Garmin Ltd. (GRMN) quarterly income statement — complete revenue, gross profit & net income 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 |
|---|
| Sales/Revenue | 1.75B | 2.12B | 1.77B | 1.81B | 1.54B | 1.82B | 1.59B | 1.51B | 1.38B | 1.48B | 1.28B | 1.32B | 1.15B | 1.31B | 1.14B | 1.24B | 1.17B | 1.39B | 1.19B | 1.33B |
| Revenue Growth % | 14.23% | 16.59% | 11.66% | 20.44% | 11.11% | 22.94% | 24.15% | 14.07% | 20.41% | 13.48% | 12.02% | 6.44% | -2.15% | -6.12% | -4.32% | -6.49% | 9.36% | 2.97% | 7.46% | 52.54% |
| Cost of Goods Sold | 711.2M | 866.7M | 724.41M | 747.55M | 650.55M | 742.64M | 634.42M | 643.78M | 579.51M | 618.35M | 548.96M | 561.35M | 494.63M | 561.39M | 469.94M | 512.01M | 510.18M | 619.48M | 496.03M | 546.05M |
| COGS % of Revenue | 40.56% | 40.79% | 40.91% | 41.2% | 42.38% | 40.75% | 40% | 42.73% | 41.94% | 41.71% | 42.97% | 42.5% | 43.11% | 42.97% | 41.21% | 41.26% | 43.51% | 44.52% | 41.61% | 41.15% |
| Gross Profit | 1.04B | 1.26B | 1.05B | 1.07B | 884.54M | 1.08B | 951.6M | 862.89M | 802.14M | 864.15M | 728.57M | 759.44M | 652.79M | 744.97M | 670.5M | 728.83M | 662.48M | 772.11M | 695.95M | 780.85M |
| Gross Margin % | 59.44% | 59.21% | 59.09% | 58.8% | 57.62% | 59.25% | 60% | 57.27% | 58.06% | 58.29% | 57.03% | 57.5% | 56.89% | 57.03% | 58.79% | 58.74% | 56.49% | 55.48% | 58.39% | 58.85% |
| Gross Profit Growth % | 17.83% | 16.51% | 9.97% | 23.66% | 10.27% | 24.97% | 30.61% | 13.62% | 22.88% | 16% | 8.66% | 4.2% | -1.46% | -3.51% | -3.66% | -6.66% | 3.26% | -2.39% | 4.19% | 51.5% |
| Operating Expenses | 610.62M | 644.11M | 589.68M | 594.72M | 551.72M | 563.84M | 514.12M | 520.86M | 503.73M | 523.7M | 458.2M | 475.09M | 455.81M | 477.8M | 431.13M | 436.09M | 433.92M | 456.99M | 413.28M | 409.68M |
| OpEx % of Revenue | 34.82% | 30.31% | 33.3% | 32.77% | 35.94% | 30.94% | 32.42% | 34.57% | 36.46% | 35.33% | 35.87% | 35.97% | 39.72% | 36.57% | 37.8% | 35.14% | 37% | 32.84% | 34.67% | 30.87% |
| Selling, General & Admin | 314.81M | 349.12M | 303.22M | 318.05M | 283.6M | 305.09M | 264.96M | 277.71M | 261.19M | 286.45M | 236.63M | 250.69M | 234.33M | 262.08M | 222.43M | 234.57M | 224.92M | 235.21M | 199.22M | 208.7M |
| SG&A % of Revenue | 17.95% | 16.43% | 17.12% | 17.53% | 18.47% | 16.74% | 16.71% | 18.43% | 18.9% | 19.32% | 18.52% | 18.98% | 20.42% | 20.06% | 19.5% | 18.9% | 19.18% | 16.9% | 16.71% | 15.73% |
| Research & Development | 295.82M | 294.98M | 286.46M | 276.66M | 268.12M | 258.75M | 249.16M | 243.15M | 242.53M | 237.25M | 221.57M | 224.39M | 221.49M | 215.71M | 208.69M | 201.52M | 209.01M | 221.77M | 214.06M | 200.98M |
