Garmin (GRMN) FY2022 results: revenue $4.9 billion, down 2.5% on the year
Garmin Ltd. (GRMN) reported revenue of $4.9 billion for fiscal 2022, the year ended 31 December 2022, down 2.5% on the year before. Net income was $974 million, down 10.0%, and diluted earnings per share $5.04. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2023.
Revenue
$4.9 billion
-2.5% on the year
FY2015FY2022
Operating margin
21.1%
24.5% a year earlier
FY2015FY2022
Net income
$974 million
-10.0% on the year
FY2015FY2022
Diluted EPS
$5.04
-10.2% on the year
FY2015FY2022
this yearthe year beforeHover a bar for its figure.
$ 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
FY2022
FY2021
FY2020
On the year
Last 8 years
Operating cash flow
788
1,012
1,135
-22.1%
Capital expenditure
244
308
185
-20.6%
Free cash flow
544
705
950
-22.8%
Free cash flow margin
11.2%
14.1%
22.7%
Cash from investing
-145
-475
-261
Cash from financing
-841
-487
-462
Depreciation and amortisation
149
139
113
+7.4%
Share-based compensation
76.8
92.5
80.9
-17.0%
Dividends paid
679
491
451
+38.2%
Dividend per share
$1.34
$1.34
$2.44
0.0%
Diluted shares, weighted
193m
193m
192m
-0.0%
Shares outstanding at period end
192m
193m
192m
-0.5%
Balance sheet
$ million
FY2022
FY2021
FY2020
On the year
Last 8 years
Shareholders' equity
6,204
6,114
5,516
+1.5%
Debt
0.0
0.0
0.0
Operating lease liabilities
115
70.0
76.0
+63.5%
Other liabilities
1,412
1,670
1,439
-15.4%
Total liabilities and equity
7,731
7,854
7,031
-1.6%
Fixed assets
1,147
1,067
856
+7.4%
Goodwill
568
575
584
-1.2%
Investments
1,382
1,617
1,519
-14.5%
Cash and equivalents
1,279
1,498
1,458
-14.6%
Receivables
657
843
849
-22.1%
Inventory
1,515
1,228
762
+23.4%
Other assets
1,183
1,026
1,003
+15.3%
Total assets
7,731
7,854
7,031
-1.6%
10-K for the year ended 31 December 2022, filed 22 February 2023: the filing.