Garmin Ltd (GRMN) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 12, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q1 FY2026, filed Apr 29, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the GRMN SEC filings page.
Garmin Ltd (GRMN) reported $7.5B in revenue over the twelve months to Mar 28, 2026, up 15.7% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Garmin is scaling a lightly leveraged business: 2025 growth widened operating margins while cash generation stayed closely tied to accounting profit.
Between FY2024 and FY2025, revenue rose15.1% while operating income rose17.7% , so sales growth translated into disproportionately faster operating earnings. The operating margin reached25.9% , supporting an operating-leverage pattern rather than a simple volume story.
FY2025 operating cash flow of
Liabilities were
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Garmin Ltd's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Garmin Ltd 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 92/100, reflecting efficient cost management and pricing power. This is up from 25.3% the prior year.
Garmin Ltd's revenue surged 15.1% year-over-year to $7.2B, reflecting rapid business expansion. This strong growth earns a score of 79/100.
Garmin Ltd 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 74/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.63, Garmin Ltd holds $3.63 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 85/100.
Garmin Ltd converts 18.8% of revenue into free cash flow ($1.4B). This strong cash generation earns a score of 86/100.
Garmin Ltd earns a strong 18.5% return on equity (ROE), meaning it generates $19 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 89/100. This is up from 18.0% the prior year.
Garmin Ltd scores 17.88, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($51.4B) relative to total liabilities ($2.0B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Garmin Ltd passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Garmin Ltd 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
Earnings & Revenue
Garmin Ltd generated $1.8B in revenue in Q1 2026. This represents an increase of 14.2% from the same quarter a year earlier. Against the prior quarter it is down 17.5%.
Garmin Ltd's EBITDA was $472.1M in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 27.5% from the same quarter a year earlier. Against the prior quarter it is down 30.9%.
Garmin Ltd reported $405.1M in net income in Q1 2026. This represents an increase of 21.7% from the same quarter a year earlier. Against the prior quarter it is down 23.4%.
Garmin Ltd earned $2.09 per diluted share (EPS) in Q1 2026. This represents an increase of 21.5% from the same quarter a year earlier. Against the prior quarter it is down 23.2%.
Cash & Balance Sheet
Garmin Ltd generated $469.4M in free cash flow in Q1 2026, representing cash available after capex. This represents an increase of 23.3% from the same quarter a year earlier. Against the prior quarter it is up 9.3%.
Garmin Ltd held $2.3B in cash as of Q1 2026; long-term debt is not reported for that period.
Not reported for Q1 2026.
Margins & Returns
Garmin Ltd's gross margin was 59.4% in Q1 2026, indicating the percentage of revenue retained after direct costs. This is up 1.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.2 percentage points.
Garmin Ltd's operating margin was 24.6% in Q1 2026, reflecting core business profitability. This is up 2.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 4.3 percentage points.
Garmin Ltd's net profit margin was 23.1% in Q1 2026, showing the share of revenue converted to profit. This is up 1.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.8 percentage points.
Garmin Ltd's ROE was 4.4% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is up 0.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.5 percentage points.
Capital Allocation
Garmin Ltd invested $295.8M in research and development in Q1 2026. This represents an increase of 10.3% from the same quarter a year earlier. Against the prior quarter it is up 0.3%.
Garmin Ltd invested $66.6M in capex in Q1 2026, funding long-term assets and infrastructure. This represents an increase of 66.3% from the same quarter a year earlier. Against the prior quarter it is down 46.4%.
Not reported for Q1 2026.
