Garmin

Consumer Discretionary Consumer Electronics Schaffhausen, Switzerland Last filing Feb 18, 2026 · FY2025

                    Revenue
                    FY2025
                
$7.2B
                    3y CAGR +14.2%
                    
                    P84
                    
                    +15.1%
                    
                    Net income
                    FY2025
                
$1.7B
                    Net margin +23.0%
                    
                    P96
                    
                    +17.9%
                    
                    Total assets
                    FY2025
                
$11.0B
                    ROA +15.1%
                    
                    P74
                    
                    +14.2%
                    
                    Operating cash flow
                    FY2025
                
$1.6B
                    FCF margin +18.8%
                    
                    P89
                    
                    +14.0%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

32 accounts · 5 years

Total assets $11.0B

Total liabilities $1.7B

Shareholders equity $9.0B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$2.3B 9.6%	$2.1B 22.8%	$1.7B 32.4%	$1.3B -14.6%	$1.5B
Short Term Investments	$459.2M	—	—	$173.3M	—
Accounts Receivable	$1.3B	—	—	$656.8M	—
Inventory	$1.8B	—	—	$1.5B	—
Prepaid Expenses	$467.6M	—	—	$315.9M	—
Other Current Assets	$467.6M 32.1%	$354.0M 11.1%	$318.6M 0.8%	$315.9M -3.9%	$328.7M
Total Current Assets	$6.2B 17.1%	$5.3B 19.5%	$4.5B 12.9%	$4.0B -7.2%	$4.3B
Property,Plant and Equipment	$1.4B	—	—	$1.1B	—
Operating Lease Assets	$196.2M	—	—	$138.0M	—
Goodwill	$760.2M 25.9%	$603.9M -0.7%	$608.5M 7.1%	$568.0M -1.2%	$575.1M
Intangible Assets	$0	—	—	$845.0M	—
Deferred Tax Assets	$718.1M -12.7%	$822.5M 9.0%	$754.6M 71.1%	$441.1M 69.5%	$260.2M
Other Noncurrent Assets	$95.9M -10.3%	$107.0M 17.4%	$91.1M 6.9%	$85.3M -17.5%	$103.4M
Total Assets	$11.0B 14.2%	$9.6B 11.9%	$8.6B 11.3%	$7.7B -1.6%	$7.9B
Liabilities
Accounts Payable	$347.5M -3.3%	$359.4M 41.6%	$253.8M 19.5%	$212.4M -42.6%	$370.0M
Accrued Liabilities	$257.7M 18.9%	$216.7M -11.9%	$245.9M 24.6%	$197.4M -12.7%	$226.0M
Deferred Revenue	$105.6M	—	—	$91.1M	—
Operating Lease Liabilities	$164.8M	—	—	$114.5M	—
Other Current Liabilities	$625.0K	—	—	$360.0K	—
Total Current Liabilities	$1.7B 14.1%	$1.5B 15.0%	$1.3B 8.2%	$1.2B -16.3%	$1.4B
Deferred Revenue Noncurrent	$22.3M	—	—	$35.7M	—
Operating Lease Liabilities Noncurrent	$164.8M	—	—	$114.5M	—
Deferred Tax Liabilities	$109.7M 6.2%	$103.3M -9.9%	$114.7M -11.8%	$130.0M 10.5%	$117.6M
Other Noncurrent Liabilities	$625.0K -19.5%	$776.0K 78.0%	$436.0K 21.1%	$360.0K 11.1%	$324.0K
Total Liabilities	$1.7B	—	—	$1.2B	—
Equity
Common Stock	$19.5M 0.0%	$19.5M -0.5%	$19.6M 8.9%	$18.0M 0.0%	$18.0M
Additional Paid In Capital	$2.4B 5.4%	$2.2B 5.7%	$2.1B 4.1%	$2.0B 4.2%	$2.0B
Retained Earnings	$7.0B 16.2%	$6.0B 14.0%	$5.3B 11.2%	$4.7B 9.6%	$4.3B
Treasury Stock	$406.4M 50.2%	$270.5M -18.2%	$330.9M -30.3%	$475.1M 56.7%	$303.1M
Accumulated Other Comprehensive Income	$20.6M	—	—	$-114.5M	—
Total Stockholders Equity	$9.0B	—	—	$6.2B	—
Total Liabilitiesand Equity	$11.0B	—	—	$7.7B	—

