Garmin Ltd. (GRMN) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 535.99M | 553.78M | 485.62M | 173.17M | 420.79M | 483.89M | 257.95M | 255.32M | 435.31M | 465.94M | 357.41M | 273.7M | 279.21M | 368.67M | 154.12M | 79.84M | 185.63M | 168.96M | 245.42M | 229.68M |
| Operating CF Margin % | 30.57% | 26.06% | 27.42% | 9.54% | 27.41% | 26.55% | 16.26% | 16.95% | 31.51% | 31.43% | 27.98% | 20.72% | 24.33% | 28.22% | 13.51% | 6.43% | 15.83% | 12.14% | 20.59% | 17.31% |
| Operating CF Growth % | 27.38% | 14.44% | 88.26% | -32.18% | -3.33% | 3.85% | -27.83% | -6.72% | 55.91% | 26.39% | 131.91% | 242.8% | 50.41% | 118.19% | -37.2% | -65.24% | -49.61% | -61.23% | -10.54% | 15.28% |
| Net Income | 405.08M | 528.68M | 401.62M | 400.82M | 332.77M | 435.73M | 399.11M | 300.63M | 275.96M | 542.13M | 257.24M | 287.94M | 202.33M | 293.27M | 210.85M | 257.87M | 211.59M | 286.14M | 259.04M | 317M |
| Depreciation & Amortization | 49.13M | 46.25M | 49.1M | 29.68M | 46.3M | 46.54M | 44.26M | 44.11M | 44.83M | 45.34M | 44.63M | 44.19M | 43.41M | 41.5M | 39.5M | 41.64M | 41.21M | 41.06M | 39.08M | 37.79M |
| Stock-Based Compensation | 43.32M | 0 | 42.72M | 44.51M | 37.77M | 36.12M | 35.06M | 35.26M | 30.72M | 35.21M | 22.82M | 22.66M | 20.73M | 18.93M | 18.12M | 15.05M | 24.71M | 23.87M | 23.36M | 22.6M |
| Deferred Taxes | 3.3M | 63.22M | 69.08M | -38.16M | -11.59M | -34.17M | -18.19M | -26.17M | -9.61M | -250.56M | -21.36M | -53.15M | -15.71M | -42.15M | -34.75M | -40.39M | -26M | -13.73M | 2.8M | 5.06M |
| Other Non-Cash Items | -93.75M | 42.98M | -20.86M | 40.81M | -38.9M | 47.5M | -28.83M | 360K | 2.96M | -35.2M | 23.05M | -12.14M | -976K | -51.79M | 24.5M | 26.57M | -6.24M | 11.94M | 12.09M | 4.61M |
| Working Capital Changes | 128.91M | -127.35M | -56.04M | -304.49M | 54.44M | -47.84M | -173.45M | -98.88M | 90.45M | 129.03M | 31.02M | -15.8M | 29.43M | 108.91M | -104.1M | -220.91M | -59.64M | -180.31M | -90.93M | -157.38M |
| Change in Receivables | 301.79M | -291.63M | 50.92M | -195.19M | 213.09M | -92.69M | -94.97M | -117.05M | 108.45M | -74.36M | 8.08M | -109.7M | 46.87M | 10.67M | 34.24M | -115.71M | 238.13M | -216.13M | 93.1M | -177.6M |
| Change in Inventory | -95.06M | 106.82M | -118.6M | -104.04M | -102.24M | -14.95M | -152.5M | -27.91M | 16.55M | 133.05M | -72K | 67.82M | 43.71M | 78.98M | -147.55M | -159.96M | -134.81M | -119.07M | -180.19M | -89.74M |
| Change in Payables | 3.41M | -22.99M | -4.94M | 10.04M | -12.63M | -3.68M | 32.25M | 93.35M | -1.28M | -26.84M | 10.13M | 49.41M | -4.2M | -67.07M | -34.37M | 32.11M | -61.94M | 51.34M | 13.46M | 47.61M |
| Cash from Investing | -252.37M | -131.41M | -267.72M | -113.51M | -132.6M | -202.57M | -47.61M | -106.28M | -36.88M | -65.28M | -197.56M | -62.23M | -7.9M | 174.03M | 78.01M | -261.27M | -135.88M | -163.66M | -113.69M | -93.91M |
