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Side-by-side financial comparison of Garmin (GRMN) and SHOPIFY INC. (SHOP). Click either name above to swap in a different company.
SHOPIFY INC. is the larger business by last-quarter revenue ($3.7B vs $1.8B, roughly 2.1× Garmin). Garmin runs the higher net margin — 23.1% vs 20.2%, a 2.9% gap on every dollar of revenue. On growth, SHOPIFY INC. posted the faster year-over-year revenue change (30.6% vs 14.0%). SHOPIFY INC. produced more free cash flow last quarter ($715.0M vs $469.4M). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% CAGR vs 7.9%).
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.
Shopify Inc., stylized as shopify, is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario that operates a platform for retail point-of-sale systems. The company has over 5 million customers and processed US$292.3 billion in transactions in 2024, of which 57% was in the United States. Major customers include Tesla, LVMH, Nestlé, PepsiCo, AB InBev, Kraft Heinz, Lindt, Whole Foods Market, Red Bull, and Hyatt.
GRMN vs SHOP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.8B | $3.7B |
| Net Profit | $405.1M | $743.0M |
| Gross Margin | 59.4% | 46.1% |
| Operating Margin | 24.6% | 17.2% |
| Net Margin | 23.1% | 20.2% |
| Revenue YoY | 14.0% | 30.6% |
| Net Profit YoY | 21.7% | -42.5% |
| EPS (diluted) | $2.09 | $0.58 |
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 | $3.7B | ||
| Q3 25 | $1.8B | $2.8B | ||
| Q2 25 | $1.8B | $2.7B | ||
| Q1 25 | $1.5B | $2.4B | ||
| Q4 24 | $1.8B | $2.8B | ||
| Q3 24 | $1.6B | $2.2B | ||
| Q2 24 | $1.5B | $2.0B |
| Q1 26 | $405.1M | — | ||
| Q4 25 | $528.7M | $743.0M | ||
| Q3 25 | $401.6M | $264.0M | ||
| Q2 25 | $400.8M | $906.0M | ||
| Q1 25 | $332.8M | $-682.0M | ||
| Q4 24 | $435.7M | $1.3B | ||
| Q3 24 | $399.1M | $828.0M | ||
| Q2 24 | $300.6M | $171.0M |
| Q1 26 | 59.4% | — | ||
| Q4 25 | 59.2% | 46.1% | ||
| Q3 25 | 59.1% | 48.9% | ||
| Q2 25 | 58.8% | 48.6% | ||
| Q1 25 | 57.6% | 49.5% | ||
| Q4 24 | 59.3% | 48.1% | ||
| Q3 24 | 60.0% | 51.7% | ||
| Q2 24 | 57.3% | 51.1% |
| Q1 26 | 24.6% | — | ||
| Q4 25 | 28.9% | 17.2% | ||
| Q3 25 | 25.8% | 12.1% | ||
| Q2 25 | 26.0% | 10.9% | ||
| Q1 25 | 21.7% | 8.6% | ||
| Q4 24 | 28.3% | 16.5% | ||
| Q3 24 | 27.6% | 13.1% | ||
| Q2 24 | 22.7% | 11.8% |
| Q1 26 | 23.1% | — | ||
| Q4 25 | 24.9% | 20.2% | ||
| Q3 25 | 22.7% | 9.3% | ||
| Q2 25 | 22.1% | 33.8% | ||
| Q1 25 | 21.7% | -28.9% | ||
| Q4 24 | 23.9% | 46.0% | ||
| Q3 24 | 25.2% | 38.3% | ||
| Q2 24 | 20.0% | 8.4% |
| Q1 26 | $2.09 | — | ||
| Q4 25 | $2.72 | $0.58 | ||
| Q3 25 | $2.08 | $0.20 | ||
