Garmin Income Statement
GRMN / Consumer Discretionary|15 years of annual SEC 10-K data (FY2011-FY2025)
Line items include revenue, cost of goods sold, gross profit, operating expenses, interest, taxes, and net income with per-share data across 15 fiscal years. All figures from audited SEC 10-K filings.
Garmin reported $7.2B in revenue and $1.7B in net income for FY2025. Revenue has grown at a 7.1% compound annual rate over the past 14 years.
Based on SEC 10-K filings.
Key Data Points
- Altman Z-Score 3.88 (safe zone, above 2.9 threshold)
- Strong profit margin: 22.6%
Data sourced from SEC EDGAR filings. Not investment advice.
| Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.2B | $6.3B | $5.2B | $4.9B | $5.0B | $4.2B | $3.8B | $3.3B | $3.1B | $3.0B | $2.8B | $2.9B | $2.6B | $2.7B | $2.8B |
| Cost of Revenue | $3.0B | $2.6B | $2.2B | $2.1B | $2.1B | $1.7B | $1.5B | $1.4B | $1.3B | $1.4B | $1.3B | $1.3B | $1.2B | $1.3B | $1.4B |
| Gross Profit | $4.3B | $3.7B | $3.0B | $2.8B | $2.9B | $2.5B | $2.2B | $2.0B | $1.8B | $1.7B | $1.5B | $1.6B | $1.4B | $1.4B | $1.3B |
| SG&A Expense | $1.3B | $1.1B | $1.0B | $944.0M | $721.3M | $623.6M | $518.6M | $478.2M | $438.0M | $410.6M | $394.9M | $372.0M | $355.4M | $369.8M | $341.2M |
| R&D Expense | $1.1B | $993.6M | $904.7M | $834.9M | $778.8M | $652.3M | $605.4M | $567.8M | $511.6M | $468.0M | $427.0M | $395.1M | $364.9M | $325.8M | $298.6M |
| Operating Income | $1.9B | $1.6B | $1.1B | $1.0B | $1.2B | $1.1B | $945.6M | $778.3M | $683.6M | $632.9M | $549.6M | $690.6M | $574.0M | $604.2M | $553.8M |
| Income Tax | $350.6M | $284.0M | -$89.3M | $91.4M | $124.6M | $111.1M | $34.7M | $129.2M | -$11.9M | $120.9M | $111.0M | $359.5M | $41.1M | $82.1M | $63.3M |
| Net Income | $1.7B | $1.4B | $1.3B | $973.6M | $1.1B | $992.3M | $952.5M | $694.1M | $709.0M | $517.7M | $456.2M | $364.2M | $612.4M | $542.4M | $520.9M |
| EPS (Basic) | $6.74 | $5.06 | $5.63 | $5.19 | $5.01 | $3.68 | $3.77 | $3.68 | $2.39 | $1.89 | $3.13 | $2.78 | $2.68 | $2.97 | $3.51 |
| EPS (Diluted) | $6.71 | $5.04 | $5.61 | $5.17 | $4.99 | $3.66 | $3.76 | $3.66 | $2.39 | $1.88 | $3.12 | $2.76 | $2.67 | $2.95 | $3.50 |
| Shares Outstanding | 192.5M | 191.8M | 191.6M | 192.6M | 191.6M | 190.7M | 189.5M | 189.7M | 188.6K | 189.7K | 191.8K | 195.2K | 194.7M | 194.4M | 194.4M |
| Gross Margin | 58.7% | 58.7% | 57.5% | 57.8% | 58.0% | 59.3% | 59.5% | 59.1% | 57.6% | 55.9% | 54.6% | 55.9% | 53.5% | 53.0% | 48.5% |
| Operating Margin | 25.9% | 25.3% | 20.9% | 21.1% | 24.5% | 25.2% | 25.2% | 23.3% | 21.9% | 21.0% | 19.5% | 24.1% | 21.8% | 22.3% | 20.1% |
| Profit Margin | 23.0% | 22.4% | 24.7% | 20.0% | 21.7% | 23.7% | 25.4% | 20.7% | 22.7% | 17.2% | 16.2% | 12.7% | 23.3% | 20.0% | 18.9% |