financial statements

The full income statement, balance sheet, and cash-flow statement for Garmin Ltd. Common Stock (Switzerland) (GRMN), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 27 ’25	as ofDec 28 ’24	as ofDec 30 ’23	as ofDec 31 ’22	as ofDec 25 ’21
Revenue	7.25B YoY+15.1%	6.30B YoY+20.4%	5.23B YoY+7.6%	4.86B YoY-2.5%	4.98B YoY+19.0%
	4.26B YoY+15.1%	3.70B YoY+23.0%	3.00B YoY+7.1%	2.81B YoY-2.9%	2.89B YoY+16.5%
Cost of revenue	2.99B YoY+15.0%	2.60B YoY+17.0%	2.22B YoY+8.3%	2.05B YoY-1.9%	2.09B YoY+22.7%
	2.38B YoY+13.2%	2.10B YoY+9.9%	1.91B YoY+7.5%	1.78B YoY+6.4%	1.67B YoY+17.1%
Research & development	1.13B YoY+13.3%	994M YoY+9.8%	905M YoY+8.4%	835M YoY+7.2%	779M YoY+19.4%
Selling, general & administrative	1.25B YoY+13.1%	1.11B YoY+10.0%	1.01B YoY+6.8%	944M YoY+30.9%	721M YoY+15.7%
Amortization of intangibles	32.4M YoY+5.6%	30.7M YoY+0.5%	30.5M YoY-0.2%	30.6M YoY-14.0%	35.5M YoY+2.1%
Operating income	1.88B YoY+17.7%	1.59B YoY+45.9%	1.09B YoY+6.3%	1.03B YoY-15.7%	1.22B YoY+15.6%
Other non-operating income	1.74M YoY-79.5%	8.49M YoY+90.3%	4.46M YoY-41.1%	7.58M YoY+55.7%	4.87M YoY-47.9%
Pre-tax income	2.01B YoY+18.8%	1.70B YoY+41.2%	1.20B YoY+12.7%	1.06B YoY-11.8%	1.21B YoY+9.4%
Income tax	351M YoY+23.5%	284M YoY+418.1%	-89.3M YoY-197.7%	91.4M YoY-26.7%	125M YoY+12.2%
Net income	1.66B YoY+17.9%	1.41B YoY+9.4%	1.29B YoY+32.5%	974M YoY-10.0%	1.08B YoY+9.1%
	$8.59 YoY+17.7%	$7.30 YoY+8.8%	$6.71 YoY+33.1%	$5.04 YoY-10.2%	$5.61 YoY+8.5%
EPS (basic)	$8.65 YoY+17.7%	$7.35 YoY+9.1%	$6.74 YoY+33.2%	$5.06 YoY-10.1%	$5.63 YoY+8.5%
Weighted-avg shares (basic)	192M YoY+0.2%	192M YoY+0.3%	191M YoY-0.6%	193M YoY+100089.4%	192K YoY+0.6%
Weighted-avg shares (diluted)	194M YoY+0.2%	193M YoY+0.6%	192M YoY-0.5%	193M YoY+99899.5%	193K YoY+0.6%
Dividends per share	—	—	—	—	$2.68 YoY+9.8%
Balance Sheet	as ofDec 27 ’25	as ofDec 28 ’24	as ofDec 30 ’23	as ofDec 31 ’22	as ofDec 25 ’21
	6.25B YoY+17.1%	5.34B YoY+19.5%	4.46B YoY+12.9%	3.96B YoY-7.2%	4.26B YoY+16.1%
Cash & equivalents	2.28B YoY+9.6%	2.08B YoY+22.8%	1.69B YoY+32.4%	1.28B YoY-14.6%	1.50B YoY+2.7%
Short-term investments	301M YoY+0.0%	301M YoY+0.0%	301M YoY+0.0%	301M YoY+0.0%	301M YoY+0.0%
Accounts receivable	1.25B YoY+27.4%	983M YoY+20.6%	815M YoY+24.1%	657M YoY-22.1%	843M YoY-0.7%
Inventory	1.77B YoY+20.2%	1.47B YoY+9.5%	1.35B YoY-11.2%	1.52B YoY+23.4%	1.23B YoY+61.1%
Prepaid expenses	468M YoY+32.1%	354M YoY+11.1%	319M YoY+0.8%	316M YoY-3.9%	329M YoY+71.6%
