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Garmin (GRMN) FY2024 results: revenue $6.3 billion, up 20.4% on the year

Garmin Ltd. (GRMN) reported revenue of $6.3 billion for fiscal 2024, the year ended 28 December 2024, up 20.4% on the year before. Net income was $1.4 billion, up 9.4%, and diluted earnings per share $7.30. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2025.

Revenue
$6.3 billion
+20.4% on the year
FY2017FY2024
Operating margin
25.3%
20.9% a year earlier
FY2017FY2024
Net income
$1.4 billion
+9.4% on the year
FY2017FY2024
Diluted EPS
$7.30
+8.8% on the year
FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ millionFY2024FY2023FY2022On the yearLast 8 years
Revenue6,2975,2284,860+20.4%
Cost of revenue2,6002,2232,054+17.0%
Gross profit3,6973,0052,807+23.0%
Gross margin58.7%57.5%57.7%
Research and development994905835+9.8%
Selling, general and administrative1,1091,008944+10.0%
Operating income1,5941,0921,028+45.9%
Operating margin25.3%20.9%21.1%
Pre-tax income1,6951,2001,065+41.2%
Income tax284-89.391.4
Effective tax rate16.7%-7.4%8.6%
Net income1,4111,290974+9.4%
Net margin22.4%24.7%20.0%
Diluted EPS$7.30$6.71$5.04+8.8%
$ 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

$ millionFY2024FY2023FY2022On the yearLast 8 years
Operating cash flow1,4321,376788+4.1%
Capital expenditure194194244+0.0%
Free cash flow1,2391,183544+4.7%
Free cash flow margin19.7%22.6%11.2%
Cash from investing-393-333-145
Cash from financing-627-637-841
Depreciation and amortisation171163149+5.1%
Share-based compensation13710176.8+35.2%
Dividends paid572559679+2.4%
Dividend per sharen/an/a$1.34
Diluted shares, weighted193m192m193m+0.6%
Shares outstanding at period end192m192m192m+0.4%

Balance sheet

$ millionFY2024FY2023FY2022On the yearLast 8 years
Shareholders' equity7,8487,0126,204+11.9%
Debt0.00.00.0
Operating lease liabilities135113115+19.3%
Other liabilities1,6471,4781,412+11.4%
Total liabilities and equity9,6318,6047,731+11.9%
Fixed assets1,2371,2241,147+1.0%
Goodwill604608568-0.7%
Investments1,6201,4001,382+15.7%
Cash and equivalents2,0791,6931,279+22.8%
Receivables983815657+20.6%
Inventory1,4741,3461,515+9.5%
Other assets1,6331,5171,183+7.7%
Total assets9,6318,6047,731+11.9%

10-K for the year ended 28 December 2024, filed 19 February 2025: the filing.