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Side-by-side financial comparison of Garmin (GRMN) and Workday, Inc. (WDAY). Click either name above to swap in a different company.
Workday, Inc. is the larger business by last-quarter revenue ($2.4B vs $2.1B, roughly 1.1× Garmin). Garmin runs the higher net margin — 24.9% vs 10.4%, a 14.5% gap on every dollar of revenue. On growth, Garmin posted the faster year-over-year revenue change (16.6% vs 12.6%). Workday, Inc. produced more free cash flow last quarter ($550.0M vs $429.6M). Over the past eight quarters, Garmin's revenue compounded faster (24.0% CAGR vs 12.5%).
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.
Workday, Inc. is a leading global enterprise cloud software provider that develops and distributes human capital management, financial management, and enterprise resource planning solutions. It caters primarily to mid-sized and large organizations across sectors including education, healthcare, finance, and technology, with operations spanning North America, Europe, and Asia Pacific.
GRMN vs WDAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.1B | $2.4B |
| Net Profit | $528.7M | $252.0M |
| Gross Margin | 59.2% | — |
| Operating Margin | 28.9% | 10.6% |
| Net Margin | 24.9% | 10.4% |
| Revenue YoY | 16.6% | 12.6% |
| Net Profit YoY | 21.3% | 30.6% |
| EPS (diluted) | $2.72 | $0.94 |
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.
| Q4 25 | $2.1B | $2.4B | ||
| Q3 25 | $1.8B | $2.3B | ||
| Q2 25 | $1.8B | $2.2B | ||
| Q1 25 | $1.5B | $2.2B | ||
| Q4 24 | $1.8B | $2.2B | ||
| Q3 24 | $1.6B | $2.1B | ||
| Q2 24 | $1.5B | $2.0B | ||
| Q1 24 | $1.4B | $1.9B |
| Q4 25 | $528.7M | $252.0M | ||
| Q3 25 | $401.6M | $228.0M | ||
| Q2 25 | $400.8M | $68.0M | ||
| Q1 25 | $332.8M | $94.0M | ||
| Q4 24 | $435.7M | $193.0M | ||
| Q3 24 | $399.1M | $132.0M | ||
| Q2 24 | $300.6M | $107.0M | ||
| Q1 24 | $276.0M | $1.2B |
| Q4 25 | 59.2% | — | ||
| Q3 25 | 59.1% | — | ||
| Q2 25 | 58.8% | — | ||
| Q1 25 | 57.6% | — | ||
| Q4 24 | 59.3% | — | ||
| Q3 24 | 60.0% | — | ||
| Q2 24 | 57.3% | — | ||
| Q1 24 | 58.1% | — |
| Q4 25 | 28.9% | 10.6% | ||
| Q3 25 | 25.8% | 10.6% | ||
| Q2 25 | 26.0% | 1.7% | ||
| Q1 25 | 21.7% | 3.4% | ||
| Q4 24 | 28.3% | 7.6% | ||
| Q3 24 | 27.6% | 5.3% | ||
| Q2 24 | 22.7% | 3.2% | ||
| Q1 24 | 21.6% | 4.1% |
| Q4 25 | 24.9% | 10.4% | ||
| Q3 25 | 22.7% | 9.7% | ||
| Q2 25 | 22.1% | 3.0% | ||
| Q1 25 | 21.7% | 4.3% | ||
| Q4 24 | 23.9% | 8.9% | ||
| Q3 24 | 25.2% | 6.3% | ||
| Q2 24 | 20.0% | 5.4% | ||
| Q1 24 | 20.0% | 61.8% |
| Q4 25 | $2.72 | $0.94 | ||
| Q3 25 | $2.08 | $0.84 | ||
| Q2 25 | $2.07 | $0.25 | ||
| Q1 25 | $1.72 | $0.34 | ||
| Q4 24 | $2.24 | $0.72 | ||
| Q3 24 | $2.07 | $0.49 | ||
| Q2 24 | $1.56 | $0.40 | ||
| Q1 24 | $1.43 | $4.48 |
