What is Garmin's earnings per share (EPS)?

Garmin (GRMN) reported diluted earnings per share of $8.59 for fiscal year 2025. This represents a 17.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Garmin Financials

GRMN

Source SEC Filings (10-K/10-Q) Updated Dec 27, 2025 Currency USD FYE December

This page shows Garmin (GRMN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 72/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Garmin has an operating margin of 25.9%, meaning the company retains $26 of operating profit per $100 of revenue. This strong profitability earns a score of 80/100, reflecting efficient cost management and pricing power. This is up from 25.3% the prior year.

Growth

Garmin's revenue surged 15.1% year-over-year to $7.2B, reflecting rapid business expansion. This strong growth earns a score of 58/100.

Leverage

Garmin carries a low D/E ratio of 0.23, meaning only $0.23 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 97/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 3.63, Garmin holds $3.63 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 71/100.

Cash Flow

Garmin converts 18.8% of revenue into free cash flow ($1.4B). This strong cash generation earns a score of 72/100.

Returns

Garmin's ROE of 18.5% shows moderate profitability relative to equity, earning a score of 52/100. This is up from 18.0% the prior year.

Altman Z-Score Safe

16.39

Garmin scores 16.39, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($46.4B) relative to total liabilities ($2.0B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral

6/9

Garmin passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed

0.98x

For every $1 of reported earnings, Garmin generates $0.98 in operating cash flow ($1.6B OCF vs $1.7B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue

$7.2B

YoY+15.1%

5Y CAGR+11.6%

10Y CAGR+9.9%

Garmin generated $7.2B in revenue in fiscal year 2025. This represents an increase of 15.1% from the prior year.

EBITDA

$2.1B

YoY+16.8%

5Y CAGR+12.0%

10Y CAGR+13.0%

Garmin's EBITDA was $2.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 16.8% from the prior year.

Net Income

$1.7B

YoY+17.9%

5Y CAGR+10.9%

10Y CAGR+13.8%

Garmin reported $1.7B in net income in fiscal year 2025. This represents an increase of 17.9% from the prior year.

EPS (Diluted)

$8.59

YoY+17.7%

5Y CAGR+10.7%

Garmin earned $8.59 per diluted share (EPS) in fiscal year 2025. This represents an increase of 17.7% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$1.4B

YoY+10.0%

5Y CAGR+7.5%

10Y CAGR+21.2%

Garmin generated $1.4B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 10.0% from the prior year.

Cash & Debt

$2.3B

YoY+9.6%

5Y CAGR+9.3%

10Y CAGR+10.6%

Garmin held $2.3B in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

192M

YoY+0.0%

5Y CAGR+0.1%

Garmin had 192M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin

58.7%

YoY+0.0pp

5Y CAGR-0.5pp

10Y CAGR+4.2pp

Garmin's gross margin was 58.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.0 percentage points from the prior year.

Operating Margin

25.9%

YoY+0.6pp

5Y CAGR+0.7pp

10Y CAGR+6.4pp

Garmin's operating margin was 25.9% in fiscal year 2025, reflecting core business profitability. This is up 0.6 percentage points from the prior year.

Net Margin

23.0%

YoY+0.6pp

5Y CAGR-0.7pp

10Y CAGR+6.8pp

Garmin's net profit margin was 23.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.6 percentage points from the prior year.

Return on Equity

18.5%

YoY+0.6pp

5Y CAGR+0.6pp

10Y CAGR+5.0pp

Garmin's ROE was 18.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.6 percentage points from the prior year.

Capital Allocation

R&D Spending

$1.1B

YoY+13.3%

5Y CAGR+11.5%

10Y CAGR+10.2%

Garmin invested $1.1B in research and development in fiscal year 2025. This represents an increase of 13.3% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$270.4M

YoY+39.7%

5Y CAGR+7.8%

10Y CAGR+12.9%

Garmin invested $270.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 39.7% from the prior year.

GRMN Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$7.2B+15.1%	$6.3B+20.4%	$5.2B+7.6%	$4.9B-2.5%	$5.0B+19.0%	$4.2B
Cost of Revenue	$3.0B+15.0%	$2.6B+17.0%	$2.2B+8.3%	$2.1B-1.9%	$2.1B+22.7%	$1.7B
Gross Profit	$4.3B+15.1%	$3.7B+23.0%	$3.0B+7.1%	$2.8B-2.9%	$2.9B+16.5%	$2.5B
R&D Expenses	$1.1B+13.3%	$993.6M+9.8%	$904.7M+8.4%	$834.9M+7.2%	$778.8M+19.4%	$652.3M
SG&A Expenses	$1.3B+13.1%	$1.1B+10.0%	$1.0B+6.8%	$944.0M+30.9%	$721.3M+15.7%	$623.6M
Operating Income	$1.9B+17.7%	$1.6B+45.9%	$1.1B+6.3%	$1.0B-15.7%	$1.2B+15.6%	$1.1B
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$350.6M+23.5%	$284.0M+418.1%	-$89.3M-197.7%	$91.4M-26.7%	$124.6M+12.2%	$111.1M
Net Income	$1.7B+17.9%	$1.4B+9.4%	$1.3B+32.5%	$973.6M-10.0%	$1.1B+9.1%	$992.3M
EPS (Diluted)	$8.59+17.7%	$7.30+8.8%	$6.71+33.1%	$5.04-10.2%	$5.61+8.5%	$5.17

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$2.1B+20.0%	$1.8B-2.4%	$1.8B+18.2%	$1.5B-15.8%	$1.8B+14.9%	$1.6B+5.3%	$1.5B+9.0%	$1.4B
Cost of Revenue	$866.7M+19.6%	$724.4M-3.1%	$747.6M+14.9%	$650.6M-12.4%	$742.6M+17.1%	$634.4M-1.5%	$643.8M+11.1%	$579.5M
Gross Profit	$1.3B+20.2%	$1.0B-1.9%	$1.1B+20.6%	$884.5M-18.1%	$1.1B+13.5%	$951.6M+10.3%	$862.9M+7.6%	$802.1M
R&D Expenses	$295.0M+3.0%	$286.5M+3.5%	$276.7M+3.2%	$268.1M+3.6%	$258.8M+3.8%	$249.2M+2.5%	$243.2M+0.3%	$242.5M
SG&A Expenses	$349.1M+15.1%	$303.2M-4.7%	$318.1M+12.1%	$283.6M-7.0%	$305.1M+15.1%	$265.0M-4.6%	$277.7M+6.3%	$261.2M
Operating Income	$614.2M+34.4%	$456.8M-3.3%	$472.3M+41.9%	$332.8M-35.5%	$516.1M+18.0%	$437.5M+27.9%	$342.0M+14.6%	$298.4M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$106.7M-1.4%	$108.2M+36.2%	$79.4M+41.1%	$56.3M-30.0%	$80.4M-7.7%	$87.1M+33.4%	$65.3M+27.9%	$51.1M
Net Income	$528.7M+31.6%	$401.6M+0.2%	$400.8M+20.5%	$332.8M-23.6%	$435.7M+9.2%	$399.1M+32.8%	$300.6M+8.9%	$276.0M
EPS (Diluted)	N/A	$2.08+0.5%	$2.07+20.3%	$1.72	N/A	$2.07+32.7%	$1.56+9.1%	$1.43

GRMN Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$11.0B+14.2%	$9.6B+11.9%	$8.6B+11.3%	$7.7B-1.6%	$7.9B+11.7%	$7.0B
Current Assets	$6.2B+17.1%	$5.3B+19.5%	$4.5B+12.9%	$4.0B-7.2%	$4.3B+16.1%	$3.7B
Cash & Equivalents	$2.3B+9.6%	$2.1B+22.8%	$1.7B+32.4%	$1.3B-14.6%	$1.5B+2.7%	$1.5B
Inventory	$1.8B+20.2%	$1.5B+9.5%	$1.3B-11.2%	$1.5B+23.4%	$1.2B+61.1%	$762.1M
Accounts Receivable	$1.3B+27.4%	$983.4M+20.6%	$815.2M+24.1%	$656.8M-22.1%	$843.4M-0.7%	$849.5M
Goodwill	$760.2M+25.9%	$603.9M-0.7%	$608.5M+7.1%	$568.0M-1.2%	$575.1M-1.6%	$584.2M
Total Liabilities	$2.0B+13.4%	$1.8B+12.0%	$1.6B+4.2%	$1.5B-12.3%	$1.7B+14.8%	$1.5B
Current Liabilities	$1.7B+14.1%	$1.5B+15.0%	$1.3B+8.2%	$1.2B-16.3%	$1.4B+24.4%	$1.2B
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$9.0B+14.3%	$7.8B+11.9%	$7.0B+13.0%	$6.2B+1.5%	$6.1B+10.8%	$5.5B
Retained Earnings	$7.0B+16.2%	$6.0B+14.0%	$5.3B+11.2%	$4.7B+9.6%	$4.3B+15.1%	$3.8B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$11.0B+4.5%	$10.5B+1.9%	$10.3B+5.5%	$9.8B+1.6%	$9.6B+3.0%	$9.3B+5.2%	$8.9B+2.9%	$8.6B
Current Assets	$6.2B+7.5%	$5.8B-0.1%	$5.8B+6.9%	$5.4B+2.0%	$5.3B+2.4%	$5.2B+10.9%	$4.7B+4.0%	$4.5B
Cash & Equivalents	$2.3B+9.9%	$2.1B0.0%	$2.1B-4.7%	$2.2B+4.6%	$2.1B+3.5%	$2.0B+3.7%	$1.9B+0.8%	$1.9B
Inventory	$1.8B-6.1%	$1.9B+5.6%	$1.8B+13.0%	$1.6B+7.3%	$1.5B-2.1%	$1.5B+14.1%	$1.3B+1.3%	$1.3B
Accounts Receivable	$1.3B+31.1%	$955.6M-5.4%	$1.0B+28.4%	$787.1M-20.0%	$983.4M+6.7%	$922.0M+14.1%	$808.4M+16.4%	$694.7M
Goodwill	$760.2M+0.4%	$757.3M+18.2%	$640.6M+3.8%	$617.0M+2.2%	$603.9M-1.3%	$611.9M+2.0%	$599.6M-0.3%	$601.6M
Total Liabilities	$2.0B-1.2%	$2.0B-7.0%	$2.2B+36.7%	$1.6B-9.8%	$1.8B-3.2%	$1.8B-2.0%	$1.9B+35.3%	$1.4B
Current Liabilities	$1.7B-1.8%	$1.8B-9.3%	$1.9B+45.3%	$1.3B-11.8%	$1.5B-4.5%	$1.6B-2.8%	$1.6B+45.4%	$1.1B
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$9.0B+5.8%	$8.5B+4.3%	$8.1B-0.7%	$8.2B+4.2%	$7.8B+4.6%	$7.5B+7.2%	$7.0B-3.3%	$7.2B
Retained Earnings	$7.0B+8.2%	$6.4B+6.7%	$6.0B-4.6%	$6.3B+5.5%	$6.0B+7.8%	$5.6B+7.7%	$5.2B-5.1%	$5.4B

