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Garmin vs Northrop Grumman: revenue, profit, margins and growth compared

Garmin brought in $7.2B of revenue in fiscal 2025, Northrop Grumman $42B in fiscal 2025. Revenue changed by +15.1% at Garmin and +2.2% at Northrop Grumman on the year before, so Garmin grew faster. Garmin kept 23.0% of its revenue as net profit, Northrop Grumman 10.0%. Free cash flow was $1.4B at Garmin and $3.3B at Northrop Grumman.

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Side by side, latest fiscal year

GRMNNOC
Fiscal year endedFY2025 (December 27, 2025)FY2025 (December 31, 2025)
Revenue$7.2B$42B
Revenue growth+15.1%+2.2%
Net income$1.7B$4.2B
Net margin23.0%10.0%
Free cash flow$1.4B$3.3B
Free cash flow margin18.8%7.9%
Earnings per share (diluted)$8.59$29.08
Cash$2.3B$4.4B
Debtn/a$15.7B
Price to earnings34.217.6
Market value$56.7B$72.5B
Dividend yieldn/a1.76%
Rank by revenue in sector#93 of 451 · Industrials#13 of 451 · 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: $7.2BNOC FY2018: $30.1BNOC FY2019: $33.8BNOC FY2020: $36.8BNOC FY2021: $35.7BNOC FY2022: $36.6BNOC FY2023: $39.3BNOC FY2024: $41BNOC FY2025: $42BFY18FY19FY20FY21FY22FY23FY24FY25
GRMN $7.2BNOC $42B
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: $1.7BNOC FY2018: $3.2BNOC FY2019: $2.2BNOC FY2020: $3.2BNOC FY2021: $7BNOC FY2022: $4.9BNOC FY2023: $2.1BNOC FY2024: $4.2BNOC FY2025: $4.2BFY18FY19FY20FY21FY22FY23FY24FY25
GRMN $1.7BNOC $4.2B
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%NOC FY2018: 10.7%NOC FY2019: 6.6%NOC FY2020: 8.7%NOC FY2021: 19.6%NOC FY2022: 13.4%NOC FY2023: 5.2%NOC FY2024: 10.2%NOC FY2025: 10.0%FY18FY19FY20FY21FY22FY23FY24FY25
GRMN 23.0%NOC 10.0%
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%NOC FY2019: +12.4%NOC FY2020: +8.7%NOC FY2021: -3.1%NOC FY2022: +2.6%NOC FY2023: +7.3%NOC FY2024: +4.4%NOC FY2025: +2.2%FY19FY20FY21FY22FY23FY24FY25
GRMN +15.1%NOC +2.2%
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: $1.4BNOC FY2018: $2.6BNOC FY2019: $3BNOC FY2020: $2.9BNOC FY2021: $2.2BNOC FY2022: $1.5BNOC FY2023: $2.1BNOC FY2024: $2.6BNOC FY2025: $3.3BFY18FY19FY20FY21FY22FY23FY24FY25
GRMN $1.4BNOC $3.3B

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

Questions about Garmin and Northrop Grumman

Which is bigger by revenue, Garmin or Northrop Grumman?

Northrop Grumman is bigger by revenue: $42B in fiscal 2025, against $7.2B for Garmin in fiscal 2025.

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

Garmin had a net margin of 23.0% in fiscal 2025; Northrop Grumman had 10.0% in fiscal 2025.

Which grew revenue faster, Garmin or Northrop Grumman?

In their latest fiscal years revenue changed by +15.1% at Garmin and +2.2% at Northrop Grumman.

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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