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Garmin income statement

In fiscal 2025, Garmin reported revenue of $7.25bn, up 15.1% on the year before, operating income of $1.88bn (a 25.9% margin) and net income of $1.66bn, or $8.59 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Revenue2,9462,6902,7592,7162,6322,8712,8203,0463,1223,3473,7584,1874,9834,8605,2286,2977,2467,887
Cost of revenue1,5021,344——1,2251,2661,2821,3571,3241,3681,5241,7052,0922,0542,2232,6002,9893,066
Gross profit1,4441,3461,3391,4381,4071,6041,5391,6891,7981,9802,2342,4812,8902,8073,0053,6974,2564,820
Research and development2382772993263653954274685125686056527798359059941,1261,208
Selling, general and administrative2642883413703553723954114384785196247219441,0081,1091,2541,340
Operating income7866375546045746915506336847789461,0541,2191,0281,0921,5941,8762,273
Interest expense01————————————————
Income before tax8095775846256547245676396978239871,1031,2071,0651,2001,6952,0152,420
Income tax105−7638241360111121−121293511112591−89284351403
Net income7045855215426123644565187096949529921,0829741,2901,4111,6642,017
Diluted EPS$3.50$2.95$2.67$2.76$3.12$1.88$2.39$2.73$3.76$3.66$4.99$5.17$5.61$5.04$6.71$7.30$8.59$10.42
Diluted shares (average)201m198m195m196m196m194m191m189m189m190m191m192m193m193m192m193m194m194m
EBITDA8436906086576237396016897448431,0181,1321,3221,1471,2251,7342,0292,432

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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Figures from Garmin's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Garmin.