	11.0B YoY+14.2%	9.63B YoY+11.9%	8.60B YoY+11.3%	7.73B YoY-1.6%	7.85B YoY+11.7%
Property, plant & equipment	1.38B YoY+11.2%	1.24B YoY+1.0%	1.22B YoY+6.7%	1.15B YoY+7.4%	1.07B YoY+24.8%
Operating lease right-of-use	196M YoY+19.1%	165M YoY+14.6%	144M YoY+4.1%	138M YoY+54.3%	89.5M YoY-5.5%
Goodwill	760M YoY+25.9%	604M YoY-0.7%	608M YoY+7.1%	568M YoY-1.2%	575M YoY-1.6%
Long-term investments	1.29B YoY+0.0%	1.29B YoY+0.0%	1.29B YoY+0.0%	1.29B YoY+0.0%	1.29B YoY+0.0%
Deferred tax assets	718M YoY-12.7%	823M YoY+9.0%	755M YoY+71.1%	441M YoY+69.5%	260M YoY+6.0%
Other non-current assets	95.9M YoY-10.3%	107M YoY+17.4%	91.1M YoY+6.9%	85.3M YoY-17.5%	103M YoY-45.6%
	1.72B YoY+14.1%	1.51B YoY+15.0%	1.31B YoY+8.2%	1.21B YoY-16.3%	1.45B YoY+24.4%
Accounts payable	347M YoY-3.3%	359M YoY+41.6%	254M YoY+19.5%	212M YoY-42.6%	370M YoY+42.9%
Accrued liabilities	58.2M YoY+0.0%	58.2M YoY+0.0%	58.2M YoY+0.0%	58.2M YoY+0.0%	58.2M YoY+0.0%
Deferred revenue	106M YoY-4.8%	111M YoY+9.7%	101M YoY+11.1%	91.1M YoY+3.9%	87.7M YoY+0.9%
Deferred revenue (non-current)	22.3M YoY-21.3%	28.3M YoY-21.7%	36.1M YoY+1.2%	35.7M YoY-14.2%	41.6M YoY-16.7%
Non-current lease liability	165M YoY+22.2%	135M YoY+19.3%	113M YoY-1.3%	115M YoY+63.5%	70.0M YoY-7.8%
Deferred tax liabilities	110M YoY+6.2%	103M YoY-9.9%	115M YoY-11.8%	130M YoY+10.5%	118M YoY+0.6%
Other non-current liabilities	625K YoY-19.5%	776K YoY+78.0%	436K YoY+21.1%	360K YoY+11.1%	324K YoY-97.9%
	8.97B YoY+14.3%	7.85B YoY+11.9%	7.01B YoY+13.0%	6.20B YoY+1.5%	6.11B YoY+10.8%
Common stock	19.5M YoY+0.0%	19.5M YoY-0.5%	19.6M YoY+8.9%	18.0M YoY+0.0%	18.0M YoY+0.0%
Additional paid-in capital	2.37B YoY+5.4%	2.25B YoY+5.7%	2.13B YoY+4.1%	2.04B YoY+4.2%	1.96B YoY+4.3%
Retained earnings	6.97B YoY+16.2%	6.00B YoY+14.0%	5.26B YoY+11.2%	4.73B YoY+9.6%	4.32B YoY+15.1%
Treasury stock	406M YoY+50.2%	271M YoY-18.2%	331M YoY-30.3%	475M YoY+56.7%	303M YoY-5.3%
Accumulated other comprehensive income	20.6M YoY+114.0%	-147M YoY-124.4%	-65.6M YoY+42.7%	-115M YoY-197.2%	118M YoY-35.8%
Total equity incl. non-controlling	3.19B YoY+0.0%	3.19B YoY+0.0%	3.19B YoY+0.0%	3.19B YoY+0.0%	3.19B YoY+0.0%
Total liabilities & equity	11.0B YoY+14.2%	9.63B YoY+11.9%	8.60B YoY+11.3%	7.73B YoY-1.6%	7.85B YoY+11.7%
Common shares issued	195M YoY+0.0%	195M YoY-0.5%	196M YoY-1.1%	198M YoY+0.0%	198M YoY+0.0%
Common shares outstanding	193M YoY+0.1%	192M YoY+0.4%	192M YoY+0.1%	192M YoY-0.5%	193M YoY+0.5%
Shares outstanding (cover)	192M YoY+0.2%	192M YoY+0.4%	191M YoY-0.2%	192M YoY-0.3%	192M YoY+0.6%
