Garmin Ltd.
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $7.25B | $6.30B | $5.23B | $4.86B | $4.98B | $4.19B | $3.76B | $3.35B |
| Cost of Revenue | $2.99B | $2.60B | $2.22B | $2.05B | $2.09B | $1.71B | $1.52B | $1.37B |
| Gross Profit | $4.26B | $3.70B | $3.00B | $2.81B | $2.89B | $2.48B | $2.23B | $1.98B |
| Gross Margin | 58.7% | 58.7% | 57.5% | 57.7% | 58.0% | 59.3% | 59.5% | 59.1% |
| Operating Expenses | ||||||||
| Research & Development | $1.13B | $993.6M | $904.7M | $834.9M | $778.8M | $652.3M | $605.4M | $567.8M |
| SG&A Expense | $1.25B | $1.11B | $1.01B | $944.0M | $721.3M | $623.6M | $518.6M | $478.2M |
| Operating Income | $1.88B | $1.59B | $1.09B | $1.03B | $1.22B | $1.05B | $945.6M | $778.3M |
| Operating Margin | 25.9% | 25.3% | 20.9% | 21.1% | 24.5% | 25.2% | 25.2% | 23.3% |
| Interest Expense | — | — | — | — | — | — | — | — |
| Pretax Income | $2.01B | $1.70B | $1.20B | $1.06B | $1.21B | $1.10B | $987.2M | $823.2M |
| Income Tax Expense | $350.6M | $284.0M | $-89.3M | $91.4M | $124.6M | $111.1M | $34.7M | $129.2M |
| Net Income | $1.66B | $1.41B | $1.29B | $973.6M | $1.08B | $992.3M | $952.5M | $694.1M |
| Net Margin | 23.0% | 22.4% | 24.7% | 20.0% | 21.7% | 23.7% | 25.3% | 20.7% |
| EPS (Basic) | $8.65 | $7.35 | $6.74 | $5.06 | $5.63 | $5.19 | $5.01 | $3.68 |
| EPS (Diluted) | $8.59 | $7.30 | $6.71 | $5.04 | $5.61 | $5.17 | $4.99 | $3.66 |
| Shares Outstanding (Basic) | 192.5M | 192.1M | 191.4M | 192.5M | 192.2M | 191.1M | 189.9M | 188.6M |
| Shares Outstanding (Diluted) | 193.6M | 193.3M | 192.1M | 193.0M | 193.0M | 191.9M | 190.9M | 189.7M |
| Dividends Per Share | — | — | — | — | $2.68 | $2.44 | $2.28 | $2.12 |