Garmin (GRMN) FY2015 results: revenue $2.8 billion, down 1.8% on the year
Garmin Ltd. (GRMN) reported revenue of $2.8 billion for fiscal 2015, the year ended 26 December 2015, down 1.8% on the year before. Net income was $456 million, up 25.3%, and diluted earnings per share $2.39. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2016.
Revenue
$2.8 billion
-1.8% on the year
FY2008FY2015
Operating margin
19.5%
24.1% a year earlier
FY2008FY2015
Net income
$456 million
+25.3% on the year
FY2008FY2015
Diluted EPS
$2.39
+27.1% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
2,820
2,871
2,632
-1.8%
Cost of revenue
1,282
1,266
1,225
+1.2%
Gross profit
1,539
1,604
1,407
-4.1%
Gross margin
54.6%
55.9%
53.5%
Research and development
427
395
365
+8.1%
Selling, general and administrative
395
372
355
+6.2%
Operating income
550
691
574
-20.4%
Operating margin
19.5%
24.1%
21.8%
Pre-tax income
567
724
654
-21.6%
Income tax
111
360
41.1
-69.1%
Effective tax rate
19.6%
49.7%
6.3%
Net income
456
364
612
+25.3%
Net margin
16.2%
12.7%
23.3%
Diluted EPS
$2.39
$1.88
$3.12
+27.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
280
523
630
-46.3%
Capital expenditure
80.6
73.3
56.1
+9.9%
Free cash flow
200
449
574
-55.5%
Free cash flow margin
7.1%
15.7%
21.8%
Cash from investing
-112
n/a
n/a
Cash from financing
-500
n/a
n/a
Depreciation and amortisation
58.4
56.8
66.3
+2.9%
Share-based compensation
26.3
24.3
22.6
+8.2%
Buybacks
131
242
58.4
-45.6%
Dividends paid
378
360
352
+5.0%
Dividend per share
n/a
$0.96
$0.90
Diluted shares, weighted
n/a
n/a
196m
Shares outstanding at period end
189,722
191,815
195m
-1.1%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
3,374
3,403
3,660
-0.9%
Debt
0.0
0.0
0.0
Other liabilities
1,126
1,290
1,220
-12.7%
Total liabilities and equity
4,499
4,693
4,880
-4.1%
Fixed assets
446
431
415
+3.5%
Goodwill
188
179
179
+5.1%
Investments
1,559
1,575
1,652
-1.1%
Cash and equivalents
833
1,196
1,179
-30.4%
Receivables
531
570
565
-6.8%
Inventory
501
420
382
+19.0%
Other assets
442
322
508
+37.4%
Total assets
4,499
4,693
4,880
-4.1%
10-K for the year ended 26 December 2015, filed 17 February 2016: the filing.