Garmin (GRMN) Q4 FY2025 earnings: revenue $2.1 billion, up 16.6% on the year

Garmin Ltd. (GRMN) reported revenue of $2.1 billion for Q4 FY2025, the quarter ended 27 December 2025, up 16.6% on the same quarter a year earlier. Net income was $529 million, up 21.3% on the year, and diluted earnings per share $2.73. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2026.

Revenue

$2.1 billion

+16.6% on the year · +20.0% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

28.9%

28.3% a year earlier

Q1 FY2024Q4 FY2025

Net income

$529 million

+21.3% on the year · +31.6% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$2.73

+21.3% on the year · +31.2% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 raised, 5 new.

Fourth-quarter revenue rose 17%: Fourth-quarter revenue was $2.12 billion, up from $1.82 billion in the prior-year quarter.
Full-year revenue reached a record: Full-year revenue was $7.25 billion, up 15%, and all five segments posted record full-year revenue.
Operating income and margin grew: Fourth-quarter operating income was $614 million, up 19%, and operating margin was 28.9% against 28.3%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	2,125	1,771	1,823	+20.0%	+16.6%
Cost of revenue	867	724	743	+19.6%	+16.7%
Gross profit	1,258	1,046	1,080	+20.2%	+16.5%
Gross margin	59.2%	59.1%	59.3%
Research and development	295	286	259	+3.0%	+14.0%
Selling, general and administrative	349	303	305	+15.1%	+14.4%
Operating income	614	457	516	+34.4%	+19.0%
Operating margin	28.9%	25.8%	28.3%
Pre-tax income	635	510	516	+24.6%	+23.1%
Income tax	107	108	80.4	-1.4%	+32.7%
Effective tax rate	16.8%	21.2%	15.6%
Net income	529	402	436	+31.6%	+21.3%
Net margin	24.9%	22.7%	23.9%
Diluted EPS	$2.73	$2.08	$2.25	+31.2%	+21.3%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	554	486	484	+14.0%	+14.4%
Capital expenditure	124	60.5	84.7	+105.1%	+46.6%
Free cash flow	430	425	399	+1.1%	+7.6%
Free cash flow margin	20.2%	24.0%	21.9%
Cash from investing	-131	-268	-203
Cash from financing	-219	-210	-177
Share-based compensation	41.0	42.7	36.1	-4.0%	+13.5%
Dividends paid	173	173	144	-0.1%	+20.1%
Diluted shares, weighted	194m	194m	194m	+0.1%	+0.0%
Shares outstanding at period end	193m	192m	192m	+0.1%	+0.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	8,973	8,478	7,848	+5.8%	+14.3%
Debt	0.0	0.0	0.0
Operating lease liabilities	165	156	135	+5.8%	+22.2%
Other liabilities	1,856	1,889	1,647	-1.7%	+12.7%
Total liabilities and equity	10,994	10,523	9,631	+4.5%	+14.2%
Fixed assets	1,375	1,296	1,237	+6.1%	+11.2%
Goodwill	760	757	604	+0.4%	+25.9%
Investments	1,856	1,843	1,620	+0.7%	+14.6%
Cash and equivalents	2,279	2,073	2,079	+9.9%	+9.6%
Receivables	1,253	956	983	+31.1%	+27.4%
Inventory	1,772	1,888	1,474	-6.1%	+20.2%
Other assets	1,698	1,710	1,633	-0.7%	+4.0%
Total assets	10,994	10,523	9,631	+4.5%	+14.2%

Questions

What was Garmin's revenue in Q4 FY2025?

Garmin (GRMN) reported revenue of $2.1 billion for Q4 FY2025, the quarter ended 27 December 2025, up 16.6% on the same quarter a year earlier.

How much did Garmin earn in Q4 FY2025?

Net income for Q4 FY2025 was $529 million, up 21.3% on the year, and diluted earnings per share $2.73.

When did Garmin report Q4 FY2025 results?

Garmin filed its 10-K for the year that ended with the quarter on 18 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023 †	Q2 FY2023 †	Q3 FY2023 †	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,392	1,173	1,241	1,140	1,306	1,147	1,321	1,278	1,483	1,382	1,507	1,586	1,823	1,535	1,815	1,771	2,125	1,753	2,022	1,986
Cost of revenue	619	510	512	470	561	495	561	549	618	580	644	634	743	651	748	724	867	711	760	728
Gross profit	772	662	729	670	745	653	759	729	864	802	863	952	1,080	885	1,067	1,046	1,258	1,042	1,262	1,258
Gross margin	55%	56%	59%	59%	57%	57%	57%	57%	58%	58%	57%	60%	59%	58%	59%	59%	59%	59%	62%	63%
R&D	222	209	202	209	216	221	224	222	237	243	243	249	259	268	277	286	295	296	304	313
SG&A	174	191	191	190	204	234	251	237	225	261	278	265	305	284	318	303	349	315	343	333
Operating income	315	229	293	239	267	197	284	270	340	298	342	437	516	333	472	457	614	432	616	612
Operating margin	23%	19%	24%	21%	20%	17%	22%	21%	23%	22%	23%	28%	28%	22%	26%	26%	29%	25%	30%	31%
Pre-tax income	309	236	279	220	330	222	316	280	383	327	366	486	516	389	480	510	635	473	651	661
Tax rate	7%	10%	8%	4%	n/a	9%	9%	8%	3%	16%	18%	18%	16%	14%	17%	21%	17%	14%	17%	18%
Net income	286	212	258	211	293	202	288	257	542	276	301	399	436	333	401	402	529	405	542	542
Net margin	21%	18%	21%	18%	22%	18%	22%	20%	37%	20%	20%	25%	24%	22%	22%	23%	25%	23%	27%	27%
Diluted EPS	$1.49	$1.09	$1.33	$1.09	$1.53	$1.05	$1.50	$1.34	$2.82	$1.43	$1.56	$2.07	$2.25	$1.72	$2.07	$2.08	$2.73	$2.09	$2.80	$2.80
Operating cash flow	169	186	79.8	154	369	279	274	357	466	435	255	258	484	421	173	486	554	536	404	394
Capital expenditure	120	59.7	75.1	50.1	59.4	46.8	52.5	45.5	48.6	33.2	37.2	38.5	84.7	40.1	45.7	60.5	124	66.6	128	101
Free cash flow	49.3	126	4.8	104	309	232	221	312	417	402	218	219	399	381	127	425	430	469	276	293
Dividends paid	129	129	129	141	280	140	140	140	140	140	144	144	144	145	173	173	173	174	202	202
Shares outstanding	193m	193m	193m	192m	192m	191m	191m	191m	192m	192m	192m	192m	192m	193m	193m	192m	193m	193m	193m	193m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 27 December 2025, filed 18 February 2026: the filing.