| R&D % of Revenue | 16.87% | 13.88% | 16.18% | 15.25% | 17.47% | 14.2% | 15.71% | 16.14% | 17.55% | 16% | 17.34% | 16.99% | 19.3% | 16.51% | 18.3% | 16.24% | 17.82% | 15.94% | 17.96% | 15.15% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -513K | 1000K | 254K | 938K | 1000K | 1000K | 0 | 285K | 170K | 0 | 1000K | 833K | 1000K |
| Operating Income | 431.67M | 614.15M | 456.8M | 472.3M | 332.82M | 516.08M | 437.48M | 342.03M | 298.41M | 340.45M | 270.37M | 284.36M | 196.98M | 267.17M | 239.37M | 292.74M | 228.56M | 315.12M | 282.67M | 371.17M |
| Operating Margin % | 24.62% | 28.9% | 25.79% | 26.03% | 21.68% | 28.32% | 27.58% | 22.7% | 21.6% | 22.96% | 21.16% | 21.53% | 17.17% | 20.45% | 20.99% | 23.59% | 19.49% | 22.64% | 23.71% | 27.97% |
| Operating Income Growth % | 29.7% | 19% | 4.42% | 38.09% | 11.53% | 51.59% | 61.81% | 20.28% | 51.49% | 27.43% | 12.95% | -2.86% | -13.81% | -15.21% | -15.32% | -21.13% | -8.45% | -15.12% | -10.86% | 97.02% |
| EBITDA | 480.79M | 660.41M | 505.91M | 519.4M | 379.12M | 562.62M | 481.73M | 386.14M | 343.24M | 385.79M | 315M | 328.54M | 240.4M | 308.67M | 278.87M | 334.38M | 269.77M | 356.18M | 321.75M | 408.96M |
| EBITDA Margin % | 27.42% | 31.08% | 28.57% | 28.62% | 24.7% | 30.87% | 30.37% | 25.63% | 24.84% | 26.02% | 24.66% | 24.87% | 20.95% | 23.63% | 24.45% | 26.95% | 23% | 25.6% | 26.99% | 30.82% |
| EBITDA Growth % | 26.82% | 17.38% | 5.02% | 34.51% | 10.46% | 45.84% | 52.93% | 17.53% | 42.78% | 24.98% | 12.96% | -1.75% | -10.89% | -13.34% | -13.33% | -18.24% | -5.86% | -12.67% | -7.99% | 87.84% |
| D&A (Non-Cash Add-back) | 49.13M | 46.25M | 49.1M | 47.1M | 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 |
| EBIT | 472.53M | 614.15M | 509.82M | 472.3M | 332.82M | 516.08M | 437.48M | 342.03M | 298.41M | 340.45M | 270.37M | 284.36M | 196.98M | 267.17M | 239.37M | 292.74M | 228.56M | 315.12M | 282.67M | 371.17M |
| Net Interest Income | 35.97M | 34.56M | 32.09M | 31.72M | 30.51M | 30.38M | 28.83M | 29.29M | 25.03M | 22.84M | 19.8M | 18.76M | 15.9M | 14.31M | 10.47M | 8.49M | 7.55M | 7M | 6.9M | 7.02M |
| Interest Income | 35.97M | 34.56M | 32.09M | 31.72M | 30.51M | 30.38M | 28.83M | 29.29M | 25.03M | 22.84M | 19.8M | 18.76M | 15.9M | 14.31M | 10.47M | 8.49M | 7.55M | 7M | 6.9M | 7.02M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 40.86M | 21.23M | 53.02M | 7.96M | 56.25M | 57K | 48.77M | 23.95M | 28.63M | 42.58M | 9.2M | 31.62M | 24.79M | 62.7M | -19.11M | -13.77M | 7.31M | -6.28M | -7.28M | 887K |