GRMN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.8B+14.2% | $2.1B+16.6% | $1.8B+11.7% | $1.8B+20.4% | $1.5B+11.1% | $1.8B+22.9% | $1.6B+24.1% | $1.5B+31.3% |
| Cost of Revenue | $711.2M+9.3% | $866.7M+16.7% | $724.4M+14.2% | $747.6M+16.1% | $650.6M+12.3% | $742.6M+20.1% | $634.4M+15.6% | $643.8M+30.2% |
| Gross Profit | $1.0B+17.8% | $1.3B+16.5% | $1.0B+10.0% | $1.1B+23.7% | $884.5M+10.3% | $1.1B+25.0% | $951.6M+30.6% | $862.9M+32.2% |
| R&D Expenses | $295.8M+10.3% | $295.0M+14.0% | $286.5M+15.0% | $276.7M+13.8% | $268.1M+10.5% | $258.8M+9.1% | $249.2M+12.5% | $243.2M+9.8% |
| SG&A Expenses | $314.8M+11.0% | $349.1M+14.4% | $303.2M+14.4% | $318.1M+14.5% | $283.6M+8.6% | $305.1M+6.5% | $265.0M+12.0% | $277.7M+18.5% |
| Operating Income | $431.7M+29.7% | $614.2M+19.0% | $456.8M+4.4% | $472.3M+38.1% | $332.8M+11.5% | $516.1M+51.6% | $437.5M+61.8% | $342.0M+73.6% |
| EBITDA | $472.1M+27.5% | $683.5M+16.9% | $496.5M+5.2% | $510.8M+35.8% | $370.3M+11.4% | $584.9M+44.5% | $471.9M+55.2% | $376.0M+64.3% |
| Income Tax | $67.5M+19.8% | $106.7M+32.7% | $108.2M+24.2% | $79.4M+21.6% | $56.3M+10.2% | $80.4M+563.6% | $87.1M+290.3% | $65.3M+236.0% |
| Net Income | $405.1M+21.7% | $528.7M+21.3% | $401.6M+0.6% | $400.8M+33.3% | $332.8M+20.6% | $435.7M-19.6% | $399.1M+55.1% | $300.6M+48.6% |
| EPS (Basic) | $2.10+21.4% | $2.75+21.1% | $2.09+0.5% | $2.08+32.5% | $1.73+20.1% | $2.27-19.8% | $2.08+55.2% | $1.57+48.1% |
| EPS (Diluted) | $2.09+21.5% | $2.72+21.4% | $2.08+0.5% | $2.07+32.7% | $1.72+20.3% | $2.24-20.3% | $2.07+54.5% | $1.56+48.6% |
| Diluted Shares (Avg) | 194M-0.1% | N/A | 194M+0.2% | 193M+0.3% | 194M+0.5% | N/A | 193M+0.7% | 193M+0.5% |
Not reported in any period shown, so not listed: Interest Expense.
GRMN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $11.0B+11.9% | $11.0B+14.2% | $10.5B+12.6% | $10.3B+16.2% | $9.8B+13.4% | $9.6B+11.9% | $9.3B+17.4% | $8.9B+15.0% |
| Current Assets | $6.0B+10.1% | $6.2B+17.1% | $5.8B+11.5% | $5.8B+23.9% | $5.4B+20.5% | $5.3B+19.5% | $5.2B+25.3% | $4.7B+18.5% |
| Cash & Equivalents | $2.3B+5.3% | $2.3B+9.6% | $2.1B+3.2% | $2.1B+7.0% | $2.2B+13.2% | $2.1B+22.8% | $2.0B+41.2% | $1.9B+42.3% |
| Short-Term Investments | $411.0M-17.6% | $459.2M+9.0% | $466.8M+12.6% | $515.0M+78.4% | $499.0M+81.7% | $421.3M+53.4% | $414.7M+51.9% | $288.7M+52.8% |
| Inventory | $1.9B+17.0% | $1.8B+20.2% | $1.9B+25.4% | $1.8B+35.5% | $1.6B+21.5% | $1.5B+9.5% | $1.5B+4.6% | $1.3B-10.8% |
| Accounts Receivable | $941.0M+19.5% | $1.3B+27.4% | $955.6M+3.6% | $1.0B+25.0% | $787.1M+13.3% | $983.4M+20.6% | $922.0M+27.9% | $808.4M+32.4% |
| Long-Term Investments | $1.6B+31.5% | $1.4B+16.6% | $1.4B+24.4% | $1.3B+7.9% | $1.2B+8.2% | $1.2B+6.5% | $1.1B+2.3% | $1.2B+2.4% |
| Goodwill | $750.6M+21.7% | $760.2M+25.9% | $757.3M+23.8% | $640.6M+6.8% | $617.0M+2.5% | $603.9M-0.7% | $611.9M+2.9% | $599.6M+4.9% |
| Total Liabilities | $1.7B+4.6% | $2.0B+13.4% | $2.0B+11.1% | $2.2B+17.1% | $1.6B+15.9% | $1.8B+12.0% | $1.8B+14.0% | $1.9B+42.2% |
| Current Liabilities | $1.4B+3.4% | $1.7B+14.1% | $1.8B+11.0% | $1.9B+18.9% | $1.3B+19.0% | $1.5B+15.0% | $1.6B+18.9% | $1.6B+61.1% |
| Non-Current Liabilities | $306.2M+10.0% | $301.0M+9.8% | $292.3M+11.4% | $266.9M+5.1% | $278.4M+3.0% | $274.3M-2.3% | $262.5M-8.8% | $254.0M-18.8% |
| Total Equity | $9.3B+13.3% | $9.0B+14.3% | $8.5B+12.9% | $8.1B+16.0% | $8.2B+12.9% | $7.8B+11.9% | $7.5B+18.2% | $7.0B+9.4% |
| Retained Earnings | $7.4B+16.5% | $7.0B+16.2% | $6.4B+15.8% | $6.0B+16.9% | $6.3B+16.4% | $6.0B+14.0% | $5.6B+17.8% | $5.2B+4.6% |
Not reported in any period shown, so not listed: Long-Term Debt.