| Capital Expenditures | -66.62M | -124.17M | -60.53M | -45.68M | -40.06M | -84.7M | -38.54M | -37.16M | -33.17M | -48.98M | -45.86M | -53.05M | -47.15M | -59.85M | -50.65M | -75.42M | -60.26M | -120.22M | -41.66M | -110.06M |
| CapEx % of Revenue | 3.8% | 5.84% | 3.42% | 2.52% | 2.61% | 4.65% | 2.43% | 2.47% | 2.4% | 3.3% | 3.59% | 4.02% | 4.11% | 4.58% | 4.44% | 6.08% | 5.14% | 8.64% | 3.49% | 8.29% |
| Acquisitions | 0 | 0 | -173.68M | 0 | 0 | -21.45M | 0 | 0 | 5.01M | 329K | -150.85M | 515K | 142K | 16.08M | -2.61M | 541K | -10.83M | -4.28M | -238K | -410K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -307K | -65K | -116K | 217.71M | 87.29M | 15.49M | -137K | -98K | -223K | -268K | 5K | -505K | 0 | -15.37M | 0 | 0 | 1.13M | 9K | 256K | 418K |
| Cash from Financing | -260.05M | -218.6M | -209.73M | -210.94M | -204.81M | -177.42M | -163.74M | -129.49M | -156.2M | -150.36M | -149.08M | -144.78M | -192.29M | -362.64M | -220.94M | -133.72M | -123.32M | -142.2M | -128.77M | -99.45M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -86.42M | -45.64M | -36.56M | -37.76M | -60.24M | -33.44M | -19.61M | 14.54M | -15.99M | -19.45M | -9.35M | -5.19M | -52.44M | -82.62M | -80.11M | -25.23M | -14.61M | -13.35M | -32K | -323K |
| Dividends Paid | -173.64M | -172.97M | -173.17M | -173.18M | -144.57M | -143.98M | -144.13M | -144.03M | -140.21M | -139.6M | -139.72M | -139.59M | -139.85M | -280.02M | -140.82M | -129.39M | -128.86M | -128.85M | -128.74M | -117.2M |
| Share Repurchases | -86.42M | -74.58M | -36.56M | -66.82M | -60.24M | -58.87M | -19.61M | -9.99M | -15.99M | -19.45M | -9.35M | -27.14M | -52.44M | -103.79M | -80.12M | -25.23M | -14.61M | -13.35M | -32K | -323K |
| Other Financing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.7M | 0 | 0 | 0 | 0 | 0 | 20.9M | 20.15M | 0 | 0 | 18.08M |
| Net Change in Cash | 11.28M | 205.8M | 637K | -103.3M | 96.05M | 70.08M | 71.9M | 15.7M | 228.33M | 270.62M | -2.67M | 63.89M | 82.41M | 196.87M | -5.08M | -330.19M | -80.53M | -140.99M | -390K | 39.98M |
| Free Cash Flow | 469.37M | 429.61M | 425.08M | 127.5M | 380.73M | 399.19M | 219.41M | 218.16M | 402.14M | 416.96M | 311.55M | 220.66M | 232.06M | 308.81M | 103.46M | 4.42M | 125.37M | 48.74M | 203.77M | 119.62M |
| FCF Margin % | 26.77% | 20.22% | 24% | 7.03% | 24.8% | 21.9% | 13.83% | 14.48% | 29.11% | 28.13% | 24.39% | 16.71% | 20.22% | 23.64% | 9.07% | 0.36% | 10.69% | 3.5% | 17.09% | 9.02% |
| FCF Growth % | 23.28% | 7.62% | 93.74% | -41.56% | -5.32% | -4.26% | -29.58% | -1.13% | 73.29% | 35.02% | 201.12% | 4893.32% | 85.1% | 533.55% | -49.22% | -96.31% | -62.09% | -87.41% | -13.39% | -15.7% |
| FCF per Share | 2.42 | 2.22 | 2.20 | 0.66 | 1.97 | 2.06 | 1.14 | 1.13 | 2.09 | 2.17 | 1.62 | 1.15 | 1.21 | 1.61 | 0.54 | 0.02 | 0.65 | 0.25 | 1.05 | 0.62 |
| FCF Conversion (FCF/Net Income) | 1.32x | 1.05x | 1.21x | 0.43x | 1.26x | 1.11x | 0.65x | 0.85x | 1.58x | 0.86x | 1.39x | 0.95x | 1.38x | 1.26x | 0.73x | 0.31x | 0.88x | 0.59x | 0.95x | 0.72x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |