NYSE · Financial Statements

Garmin Ltd. Common Stock (Switzerland) (GRMN) Financial Statements

$293.74 NYSE: GRMN Market Cap $56.65B

Garmin Ltd. Common Stock (Switzerland) most recently reported annual revenue of $7.2B, net profit of $1.7B. Revenue grew at an average annual rate of 11.6% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Garmin Ltd. Common Stock (Switzerland): Revenue rose from $3.0B in 2016 to $7.2B in 2025, a change of +140.0% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 20.7% to 25.9%, a shift of +5.2 percentage points; the most recent year shows net profit of $1.7B.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$3.0B$3.1B$3.3B$3.8B$4.2B$5.0B$4.9B$5.2B$6.3B$7.2B
Operating Expenses$2.4B$2.4B$2.6B$2.8B$3.1B$3.8B$3.8B$4.1B$4.7B$5.4B
Operating Profit$624.0M$669.0M$778.0M$946.0M$1.1B$1.2B$1.0B$1.1B$1.6B$1.9B
Operating Margin20.7%21.7%23.3%25.2%25.2%24.5%21.1%20.9%25.3%25.9%
Other Income$6.0M$13.0M$45.0M$42.0M$49.0M$-12.0M$37.0M$108.0M$101.0M$138.0M
Interest$0$0$0$0$0$0$0$0$0$0
Depreciation$86.0M$86.0M$96.0M$106.0M$127.0M$155.0M$164.0M$178.0M$180.0M$189.0M
Profit Before Tax$630.0M$682.0M$823.0M$987.0M$1.1B$1.2B$1.1B$1.2B$1.7B$2.0B
Tax$18.9M$-1.9M$15.7M$3.5M$10.1M$10.3M$8.6M$-7.4M$16.8M$17.4M
Net Profit$511.0M$695.0M$694.0M$952.0M$992.0M$1.1B$974.0M$1.3B$1.4B$1.7B
EPS$2.70$3.68$3.66$4.99$5.17$5.61$5.04$6.71$7.30$8.59
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$1.3B$1.5B$1.4B$1.5B$1.6B$1.8B$1.5B$1.8B$1.8B$2.1B$1.8B$2.0B
Operating Expenses$1.0B$1.1B$1.1B$1.2B$1.1B$1.3B$1.2B$1.3B$1.3B$1.5B$1.3B$1.4B
Operating Profit$270.0M$340.0M$298.0M$342.0M$437.0M$516.0M$333.0M$472.0M$457.0M$614.0M$432.0M$616.0M
Operating Margin21.2%23.0%21.6%22.7%27.6%28.3%21.7%26.0%25.8%28.9%24.6%30.4%
Interest$0$0$0$0$0$0$0$0$0$0$0$0
Profit Before Tax$280.0M$383.0M$327.0M$366.0M$486.0M$516.0M$389.0M$480.0M$510.0M$635.0M$473.0M$651.0M
Tax$8.0M$-41.5M$15.6M$17.9M$17.9M$15.6M$14.5M$16.5M$21.2M$16.8M$14.3M$16.8M
Net Profit$257.0M$542.0M$276.0M$301.0M$399.0M$436.0M$333.0M$401.0M$402.0M$529.0M$405.0M$542.0M
EPS$1.34$2.82$1.43$1.56$2.07$2.25$1.72$2.07$2.08$2.73$2.09$2.80

Over the 10 years reported for Garmin Ltd. Common Stock (Switzerland), cash stood at $2.3B in the latest year, shareholders' equity was $19.0M, current assets covered current liabilities 3.63 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$4.5B$5.0B$5.4B$6.2B$7.0B$7.9B$7.7B$8.6B$9.6B$11.0B
Current Assets$2.3B$2.4B$2.7B$3.1B$3.7B$4.3B$4.0B$4.5B$5.3B$6.2B
Cash$847.0M$891.0M$1.2B$1.0B$1.5B$1.5B$1.3B$1.7B$2.1B$2.3B
Inventory$485.0M$518.0M$562.0M$753.0M$762.0M$1.2B$1.5B$1.3B$1.5B$1.8B
Receivables$527.0M$591.0M$570.0M$707.0M$849.0M$843.0M$657.0M$815.0M$983.0M$1.3B
Fixed Assets$483.0M$596.0M$664.0M$793.0M$950.0M$1.2B$1.3B$1.4B$1.4B$1.6B
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$1.5B$1.4B$1.5B$1.6B$1.5B$1.6B$1.4B$1.4B$1.6B$1.9B
Other Assets$225.0M$287.0M$301.0M$467.0M$584.0M$575.0M$568.0M$608.0M$604.0M$760.0M
Total Liabilities$1.1B$1.2B$1.2B$1.4B$1.5B$1.7B$1.5B$1.6B$1.8B$2.0B
Current Liabilities$783.0M$829.0M$921.0M$1.0B$1.2B$1.4B$1.2B$1.3B$1.5B$1.7B
Borrowings$0$0$0$49.0M$76.0M$70.0M$115.0M$113.0M$163.0M$196.0M
Other Liabilities$1.1B$1.2B$1.2B$1.3B$1.4B$1.7B$1.4B$1.5B$1.6B$1.8B
Equity$18.0M$18.0M$18.0M$18.0M$18.0M$18.0M$18.0M$20.0M$19.0M$19.0M
Reserves$3.4B$3.8B$4.2B$4.8B$5.5B$6.1B$6.2B$7.0B$7.8B$9.0B

For Garmin Ltd. Common Stock (Switzerland), operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $1.4B; free cash flow was positive in 10 of 10 years; financing activities used $238.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$706.0M$661.0M$920.0M$699.0M$1.1B$1.0B$788.0M$1.4B$1.4B$1.6B
Investing Cash Flow$-218.0M$-346.0M$-468.0M$-571.0M$-448.0M$-785.0M$-391.0M$-528.0M$-587.0M$-916.0M
Financing Cash Flow$-99.0M$-78.0M$-17.0M$1.0M$-11.0M$-31.0M$-224.0M$-78.0M$-55.0M$-238.0M
Net Cash Flow$14.0M$45.0M$310.0M$-174.0M$431.0M$40.0M$-219.0M$414.0M$386.0M$199.0M
Free Cash Flow$609.0M$509.0M$759.0M$578.0M$948.0M$703.0M$542.0M$1.2B$1.2B$1.4B

Valuation & Return Ratios

MetricValue
PEG Ratio1.48
EV / EBITDA21.57
FCF Yield2.83%
Quick Ratio2.08
Interest Coverage—
Return 1Y21.30%
Return 3Y204.88%
Return 5Y96.24%

Garmin Ltd. Common Stock (Switzerland) (GRMN) financials — frequently asked questions

What is Garmin Ltd. Common Stock (Switzerland)'s annual revenue?

Garmin Ltd. Common Stock (Switzerland) (GRMN) reported annual revenue of $7.2B in its most recent fiscal year.

What is Garmin Ltd. Common Stock (Switzerland)'s net profit?

Garmin Ltd. Common Stock (Switzerland) (GRMN) reported net profit of $1.7B in its most recent fiscal year.

What is GRMN EV/EBITDA?

Garmin Ltd. Common Stock (Switzerland)'s enterprise value to EBITDA (EV/EBITDA) ratio is 21.57.

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