GARMIN LTD (GRMN) Income statement

Market cap

$50.9B

P/E ratio

30.8x

	2010/12	2011/12	2012/12	2013/12	2014/12	2015/12	2016/12	2017/12	2018/12	2019/12	2020/12	2021/12	2022/12	2023/12	2024/12	2025/12
Revenue	2,690	2,759	2,716	2,632	2,871	2,820	3,019	3,087	3,347	3,758	4,187	4,983	4,860	5,228	6,297	7,246
Revenue growth (%)	-
Cost of revenue	1,344	1,420	1,277	1,225	1,266	1,282	1,339	1,304	1,368	1,524	1,705	2,092	2,054	2,223	2,600	2,989
Gross profit	1,346	1,339	1,438	1,407	1,604	1,539	1,680	1,783	1,980	2,234	2,481	2,890	2,807	3,005	3,697	4,256
Gross margin (%)
Research & development	277	299	326	365	395	427	468	512	568	605	706	840	835	905	994	1,126
Selling, general & administrative	288	341	370	355	372	395	411	438	478	519	570	660	776	835	1,109	1,254
Operating margin (%)
Operating expenses	710	785	834	833	914	989	1,056	1,114	1,201	1,288	1,427	1,672	1,779	1,913	2,103	2,380
Operating income	637	554	604	574	691	550	624	669	778	946	1,054	1,219	1,028	1,092	1,594	1,876
Income before tax	577	584	625	654	724	567	630	682	823	987	1,103	1,207	1,065	1,200	1,695	2,015
Pretax margin (%)	21.5	21.2	23	24.8	25.2	20.1	20.9	22.1	24.6	26.3	26.4	24.2	21.9	23	26.9	27.8
Provision for income taxes	-7	63	82	41	360	111	119	-13	129	35	111	125	91	-89	284	351
Effective tax rate (%)
Net income	585	521	542	612	364	456	511	695	694	952	992	1,082	974	1,290	1,411	1,664
Net income margin (%)
Earnings per share	2.97	2.68	2.78	3.13	1.89	2.39	2.71	3.7	3.68	5.01	5.19	5.63	5.06	6.74	7.35	8.65
Diluted EPS	2.95	2.67	2.76	3.12	1.88	2.39	2.7	3.68	3.66	4.99	5.17	5.61	5.04	6.71	7.3	8.59
Dividend payout ratio (%)	-					-	-	-	-				-	-	-	-
Dividend per share	-	1.6	0.9	0.9	0.96	-	-	-	-	1.14	2.44	2.68	-	-	-	-