Cash Flow	as ofDec 27 ’25	as ofDec 28 ’24	as ofDec 30 ’23	as ofDec 31 ’22	as ofDec 25 ’21
	1.63B YoY+14.0%	1.43B YoY+4.1%	1.38B YoY+74.6%	788M YoY-22.1%	1.01B YoY-10.8%
Depreciation & amortization	153M YoY+8.6%	140M YoY+6.2%	132M YoY+11.5%	119M YoY+14.7%	103M YoY+32.5%
Share-based compensation	166M YoY+21.0%	137M YoY+35.2%	101M YoY+32.1%	76.8M YoY-17.0%	92.5M YoY+14.4%
Deferred income taxes	82.5M YoY+192.1%	-89.6M YoY+73.6%	-340M YoY-138.5%	-142M YoY-2516.7%	-5.44M YoY-182.3%
Change in receivables	223M YoY+13.5%	196M YoY+52.0%	129M YoY+177.2%	-167M YoY-975.8%	19.1M YoY-82.4%
Change in inventory	218M YoY+21.9%	179M YoY+173.1%	-245M YoY-167.3%	363M YoY-23.7%	476M YoY+1758.6%
Change in payables	-30.5M YoY-125.3%	121M YoY+323.2%	28.5M YoY+121.7%	-131M YoY-220.5%	109M YoY+7429.1%
	-645M YoY-64.0%	-393M YoY-18.1%	-333M YoY-129.4%	-145M YoY+69.5%	-475M YoY-82.5%
Capital expenditure	270M YoY+39.7%	194M YoY+0.0%	194M YoY-20.8%	244M YoY-20.6%	308M YoY+65.9%
Acquisitions	—	—	151M YoY+1021.2%	13.5M YoY-33.3%	20.2M YoY-86.4%
Proceeds from sale of PP&E	—	—	218K YoY-90.9%	2.40M YoY+6762.9%	35.0K YoY-98.2%
	-844M YoY-34.7%	-627M YoY+1.5%	-637M YoY+24.3%	-841M YoY-72.7%	-487M YoY-5.4%
Dividends paid	664M YoY+16.0%	572M YoY+2.4%	559M YoY-17.7%	679M YoY+38.2%	491M YoY+9.1%
FX effect on cash	—	—	—	—	-10.3M YoY-156.6%
Net change in cash	199M YoY-48.4%	386M YoY-6.8%	414M YoY+289.2%	-219M YoY-646.0%	40.1M YoY-90.7%
Income taxes paid	317M YoY-0.8%	319M YoY+5.7%	302M YoY+63.5%	185M YoY+41.0%	131M YoY-1.5%
Valuation Ratios	as ofDec 27 ’25	as ofDec 28 ’24	as ofDec 30 ’23	as ofDec 31 ’22	as ofDec 25 ’21
Market cap	39.5B YoY-1.7%	40.2B YoY+63.5%	24.6B YoY+39.0%	17.7B YoY-31.6%	25.9B YoY+12.5%
P/E	25.2× YoY-5.0%	26.5× YoY+12.1%	23.6× YoY+28.4%	18.4× YoY-19.6%	22.9× YoY+1.5%
P/S	5.7× YoY-15.7%	6.8× YoY+38.7%	4.9× YoY+35.3%	3.6× YoY-31.2%	5.2× YoY-10.4%
P/B	4.7× YoY-13.0%	5.4× YoY+38.3%	3.9× YoY+28.0%	3.0× YoY-31.5%	4.4× YoY-1.9%
P/FCF	29.7× YoY-7.3%	32.0× YoY+39.8%	22.9× YoY-63.5%	62.7× YoY+152.8%	24.8× YoY-16.9%
Earnings yield	4.0% YoY+5.3%	3.8% YoY-10.8%	4.2% YoY-22.1%	5.4% YoY+24.3%	4.4% YoY-1.5%
FCF yield	3.4% YoY+7.8%	3.1% YoY-28.5%	4.4% YoY+173.8%	1.6% YoY-60.4%	4.0% YoY+20.4%
Dividend yield	—	—	—	—	2.0% YoY-1.8%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: GRMN's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all GRMN filings on SEC EDGAR → Not investment advice.

GRMN▼ financial statements

About this data

financial statements