GarminGRMNEarnings & Financial Report
Garmin Ltd. is an American multinational technology company based in Olathe, Kansas. The company designs, develops, manufactures, markets, and distributes GPS-enabled products and other navigation, communication, sensor-based, and information products to the automotive, aviation, marine, outdoors, and sport markets.
Revenue
$1.8B
Gross Profit
$1.1B
Operating Profit
$516.1M
Net Profit
$435.7M
Gross Margin
59.3%
Operating Margin
28.3%
Net Margin
23.9%
YoY Growth
22.9%
EPS
$2.24
Garmin Q4 FY2024 Financial Summary
Garmin reported revenue of $1.8B (up 22.9% YoY) for Q4 FY2024, with a net profit of $435.7M (down 19.6% YoY) (23.9% margin). Cost of goods sold was $742.6M, operating expenses totaled $563.8M.
Key Financial Metrics
| Total Revenue | $1.8B |
|---|---|
| Net Profit | $435.7M |
| Gross Margin | 59.3% |
| Operating Margin | 28.3% |
| Report Period | Q4 FY2024 |
Revenue Breakdown
Garmin Q4 FY2024 revenue of $1.8B breaks down across 5 segments, led by Outdoor Segment at $629.4M (34.5% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Outdoor Segment | $629.4M | 34.5% |
| Fitness Segment | $539.3M | 29.6% |
| Marine Segment | $251.3M | 13.8% |
| Aviation Segment | $236.9M | 13.0% |
| Auto Oem Segment | $165.7M | 9.1% |
Garmin Revenue by Segment — Quarterly Trend
Garmin revenue by segment across the last 4 reported quarters, showing how each business line (such as Outdoor Segment and Fitness Segment) has evolved quarter over quarter.
| Segment | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 |
|---|---|---|---|---|
| Outdoor Segment | $627.6M | $497.6M | $490.4M | $438.5M |
| Fitness Segment | $765.8M | $601.0M | $605.4M | $384.7M |
| Marine Segment | $296.9M | $267.0M | $299.3M | $319.4M |
| Aviation Segment | $274.2M | $240.4M | $249.4M | $223.1M |
| Auto Oem Segment | $160.4M | $164.8M | $170.2M | $169.3M |
Garmin Annual Revenue by Year
Garmin annual revenue history includes year-by-year totals (for example, 2025 revenue was $7.2B).
| Year | Annual Revenue |
|---|---|
| 2025 | $7.2B |
| 2024 | $6.3B |
Garmin Quarterly Revenue & Net Profit History
Garmin results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 FY2025 | $2.1B | +16.6% | $528.7M | 24.9% |
| Q3 FY2025 | $1.8B | +11.7% | $401.6M | 22.7% |
| Q2 FY2025 | $1.8B | +20.4% | $400.8M | 22.1% |
| Q1 FY2025 | $1.5B | +11.1% | $332.8M | 21.7% |
| Q4 FY2024 | $1.8B | +22.9% | $435.7M | 23.9% |
| Q3 FY2024 | $1.6B | +24.1% | $399.1M | 25.2% |
| Q2 FY2024 | $1.5B | +31.3% | $300.6M | 20.0% |
| Q1 FY2024 | $1.4B | — | $276.0M | 20.0% |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.38B | $1.51B | $1.59B | $1.82B | $1.54B | $1.81B | $1.77B | $2.12B |
| YoY Growth | N/A | 31.3% | 24.1% | 22.9% | 11.1% | 20.4% | 11.7% | 16.6% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $8.63B | $8.88B | $9.35B | $9.63B | $9.79B | $10.32B | $10.52B | $10.99B |
| Liabilities | $1.39B | $1.88B | $1.84B | $1.78B | $1.61B | $2.20B | $2.04B | $2.02B |
| Equity | $7.25B | $7.00B | $7.51B | $7.85B | $8.18B | $8.13B | $8.48B | $8.97B |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $435.3M | $255.3M | $258.0M | $483.9M | $420.8M | $173.2M | $485.6M | $553.8M |