Garmin Ltd. (GRMN) financial statements: income statement, balance sheet and cash flow
Garmin Ltd.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 27, 2025 · FY), Garmin Ltd. reported revenue of $7.2B (+15.1% year on year) and net income of $1.7B (+17.9% year on year).
Income statement
Garmin Ltd. income statement, fiscal years
Line item
Dec 27, 2025 · FY
Dec 28, 2024 · FY
Dec 30, 2023 · FY
Dec 31, 2022 · FY
Net sales
$7.2B
$6.3B
$5.2B
$4.9B
Cost of goods sold
$3.0B
$2.6B
$2.2B
$2.1B
Gross profit
$4.3B
$3.7B
$3.0B
$2.8B
Research and development expense
$1.1B
$993.6M
$904.7M
$834.9M
Selling, general and administrative expenses
$1.3B
$1.1B
$835.0M
$776.0M
Total operating expense
$2.4B
$2.1B
$1.9B
$1.8B
Operating income
$1.9B
$1.6B
$1.1B
$1.0B
Interest income
$128.9M
$113.5M
$77.3M
$40.8M
Foreign currency gains (losses)
$7.8M
($20.6M)
$26.4M
($11.3M)
Other income
$1.7M
$8.5M
$4.5M
$7.6M
Total other income (expense)
$138.5M
$101.4M
$108.2M
$37.1M
Income before income taxes
$2.0B
$1.7B
$1.2B
$1.1B
Current
$268.1M
$373.6M
$250.4M
$233.8M
Deferred
$82.5M
($89.6M)
($339.7M)
($142.5M)
Total income tax provision (benefit)
$350.6M
$284.0M
($89.3M)
$91.4M
Net income
$1.7B
$1.4B
$1.3B
$973.6M
Basic net income per share
$8.65
$7.35
$6.74
$5.06
Diluted net income per share
$8.59
$7.30
$6.71
$5.04
Garmin Ltd. income statement, quarters
Line item
Jun 27, 2026 · Q2
Mar 28, 2026 · Q1
Sep 27, 2025 · Q3
Jun 28, 2025 · Q2
Net sales
$2.0B
$1.8B
$1.8B
$1.8B
Cost of goods sold
$760.1M
$711.2M
$724.4M
$747.6M
Gross profit
$1.3B
$1.0B
$1.0B
$1.1B
Research and development expense
$303.9M
$295.8M
$286.5M
$276.7M
Selling, general and administrative expenses
$342.6M
$314.8M
$303.2M
$318.1M
Total operating expense
$646.5M
$610.6M
$589.7M
$594.7M
Operating income
$615.5M
$431.7M
$456.8M
$472.3M
Interest income
$38.2M
$36.0M
$32.1M
$31.7M
Foreign currency (losses) gains
($2.5M)
$3.1M
$20.3M
($23.5M)
Other (expense) income
($128.0K)
$1.8M
$598.0K
($256.0K)
Total other income (expense)
$35.6M
$40.9M
$53.0M
$8.0M
Income before income taxes
$651.1M
$472.5M
$509.8M
$480.3M
Income tax provision
$109.1M
$67.5M
$108.2M
$79.4M
Net income
$541.9M
$405.1M
$401.6M
$400.8M
Basic
$2.81
$2.10
$2.09
$2.08
Diluted
$2.80
$2.09
$2.08
$2.07
Basic
192.8M
192.7M
192.5M
192.5M
Diluted
193.5M
193.6M
193.5M
193.4M
Balance sheet
Garmin Ltd. balance sheet, fiscal years
Line item
Dec 27, 2025 · FY
Dec 28, 2024 · FY
Dec 30, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$2.3B
$2.1B
$1.7B
$1.3B
Marketable securities
$459.2M
$421.3M
$274.6M
$173.3M
Accounts receivable, less allowance for doubtful accounts of $9,191 in 2025 and $8,644 in 2024
$1.3B
$983.4M
$815.2M
$656.8M
Inventories
$1.8B
$1.5B
$1.3B
$1.5B
Deferred costs
$17.5M
$24.0M
$16.3M
$14.9M
Prepaid expenses and other current assets
$467.6M
$354.0M
$318.6M
$315.9M
Total current assets
$6.2B
$5.3B
$4.5B
$4.0B
Property and equipment, net
$1.4B
$1.2B
$1.2B
$1.1B
Operating lease right-of-use assets
$196.2M
$164.7M
$143.7M
$138.0M
