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Garmin

GRMN Clue Score66
Switzerland Fiscal year ends December CIK 0001121788
$268.36 -0.03% Close, 9 Oct 2026
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Price $268.36 +74.76% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue3.05Operating income0.63Net income0.52EPS, diluted2.73Fiscal year 2017Revenue3.12 +2.5%Operating income0.68Net income0.71 +36.9%EPS, diluted3.76Fiscal year 2018Revenue3.35 +7.2%Operating income0.78Net income0.69 −2.1%EPS, diluted3.66Fiscal year 2019Revenue3.76 +12.2%Operating income0.95Net income0.95 +37.2%EPS, diluted4.99Fiscal year 2020Revenue4.19 +11.4%Operating income1.05Net income0.99 +4.2%EPS, diluted5.17Fiscal year 2021Revenue4.98 +19.0%Operating income1.22Net income1.08 +9.1%EPS, diluted5.61Fiscal year 2022Revenue4.86 −2.5%Operating income1.03Net income0.97 −10.0%EPS, diluted5.04Fiscal year 2023Revenue5.23 +7.6%Operating income1.09Net income1.29 +32.5%EPS, diluted6.71Fiscal year 2024Revenue6.30 +20.4%Operating income1.59Net income1.41 +9.4%EPS, diluted7.30Fiscal year 2025Revenue7.25 +15.1%Operating income1.88Net income1.66 +17.9%EPS, diluted8.59
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 3.05 3.12 3.35 3.76 4.19 4.98 4.86 5.23 6.30 7.25
Growth +2.5% +7.2% +12.2% +11.4% +19.0% −2.5% +7.6% +20.4% +15.1%
Operating income 0.63 0.68 0.78 0.95 1.05 1.22 1.03 1.09 1.59 1.88
Net income 0.52 0.71 0.69 0.95 0.99 1.08 0.97 1.29 1.41 1.66
Growth +36.9% −2.1% +37.2% +4.2% +9.1% −10.0% +32.5% +9.4% +17.9%
EPS, diluted 2.73 3.76 3.66 4.99 5.17 5.61 5.04 6.71 7.30 8.59

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin55.4%Operating margin20.8%Net margin17.0%Free cash flow margin20.2%Fiscal year 2017Gross margin57.6%Operating margin21.9%Net margin22.7%Free cash flow margin16.7%Fiscal year 2018Gross margin59.1%Operating margin23.3%Net margin20.7%Free cash flow margin22.8%Fiscal year 2019Gross margin59.5%Operating margin25.2%Net margin25.3%Free cash flow margin15.4%Fiscal year 2020Gross margin59.3%Operating margin25.2%Net margin23.7%Free cash flow margin22.7%Fiscal year 2021Gross margin58.0%Operating margin24.5%Net margin21.7%Free cash flow margin14.1%Fiscal year 2022Gross margin57.7%Operating margin21.1%Net margin20.0%Free cash flow margin11.2%Fiscal year 2023Gross margin57.5%Operating margin20.9%Net margin24.7%Free cash flow margin22.6%Fiscal year 2024Gross margin58.7%Operating margin25.3%Net margin22.4%Free cash flow margin19.7%Fiscal year 2025Gross margin58.7%Operating margin25.9%Net margin23.0%Free cash flow margin18.8%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 55.4% 57.6% 59.1% 59.5% 59.3% 58.0% 57.7% 57.5% 58.7% 58.7%
Operating margin 20.8% 21.9% 23.3% 25.2% 25.2% 24.5% 21.1% 20.9% 25.3% 25.9%
Net margin 17.0% 22.7% 20.7% 25.3% 23.7% 21.7% 20.0% 24.7% 22.4% 23.0%
Free cash flow margin 20.2% 16.7% 22.8% 15.4% 22.7% 14.1% 11.2% 22.6% 19.7% 18.8%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow0.71Capital expenditure−0.09Free cash flow0.61Buybacks−0.09Dividends paid−0.48Fiscal year 2017Operating cash flow0.66Capital expenditure−0.14Free cash flow0.52 −15.2%Buybacks−0.07Dividends paid−0.38Fiscal year 2018Operating cash flow0.92Capital expenditure−0.16Free cash flow0.76 +46.6%Dividends paid−0.30Fiscal year 2019Operating cash flow0.70Capital expenditure−0.12Free cash flow0.58 −24.0%Dividends paid−0.42Fiscal year 2020Operating cash flow1.14Capital expenditure−0.19Free cash flow0.95 +63.6%Dividends paid−0.45Fiscal year 2021Operating cash flow1.01Capital expenditure−0.31Free cash flow0.70 −25.8%Dividends paid−0.49Fiscal year 2022Operating cash flow0.79Capital expenditure−0.24Free cash flow0.54 −22.8%Dividends paid−0.68Fiscal year 2023Operating cash flow1.38Capital expenditure−0.19Free cash flow1.18 +117.4%Dividends paid−0.56Fiscal year 2024Operating cash flow1.43Capital expenditure−0.19Free cash flow1.24 +4.7%Dividends paid−0.57Fiscal year 2025Operating cash flow1.63Capital expenditure−0.27Free cash flow1.36 +10.0%Dividends paid−0.66
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.71 0.66 0.92 0.70 1.14 1.01 0.79 1.38 1.43 1.63
Capital expenditure −0.09 −0.14 −0.16 −0.12 −0.19 −0.31 −0.24 −0.19 −0.19 −0.27
Free cash flow 0.61 0.52 0.76 0.58 0.95 0.70 0.54 1.18 1.24 1.36
Growth −15.2% +46.6% −24.0% +63.6% −25.8% −22.8% +117.4% +4.7% +10.0%
Buybacks −0.09 −0.07 n/a n/a n/a n/a n/a n/a n/a n/a
Dividends paid −0.48 −0.38 −0.30 −0.42 −0.45 −0.49 −0.68 −0.56 −0.57 −0.66

