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Garmin Ltd. (GRMN)
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Garmin Ltd. Income Statement 2025-2006 | GRMN
Brief overview of financial results at Garmin Ltd.
The figures are compared over a five-year interval. Garmin Ltd. reported revenue of $4.2 billion in 2020 and $7.2 billion by 2025. The five-year change reached +73.1%, while CAGR stood at 11.6%. Revenue followed a strong upward trend without signs of stagnation.
Gross profit changed from $2.5 billion to $4.3 billion (+71.5%). There was no major divergence between sales and cost of revenue. Comparing the endpoints gives gross margins of 59.3% and 58.7%. The relationship between gross profit and revenue changed only slightly.
The five-year EBITDA result moved by +79.2%: from $1.1 billion to $2 billion. Operating performance was consistent with the change in sales. EBITDA margin moved from 27% to 28%. EBITDA as a share of revenue remained steady.
The net result moved from $992 million to $1.7 billion, or +67.7%. The final year delivered the highest net income in the period.
Market value was $23.4 million at the start and $45.8 billion at the end. A large part of future progress may already be reflected in the valuation.
Summary assessment
The financial trajectory looks strong and well balanced. The positive side is supported by steady gross profitability, improving net profitability and stable operating profitability. The next reporting periods will show whether revenue, margins, and final profitability can strengthen.
Annual Income Statement Garmin Ltd.
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
45.8 B | 25.9 B | 25.9 B | 26 B | 21.2 M | 23.4 M | 18.7 B | 12.8 B | 12 B | 8.93 B | 6.36 B | 10.5 B | 8.77 B | 7.53 B | 7.93 B | 6.32 B | 4.35 B | 10.1 B | - | - |
Shares |
192 M | 192 M | 191 M | 193 M | 192 K | 191 K | 190 M | 189 M | 188 M | 188 M | 192 M | 194 M | 194 M | 195 M | 194 M | 197 M | 200 M | 200 M | - | - |
Historical Prices |
238 | 135 | 135 | 135 | 110 | 122 | 84.8 | 78.4 | 52.6 | 43.6 | 32.1 | 37.7 | 39.4 | 24.1 | 31.7 | 32.1 | 21.7 | 50.6 | 65 | 48.6 |
Net Income |
1.66 B | 1.41 B | 1.29 B | 974 M | 1.08 B | 992 M | 952 M | 694 M | 709 M | 518 M | 456 M | 364 M | 612 M | 542 M | 521 M | 585 M | 704 M | 733 M | 855 M | - |
Revenue |
7.25 B | 6.3 B | 5.23 B | 4.86 B | 4.98 B | 4.19 B | 3.76 B | 3.35 B | 3.12 B | 3.05 B | 2.82 B | 2.87 B | 2.63 B | 2.72 B | 2.76 B | - | - | - | - | - |
Cost of Revenue |
2.99 B | 2.6 B | 2.22 B | 2.05 B | 2.09 B | 1.71 B | 1.52 B | 1.37 B | 1.32 B | 1.36 B | 1.28 B | 1.27 B | 1.22 B | - | - | 1.34 B | 1.5 B | 1.94 B | 1.72 B | - |
Gross Profit |
4.26 B | 3.7 B | 3 B | 2.81 B | 2.89 B | 2.48 B | 2.23 B | 1.98 B | 1.8 B | 1.69 B | 1.54 B | 1.6 B | 1.41 B | 1.44 B | 1.34 B | 1.35 B | 1.44 B | 1.55 B | 1.46 B | - |
Operating Income |
1.88 B | 1.59 B | 1.09 B | 1.03 B | 1.22 B | 1.05 B | 946 M | 778 M | 684 M | 633 M | 550 M | 691 M | 574 M | 604 M | 554 M | 637 M | 786 M | 862 M | 907 M | - |
Interest Expense |
1.74 M | 8.49 M | 4.46 M | 7.58 M | 4.87 M | 9.34 M | 5.62 M | 5.37 M | -912 K | - | - | 1.83 M | 8.72 M | 5.28 M | 9.68 M | 1.25 M | - | 607 K | 207 K | - |
EBITDA |
2.03 B | 1.73 B | 1.22 B | 1.15 B | 1.32 B | 1.13 B | 1.05 B | 875 M | 770 M | 719 M | 628 M | 768 M | 659 M | 695 M | 648 M | 690 M | 843 M | 909 M | 943 M | - |
Operating Expenses |
2.38 B | 2.1 B | 1.91 B | 1.78 B | 1.67 B | 1.43 B | 1.29 B | 1.2 B | 1.11 B | 1.06 B | 989 M | 914 M | 827 M | 834 M | 785 M | 710 M | 658 M | 691 M | 556 M | - |
General and Administrative Expenses |
1.25 B | 1.11 B | 1.01 B | 944 M | 721 M | 624 M | 683 M | 634 M | 603 M | 588 M | 562 M | 519 M | 468 M | 508 M | 486 M | 288 M | 264 M | 277 M | 190 M | - |
Annual performance
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All numbers in USD currency
Quarterly Income Statement Garmin Ltd.
