GRMN (Garmin Ltd.) Stock Financials & Earnings | Market Cap Arena

GRMN (Garmin Ltd.) Stock Financials & Earnings | Market Cap Arena

GRMNGarmin Ltd.

Mkt Cap$46B

Technology·Hardware, Equipment & Parts·🇨🇭 Switzerland·NYSE

Revenue (TTM)$7.2B

Net Income (TTM)$1.7B

EPS (TTM)$8.60

Free Cash Flow (TTM)$1.4B

Gross Margin58.7%

Op. Margin25.9%

Net Margin23.0%

FCF Margin18.8%

P/S Ratio (TTM)6.4x

P/E Ratio (TTM)27.9x

YoY Rev Growth+15.1%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$1.1B	$653M	$197M
Q2 23	$1.3B	$759M	$284M
Q3 23	$1.3B	$729M	$270M
Q4 23	$1.5B	$864M	$340M
Q1 24	$1.4B	$802M	$298M
Q2 24	$1.5B	$863M	$342M
Q3 24	$1.6B	$952M	$437M
Q4 24	$1.8B	$1.1B	$516M
Q1 25	$1.5B	$885M	$333M
Q2 25	$1.8B	$1.1B	$472M
Q3 25	$1.8B	$1.0B	$457M
Q4 25	$2.1B	$1.3B	$614M

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	9.6x	48.2x
Q2 23	9.4x	46.7x
Q3 23	9.2x	44.6x
Q4 23	8.9x	36.0x
Q1 24	8.5x	34.1x
Q2 24	8.2x	33.7x
Q3 24	7.8x	30.6x
Q4 24	7.4x	32.9x
Q1 25	7.2x	31.6x
Q2 25	6.9x	29.6x
Q3 25	6.7x	29.6x
Q4 25	6.4x	27.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$279M	$232M
Q2 23	$274M	$221M
Q3 23	$357M	$312M
Q4 23	$466M	$417M
Q1 24	$435M	$402M
Q2 24	$255M	$218M
Q3 24	$258M	$219M
Q4 24	$484M	$399M
Q1 25	$421M	$381M
Q2 25	$173M	$127M
Q3 25	$486M	$425M
Q4 25	$554M	$430M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$47M
Q2 23	$53M
Q3 23	$46M
Q4 23	$49M
Q1 24	$33M
Q2 24	$37M
Q3 24	$39M
Q4 24	$85M
Q1 25	$40M
Q2 25	$46M
Q3 25	$61M
Q4 25	$124M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	-2.2%	+0.7%
Q2 23	+6.4%	+9.3%
Q3 23	+12.0%	+11.8%
Q4 23	+13.5%	+9.9%
Q1 24	+20.4%	+14.0%
Q2 24	+14.1%	+12.4%
Q3 24	+24.1%	+14.0%
Q4 24	+22.9%	+14.4%
Q1 25	+11.1%	+11.0%
Q2 25	+20.4%	+15.3%
Q3 25	+11.7%	+14.4%
Q4 25	+16.6%	+15.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$21M	1.8%
Q2 23	$23M	1.7%
Q3 23	$23M	1.8%
Q4 23	$35M	2.4%
Q1 24	$31M	2.2%
Q2 24	$35M	2.3%
Q3 24	$35M	2.2%
Q4 24	$36M	2.0%
Q1 25	$38M	2.5%
Q2 25	$45M	2.5%
Q3 25	$43M	2.4%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 23	$221M	$204M	$30M	—
Q2 23	$224M	$204M	$46M	—
Q3 23	$222M	$201M	$35M	—
Q4 23	$237M	$225M	$61M	—
Q1 24	$243M	—	—	$261M
Q2 24	$243M	—	—	$278M
Q3 24	$249M	—	—	$265M
Q4 24	$259M	—	—	$305M
Q1 25	$268M	—	—	$284M
Q2 25	$277M	—	—	$318M
Q3 25	$286M	—	—	$303M
Q4 25	$295M	—	—	$349M

Revenue Segments

Quarter	Automotive Mobile	Aviation	Fitness	Marine Segment	Outdoor
Q1 23	$81M	$214M	$245M	$279M	$329M
Q2 23	$105M	$217M	$335M	$216M	$448M
Q3 23	$110M	$198M	$353M	$182M	$434M
Q1 24	$129M	$217M	$343M	$327M	$366M
Q2 24	$147M	$218M	$428M	$273M	$440M
Q3 24	$169M	$205M	$464M	$222M	$527M
Q1 25	$169M	$223M	$385M	$319M	$438M
Q2 25	$170M	$249M	$605M	$299M	$490M
Q3 25	$165M	$240M	$601M	$267M	$498M
Q4 25	$160M	$274M	$766M	$297M	$628M

Revenue by Geography

Quarter	Americas	Asia Pacific	Emea
Q1 23	$612M	$180M	$356M
Q2 23	$642M	$221M	$458M
Q3 23	$628M	$210M	$439M
Q1 24	$716M	$202M	$463M
Q2 24	$741M	$224M	$542M
Q3 24	$725M	$249M	$613M
Q1 25	$746M	$220M	$569M
Q2 25	$878M	$259M	$677M
Q3 25	$796M	$283M	$693M
Q4 25	$1.0B	$288M	$803M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$1.4B	$189M	$1.6B
Q2 23	$1.4B	$254M	$1.7B
Q3 23	$1.4B	$273M	$1.7B
Q4 23	$1.7B	$275M	$2.0B
Q1 24	$1.9B	$275M	$2.2B
Q2 24	$1.9B	$289M	$2.2B
Q3 24	$2.0B	$415M	$2.4B
Q4 24	$2.1B	$421M	$2.5B
Q1 25	$2.2B	$499M	$2.7B
Q2 25	$2.1B	$515M	$2.6B
Q3 25	$2.1B	$467M	$2.5B
Q4 25	$2.3B	$459M	$2.7B

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	192M	-0.1%
Q2 23	192M	-0.2%
Q3 23	192M	+0.1%
Q4 23	193M	+0.4%
Q1 24	193M	+0.1%
Q2 24	193M	+0.1%
Q3 24	193M	+0.1%
Q4 24	194M	+0.3%
Q1 25	194M	-0.0%
Q2 25	193M	-0.2%
Q3 25	194M	+0.1%
Q4 25	194M	+0.1%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$257K	11K
FY 15	$242K	12K
FY 16	$260K	12K
FY 17	$251K	12K
FY 18	$257K	13K
FY 19	$251K	15K
FY 20	$262K	16K
FY 21	$266K	19K
FY 22	$247K	20K
FY 23	$263K	20K
FY 24	$289K	22K
FY 25	$315K	23K