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Garmin Ltd.

GRMN Technology Scientific & Technical Instruments

Garmin Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $7.2 billion, up 15.1% from fiscal 2024.

Revenue: +12.2%
EPS: +34.4%
Free cash flow: −31.0%

Quarter to September 2026, against a year earlier

285.57 0.83 −0.29%

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Market cap: $55.2B
P/E: 27.2×
Fwd P/E: 26.5×
Dividend yield: 1.37%
F-score: 7/9
Altman Z: 14.19
Beneish M: −2.24
Dividend safety: 96/100

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Garmin Ltd. (GRMN) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Fitness Segment	2,357	32.53%
Outdoor Segment	2,054	28.35%
Marine Segment	1,183	16.32%
Aviation Segment	987	13.62%
Auto OEM Segment	665	9.17%
Gross margin		58.74%
Operating margin		25.89%
Pre-tax margin		27.80%

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Fitness Segment	2,357 32.53%	1,774 28.18%	1,345 25.72%	1,109 22.83%	1,534 30.78%	1,317 31.47%	1,048 27.88%	858 25.64%	762 24.42%	818 26.87%	662 23.46%	568 19.80%	356 13.54%	322 11.85%	298 10.81%	240 8.94%	170 5.76%
Outdoor Segment	2,054 28.35%	1,962 31.16%	1,697 32.46%	1,770 36.42%	1,607 32.24%	1,128 26.95%	918 24.42%	810 24.19%	699 22.39%	546 17.94%	411 14.58%	410 14.28%	411 15.62%	402 14.79%	363 13.17%	319 11.86%	299 10.16%
Marine Segment	1,183 16.32%	1,073 17.04%	917 17.54%	904 18.60%	875 17.56%	658 15.71%	509 13.54%	442 13.19%	374 11.98%	332 10.90%	287 10.17%	248 8.65%	223 8.47%	208 7.66%	222 8.04%	199 7.39%	178 6.03%
Aviation Segment	987 13.62%	877 13.92%	846 16.19%	793 16.31%	712 14.30%	623 14.88%	735 19.57%	603 18.03%	501 16.06%	439 14.42%	399 14.13%	386 13.44%	339 12.89%	292 10.74%	285 10.33%	263 9.76%	246 8.34%
Auto OEM Segment	665 9.17%	611 9.70%	423 8.09%	284 5.84%	255 5.11%	—	—	—	—	—	—	—	—	—	—	—	—
Auto	—	—	—	—	—	460 11.00%	548 14.59%	634 18.95%	785 25.15%	910 29.87%	1,062 37.66%	1,258 43.83%	1,302 49.48%	1,492 54.96%	1,591 57.66%	1,669 62.04%	2,054 69.72%
Revenue	7,246	6,297	5,228	4,860	4,983	4,187	3,758	3,347	3,122	3,046	2,820	2,871	2,632	2,716	2,759	2,690	2,946

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Fitness Segment	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Outdoor Segment	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Aviation Segment	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Marine Segment	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Auto OEM Segment	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Auto	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Revenue by region $m

Line	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013
Americas	2,614 50.00%	2,429 49.98%	2,350 47.15%	1,968 47.01%	1,818 48.38%	1,597 47.70%	1,504 48.19%	1,539 50.51%	1,469 52.10%	1,538 53.59%	1,433 54.44%
EMEA	1,776 33.97%	1,634 33.61%	1,859 37.31%	1,580 37.73%	1,351 35.94%	1,205 36.00%	1,173 37.56%	1,121 36.80%	1,013 35.92%	1,054 36.72%	956 36.32%
APAC	838 16.03%	798 16.41%	774 15.54%	639 15.26%	589 15.68%	546 16.30%	445 14.25%	386 12.69%	338 11.98%	278 9.69%	243 9.24%
Revenue	5,228	4,860	4,983	4,187	3,758	3,347	3,122	3,046	2,820	2,871	2,632

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.