Company file · GRMN
Garmin
Fitness was Garmin's fastest-growing segment in FY2025, up 32.8%
Revenue rose 15.1% to $7.2B in FY2025, from $6.3B in FY2024. Net income rose 17.9% to $1.7B. Fitness was the largest segment, at 33% of revenue.
Key facts
Garmin (NYSE: GRMN) closed fiscal 2025 on Dec 27, 2025 with revenue of $7.2B, up 15.1% from a year before; net income came to $1.7B, up 17.9%. Its newest quarterly report covers the three months to Sep 26, 2026: revenue of $2.0B, up 12.2% on the same stretch of the prior year, and net income of $542M. Broken down by segment, Fitness led with 33% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 18, 2026) and 10-Q for the quarter ended Sep 26, 2026 (filed Oct 28, 2026).
Source: 10-K FY2025, filed Feb 18, 2026
Source: 10-Q filed Apr 29, 2026 · 10-Q filed Jul 29, 2026 · 10-Q filed Oct 28, 2026
How it makes money
By segment in FY2025: Fitness (33%), Outdoor (28%), Marine (16%) and Aviation (14%), as shares of total revenue. Total revenue was $7.2B.
Source: 10-K FY2025
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Garmin 10-Q for the quarter ended Sep 26, 2026, filed Oct 28, 2026
By segment
Source: Garmin 10-Q for the quarter ended Sep 26, 2026, filed Oct 28, 2026
The bull case and the bear case
The bull case
- Revenue rose 15.1% in FY2025 to $7.2B, from $6.3B a year earlier. 10-K, FY2025
- Net income rose 17.9% in FY2025 to $1.7B, from $1.4B. 10-K, FY2025
- Operating cash flow rose 14.0% in FY2025 to $1.6B. 10-K, FY2025
- Revenue in the quarter ended Sep 26, 2026 was $2.0B, up 12.2% on a year earlier. 10-Q, quarter ended Sep 26, 2026
The bear case
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include consumer spending; competition; costs. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Garmin is in the consumer electronics industry, part of the consumer discretionary sector. The SEC files it under Search, Detection, Navigation, Guidance, Aeronautical Sys.
Garmin reports 5 segments: Fitness, Outdoor, Marine, Aviation and Auto Oem.
Its fiscal year ends in December; the latest, FY2025, ended Dec 27, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the consumer electronics industry. They are not a summary of Garmin’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Consumer spendingShoppers cut back on non-essentials when budgets are tight.
- CompetitionRivals, online sellers and changing tastes pressure prices and traffic.
- CostsWages, freight and product costs can squeeze margins.
- Supply chain and tariffsImported goods make it sensitive to trade policy and shipping disruptions.
- Brand and reputationProduct problems or public criticism can hurt demand.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $5.2B | $6.3B | $7.2B |
| Net income | $1.3B | $1.4B | $1.7B |
| Operating cash flow | $1.4B | $1.4B | $1.6B |
| Cash & equivalents (year end) | $1.7B | $2.1B | $2.3B |
| Diluted shares | 192M | 193M | 194M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- The cash flow statement
- Risk factors (Item 1A)
- Debt-to-equity ratio
- Earnings guidance
- Ex-dividend and record dates
- Noncontrolling interest
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
What we left out
- Total debt: the company's filing data doesn't carry a consistent debt total for the years shown, so it isn't shown.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 28, 2026 | Sep 26, 2026 |
| 10-Q | Jul 29, 2026 | Jun 27, 2026 |
| 10-Q | Apr 29, 2026 | Mar 28, 2026 |
| DEF 14A | Apr 22, 2026 | Jun 5, 2026 |
| 10-K | Feb 18, 2026 | Dec 27, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Garmin
How does Garmin make money?
Fiscal 2025 revenue: $7.2B. By segment in FY2025: Fitness (33%), Outdoor (28%), Marine (16%) and Aviation (14%), as shares of total revenue. Total revenue was $7.2B. Source: 10-K for fiscal 2025, filed Feb 18, 2026.
What was Garmin's revenue in fiscal 2025?
$7.2B, up 15.1% from fiscal 2024 ($6.3B). The year ended Dec 27, 2025; for fiscal 2023 the figure was $5.2B. Source: 10-K for fiscal 2025, filed Feb 18, 2026.
Is Garmin profitable?
Net income was $1.7B in fiscal 2025 (up 17.9%; fiscal 2024 was $1.4B). That counts as a GAAP profit. The latest quarter, ended Sep 26, 2026: net income was $542M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 18, 2026.
What did Garmin report in its latest quarterly filing?
For the three months to Sep 26, 2026: revenue $2.0B (up 12.2% from $1.8B) and net income $542M (up 34.9% from $402M). Source: 10-Q for the quarter ended Sep 26, 2026, filed Oct 28, 2026.
What are the main risks Garmin faces?
Garmin's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 18, 2026. Risks that are common among companies in the consumer electronics industry include Consumer spending; competition; costs; supply chain and tariffs; brand and reputation. The first: Shoppers cut back on non-essentials when budgets are tight. Source: 10-K, Item 1A Risk Factors.
Where do these Garmin numbers come from?
The 10-K filed Feb 18, 2026 (fiscal 2025) and the 10-Q filed Oct 28, 2026 (quarter ended Sep 26, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Garmin
- Citadel Advisors: 281,919 shares, reported value $67.0M at Jun 30, 2026 (+82.7% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Renaissance Technologies: 142,342 shares, reported value $33.8M at Jun 30, 2026 (+154.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
- Millennium Management: 104,240 shares, reported value $24.8M at Jun 30, 2026 (−51.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- ARK Investment Management: 61,682 shares, reported value $14.7M at Jun 30, 2026 (+14.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Two Sigma Investments: 13,128 shares, reported value $3.1M at Jun 30, 2026 (−82.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in GRMN
- The editor holds no position in Garmin (GRMN). As of Nov 11, 2026. The editor holds shares of Tesla (TSLA) and SpaceX in a long-term retirement account.
- Trading rule
- The editor does not buy or sell GRMN from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 4, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold GRMN, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| GarminGRMN | FY2025 | $7.2B | +15.1% | $1.7B |
| AmazonAMZN | FY2025 | $716.9B | +12.4% | $77.7B |
| TeslaTSLA | FY2025 | $94.8B | −2.9% | $3.8B |
| Home DepotHD | FY2025 | $164.7B | +3.2% | $14.2B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.