GRMN

MKT CAP:$50B

Garmin Ltd.

Market Cap

$50B

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

Technology·Hardware,·🇨🇭·NYSE

Stock Price

$259.46+$57.02 (+28.17%)

Apr 24, 2026

Company Details

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices in the Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa. Its Fitness segment offers running and multi-spo...

CEO

Clifton Albert Pemble

IPO Date

Dec 8, 2000

Website

www.garmin.com

Key Metrics TTM

Revenue

$7.2B

+15.1% YoY

Net Income

$1.7B

EPS (Diluted)

$8.60

Free Cash Flow

$1.4B

Revenue / Share

$37.39

Gross Margin

58.7%

Operating Margin

25.9%

Net Margin

23.0%

FCF Margin

18.8%

P/S

6.9x

P/E

30.0x

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Feb 18, 2026

$7.2B+15.1%EPS $8.59

Q4 2025

Feb 18, 2026

$2.1B+16.6%EPS $2.73

Q3 2025

Oct 29, 2025

$1.8B+11.7%EPS $2.08

Q2 2025

Jul 30, 2025

$1.8B+20.4%EPS $2.07

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$1.2B	$662M	$229M
Q2 22	$1.2B	$729M	$293M
Q3 22	$1.1B	$670M	$239M
Q4 22	$1.3B	$745M	$267M
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

Valuation

Quarter	P/S	P/E
Q1 22	4.5x	21.4x
Q2 22	3.9x	19.0x
Q3 22	3.2x	16.3x
Q4 22	3.9x	19.3x
Q1 23	4.0x	20.0x
Q2 23	4.0x	20.0x
Q3 23	3.9x	19.0x
Q4 23	4.5x	18.3x
Q1 24	5.2x	20.8x
Q2 24	5.5x	22.5x
Q3 24	5.7x	22.3x
Q4 24	6.3x	28.2x
Q1 25	6.5x	28.5x
Q2 25	5.9x	25.6x
Q3 25	6.8x	30.1x
Q4 25	5.5x	23.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$186M	$125M
Q2 22	$80M	$4M
Q3 22	$154M	$103M
Q4 22	$369M	$309M
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

Quarter	CapEx
Q1 22	$60M
Q2 22	$75M
Q3 22	$51M
Q4 22	$60M
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

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+9.4%	+14.8%
Q2 22	-6.5%	-0.8%
Q3 22	-4.3%	-0.9%
Q4 22	-6.1%	-3.5%
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 22	$25M	2.1%
Q2 22	$15M	1.2%
Q3 22	$18M	1.6%
Q4 22	$19M	1.4%
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 22	$209M	$191M	$34M	—
Q2 22	$202M	$191M	$43M	—
Q3 22	$209M	$190M	$33M	—
Q4 22	$216M	$204M	$58M	—
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 22	$138M	$175M	$221M	$254M	$385M
Q2 22	$139M	$205M	$272M	$243M	$382M
Q4 22	$146M	$225M	$337M	$211M	$388M
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 22	$571M	$205M	$397M
Q2 22	$646M	$182M	$413M
Q3 22	$563M	$194M	$383M
Q4 22	$649M	$217M	$441M
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 22	$1.4B	$375M	$1.8B
Q2 22	$1.1B	$527M	$1.6B
Q3 22	$1.1B	$379M	$1.5B
Q4 22	$1.3B	$173M	$1.5B
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

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	194M	+0.1%	+0.4%
Q2 22	193M	-0.1%	+0.3%
Q3 22	193M	-0.2%	-0.0%
Q4 22	192M	-0.5%	-0.6%
Q1 23	192M	-0.1%	-0.9%
Q2 23	192M	-0.2%	-1.0%
Q3 23	192M	+0.1%	-0.6%
Q4 23	193M	+0.4%	+0.2%
Q1 24	193M	+0.1%	+0.4%
Q2 24	193M	+0.1%	+0.7%
Q3 24	193M	+0.1%	+0.7%
Q4 24	194M	+0.3%	+0.6%
Q1 25	194M	-0.0%	+0.5%
Q2 25	193M	-0.2%	+0.3%
Q3 25	194M	+0.1%	+0.2%
Q4 25	194M	+0.1%	+0.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$62.7K	19K
Q2 22	$66.4K	19K
Q3 22	$61.0K	19K
Q4 22	$66.3K	20K
Q1 23	$58.2K	20K
Q2 23	$67.0K	20K
Q3 23	$64.8K	20K
Q4 23	$74.5K	20K
Q1 24	$69.4K	20K
Q2 24	$75.7K	20K
Q3 24	$79.7K	20K
Q4 24	$83.6K	22K
Q1 25	$70.4K	22K
Q2 25	$83.2K	22K
Q3 25	$81.2K	22K
Q4 25	$92.4K	23K

Revenue / Employee