Income Statement

Revenue, expense, and profitability

18 accounts · 5 years

Revenue $7.2B

Operating income $1.9B

Net income $1.7B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$7.2B	—	—	$4.9B	—
Expenses Cost of Revenue	$3.0B	—	—	$2.1B	—
Expenses Research and Development	$1.1B	—	—	$834.9M	—
Expenses Selling,General and Administrative	$1.3B	—	—	$944.0M	—
Expenses Depreciation and Amortization	$32.4M	—	—	$30.6M	—
Expenses Share Based Compensation	$166.0M	—	—	$76.8M	—
Expenses Operating Expenses	$2.4B	—	—	$1.8B	—
Other Income Expense Gross Profit	$4.3B	—	—	$2.8B	—
Other Income Expense Operating Income	$1.9B	—	—	$1.0B	—
Other Income Expense Other Income/expense	$1.7M	—	—	$7.6M	—
Other Income Expense Income Before Tax	$2.0B	—	—	$1.1B	—
Income Tax Income Tax Expense	$350.6M	—	—	$91.4M	—
net Income net Income	$1.7B	—	—	$973.6M	—
net Income Comprehensive Income	$1.8B	—	—	$741.2M	—
Earnings Per Share Basic Eps	$9 17.7%	$7 9.1%	$7 33.2%	$5 -10.1%	$6
Earnings Per Share Diluted Eps	$9 17.7%	$7 8.8%	$7 33.1%	$5 -10.2%	$6
Earnings Per Share Weighted Average Shares Basic	$192.5M 0.2%	$192.1M 0.3%	$191.4M -0.6%	$192.5M 100089.4%	$192.2K
Earnings Per Share Weighted Average Shares Diluted	$193.6M 0.2%	$193.3M 0.6%	$192.1M -0.5%	$193.0M 99899.5%	$193.0K

Cash Flow Statement

Operating, investing, and financing flows

16 accounts · 5 years

Operating cash flow $1.6B

Investing cash flow $-645.2M

Financing cash flow $-844.1M

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	$1.7B 17.9%	$1.4B 9.4%	$1.3B 32.5%	$973.6M -10.0%	$1.1B
Operating Activities Depreciation and Amortization	$36.1M -7.9%	$39.2M -13.2%	$45.2M 0.3%	$45.1M -12.1%	$51.3M
Operating Activities Stock Based Compensation	$166.0M	—	—	$76.8M	—
Operating Activities Deferred Income Taxes	$82.5M	—	—	$-142.5M	—
Operating Activities Changes In Operating Assets and Liabilities	$398.5M	—	—	$62.3M	—
Operating Activities Other Non Cash Items	$85.2M	—	—	$-71.8M	—
Operating Activities net Cash From Operating Activities	$1.6B 14.0%	$1.4B 4.1%	$1.4B 74.6%	$788.3M -22.1%	$1.0B
Investing Activities Capital Expenditures	$270.4M 39.7%	$193.6M 0.0%	$193.5M -20.8%	$244.3M -20.6%	$307.6M
Investing Activities Purchases of Investments	$839.9M	—	—	$1.1B	—
Investing Activities net Cash From Investing Activities	$-645.2M -64.0%	$-393.3M -18.1%	$-333.0M -129.4%	$-145.1M 69.5%	$-475.4M
Financing Activities Dividends Paid	$663.9M 16.0%	$572.4M 2.4%	$558.8M -17.7%	$679.1M 38.2%	$491.5M
Financing Activities net Cash From Financing Activities	$-844.1M -34.7%	$-626.9M 1.5%	$-636.5M 24.3%	$-840.6M -72.7%	$-486.7M
Cash Reconciliation Effect of Exchange Rate On Cash	$2.3B	—	—	$1.3B 12582.1%	$-10.3M
Cash Reconciliation net Change In Cash	$199.2M -48.4%	$386.0M -6.8%	$414.2M 289.2%	$-218.9M -646.0%	$40.1M
Cash Reconciliation Cash At Beginning of Period	$2.3B	—	—	$1.3B	—
Cash Reconciliation Cash At End of Period	$2.3B	—	—	$1.3B	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+58.7%	+58.7%	+57.5%	+57.7%	+58.0%
Operating margin	+25.9%	+25.3%	+20.9%	+21.1%	+24.5%
Net margin	+23.0%	+22.4%	+24.7%	+20.0%	+21.7%
FCF margin	+18.8%	+19.7%	+22.6%	+11.2%	+14.1%
Growth
Revenue CAGR (3y)	+14.2%	+8.1%	+7.7%	+9.0%	+14.2%
Returns
ROE	+18.5%	+18.0%	+18.4%	+15.7%	+17.7%
ROA	+15.1%	+14.7%	+15.0%	+12.6%	+13.8%
ROIC	—	—	—	—	—
Liquidity
Current ratio	3.63x	3.54x	3.41x	3.26x	2.94x
Quick ratio	2.05x	—	—	1.60x	—
Leverage
D/E	0.19x	0.23x	0.23x	0.20x	0.28x
Interest coverage	—	—	—	—	—
Efficiency
Asset turnover	0.66x	0.65x	0.61x	0.63x	0.63x
Cash conversion cycle	+237d	—	—	+281d	—

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FY2025 fundamentals · no price

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Garmin

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