Noncurrent marketable securities
$1.4B
$1.2B
$1.1B
$1.2B
Deferred income tax assets
$718.1M
$822.5M
$754.6M
$441.1M
Noncurrent deferred costs
$4.4M
$6.9M
$11.1M
$9.8M
Goodwill
$760.2M
$603.9M
$608.5M
$568.0M
Other intangible assets, net
$198.4M
$154.2M
$186.6M
$178.5M
Other noncurrent assets
$95.9M
$107.0M
$85.7M
$85.3M
Total assets
$11.0B
$9.6B
$8.6B
$7.7B
Accounts payable
$347.5M
$359.4M
$253.8M
$212.4M
Salaries and benefits payable
$228.3M
$210.9M
$190.0M
$176.1M
Accrued warranty costs
$72.9M
$62.5M
$55.7M
$51.0M
Accrued sales program costs
$153.2M
$108.5M
$98.6M
$97.8M
Other accrued expenses
$257.7M
$216.7M
$245.9M
$197.4M
Deferred revenue
$105.6M
$111.0M
$101.2M
$91.1M
Income taxes payable
$381.5M
$294.6M
$225.5M
$246.2M
Dividend payable
$173.4M
$144.3M
$140.0M
$139.7M
Total current liabilities
$1.7B
$1.5B
$1.3B
$1.2B
Deferred income tax liabilities
$109.7M
$103.3M
$114.7M
$130.0M
Noncurrent income taxes payable
$3.6M
$7.0M
$16.5M
$34.6M
Noncurrent deferred revenue
$22.3M
$28.3M
$36.1M
$35.7M
Noncurrent operating lease liabilities
$164.8M
$134.9M
$113.0M
$114.5M
Other noncurrent liabilities
$625.0K
$776.0K
$436.0K
$360.0K
Common shares, $0.10 par value (194,901 and 194,901 shares authorized and issued;192,620 and 192,468 shares outstanding)
19.5M
19.5M
19.6M
18.0M
Additional paid-in capital
$2.4B
$2.2B
$2.1B
$2.0B
Treasury shares (2,281 and 2,433 shares)
-406.4M
-270.5M
-330.9M
-475.1M
Retained earnings
$7.0B
$6.0B
$5.3B
$4.7B
Accumulated other comprehensive income (loss)
$20.6M
($147.2M)
($65.6M)
($114.5M)
Total stockholders’ equity
$9.0B
$7.8B
$7.0B
$6.2B
Total liabilities and stockholders’ equity
$11.0B
$9.6B
$8.6B
$7.7B
Garmin Ltd. balance sheet, quarters
Line item
Jun 27, 2026
Mar 28, 2026
Sep 27, 2025
Jun 28, 2025
Cash and cash equivalents
$2.3B
$2.3B
$2.1B
$2.1B
Marketable securities
$332.0M
$411.0M
$466.8M
$515.0M
Accounts receivable, net
$1.2B
$941.0M
$955.6M
$1.0B
Inventories
$2.0B
$1.9B
$1.9B
$1.8B
Deferred costs
$13.7M
$15.3M
$17.5M
$18.5M
Prepaid expenses and other current assets
$509.5M
$489.7M
$410.3M
$415.1M
Total current assets
$6.3B
$6.0B
$5.8B
$5.8B
Property and equipment, net of accumulated depreciation of $1,360,259 and $1,292,250
$1.5B
$1.4B
$1.3B
$1.3B
Operating lease right-of-use assets
$212.3M
$203.4M
$187.8M
$179.3M
Noncurrent marketable securities
$1.7B
$1.6B
$1.4B
$1.3B
Deferred income tax assets
$717.8M
$721.9M
$782.1M
$852.6M
Noncurrent deferred costs
$3.9M
$4.0M
$4.8M
$5.2M
Goodwill
$748.5M
$750.6M
$757.3M
$640.6M
Other intangible assets, net
$179.1M
$186.9M
$206.0M
$147.3M
Other noncurrent assets
$95.8M
$92.3M
$101.1M
$103.1M
Total assets
$11.4B
$11.0B
$10.5B
$10.3B
Accounts payable
$401.3M
$344.7M
$378.0M
$397.3M
Salaries and benefits payable
$201.3M
$224.7M
$240.1M
$193.6M
Accrued warranty costs
$71.6M
$70.9M
$71.7M
$71.2M
Accrued sales program costs
$118.5M
$92.5M
$86.6M
$104.3M
Other accrued expenses
$249.8M
$233.2M
$231.2M
$254.4M
Deferred revenue
$107.0M
$100.8M
$105.0M
$108.4M
Income taxes payable
$326.1M
$308.3M