GRMN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $536.0M+27.4% | $553.8M+14.4% | $485.6M+88.3% | $173.2M-32.2% | $420.8M-3.3% | $483.9M+3.9% | $258.0M-27.8% | $255.3M-8.6% |
| Depreciation & Amortization | $40.4M+7.9% | $37.0M-3.1% | $39.7M+15.1% | $38.5M+13.3% | $37.5M+10.5% | $38.2M+12.7% | $34.5M+2.3% | $34.0M+6.4% |
| Stock-Based Compensation | $43.3M+14.7% | N/A | N/A | N/A | $37.8M+23.0% | N/A | N/A | N/A |
| Capital Expenditures | $66.6M+66.3% | $124.2M+46.6% | $60.5M+57.1% | $45.7M+22.9% | $40.1M+20.8% | $84.7M+74.1% | $38.5M-15.3% | $37.2M-20.6% |
| Free Cash Flow | $469.4M+23.3% | $429.6M+7.6% | $425.1M+93.7% | $127.5M-41.6% | $380.7M-5.3% | $399.2M-4.3% | $219.4M-29.6% | $218.2M-6.1% |
| Investing Cash Flow | -$252.4M-90.3% | -$131.4M+35.1% | -$267.7M-462.3% | -$113.5M-6.8% | -$132.6M-259.6% | -$202.6M-210.3% | -$47.6M+75.9% | -$106.3M-1245.5% |
| Financing Cash Flow | -$260.1M-27.0% | -$218.6M-23.2% | -$209.7M-28.1% | -$210.9M-62.9% | -$204.8M-31.1% | -$177.4M-18.0% | -$163.7M-9.8% | -$129.5M+32.7% |
| Dividends Paid | $173.6M+20.1% | $173.0M+20.1% | $173.2M+20.2% | $173.2M+20.2% | $144.6M+3.1% | $144.0M+3.1% | $144.1M+3.2% | $144.0M+3.0% |
Not reported in any period shown, so not listed: Share Buybacks.
