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Garmin Ltd. designs, develops, manufactures, markets, and distributes a diverse range of GPS-enabled products and navigation, communications, sensor-based, and information products and services worldwide. It offers running; cycling products; smartwatch devices; scales and monitors; and sports timing and performance analysis; Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, which enables third parties to create applications that run on Garmin devices. It also provides adventure watches; outdoor handhelds and satellite communicators; golf devices; consumer automotive; dog devices; InReach and Gramin response; and dive devices. In addition, it designs, manufactures, and markets various aircraft avionics solutions, including integrated flight decks, electronic flight displays and instrumentation, navigation and communication products, automatic flight control systems and safety-enhancing technologies, audio control systems, engine indication systems, traffic awareness and avoidance solutions, ADS-B and transponders, weather information and avoidance solutions, datalink and connectivity solutions, and portable GPS navigators and wearables, as well as service products to the aviation market. Further, it offers chartplotters and multi-function displays, cartography, fishfinders, sonar, autopilot systems, radars, compliant instrument displays and sensors, VHF communication radios, handhelds and wearable devices, sailing, audio, digital switching, trolling motors, and lighting; and domain controllers and infotainment units, as well as software, map database, camera, wearable, and automotive solutions. The company sells its products through independent retailers, dealers, distributors, installation and repair shops, OEM, and online webshop. Garmin Ltd. was founded in 1989 and is based in Schaffhausen, Switzerland.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $7.2B | $2.1B | $1.7B | $1.4B | 18.5% | 15.1% | 17.9% |
| 2024 | $6.3B | $1.8B | $1.4B | $1.2B | 18.0% | 20.4% | 9.4% |
| 2023 | $5.2B | $1.3B | $1.3B | $1.2B | 18.4% | 7.6% | 32.5% |
| 2022 | $4.9B | $1.2B | $974M | $544M | 15.7% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 4,860.29 | 5,228.25 | 6,296.90 | 7,245.52 |
| Operating Revenue | - | 4,860.29 | 5,228.25 | 6,296.90 | 7,245.52 |
| Cost Of Revenue | - | 2,053.51 | 2,223.30 | 2,600.35 | 2,989.22 |
| Gross Profit | - | 2,806.78 | 3,004.96 | 3,696.56 | 4,256.30 |
| Operating Expense | - | 1,778.93 | 1,912.80 | 2,102.56 | 2,380.23 |
| Research And Development | - | 834.93 | 904.70 | 993.60 | 1,126.23 |
| Selling General And Administration | - | 944 | 1,008.10 | 1,108.96 | 1,254 |
| Total Expenses | - | 3,832.44 | 4,136.09 | 4,702.91 | 5,369.44 |
| Operating Income | - | 1,027.84 | 1,092.16 | 1,593.99 | 1,876.08 |
| Total Operating Income As Reported | - | 1,027.84 | 1,092.16 | 1,593.99 | 1,876.08 |
| EBITDA | - | 1,191.70 | 1,269.73 | 1,773.73 | 2,064.84 |
| Normalized EBITDA | - | 1,202.97 | 1,243.30 | 1,794.33 | 2,056.99 |
| EBIT | - | 1,027.84 | 1,092.16 | 1,593.99 | 1,876.08 |
| Interest Income | - | 40.83 | 77.30 | 113.52 | 128.87 |
| Net Interest Income | - | 40.83 | 77.30 | 113.52 | 128.87 |
| Other Non Operating Income Expenses | - | 7.58 | 4.46 | 8.49 | 1.74 |
| Other Income Expense | - | -3.70 | 30.89 | -12.11 | 9.59 |
| Interest Income Non Operating | - | 40.83 | 77.30 | 113.52 | 128.87 |
| Net Non Operating Interest Income Expense | - | 40.83 | 77.30 | 113.52 | 128.87 |
| Pretax Income | - | 1,064.97 | 1,200.36 | 1,695.40 | 2,014.54 |
| Tax Provision | - | 91.39 | -89.28 | 283.96 | 350.65 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -1.01 | 2.25 | -3.44 | 1.37 |
| Net Income Continuous Operations | - | 973.58 | 1,289.64 | 1,411.44 | 1,663.89 |
| Net Income From Continuing And Discontinued Operation | - | 973.58 | 1,289.64 | 1,411.44 | 1,663.89 |
| Net Income From Continuing Operation Net Minority Interest | - | 973.58 | 1,289.64 | 1,411.44 | 1,663.89 |
| Net Income | - | 973.58 | 1,289.64 | 1,411.44 | 1,663.89 |
| Net Income Common Stockholders | - | 973.58 | 1,289.64 | 1,411.44 | 1,663.89 |
| Net Income Including Noncontrolling Interests | - | 973.58 | 1,289.64 | 1,411.44 | 1,663.89 |
| Normalized Income | - | 983.84 | 1,265.45 | 1,428.59 | 1,657.41 |
| Diluted NI Availto Com Stockholders | - | 973.58 | 1,289.64 | 1,411.44 | 1,663.89 |
| Basic Average Shares | - | 192.54 | 191.40 | 192.06 | 192.47 |
| Diluted Average Shares | - | 193.04 | 192.06 | 193.28 | 193.62 |
| Reconciled Depreciation | - | 163.85 | 177.57 | 179.74 | 188.76 |
| Reconciled Cost Of Revenue | - | 2,053.51 | 2,223.30 | 2,600.35 | 2,989.22 |
| Total Unusual Items | - | -11.27 | 26.43 | -20.60 | 7.85 |
| Total Unusual Items Excluding Goodwill | - | -11.27 | 26.43 | -20.60 | 7.85 |
| Gain On Sale Of Security | - | -11.27 | 26.43 | -20.60 | 7.85 |
| General And Administrative Expense | 721.26 | 775.96 | 834.99 | - | - |
| Other Gand A | 721.26 | 775.96 | 834.99 | - | - |
| Selling And Marketing Expense | 171.83 | 168.04 | 173.11 | - | - |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Garmin Ltd.this co. | GRMN | $46.7B | 28.04↓ discount | 5.20 | 18.5% | 21.58 |
| Microchip Technology Incorporated | MCHP | $52.2B | 439.41 | 8.12 | 1.8% | 48.80 |
| ON Semiconductor Corporation | ON | $51.3B | 423.57 | 6.68 | 1.6% | 58.67 |
| Autodesk, Inc. | ADSK | $49.3B | 43.89 | 16.20 | 36.9% | 25.05 |
| Strategy Inc | MSTR | $45.5B | -11.83 |
| - |
| - |
| - |
| - |
| 1.03 |
| -8.7% |
| -9.47 |
| Block, Inc. | XYZ | $42.2B | 32.32 | 1.90 | 5.9% | 11.66 |
| Jabil Inc. | JBL | $39.4B | 60.03 | 26.07 | 43.4% | 23.86 |
| Workday, Inc. | WDAY | $36.5B | 52.71 | 4.68 | 8.9% | 23.75 |
| Paychex, Inc. | PAYX | $35.6B | 21.51 | 8.63 | 40.1% | 15.67 |
| Peer Median | - | 48.30 | 7.40 | 7.4% | 23.80 | |