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash0.85Shareholders’ equity3.45Fiscal year 2017Cash0.89Shareholders’ equity3.85Fiscal year 2018Cash1.20Shareholders’ equity4.16Fiscal year 2019Cash1.03Shareholders’ equity4.79Fiscal year 2020Cash1.46Shareholders’ equity5.52Fiscal year 2021Cash1.50Shareholders’ equity6.11Fiscal year 2022Cash1.28Shareholders’ equity6.20Fiscal year 2023Cash1.69Shareholders’ equity7.01Fiscal year 2024Cash2.08Shareholders’ equity7.85Fiscal year 2025Cash2.28Shareholders’ equity8.97
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.85 0.89 1.20 1.03 1.46 1.50 1.28 1.69 2.08 2.28
Shareholders’ equity 3.45 3.85 4.16 4.79 5.52 6.11 6.20 7.01 7.85 8.97

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 30 Dec 2017 FY2018 29 Dec 2018 FY2019 28 Dec 2019 FY2020 26 Dec 2020 FY2021 25 Dec 2021 FY2022 31 Dec 2022 FY2023 30 Dec 2023 FY2024 28 Dec 2024 FY2025 27 Dec 2025
Margins
55.4% 57.6% 59.1% 59.5% 59.3% 58.0% 57.7% 57.5% 58.7% 58.7%
20.8% 21.9% 23.3% 25.2% 25.2% 24.5% 21.1% 20.9% 25.3% 25.9%
21.0% 22.3% 24.6% 26.3% 26.4% 24.2% 21.9% 23.0% 26.9% 27.8%
17.0% 22.7% 20.7% 25.3% 23.7% 21.7% 20.0% 24.7% 22.4% 23.0%
20.2% 16.7% 22.8% 15.4% 22.7% 14.1% 11.2% 22.6% 19.7% 18.8%
Spending
15.4% 16.4% 17.0% 16.1% 15.6% 15.6% 17.2% 17.3% 15.8% 15.5%
13.5% 14.0% 14.3% 13.8% 14.9% 14.5% 19.4% 19.3% 17.6% 17.3%
3.0% 4.5% 4.7% 3.1% 4.4% 6.2% 5.0% 3.7% 3.1% 3.7%
18.9% −1.7% 15.7% 3.5% 10.1% 10.3% 8.6% −7.4% 16.7% 17.4%
Returns
15.0% 18.4% 16.7% 19.9% 18.0% 17.7% 15.7% 18.4% 18.0% 18.5%
11.4% 14.3% 12.9% 15.4% 14.1% 13.8% 12.6% 15.0% 14.7% 15.1%
Balance and payout
93.0% 54.0% 42.7% 43.8% 45.4% 45.4% 69.8% 43.3% 40.6% 39.9%
93.5% 87.8% 38.8% 71.9% 47.4% 69.7% 124.8% 47.2% 46.2% 48.7%