Garmin Ltd.
Profit after direct costs
Core business profitability
Bottom line profitability
Top line growth rate
Flow of revenue through cost categories to net income
| Item | Trend | 2021 | 2022 | 2023 | 2024 | 2025 | YoY Change |
|---|---|---|---|---|---|---|---|
Total Revenue | 4.98B | 4.86B | 5.23B | 6.30B | 7.25B | 15.1% | |
| Cost of Revenue | (2.09B) | (2.05B) | (2.22B) | (2.60B) | (2.99B) | 15.0% | |
Gross Profit | 2.89B | 2.81B | 3.00B | 3.70B | 4.26B | 15.1% | |
| Operating Expenses | |||||||
| Research & Development | (840.02M) | (834.93M) | (904.70M) | (993.60M) | (1.13B) | 13.3% | |
| Selling, General & Administrative | (831.82M) | (944.00M) | (1.01B) | (1.11B) | (1.25B) | 13.1% | |
| Depreciation & Amortization | (154.82M) | (163.85M) | (177.57M) | (179.74M) | (188.76M) | 5.0% | |
Operating Income (EBIT) | 1.22B | 1.03B | 1.09B | 1.59B | 1.88B | 17.7% | |
| Non-Operating Items | |||||||
| Interest Income | 28.57M | 40.83M | 77.30M | 113.52M | 128.87M | 13.5% | |
| Interest Expense | — | — | — | — | — | — | |
| Other Income/Expenses (Net) | -11.82M | 37.13M | 108.20M | 101.41M | 138.46M | 36.5% | |
Income Before Tax | 1.21B | 1.06B | 1.20B | 1.70B | 2.01B | 18.8% | |
| Income Tax Expense | (124.60M) | (91.39M) | (89.28M) | (283.96M) | (350.65M) | 23.5% | |
Net Income | 1.08B | 973.59M | 1.29B | 1.41B | 1.66B | 17.9% | |
| Per Share Metrics | |||||||
| Earnings Per Share (Basic) | $6 | $5 | $7 | $7 | $9 | 17.7% | |
| Weighted Avg Shares Outstanding | 192.18M | 192.54M | 191.40M | 192.14M | 192.47M | 0.2% | |
| Weighted Avg Shares Outstanding (Diluted) | 193.04M | 193.04M | 192.06M | 193.47M | 193.62M | 0.1% | |
EBITDA | 1.36B | 1.23B | 1.38B | 1.88B | 2.20B | 17.5% |
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Large Cap