Garmin Ltd. (GRMN) Income Statement
GRMN 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsGRMN revenue and net income
Where GRMN's revenue goes
2025Each bar shows an amount and its share of revenue. GRMN kept 23.0% of revenue as net income.
GRMN profit margins
GRMN growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +15.1% | +14.2% | +11.6% | +9.9% |
| Gross profit | +15.1% | +14.9% | +11.4% | +10.7% |
| Operating income | +17.7% | +22.2% | +12.2% | +13.1% |
| Net income | +17.9% | +19.6% | +10.9% | +13.8% |
| EPS (diluted) | +15.7% | +18.5% | +10.8% | +13.0% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
GRMN quarterly EPS vs estimates
Garmin beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: October 28, 2026 (estimate $2.38).
GRMN income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.25B | $6.30B | $5.23B | $4.86B | $4.98B | $4.19B | $3.76B | $3.35B | $3.09B | $3.02B |
| Cost of revenue | $2.99B | $2.60B | $2.22B | $2.05B | $2.09B | $1.71B | $1.52B | $1.37B | $1.30B | $1.34B |
| Gross profit | $4.26B | $3.70B | $3.00B | $2.81B | $2.89B | $2.48B | $2.23B | $1.98B | $1.78B | $1.68B |
| Research & development | $1.13B | $993.6M | $904.7M | $834.9M | $840.0M | $705.7M | $605.4M | $567.8M | $511.6M | $468.0M |
| Sales, general & admin | $1.25B | $1.11B | $1.01B | $944.0M | $831.8M | $721.4M | $683.0M | $633.6M | $602.7M | $587.7M |
| Total operating expenses | $2.38B | $2.10B | $1.91B | $1.78B | $1.67B | $1.43B | $1.29B | $1.20B | $1.11B | $1.06B |
| Operating income | $1.88B | $1.59B | $1.09B | $1.03B | $1.22B | $1.05B | $945.6M | $778.3M | $668.9M | $623.9M |
| Interest income | $128.9M | $113.5M | $77.3M | $40.8M | $28.6M | $37.0M | $52.8M | $47.1M | $36.9M | $33.4M |
| Interest expense | — | — | — | $40.8M | $57.1M | $52.0M | $24.8M | $47.1M | $36.9M | $33.4M |
| Income before taxes | $2.01B | $1.70B | $1.20B | $1.06B | $1.21B | $1.10B | $987.2M | $823.2M | $682.3M | $629.7M |
| Income taxes | $350.6M | $284.0M | −$89.3M | $91.4M | $124.6M | $111.1M | $34.7M | $129.2M | −$12.7M | $118.9M |
| Net income | $1.66B | $1.41B | $1.29B | $973.6M | $1.08B | $992.3M | $952.5M | $694.1M | $695.0M | $510.8M |
| EBITDA | $2.20B | $1.88B | $1.27B | $1.23B | $1.36B | $1.18B | $1.05B | $874.5M | $769.9M | $719.2M |
| EPS (diluted) | $8.56 | $7.40 | $5.60 | $5.14 | $5.82 | $5.13 | $4.45 | $3.69 | $2.94 | $2.84 |
| Gross margin | 58.7% | 58.7% | 57.5% | 57.7% | 58.0% | 59.3% | 59.5% | 59.1% | 57.8% | 55.6% |
| Operating margin | 25.9% | 25.3% | 20.9% | 21.1% | 24.5% | 25.2% | 25.2% | 23.3% | 21.7% | 20.7% |
| Net margin | 23.0% | 22.4% | 24.7% | 20.0% | 21.7% | 23.7% | 25.3% | 20.7% | 22.5% | 16.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.02B | $1.75B | $2.12B | $1.77B | $1.81B | $1.54B | $1.82B | $1.59B | $1.51B | $1.38B | $1.48B | $1.28B |
| Cost of revenue | $760.1M | $711.2M | $866.7M | $724.4M | $747.6M | $650.6M | $742.6M | $634.4M | $643.8M | $579.5M | $618.4M | $549.0M |
| Gross profit | $1.26B | $1.04B | $1.26B | $1.05B | $1.07B | $884.5M | $1.08B | $951.6M | $862.9M | $802.1M | $864.1M | $728.6M |
| Research & development | $303.9M | $295.8M | $295.0M | $286.5M | $276.7M | $268.1M | $258.8M | $249.2M | $243.2M | $242.5M | $237.2M | $221.6M |
| Sales, general & admin | $342.6M | $314.8M | $349.1M | $303.2M | $318.1M | $283.6M | $305.1M | $265.0M | $277.7M | $261.2M | $286.4M | $236.6M |