GRMN Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$1.6B+14.0%	$1.4B+4.1%	$1.4B+74.6%	$788.3M-22.1%	$1.0B-10.8%	$1.1B
Capital Expenditures	$270.4M+39.7%	$193.6M0.0%	$193.5M-20.8%	$244.3M-20.6%	$307.6M+65.9%	$185.4M
Free Cash Flow	$1.4B+10.0%	$1.2B+4.7%	$1.2B+117.4%	$544.0M-22.8%	$704.8M-25.8%	$949.9M
Investing Cash Flow	-$645.2M-64.0%	-$393.3M-18.1%	-$333.0M-129.4%	-$145.1M+69.5%	-$475.4M-82.5%	-$260.5M
Financing Cash Flow	-$844.1M-34.7%	-$626.9M+1.5%	-$636.5M+24.3%	-$840.6M-72.7%	-$486.7M-5.4%	-$461.8M
Dividends Paid	$663.9M+16.0%	$572.4M+2.4%	$558.8M-17.7%	$679.1M+38.2%	$491.5M+9.1%	$450.6M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$553.8M+14.0%	$485.6M+180.4%	$173.2M-58.8%	$420.8M-13.0%	$483.9M+87.6%	$258.0M+1.0%	$255.3M-41.3%	$435.3M
Capital Expenditures	$124.2M+105.1%	$60.5M+32.5%	$45.7M+14.0%	$40.1M-52.7%	$84.7M+119.8%	$38.5M+3.7%	$37.2M+12.0%	$33.2M
Free Cash Flow	$429.6M+1.1%	$425.1M+233.4%	$127.5M-66.5%	$380.7M-4.6%	$399.2M+81.9%	$219.4M+0.6%	$218.2M-45.7%	$402.1M
Investing Cash Flow	-$131.4M+50.9%	-$267.7M-135.9%	-$113.5M+14.4%	-$132.6M+34.5%	-$202.6M-325.5%	-$47.6M+55.2%	-$106.3M-188.2%	-$36.9M
Financing Cash Flow	-$218.6M-4.2%	-$209.7M+0.6%	-$210.9M-3.0%	-$204.8M-15.4%	-$177.4M-8.4%	-$163.7M-26.4%	-$129.5M+17.1%	-$156.2M
Dividends Paid	$173.0M-0.1%	$173.2M0.0%	$173.2M+19.8%	$144.6M+0.4%	$144.0M-0.1%	$144.1M+0.1%	$144.0M+2.7%	$140.2M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