| 2026-Q3 | 2026-Q2 | 2026-Q1 | 2025-Q4 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | 2010-Q4 | 2010-Q3 | 2010-Q2 | 2010-Q1 | 2009-Q4 | 2009-Q3 | 2009-Q2 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
193 M | 193 M | 193 M | 193 M | 192 M | 193 M | 193 M | 5 K | 192 M | 192 M | 192 M | -12 K | 191 M | 191 M | 191 M | 192 M | 193 M | 193 M | 193 M | 193 M | 192 M | 192 M | 192 M | 192 M | 191 M | 191 M | 191 M | 191 M | 190 M | 190 M | 190 M | 189 M | 189 M | 189 M | 188 K | 188 K | 188 M | 188 M | 188 M | 189 K | 189 K | 189 K | 189 K | 190 K | 190 M | 191 M | 192 M | 192 K | 192 K | 194 K | 195 M | 195 K | 195 M | 196 K | 196 K | 196 M | 195 K | 195 K | 195 K | 195 M | 194 M | 194 M | 194 M | - | 194 M | 199 M | 200 M | - | 201 M | 200 M |
Net Income |
542 M | 542 M | 405 M | - | 402 M | 401 M | 333 M | 436 M | 399 M | 301 M | 276 M | 542 M | 257 M | 288 M | 202 M | - | 211 M | 258 M | 212 M | - | 259 M | 317 M | 220 M | 334 M | 313 M | 184 M | 161 M | 361 M | 228 M | 224 M | 140 M | 190 M | 184 M | 190 M | 129 M | 143 M | 151 M | 177 M | 238 M | 137 M | 125 M | 161 M | 88.1 M | 132 M | 119 M | 138 M | 66.8 M | 210 M | -147 M | 182 M | 119 M | 164 M | 188 M | 172 M | 88.7 M | 129 M | 140 M | 186 M | 86.9 M | 166 M | 150 M | 109 M | 95.5 M | 133 M | 280 M | 135 M | 37.3 M | - | 215 M | 162 M |
Revenue |
1.99 B | 2.02 B | 1.75 B | - | 1.77 B | 1.81 B | 1.54 B | 1.82 B | 1.59 B | 1.51 B | 1.38 B | 1.48 B | 1.28 B | 1.32 B | 1.15 B | - | 1.14 B | 1.24 B | 1.17 B | - | 1.19 B | 1.33 B | 1.07 B | 1.35 B | 1.11 B | 870 M | 856 M | 1.1 B | 934 M | 955 M | 766 M | 932 M | 810 M | 894 M | 711 M | 897 M | 743 M | 817 M | 642 M | 861 M | 722 M | 812 M | 624 M | 781 M | 680 M | 774 M | 585 M | 803 M | 706 M | 778 M | 583 M | 760 M | 644 M | 697 M | 532 M | 769 M | 672 M | 718 M | 557 M | 910 M | 667 M | 674 M | 508 M | - | - | - | - | - | - | - |
Cost of Revenue |
728 M | 760 M | 711 M | - | 724 M | 748 M | 651 M | 743 M | 634 M | 644 M | 580 M | 618 M | 549 M | 561 M | 495 M | - | 470 M | 512 M | 510 M | - | 496 M | 546 M | 431 M | - | 441 M | 354 M | 349 M | - | 367 M | 379 M | 314 M | - | 329 M | 371 M | 284 M | - | 314 M | 347 M | 269 M | - | 316 M | 349 M | 284 M | - | 318 M | 355 M | 241 M | - | 308 M | - | - | - | - | - | - | - | - | - | - | - | - | - | 269 M | - | 348 M | 337 M | 200 M | - | 372 M | 317 M |
Gross Profit |
1.26 B | 1.26 B | 1.04 B | - | 1.05 B | 1.07 B | 885 M | 1.08 B | 952 M | 863 M | 802 M | 864 M | 729 M | 759 M | 653 M | - | 670 M | 729 M | 662 M | - | 696 M | 781 M | 642 M | 791 M | 668 M | 515 M | 507 M | 639 M | 567 M | 575 M | 452 M | 549 M | 481 M | 523 M | 427 M | 503 M | 438 M | 484 M | 373 M | 471 M | 406 M | 463 M | 340 M | 413 M | 362 M | 419 M | 344 M | 431 M | 398 M | 444 M | 331 M | 395 M | 353 M | 384 M | 276 M | 374 M | 359 M | 422 M | 284 M | 434 M | 344 M | 322 M | 238 M | 380 M | 344 M | 392 M | 231 M | - | 410 M | 352 M |