$293.5M
$283.0M
Dividend payable
$607.7M
$0
$346.3M
$519.9M
Total current liabilities
$2.1B
$1.4B
$1.8B
$1.9B
Deferred income tax liabilities
$107.4M
$111.7M
$109.0M
$89.2M
Noncurrent income taxes payable
$3.8M
$3.6M
$3.4M
$3.7M
Noncurrent deferred revenue
$22.1M
$22.5M
$23.2M
$24.6M
Noncurrent operating lease liabilities
$178.0M
$167.6M
$155.8M
$148.6M
Other noncurrent liabilities
$557.0K
$638.0K
$914.0K
$844.0K
Common shares, $0.10 par value (194,901 and 194,901 shares authorized and issued;192,910 and 192,620 shares outstanding)
19.5M
19.5M
19.5M
19.5M
Additional paid-in capital
$2.4B
$2.3B
$2.4B
$2.3B
Treasury shares (1,991 and 2,281 shares)
-427.8M
-415.6M
-392.7M
-356.4M
Retained earnings
$7.1B
$7.4B
$6.4B
$6.0B
Accumulated other comprehensive income (loss)
($50.5M)
($43.0M)
$50.0M
$105.2M
Total stockholders’ equity
$9.0B
$9.3B
$8.5B
$8.1B
Total liabilities and stockholders’ equity
$11.4B
$11.0B
$10.5B
$10.3B
Cash flow statement
Garmin Ltd. cash flow statement, fiscal years
Line item
Dec 27, 2025 · FY
Dec 28, 2024 · FY
Dec 30, 2023 · FY
Dec 31, 2022 · FY
Net income
$1.7B
$1.4B
$1.3B
$973.6M
Depreciation
$152.6M
$140.5M
$132.3M
$118.7M
Amortization
$36.1M
$39.2M
$45.2M
$45.1M
Loss (gain) on sale or disposal of property and equipment
$881.0K
($4.9M)
$215.0K
($2.1M)
Unrealized foreign currency (gains) losses
($36.2M)
$26.9M
($25.5M)
($5.9M)
Deferred income taxes
$82.5M
($88.1M)
($340.8M)
($143.3M)
Stock compensation expense
$166.0M
$137.2M
$101.4M
$76.8M
Realized gains on marketable securities
$899.0K
$8.0K
$62.0K
$986.0K
Accounts receivable, net of allowance for doubtful accounts
($222.8M)
($196.3M)
($129.1M)
$167.3M
Inventories
($218.1M)
($178.8M)
$244.5M
($363.3M)
Other current and noncurrent assets
$1.9M
($42.1M)
$7.9M
$72.2M
Accounts payable
($30.5M)
$120.6M
$28.5M
($131.3M)
Other current and noncurrent liabilities
$85.2M
$24.5M
$52.2M
($71.8M)
Deferred revenue
($11.8M)
$2.2M
$10.4M
($2.4M)
Deferred costs
$9.1M
($3.6M)
($2.7M)
$3.6M
Income Taxes
($46.4M)
$43.7M
($38.0M)
$49.9M
Net cash provided by operating activities
$1.6B
$1.4B
$1.4B
$788.3M
Purchases of property and equipment
($270.4M)
($193.6M)
($193.5M)
($244.3M)
Purchase of marketable securities
($839.9M)
($507.5M)
($170.7M)
($1.1B)
Redemption of marketable securities
$640.4M
$309.2M
$183.4M
$1.2B
Acquisitions, net of cash acquired
($175.7M)
($16.4M)
($150.9M)
($13.5M)
Other investing activities, net
$322.0K
$15.0M
—
—
Net cash used in investing activities
($645.2M)
($393.3M)
($333.0M)
($145.1M)
Dividends
($663.9M)
($572.4M)
($558.8M)
($679.1M)
Proceeds from issuance of treasury shares related to equity awards
58.0M
50.0M
44.1M
62.2M
Purchase of treasury shares related to equity awards
-57.2M
-42.1M
-22.8M
-22.7M
Purchase of treasury shares under share repurchase plan
-181.0M
-62.3M
-99.0M
-201.0M
Net cash used in financing activities
($844.1M)
($626.9M)
($636.5M)
($840.6M)
Effect of exchange rate changes on cash and cash equivalents
$55.2M
($26.3M)
$7.5M
($21.4M)
