Garmin Ltd.

GRMN

Financial Statements

Income Statement (Annual)

Amounts in millions

2024

12/28/2024

Revenue

6,297

Cost of Revenue

2,600

Gross Profit

3,697

Gross Margin

58.7%

Operating Income

1,594

Operating Margin

25.3%

Net Income

1,411

Net Margin

22.4%

EPS (Basic)

$7.35

EPS (Diluted)

$7.30

EBITDA

1,774

EBITDA Margin

28.2%

2023

12/31/2023

Revenue

5,228

Cost of Revenue

2,223

Gross Profit

3,005

Gross Margin

57.5%

Operating Income

1,092

Operating Margin

20.9%

Net Income

1,290

Net Margin

24.7%

EPS (Basic)

$6.74

EPS (Diluted)

$6.71

EBITDA

1,270

EBITDA Margin

24.3%

2022

12/31/2022

Revenue

4,860

Cost of Revenue

2,054

Gross Profit

2,807

Gross Margin

57.7%

Operating Income

1,028

Operating Margin

21.1%

Net Income

974

Net Margin

20.0%

EPS (Basic)

$5.06

EPS (Diluted)

$5.04

EBITDA

1,192

EBITDA Margin

24.5%

2021

12/31/2021

Revenue

4,983

Cost of Revenue

2,092

Gross Profit

2,890

Gross Margin

58.0%

Operating Income

1,219

Operating Margin

24.5%

Net Income

1,082

Net Margin

21.7%

EPS (Basic)

$5.63

EPS (Diluted)

$5.61

EBITDA

1,373

EBITDA Margin

27.6%

2020

12/31/2020

Revenue

4,187

Cost of Revenue

1,705

Gross Profit

2,481

Gross Margin

59.3%

Operating Income

1,054

Operating Margin

25.2%

Net Income

992

Net Margin

23.7%

EPS (Basic)

$5.19

EPS (Diluted)

$5.17

EBITDA

1,181

EBITDA Margin

28.2%

Income Statement (Annual)

Financial performance (amounts in millions)

Item	2024	2023	2022	2021	2020
Revenue	6,297	5,228	4,860	4,983	4,187
Cost of Revenue	2,600	2,223	2,054	2,092	1,705
Gross Profit	3,697	3,005	2,807	2,890	2,481
Gross Margin	58.7%	57.5%	57.7%	58.0%	59.3%
Operating Income	1,594	1,092	1,028	1,219	1,054
Operating Margin	25.3%	20.9%	21.1%	24.5%	25.2%
Net Income	1,411	1,290	974	1,082	992
Net Margin	22.4%	24.7%	20.0%	21.7%	23.7%
EPS (Basic)	$7.35	$6.74	$5.06	$5.63	$5.19
EPS (Diluted)	$7.30	$6.71	$5.04	$5.61	$5.17
EBITDA	1,774	1,270	1,192	1,373	1,181
EBITDA Margin	28.2%	24.3%	24.5%	27.6%	28.2%