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GRMN

Garmin Ltd.

GRMN

Garmin Ltd. • NYSE
$195.32 ▲ 0.27% (+0.53)
Market Cap $37.58 B
52w High $261.69
52w Low $169.26
Dividend Yield 3.30%
P/E 24.08
Volume 392.87K
Outstanding Shares 192.40M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.771B ▼ $589.684M ▼ $401.615M ▲ 22.679% ▲ $2.09 ▲ $558.924M ▲
Q2-2025 $1.815B ▲ $594.717M ▲ $400.822M ▲ 22.089% ▲ $2.08 ▲ $519.4M ▲
Q1-2025 $1.535B ▼ $551.721M ▼ $332.769M ▼ 21.677% ▼ $1.73 ▼ $379.122M ▼
Q4-2024 $1.823B ▲ $563.844M ▲ $435.733M ▲ 23.908% ▼ $2.27 ▲ $562.624M ▲
Q3-2024 $1.586B $514.124M $399.111M 25.164% $2.08 $481.73M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.54B ▼ $10.523B ▲ $2.045B ▼ $8.478B ▲
Q2-2025 $2.587B ▼ $10.324B ▲ $2.199B ▲ $8.125B ▼
Q1-2025 $2.675B ▲ $9.788B ▲ $1.608B ▼ $8.179B ▲
Q4-2024 $2.501B ▲ $9.631B ▲ $1.782B ▼ $7.848B ▲
Q3-2024 $2.424B $9.348B $1.841B $7.507B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $401.615M ▲ $485.615M ▲ $-267.717M ▼ $-209.733M ▲ $636.999K ▲ $425.08M ▲
Q2-2025 $400.822M ▲ $173.171M ▼ $-113.509M ▲ $-210.938M ▼ $-103.298M ▼ $127.495M ▼
Q1-2025 $332.769M ▼ $420.788M ▼ $-132.602M ▲ $-204.808M ▼ $96.05M ▲ $380.726M ▼
Q4-2024 $435.733M ▲ $483.89M ▲ $-202.568M ▼ $-177.423M ▼ $70.08M ▼ $399.188M ▲
Q3-2024 $399.112M $257.955M $-47.608M $-163.741M $71.903M $219.411M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Automotive Mobile
Automotive Mobile
 $170.00M ▲$170.00M ▲$170.00M ▲$160.00M ▼
Aviation
Aviation
 $240.00M ▲$220.00M ▼$250.00M ▲$240.00M ▼
Fitness
Fitness
 $540.00M ▲$380.00M ▼$610.00M ▲$600.00M ▼
Marine Segment
Marine Segment
 $250.00M ▲$320.00M ▲$300.00M ▼$270.00M ▼
Outdoor
Outdoor
 $630.00M ▲$440.00M ▼$490.00M ▲$500.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Garmin’s income statement shows a business that has grown steadily while staying solidly profitable. Revenue has risen over the past five years, with only minor bumps, and both gross and operating profits have followed the same upward trend. Net income and earnings per share dipped slightly in the middle of the period but have since reached new highs, suggesting the company managed cost pressures and supply-chain issues reasonably well. Overall, margins look healthy for a hardware-focused business, indicating good pricing power and disciplined expense control.

Balance Sheet

Balance Sheet The balance sheet is a clear strength. Assets and shareholder equity have increased consistently, reflecting reinvestment and retained earnings rather than aggressive borrowing. Debt levels are very low, and cash balances are substantial, which gives Garmin flexibility to handle downturns, fund R&D, pursue acquisitions, or return capital without straining its finances. The overall picture is one of a conservative, cash-rich, and well-capitalized company.

Cash Flow

Cash Flow Garmin generates solid cash flow from its operations year after year, even in more challenging periods. Free cash flow has remained comfortably positive throughout the last five years, after funding a steady but not excessive level of capital spending. This suggests the core business converts a good share of its profits into actual cash, providing reliable fuel for innovation, acquisitions, and shareholder returns. The company appears to be self-funded, with no obvious need to rely on debt markets to support its growth plans.

Competitive Edge

Competitive Edge Garmin benefits from a strong competitive position built on decades of GPS expertise, trusted brand recognition, and a broad product lineup. It has defensible niches in fitness and outdoor wearables, aviation avionics, and marine electronics, where reliability and performance matter more than trendy features. Vertical integration—from design to manufacturing—helps it control quality and innovate quickly. Intense competition from big consumer-tech brands and smartphone ecosystems is a real ongoing risk, but Garmin’s focus on serious athletes, pilots, and mariners, plus its software and data platforms, gives it meaningful differentiation and customer loyalty.

Innovation and R&D

Innovation and R&D Innovation is at the core of Garmin’s strategy, and its rising R&D spending reflects that focus. The company continues to push forward in advanced wearables (battery life, sensors, displays), aviation safety systems, and marine sonar and integration, often leading with specialized, high-performance features rather than mass-market appeal. It is also expanding into software and subscription services, which could add more recurring revenue over time. Strategic acquisitions to bring in new algorithms, connectivity, and marine capabilities show a deliberate effort to stay ahead technologically, though the payoffs from these bets can be uneven and take time to fully materialize.

Summary

Overall, Garmin looks like a financially resilient technology hardware company with steady growth, high-quality earnings, and a very strong balance sheet. Its diversified segments and loyal user base in specialized markets help buffer it against shifts in any single category, such as traditional automotive navigation. The main uncertainties lie in how well it can keep differentiating against large consumer-tech ecosystems, sustain innovation in wearables and avionics, and navigate economic cycles that affect discretionary and aviation-related spending. Even so, the combination of solid cash generation, minimal debt, and a clear innovation roadmap gives Garmin significant room to execute its long-term strategy.

NEWS

November 20, 2025 · 6:58 AM UTC

Garmin OnBoard System wins 2025 DAME Design Award

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November 6, 2025 · 6:57 AM UTC

Garmin wins five CES 2026 Innovation Awards

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October 29, 2025 · 7:00 AM UTC

Garmin announces third quarter 2025 results

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October 28, 2025 · 6:59 AM UTC

Garmin expands flagship chartplotter lineup with premium GPSMAP 9000xsv for the ultimate experience at the helm

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October 23, 2025 · 7:00 AM UTC

Garmin teams up with Truemed to unlock HSA/FSA funds for fitness products

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