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Side-by-side financial comparison of Garmin (GRMN) and Lineage, Inc. (LINE). Click either name above to swap in a different company.
Garmin is the larger business by last-quarter revenue ($1.8B vs $1.4B, roughly 1.3× Lineage, Inc.). Garmin runs the higher net margin — 23.1% vs -7.3%, a 30.4% gap on every dollar of revenue. On growth, Garmin posted the faster year-over-year revenue change (14.0% vs 3.1%). Garmin produced more free cash flow last quarter ($469.4M vs $35.0M).
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.
Norwegian Cruise Line Holdings (NCLH) is a holding company that is based in the United States and domiciled in Bermuda. It operates three cruise lines as wholly owned subsidiaries: Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises. With its subsidiaries combined, it is the third-largest cruise operator in the world. It is a publicly traded company listed on the New York Stock Exchange.
GRMN vs LINE — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.8B | $1.4B |
| Net Profit | $405.1M | $-100.0M |
| Gross Margin | 59.4% | 32.3% |
| Operating Margin | 24.6% | 2.5% |
| Net Margin | 23.1% | -7.3% |
| Revenue YoY | 14.0% | 3.1% |
| Net Profit YoY | 21.7% | 79.4% |
| EPS (diluted) | $2.09 | $-0.44 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $1.8B | — | ||
| Q4 25 | $2.1B | — | ||
| Q3 25 | $1.8B | $1.4B | ||
| Q2 25 | $1.8B | $1.4B | ||
| Q1 25 | $1.5B | $1.3B | ||
| Q4 24 | $1.8B | $1.3B | ||
| Q3 24 | $1.6B | $1.3B | ||
| Q2 24 | $1.5B | $1.3B |
| Q1 26 | $405.1M | — | ||
| Q4 25 | $528.7M | — | ||
| Q3 25 | $401.6M | $-100.0M | ||
| Q2 25 | $400.8M | $-6.0M | ||
| Q1 25 | $332.8M | $0 | ||
| Q4 24 | $435.7M | $-71.0M | ||
| Q3 24 | $399.1M | $-485.0M | ||
| Q2 24 | $300.6M | $-68.0M |
| Q1 26 | 59.4% | — | ||
| Q4 25 | 59.2% | — | ||
| Q3 25 | 59.1% | 32.3% | ||
| Q2 25 | 58.8% | 31.9% | ||
| Q1 25 | 57.6% | 32.2% | ||
| Q4 24 | 59.3% | 32.3% | ||
| Q3 24 | 60.0% | 32.8% | ||
| Q2 24 | 57.3% | 33.4% |
| Q1 26 | 24.6% | — | ||
| Q4 25 | 28.9% | — | ||
| Q3 25 | 25.8% | 2.5% | ||
| Q2 25 | 26.0% | 1.7% | ||
| Q1 25 | 21.7% | 4.3% | ||
| Q4 24 | 28.3% | -1.6% | ||
| Q3 24 | 27.6% | -38.6% | ||
| Q2 24 | 22.7% | 5.5% |
| Q1 26 | 23.1% | — | ||
| Q4 25 | 24.9% | — | ||
| Q3 25 | 22.7% | -7.3% | ||
| Q2 25 | 22.1% | -0.4% | ||
| Q1 25 | 21.7% | — | ||
| Q4 24 | 23.9% | -5.3% | ||
| Q3 24 | 25.2% | -36.3% | ||
| Q2 24 | 20.0% | -5.1% |
| Q1 26 | $2.09 | — | ||
| Q4 25 | $2.72 | — | ||
| Q3 25 | $2.08 | $-0.44 | ||
| Q2 25 | $2.07 | $-0.03 | ||
| Q1 25 | $1.72 | $0.01 | ||
| Q4 24 | $2.24 | $-0.52 | ||