GRMN Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	58.7%+0.0pp	58.7%+1.2pp	57.5%-0.3pp	57.8%-0.3pp	58.0%-1.3pp	59.3%
Operating Margin	25.9%+0.6pp	25.3%+4.4pp	20.9%-0.3pp	21.1%-3.3pp	24.5%-0.7pp	25.2%
Net Margin	23.0%+0.6pp	22.4%-2.3pp	24.7%+4.6pp	20.0%-1.7pp	21.7%-2.0pp	23.7%
Return on Equity	18.5%+0.6pp	18.0%-0.4pp	18.4%+2.7pp	15.7%-2.0pp	17.7%-0.3pp	18.0%
Return on Assets	15.1%+0.5pp	14.7%-0.3pp	15.0%+2.4pp	12.6%-1.2pp	13.8%-0.3pp	14.1%
Current Ratio	3.63+0.1	3.54+0.1	3.41+0.1	3.26+0.3	2.94-0.2	3.15
Debt-to-Equity	0.230.0	0.230.0	0.23-0.0	0.25-0.0	0.280.0	0.27
FCF Margin	18.8%-0.9pp	19.7%-2.9pp	22.6%+11.4pp	11.2%-2.9pp	14.1%-8.5pp	22.7%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	59.2%+0.1pp	59.1%+0.3pp	58.8%+1.2pp	57.6%-1.6pp	59.3%-0.7pp	60.0%+2.7pp	57.3%-0.8pp	58.1%
Operating Margin	28.9%+3.1pp	25.8%-0.2pp	26.0%+4.3pp	21.7%-6.6pp	28.3%+0.7pp	27.6%+4.9pp	22.7%+1.1pp	21.6%
Net Margin	24.9%+2.2pp	22.7%+0.6pp	22.1%+0.4pp	21.7%-2.2pp	23.9%-1.2pp	25.2%+5.2pp	20.0%-0.0pp	20.0%
Return on Equity	5.9%+1.2pp	4.7%-0.2pp	4.9%+0.9pp	4.1%-1.5pp	5.5%+0.2pp	5.3%+1.0pp	4.3%+0.5pp	3.8%
Return on Assets	4.8%+1.0pp	3.8%-0.1pp	3.9%+0.5pp	3.4%-1.1pp	4.5%+0.2pp	4.3%+0.9pp	3.4%+0.2pp	3.2%
Current Ratio	3.63+0.3	3.32+0.3	3.01-1.1	4.09+0.6	3.54+0.2	3.30+0.4	2.89-1.2	4.04
Debt-to-Equity	0.23-0.0	0.24-0.0	0.27+0.1	0.20-0.0	0.23-0.0	0.25-0.0	0.27+0.1	0.19
FCF Margin	20.2%-3.8pp	24.0%+17.0pp	7.0%-17.8pp	24.8%+2.9pp	21.9%+8.1pp	13.8%-0.7pp	14.5%-14.6pp	29.1%

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Frequently Asked Questions

What is Garmin's annual revenue?

Garmin (GRMN) reported $7.2B in total revenue for fiscal year 2025. This represents a 15.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Garmin's revenue growing?

Garmin (GRMN) revenue grew by 15.1% year-over-year, from $6.3B to $7.2B in fiscal year 2025.

Is Garmin profitable?

Yes, Garmin (GRMN) reported a net income of $1.7B in fiscal year 2025, with a net profit margin of 23.0%.

What is Garmin's EBITDA?

Garmin (GRMN) had EBITDA of $2.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Garmin's gross margin?

Garmin (GRMN) had a gross margin of 58.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Garmin's operating margin?

Garmin (GRMN) had an operating margin of 25.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Garmin's net profit margin?

Garmin (GRMN) had a net profit margin of 23.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Garmin's return on equity (ROE)?

Garmin (GRMN) has a return on equity of 18.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Garmin's free cash flow?

Garmin (GRMN) generated $1.4B in free cash flow during fiscal year 2025. This represents a 10.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Garmin's operating cash flow?

Garmin (GRMN) generated $1.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Garmin's total assets?

Garmin (GRMN) had $11.0B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Garmin's capital expenditures?

Garmin (GRMN) invested $270.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Garmin spend on research and development?

Garmin (GRMN) invested $1.1B in research and development during fiscal year 2025.

How many shares does Garmin have outstanding?

Garmin (GRMN) had 192M shares outstanding as of fiscal year 2025.

What is Garmin's current ratio?

Garmin (GRMN) had a current ratio of 3.63 as of fiscal year 2025, which is generally considered healthy.

What is Garmin's debt-to-equity ratio?

Garmin (GRMN) had a debt-to-equity ratio of 0.23 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Garmin's return on assets (ROA)?

Garmin (GRMN) had a return on assets of 15.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Garmin's Altman Z-Score?

Garmin (GRMN) has an Altman Z-Score of 16.39, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Garmin's Piotroski F-Score?

Garmin (GRMN) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Garmin's earnings high quality?

Garmin (GRMN) has an earnings quality ratio of 0.98x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Garmin?

Garmin (GRMN) scores 72 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.