Garmin Ltd.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $1.66B | $1.41B | $1.29B | $973.6M | $1.08B | $992.3M | $952.5M | $694.1M |
| Depreciation & Amortization | — | — | — | — | — | — | — | — |
| Depreciation | $152.6M | $140.5M | $132.3M | $118.7M | $103.5M | $78.1M | $71.9M | $64.8M |
| Amortization | $32.4M | $30.7M | $30.5M | $30.6M | $35.5M | $34.8M | $26.2M | $21.8M |
| Stock-Based Compensation | $166.0M | $137.2M | $101.4M | $76.8M | $92.5M | $80.9M | $63.4M | $56.4M |
| Net Cash from Operating Activities | $1.63B | $1.43B | $1.38B | $788.3M | $1.01B | $1.14B | $698.5M | $919.5M |
| Investing Activities | ||||||||
| Capital Expenditures | $270.4M | $193.6M | $193.5M | $244.3M | $307.6M | $185.4M | $118.0M | $155.8M |
| Business Acquisitions | — | — | $150.9M | $13.5M | $20.2M | $148.6M | $300.3M | $29.2M |
| Net Cash from Investing Activities | $-645.2M | $-393.3M | $-333.0M | $-145.1M | $-475.4M | $-260.5M | $-450.7M | $-307.5M |
| Financing Activities | ||||||||
| Dividends Paid | $663.9M | $572.4M | $558.8M | $679.1M | $491.5M | $450.6M | $417.3M | $296.1M |
| Stock Repurchases | — | — | — | — | — | — | — | — |
| Net Cash from Financing Activities | $-844.1M | $-626.9M | $-636.5M | $-840.6M | $-486.7M | $-461.8M | $-416.0M | $-286.2M |
| Net Change in Cash | $199.2M | $386.0M | $414.2M | $-218.9M | $40.1M | $431.1M | $-174.2M | $310.0M |
| Free Cash Flow | $1.36B | $1.24B | $1.18B | $544.0M | $704.8M | $949.9M | $580.5M | $763.8M |