| Q3 24 | $2.07 | $-2.44 | ||
| Q2 24 | $1.56 | $-0.46 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.3B | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $8.4B |
| Total Assets | $11.0B | $19.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $2.3B | — | ||
| Q4 25 | $2.3B | — | ||
| Q3 25 | $2.1B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $2.1B | $173.0M | ||
| Q3 24 | $2.0B | $409.0M | ||
| Q2 24 | $1.9B | $73.0M |
| Q1 26 | — | — | ||
| Q4 25 | $9.0B | — | ||
| Q3 25 | $8.5B | $8.4B | ||
| Q2 25 | $8.1B | $8.6B | ||
| Q1 25 | $8.2B | $8.6B | ||
| Q4 24 | $7.8B | $8.6B | ||
| Q3 24 | $7.5B | $9.0B | ||
| Q2 24 | $7.0B | $4.9B |
| Q1 26 | $11.0B | — | ||
| Q4 25 | $11.0B | — | ||
| Q3 25 | $10.5B | $19.2B | ||
| Q2 25 | $10.3B | $19.4B | ||
| Q1 25 | $9.8B | $18.8B | ||
| Q4 24 | $9.6B | $18.7B | ||
| Q3 24 | $9.3B | $19.3B | ||
| Q2 24 | $8.9B | $18.8B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $536.0M | $230.0M |
| Free Cash FlowOCF − Capex | $469.4M | $35.0M |
| FCF MarginFCF / Revenue | 26.8% | 2.5% |
| Capex IntensityCapex / Revenue | — | 14.2% |
| Cash ConversionOCF / Net Profit | 1.32× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.5B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $536.0M | — | ||
| Q4 25 | $553.8M | — | ||
| Q3 25 | $485.6M | $230.0M | ||
| Q2 25 | $173.2M | $258.0M | ||
| Q1 25 | $420.8M | $139.0M | ||
| Q4 24 | $483.9M | — | ||
| Q3 24 | $258.0M | $186.0M | ||
| Q2 24 | $255.3M | $155.0M |
| Q1 26 | $469.4M | — | ||
| Q4 25 | $429.6M | — | ||
| Q3 25 | $425.1M | $35.0M | ||
| Q2 25 | $127.5M | $95.0M | ||
| Q1 25 | $380.7M | $-12.0M | ||
| Q4 24 | $399.2M | — | ||
| Q3 24 | $219.4M | $33.0M | ||
| Q2 24 | $218.2M | $-31.0M |
| Q1 26 | 26.8% | — | ||
| Q4 25 | 20.2% | — | ||
| Q3 25 | 24.0% | 2.5% | ||
| Q2 25 | 7.0% | 7.0% | ||
| Q1 25 | 24.8% | -0.9% | ||
| Q4 24 | 21.9% | — | ||
| Q3 24 | 13.8% | 2.5% | ||
| Q2 24 | 14.5% | -2.3% |
| Q1 26 | — | — | ||
| Q4 25 | 5.8% | — | ||
| Q3 25 | 3.4% | 14.2% | ||
| Q2 25 | 2.5% | 12.1% | ||
| Q1 25 | 2.6% | 11.7% | ||
| Q4 24 | 4.6% | — | ||
| Q3 24 | 2.4% | 11.5% | ||
| Q2 24 | 2.5% | 13.9% |
| Q1 26 | 1.32× | — | ||
| Q4 25 | 1.05× | — | ||
| Q3 25 | 1.21× | — | ||
| Q2 25 | 0.43× | — | ||
| Q1 25 | 1.26× | — | ||
| Q4 24 | 1.11× | — | ||
| Q3 24 | 0.65× | — | ||
| Q2 24 | 0.85× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GRMN
Segment breakdown not available.
LINE
| Warehousing Operations | $883.0M | 64% |
| Other | $308.0M | 22% |
| Warehouse Lease | $60.0M | 4% |
| Food Sales | $52.0M | 4% |
| E Commerce And Other | $46.0M | 3% |
| Railcar Lease | $23.0M | 2% |
| Service Other | $5.0M | 0% |