Operating Income |
612 M | 616 M | 432 M | - | 457 M | 472 M | 333 M | 516 M | 437 M | 342 M | 298 M | 340 M | 270 M | 284 M | 197 M | - | 239 M | 293 M | 229 M | - | 283 M | 371 M | 250 M | - | 317 M | 188 M | 177 M | - | 261 M | 256 M | 151 M | - | 196 M | 218 M | 142 M | - | 174 M | 210 M | 117 M | - | 160 M | 201 M | 104 M | - | 125 M | 167 M | 112 M | - | 176 M | 219 M | 120 M | - | 152 M | 170 M | 79.9 M | - | 160 M | 204 M | 90.3 M | - | 147 M | 132 M | 74.8 M | - | 167 M | 202 M | 83.3 M | - | 237 M | 199 M |
Interest Expense |
3.33 M | -128 K | 1.77 M | - | 598 K | -256 K | 987 K | 5.86 M | 1.81 M | -513 K | 1.32 M | 254 K | 938 K | 2.06 M | 1.2 M | - | 285 K | 170 K | 3.26 M | - | 833 K | 1.2 M | 1.48 M | - | 1.73 M | 3.24 M | 3.55 M | - | 294 K | 2.41 M | 864 K | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -39 K | 738 K | - | 517 K | 674 K | -484 K | - | 1.44 M | 1.07 M | 1.16 M | - | 942 K | 2.58 M | 1.54 M | - | 4.34 M | 2.45 M | 2.82 M | - | - | - | - | - | - | - |
EBITDA |
612 M | 616 M | 472 M | - | 572 M | 472 M | 370 M | 516 M | 472 M | 342 M | 332 M | 340 M | 304 M | 284 M | 229 M | - | 327 M | 293 M | 258 M | - | 358 M | 371 M | 274 M | - | 374 M | 225 M | 196 M | - | 314 M | 291 M | 168 M | - | 244 M | 249 M | 158 M | - | 218 M | 239 M | 132 M | - | 200 M | 227 M | 117 M | - | 163 M | 192 M | 124 M | - | 211 M | 242 M | 132 M | - | 189 M | 195 M | 92.5 M | - | 200 M | 231 M | 104 M | - | 188 M | 159 M | 88.6 M | - | 206 M | 229 M | 96.9 M | - | 277 M | 225 M |
Operating Expenses |
646 M | 647 M | 611 M | - | 590 M | 595 M | 552 M | 564 M | 514 M | 521 M | 504 M | 524 M | 458 M | 475 M | 456 M | - | 431 M | 436 M | 434 M | - | 413 M | 410 M | 392 M | 791 M | 351 M | 327 M | 329 M | 639 M | 306 M | 319 M | 300 M | 549 M | 285 M | 306 M | 284 M | 503 M | 264 M | 275 M | 256 M | 471 M | 246 M | 262 M | 236 M | 413 M | 237 M | 253 M | 232 M | 431 M | 223 M | 226 M | 210 M | 395 M | 201 M | 214 M | 196 M | 374 M | 199 M | 218 M | 193 M | 434 M | 197 M | 191 M | 164 M | 380 M | 177 M | 190 M | 148 M | - | 173 M | 152 M |
General and Administrative Expenses |
333 M | 343 M | 315 M | - | 303 M | 318 M | 284 M | 305 M | 265 M | 278 M | 261 M | 286 M | 237 M | 251 M | 234 M | - | 190 M | 191 M | 191 M | - | 178 M | 181 M | 172 M | - | 142 M | 132 M | 137 M | - | 125 M | 129 M | 127 M | - | 115 M | 120 M | 117 M | - | 102 M | 105 M | 102 M | - | 97 M | 104 M | 95.6 M | - | 94.1 M | 97.6 M | 98.8 M | - | 90.6 M | 92.4 M | 89.9 M | - | 86.5 M | 88 M | 86.3 M | - | 86.4 M | 99.2 M | 90.1 M | - | 88.8 M | 85.9 M | 73.2 M | - | 66.9 M | 73.8 M | 67.7 M | - | 71.5 M | 62.2 M |
Quarterly performance
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All numbers in USD currency
The income statement is one of the three key financial reports of a company Garmin Ltd. (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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