| Total operating expenses | $646.5M | $610.6M | $644.1M | $589.7M | $594.7M | $551.7M | $563.8M | $514.1M | $520.9M | $503.7M | $523.7M | $458.2M |
| Operating income | $615.5M | $431.7M | $614.2M | $456.8M | $472.3M | $332.8M | $516.1M | $437.5M | $342.0M | $298.4M | $340.5M | $270.4M |
| Interest income | $38.2M | $36.0M | $34.6M | $32.1M | $31.7M | $30.5M | $30.4M | $28.8M | $29.3M | $25.0M | $22.8M | $19.8M |
| Income before taxes | $651.1M | $472.5M | $635.4M | $509.8M | $480.3M | $389.1M | $516.1M | $486.2M | $366.0M | $327.0M | $383.0M | $279.6M |
| Income taxes | $109.1M | $67.5M | $106.7M | $108.2M | $79.4M | $56.3M | $80.4M | $87.1M | $65.3M | $51.1M | −$159.1M | $22.3M |
| Net income | $541.9M | $405.1M | $528.7M | $401.6M | $400.8M | $332.8M | $435.7M | $399.1M | $300.6M | $276.0M | $542.1M | $257.2M |
| EBITDA | $699.9M | $521.7M | $681.6M | $558.9M | $527.4M | $435.4M | $562.7M | $530.5M | $410.1M | $371.9M | $428.4M | $324.2M |
| EPS (diluted) | $2.81 | $2.08 | $2.79 | $1.99 | $2.17 | $1.61 | $2.41 | $1.99 | $1.58 | $1.42 | $1.72 | $1.41 |
| Gross margin | 62.4% | 59.4% | 59.2% | 59.1% | 58.8% | 57.6% | 59.3% | 60.0% | 57.3% | 58.1% | 58.3% | 57.0% |
| Operating margin | 30.4% | 24.6% | 28.9% | 25.8% | 26.0% | 21.7% | 28.3% | 27.6% | 22.7% | 21.6% | 23.0% | 21.2% |
| Net margin | 26.8% | 23.1% | 24.9% | 22.7% | 22.1% | 21.7% | 23.9% | 25.2% | 20.0% | 20.0% | 36.6% | 20.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in GRMN's financial statements (latest annual report filed February 18, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
GRMN financial results
In fiscal year 2025 (ended December 31, 2025), Garmin reported revenue of $7.2 billion, up 15.1% from the year before. It had net income of $1.7 billion (up 17.9%), a net profit margin of 23.0%. Diluted earnings per share came to $8.56. Over five years revenue grew at an average rate of 11.6% a year.
See the GRMN stock overview for the latest quote and news, or the GRMN chart for price history and technical indicators.
GRMN income statement FAQ
What is Garmin's annual revenue?
Garmin reported total revenue of $7.2 billion for fiscal year 2025, which ended on December 31, 2025. That was up 15.1% from $6.3 billion the previous year.
Is Garmin profitable?
Yes. Garmin reported net income of $1.7 billion in fiscal 2025, a net profit margin of 23.0%; its operating margin was 25.9%.
What is Garmin's gross margin?
Garmin's gross margin was 58.7% in fiscal 2025: for every $100 of revenue, Garmin kept $59 after the direct cost of its products and services.
How much does Garmin spend on research and development?
Garmin spent $1.1 billion on research and development in fiscal 2025, 15.5% of revenue.
How fast is Garmin growing?
Revenue grew 11.6% a year on average over the last five fiscal years, from $4.2 billion to $7.2 billion.
What are Garmin's earnings per share?
Garmin earned $8.56 per diluted share in fiscal 2025, compared with $7.40 a year earlier.
When will Garmin report its next earnings?
Garmin is expected to report results for the quarter ending September 30, 2026 on October 28, 2026 before the market opens.
When does Garmin's fiscal year end?
Garmin's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 18, 2026.