GRMN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 59.4%+1.8pp | 59.2%0.0pp | 59.1%-0.9pp | 58.8%+1.5pp | 57.6%-0.4pp | 59.3%+1.0pp | 60.0%+3.0pp | 57.3%+0.4pp |
| Operating Margin | 24.6%+2.9pp | 28.9%+0.6pp | 25.8%-1.8pp | 26.0%+3.3pp | 21.7%+0.1pp | 28.3%+5.4pp | 27.6%+6.4pp | 22.7%+5.5pp |
| Net Margin | 23.1%+1.4pp | 24.9%+1.0pp | 22.7%-2.5pp | 22.1%+2.1pp | 21.7%+1.7pp | 23.9%-12.7pp | 25.2%+5.0pp | 20.0%+2.3pp |
| Return on Equity | 4.4%+0.3pp | 5.9%+0.3pp | 4.7%-0.6pp | 4.9%+0.6pp | 4.1%+0.3pp | 5.5%-2.2pp | 5.3%+1.3pp | 4.3%+1.1pp |
| Return on Assets | 3.7%+0.3pp | 4.8%+0.3pp | 3.8%-0.5pp | 3.9%+0.5pp | 3.4%+0.2pp | 4.5%-1.8pp | 4.3%+1.0pp | 3.4%+0.8pp |
| Current Ratio | 4.36+0.3x | 3.63+0.1x | 3.320.0x | 3.01+0.1x | 4.09+0.1x | 3.54+0.1x | 3.30+0.2x | 2.89-1.0x |
| Debt-to-Equity | 0.180.0x | 0.230.0x | 0.240.0x | 0.270.0x | 0.200.0x | 0.230.0x | 0.250.0x | 0.27+0.1x |
| Asset Turnover | 0.160.0x | 0.190.0x | 0.170.0x | 0.180.0x | 0.160.0x | 0.190.0x | 0.170.0x | 0.170.0x |
| FCF Margin | 26.8%+2.0pp | 20.2%-1.7pp | 24.0%+10.2pp | 7.0%-7.5pp | 24.8%-4.3pp | 21.9%-6.2pp | 13.8%-10.6pp | 14.5%-5.8pp |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Garmin Ltd GRMN | FY2025 | $7.2B | $1.7B | 23.0% | $51.4B | 84/100 |
| Keysight Technologies, Inc. KEYS | FY2025 | $5.4B | $850.0M | 15.8% | $65.2B | 66/100 |
| Teledyne Technologies Incorporated TDY | FY2025 | $6.1B | $894.8M | 14.6% | $28.4B | 62/100 |
| Trimble Inc. TRMB | FY2025 | $3.6B | $424.0M | 11.8% | $14.0B | 41/100 |
| Fortive Corporation FTV | FY2025 | $4.2B | $532.7M | 12.8% | $17.3B | 54/100 |
| Coherent Corp. COHR | FY2026 | $7.1B | $805.0M | 11.3% | $61.6B | 51/100 |
Where Garmin Ltd Ranks
Frequently Asked Questions
What is Garmin Ltd's annual revenue?
Garmin Ltd (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 Ltd's revenue growing?
Garmin Ltd (GRMN) revenue grew by 15.1% year-over-year, from $6.3B to $7.2B in fiscal year 2025.
Is Garmin Ltd profitable?
Yes, Garmin Ltd (GRMN) reported a net income of $1.7B in fiscal year 2025, with a net profit margin of 23.0%.
What is Garmin Ltd's EBITDA?
Garmin Ltd (GRMN) had EBITDA of $2.1B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Garmin Ltd's gross margin?
Garmin Ltd (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 Ltd's operating margin?
Garmin Ltd (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 Ltd's net profit margin?
Garmin Ltd (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 Ltd's return on equity (ROE)?
Garmin Ltd (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 Ltd's free cash flow?
Garmin Ltd (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 Ltd's operating cash flow?
Garmin Ltd (GRMN) generated $1.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Garmin Ltd's total assets?
Garmin Ltd (GRMN) had $11.0B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Garmin Ltd's capital expenditures?
Garmin Ltd (GRMN) invested $270.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Garmin Ltd spend on research and development?
Garmin Ltd (GRMN) invested $1.1B in research and development during fiscal year 2025.
What is Garmin Ltd's current ratio?
Garmin Ltd (GRMN) had a current ratio of 3.63 as of fiscal year 2025, which is generally considered healthy.
What is Garmin Ltd's debt-to-equity ratio?
Garmin Ltd (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 Ltd's return on assets (ROA)?
Garmin Ltd (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 Ltd's P/E ratio?
Garmin Ltd (GRMN) trades at 29.6x earnings, its market capitalization divided by net income of $1.7B net income, trailing 12 months to March 28, 2026. The market capitalization is $51.4B as of Oct 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Garmin Ltd's price-to-sales ratio?
Garmin Ltd (GRMN) trades at 6.9x sales, its market capitalization divided by revenue of $7.5B revenue, trailing 12 months to March 28, 2026. The market capitalization is $51.4B as of Oct 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Garmin Ltd's Altman Z-Score?
Garmin Ltd (GRMN) has an Altman Z-Score of 17.88, 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 Ltd's Piotroski F-Score?
Garmin Ltd (GRMN) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Garmin Ltd's earnings high quality?
Garmin Ltd (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 Ltd?
Garmin Ltd (GRMN) scores 84 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.