| Pretax Income | 472.53M | 635.39M | 509.82M | 480.25M | 389.08M | 516.14M | 486.25M | 365.97M | 327.04M | 383.04M | 279.57M | 315.98M | 221.77M | 329.88M | 220.27M | 278.97M | 235.86M | 308.84M | 275.39M | 372.06M |
| Pretax Margin % | 26.95% | 29.9% | 28.79% | 26.47% | 25.35% | 28.32% | 30.66% | 24.29% | 23.67% | 25.84% | 21.88% | 23.92% | 19.33% | 25.25% | 19.31% | 22.48% | 20.11% | 22.19% | 23.1% | 28.04% |
| Income Tax | 67.45M | 106.7M | 108.2M | 79.43M | 56.31M | 80.41M | 87.14M | 65.34M | 51.08M | -159.09M | 22.33M | 28.04M | 19.45M | 36.6M | 9.42M | 21.09M | 24.27M | 22.7M | 16.35M | 55.06M |
| Effective Tax Rate % | 14.27% | 16.79% | 21.22% | 16.54% | 14.47% | 15.58% | 17.92% | 17.85% | 15.62% | -41.53% | 7.99% | 8.87% | 8.77% | 11.1% | 4.28% | 7.56% | 10.29% | 7.35% | 5.94% | 14.8% |
| 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 |
| Net Margin % | 23.1% | 24.88% | 22.68% | 22.09% | 21.68% | 23.91% | 25.16% | 19.95% | 19.97% | 36.57% | 20.14% | 21.8% | 17.63% | 22.45% | 18.49% | 20.78% | 18.04% | 20.56% | 21.73% | 23.89% |
| Net Income Growth % | 21.73% | 21.33% | 0.63% | 33.33% | 20.59% | -19.63% | 55.15% | 4.41% | 36.39% | 84.85% | 22% | 11.66% | -4.38% | 2.49% | -18.6% | -18.65% | -3.83% | -14.21% | -17.35% | 72.11% |
| Net Income (Continuing) | 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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.09 | 2.73 | 2.08 | 2.07 | 1.72 | 2.25 | 2.07 | 1.56 | 1.43 | 2.82 | 1.34 | 1.50 | 1.05 | 1.53 | 1.09 | 1.33 | 1.09 | 1.48 | 1.34 | 1.64 |
| EPS Growth % | 21.51% | 21.33% | 0.48% | 32.69% | 20.28% | -20.21% | 54.48% | 4% | 36.19% | 84.31% | 22.94% | 12.78% | -3.67% | 3.38% | -18.66% | -18.9% | -4.39% | -14.45% | -17.79% | 70.83% |
| EPS (Basic) | 2.10 | 2.75 | 2.09 | 2.08 | 1.73 | 2.27 | 2.08 | 1.57 | 1.44 | 2.83 | 1.34 | 1.51 | 1.06 | 1.53 | 1.09 | 1.34 | 1.10 | 1.49 | 1.35 | 1.65 |
| Diluted Shares Outstanding | 193.56M | 193.78M | 193.53M | 193.42M | 193.72M | 193.76M | 193.17M | 192.9M | 192.7M | 192.56M | 191.87M | 191.6M | 191.89M | 192.1M | 193.1M | 193.45M | 193.58M | 193.31M | 193.19M | 192.87M |
| Basic Shares Outstanding | 192.67M | 192.34M | 192.46M | 192.52M | 192.54M | 192.07M | 192.2M | 192.07M | 191.89M | 191.36M | 191.44M | 191.29M | 191.5M | 191.61M | 192.67M | 193.07M | 192.89M | 192.35M | 192.32M | 192.15M |
| Dividend Payout Ratio | 42.87% | 32.72% | 43.12% | 43.21% | 43.44% | 33.04% | 36.11% | 47.91% | 50.81% | 25.75% | 54.32% | 48.48% | 69.12% | 95.48% | 66.79% | 50.18% | 60.9% | 45.03% | 49.7% | 36.97% |