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 | $6.8B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $9.0B | $8.9B |
| Total Assets | $11.0B | $17.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.3B | $6.8B | ||
| Q3 25 | $2.1B | $8.2B | ||
| Q2 25 | $2.1B | $8.0B | ||
| Q1 25 | $2.2B | $8.0B | ||
| Q4 24 | $2.1B | $7.2B | ||
| Q3 24 | $2.0B | $7.4B | ||
| Q2 24 | $1.9B | $7.2B | ||
| Q1 24 | $1.9B | $7.8B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $3.0B |
| Q4 25 | $9.0B | $8.9B | ||
| Q3 25 | $8.5B | $9.2B | ||
| Q2 25 | $8.1B | $8.9B | ||
| Q1 25 | $8.2B | $9.0B | ||
| Q4 24 | $7.8B | $8.6B | ||
| Q3 24 | $7.5B | $8.3B | ||
| Q2 24 | $7.0B | $8.2B | ||
| Q1 24 | $7.2B | $8.1B |
| Q4 25 | $11.0B | $17.8B | ||
| Q3 25 | $10.5B | $18.0B | ||
| Q2 25 | $10.3B | $17.2B | ||
| Q1 25 | $9.8B | $18.0B | ||
| Q4 24 | $9.6B | $16.4B | ||
| Q3 24 | $9.3B | $16.2B | ||
| Q2 24 | $8.9B | $15.9B | ||
| Q1 24 | $8.6B | $16.5B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.37× | ||
| Q1 24 | — | 0.37× |
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 | $553.8M | $588.0M |
| Free Cash FlowOCF − Capex | $429.6M | $550.0M |
| FCF MarginFCF / Revenue | 20.2% | 22.6% |
| Capex IntensityCapex / Revenue | 5.8% | 1.6% |
| Cash ConversionOCF / Net Profit | 1.05× | 2.33× |
| TTM Free Cash FlowTrailing 4 quarters | $1.4B | $2.6B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $553.8M | $588.0M | ||
| Q3 25 | $485.6M | $616.0M | ||
| Q2 25 | $173.2M | $457.0M | ||
| Q1 25 | $420.8M | $1.1B | ||
| Q4 24 | $483.9M | $406.0M | ||
| Q3 24 | $258.0M | $571.0M | ||
| Q2 24 | $255.3M | $372.0M | ||
| Q1 24 | $435.3M | $995.6M |
| Q4 25 | $429.6M | $550.0M | ||
| Q3 25 | $425.1M | $588.0M | ||
| Q2 25 | $127.5M | $421.0M | ||
| Q1 25 | $380.7M | $1.0B | ||
| Q4 24 | $399.2M | $359.0M | ||
| Q3 24 | $219.4M | $516.0M | ||
| Q2 24 | $218.2M | $291.0M | ||
| Q1 24 | $402.1M | $947.6M |
| Q4 25 | 20.2% | 22.6% | ||
| Q3 25 | 24.0% | 25.0% | ||
| Q2 25 | 7.0% | 18.8% | ||
| Q1 25 | 24.8% | 46.4% | ||
| Q4 24 | 21.9% | 16.6% | ||
| Q3 24 | 13.8% | 24.7% | ||
| Q2 24 | 14.5% | 14.6% | ||
| Q1 24 | 29.1% | 49.3% |
| Q4 25 | 5.8% | 1.6% | ||
| Q3 25 | 3.4% | 1.2% | ||
| Q2 25 | 2.5% | 1.6% | ||
| Q1 25 | 2.6% | 3.9% | ||
| Q4 24 | 4.6% | 2.2% | ||
| Q3 24 | 2.4% | 2.6% | ||
| Q2 24 | 2.5% | 4.1% | ||
| Q1 24 | 2.4% | 2.5% |
| Q4 25 | 1.05× | 2.33× | ||
| Q3 25 | 1.21× | 2.70× | ||
| Q2 25 | 0.43× | 6.72× | ||
| Q1 25 | 1.26× | 11.83× | ||
| Q4 24 | 1.11× | 2.10× | ||
| Q3 24 | 0.65× | 4.33× | ||
| Q2 24 | 0.85× | 3.48× | ||
| Q1 24 | 1.58× | 0.84× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GRMN
| Fitness Segment | $765.8M | 36% |
| Outdoor Segment | $627.6M | 30% |
| Marine Segment | $296.9M | 14% |
| Aviation Segment | $274.2M | 13% |
| Auto Oem Segment | $160.4M | 8% |
WDAY
| Subscription Services | $2.2B | 92% |
| Professional Services | $188.0M | 8% |
