2023: -1,857.5%NN FY2024: -1,797.1%NN FY2025: -4,138.5%FY18FY19FY20FY21FY22FY23FY24FY25
GRMN 23.0%NN -4,138.5%
Revenue growth
GRMN FY2019: +12.2%GRMN FY2020: +11.4%GRMN FY2021: +19.0%GRMN FY2022: -2.5%GRMN FY2023: +7.6%GRMN FY2024: +20.4%GRMN FY2025: +15.1%NN FY2021: +34.1%NN FY2022: +414.5%NN FY2023: -1.6%NN FY2024: +46.8%NN FY2025: -19.3%FY19FY20FY21FY22FY23FY24FY25
GRMN +15.1%NN -19.3%
Free cash flow
GRMN FY2018: $763.8MGRMN FY2019: $580.5MGRMN FY2020: $949.9MGRMN FY2021: $704.8MGRMN FY2022: $544MGRMN FY2023: $1.2BGRMN FY2024: $1.2BGRMN FY2025: $1.4BNN FY2021: -$34.8MNN FY2021: -$49MNN FY2022: -$40.1MNN FY2023: -$38.2MNN FY2024: -$38.4MNN FY2025: -$50.8MFY18FY19FY20FY21FY22FY23FY24FY25
GRMN $1.4BNN -$50.8M

Fiscal years as each company reports them; the two may end in different months.

Questions about Garmin and Nextnav

Which is bigger by revenue, Garmin or Nextnav?

Garmin is bigger by revenue: $7.2B in fiscal 2025, against $4.6M for Nextnav in fiscal 2025.

Which keeps more of its revenue as profit, Garmin or Nextnav?

Garmin had a net margin of 23.0% in fiscal 2025; Nextnav had -4,138.5% in fiscal 2025.

Which grew revenue faster, Garmin or Nextnav?

In their latest fiscal years revenue changed by +15.1% at Garmin and -19.3% at Nextnav.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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