| Q2 25 | $2.07 | $0.69 | ||
| Q1 25 | $1.72 | $-0.53 | ||
| Q4 24 | $2.24 | $0.99 | ||
| Q3 24 | $2.07 | $0.64 | ||
| Q2 24 | $1.56 | $0.13 |
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 | $5.8B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $13.5B |
| Total Assets | $11.0B | $15.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $2.3B | — | ||
| Q4 25 | $2.3B | $5.8B | ||
| Q3 25 | $2.1B | $6.3B | ||
| Q2 25 | $2.1B | $5.8B | ||
| Q1 25 | $2.2B | $5.5B | ||
| Q4 24 | $2.1B | $5.5B | ||
| Q3 24 | $2.0B | — | ||
| Q2 24 | $1.9B | — |
| Q1 26 | — | — | ||
| Q4 25 | $9.0B | $13.5B | ||
| Q3 25 | $8.5B | $12.5B | ||
| Q2 25 | $8.1B | $12.1B | ||
| Q1 25 | $8.2B | $11.1B | ||
| Q4 24 | $7.8B | $11.6B | ||
| Q3 24 | $7.5B | $10.1B | ||
| Q2 24 | $7.0B | $9.2B |
| Q1 26 | $11.0B | — | ||
| Q4 25 | $11.0B | $15.2B | ||
| Q3 25 | $10.5B | $15.0B | ||
| Q2 25 | $10.3B | $14.6B | ||
| Q1 25 | $9.8B | $13.4B | ||
| Q4 24 | $9.6B | $13.9B | ||
| Q3 24 | $9.3B | — | ||
| Q2 24 | $8.9B | — |
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 | $725.0M |
| Free Cash FlowOCF − Capex | $469.4M | $715.0M |
| FCF MarginFCF / Revenue | 26.8% | 19.5% |
| Capex IntensityCapex / Revenue | — | 0.3% |
| Cash ConversionOCF / Net Profit | 1.32× | 0.98× |
| TTM Free Cash FlowTrailing 4 quarters | $1.5B | $2.0B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $536.0M | — | ||
| Q4 25 | $553.8M | $725.0M | ||
| Q3 25 | $485.6M | $513.0M | ||
| Q2 25 | $173.2M | $428.0M | ||
| Q1 25 | $420.8M | $367.0M | ||
| Q4 24 | $483.9M | $615.0M | ||
| Q3 24 | $258.0M | $423.0M | ||
| Q2 24 | $255.3M | $340.0M |
| Q1 26 | $469.4M | — | ||
| Q4 25 | $429.6M | $715.0M | ||
| Q3 25 | $425.1M | $507.0M | ||
| Q2 25 | $127.5M | $422.0M | ||
| Q1 25 | $380.7M | $363.0M | ||
| Q4 24 | $399.2M | $611.0M | ||
| Q3 24 | $219.4M | $421.0M | ||
| Q2 24 | $218.2M | $333.0M |
| Q1 26 | 26.8% | — | ||
| Q4 25 | 20.2% | 19.5% | ||
| Q3 25 | 24.0% | 17.8% | ||
| Q2 25 | 7.0% | 15.7% | ||
| Q1 25 | 24.8% | 15.4% | ||
| Q4 24 | 21.9% | 21.7% | ||
| Q3 24 | 13.8% | 19.5% | ||
| Q2 24 | 14.5% | 16.3% |
| Q1 26 | — | — | ||
| Q4 25 | 5.8% | 0.3% | ||
| Q3 25 | 3.4% | 0.2% | ||
| Q2 25 | 2.5% | 0.2% | ||
| Q1 25 | 2.6% | 0.2% | ||
| Q4 24 | 4.6% | 0.1% | ||
| Q3 24 | 2.4% | 0.1% | ||
| Q2 24 | 2.5% | 0.3% |
| Q1 26 | 1.32× | — | ||
| Q4 25 | 1.05× | 0.98× | ||
| Q3 25 | 1.21× | 1.94× | ||
| Q2 25 | 0.43× | 0.47× | ||
| Q1 25 | 1.26× | — | ||
| Q4 24 | 1.11× | 0.48× | ||
| Q3 24 | 0.65× | 0.51× | ||
| Q2 24 | 0.85× | 1.99× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GRMN
Segment breakdown not available.
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