Net increase in cash, cash equivalents, and restricted cash
$199.2M
$386.0M
$414.2M
($218.9M)
Cash, cash equivalents, and restricted cash at beginning of year
$2.1B
$1.7B
$1.3B
$1.5B
Cash, cash equivalents, and restricted cash at end of year
$2.3B
$2.1B
$1.7B
$1.3B
Decrease in accrued capital expenditures related to purchases of property and equipment
($1.7M)
($2.9M)
($634.0K)
($4.3M)
Change in marketable securities related to unrealized appreciation
$42.6M
$31.3M
$45.5M
($107.4M)
Fair value of assets acquired
$214.2M
$27.9M
$189.3M
$15.3M
Fair value of liabilities assumed
($32.7M)
($5.4M)
($37.4M)
($1.6M)
Less: cash acquired
($5.9M)
($6.0M)
($1.1M)
($261.0K)
Cash paid for acquisitions, net of cash acquired
$175.7M
$16.4M
$150.9M
$13.5M
Garmin Ltd. cash flow statement, quarters
Line item
Jun 27, 2026 · YTD
Mar 28, 2026 · Q1
Sep 27, 2025 · YTD
Jun 28, 2025 · YTD
Net income
$947.0M
$405.1M
$1.1B
$733.6M
Depreciation
$81.3M
$40.4M
$115.6M
$76.0M
Amortization
$16.7M
$8.7M
$26.9M
$17.4M
Loss on sale or disposal of property and equipment
$55.0K
$42.0K
$375.0K
$350.0K
Unrealized foreign currency losses (gains)
$2.6M
$1.5M
($37.6M)
($16.6M)
Deferred income taxes
$3.4M
$3.3M
$19.3M
($49.8M)
Stock compensation expense
$88.8M
$43.3M
$125.0M
$82.3M
Realized loss on marketable securities
$597.0K
($318.0K)
$857.0K
$706.0K
Accounts receivable, net of allowance for doubtful accounts
$84.2M
$301.8M
$68.8M
$17.9M
Inventories
($209.4M)
($95.1M)
($324.9M)
($206.3M)
Other current and non-current assets
($44.7M)
($29.1M)
($18.5M)
($37.1M)
Accounts payable
$59.5M
$3.4M
($7.5M)
($2.6M)
Other current and non-current liabilities
($68.3M)
($90.4M)
$1.9M
$2.4M
Deferred revenue
$1.2M
($4.5M)
($11.6M)
($6.8M)
Deferred costs
$4.3M
$2.5M
$8.7M
$7.3M
Income Taxes
($27.8M)
($54.8M)
($23.1M)
($24.8M)
Net cash provided by operating activities
$939.5M
$536.0M
$1.1B
$594.0M
Purchases of property and equipment
($194.4M)
($66.6M)
($146.3M)
($85.7M)
Purchase of marketable securities
($510.5M)
($333.3M)
($724.1M)
($465.4M)
Redemption of marketable securities
$311.3M
$147.9M
$531.8M
$306.5M
Net payments for acquisitions
($3.0M)
$0
($175.7M)
($2.0M)
Other investing activities, net
($68.0K)
($307.0K)
$387.0K
$503.0K
Net cash used in investing activities
($396.7M)
($252.4M)
($513.8M)
($246.1M)
Dividends
($376.0M)
($173.6M)
($490.9M)
($317.7M)
Proceeds from issuance of treasury shares related to equity awards
31.4M
—
29.1M
29.1M
Purchase of treasury shares related to equity awards
-47.1M
-46.8M
-33.5M
-33.4M
Purchase of treasury shares under share repurchase plan
-81.6M
-39.6M
-130.1M
-93.6M
Net cash used in financing activities
($473.2M)
($260.1M)
($625.5M)
($415.7M)
Effect of exchange rate changes on cash and cash equivalents
($14.0M)
($12.3M)
$53.1M
$60.6M
Net increase (decrease) in cash, cash equivalents, and restricted cash
$55.6M
$11.3M
($6.6M)
($7.2M)
Cash, cash equivalents, and restricted cash at beginning of period
$2.3B
$2.3B
$2.1B
$2.1B
Cash, cash equivalents, and restricted cash at end of period