GARMIN LTD (GRMN) Financial Statements — Income, Balance Sheet, Cash Flow

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Financial Statements — GRMN

Balance Sheet

(in billions USD)

Metric	Q1 2026	Q3 2025	Q2 2025	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022	Q2 2022	Q1 2022	Q3 2021	Q2 2021	Q1 2021
Cash & Equivalents	2.29	2.07	2.07	2.18	2.01	1.94	1.92	1.42	1.43	1.36	1.08	1.09	1.42	1.64	1.64	1.60
Accounts Receivable	0.94	0.96	1.01	0.79	0.92	0.81	0.69	0.72	0.72	0.61	0.64	0.70	0.60	0.64	0.74	0.56
Inventory	1.85	1.89	1.79	1.58	1.51	1.32	1.30	1.44	1.40	1.48	1.53	1.45	1.34	1.11	0.94	0.84
Total Current Assets	6.00	5.81	5.82	5.45	5.21	4.70	4.52	4.16	4.11	3.96	3.97	4.12	4.08	4.01	3.88	3.56
Property, Plant & Equipment	1.38	1.30	1.29	1.23	1.22	1.21	1.21	1.19	1.18	1.17	1.10	1.11	1.09	0.97	0.96	0.86
Goodwill	0.75	0.76	0.64	0.62	0.61	0.60	0.60	0.59	0.57	0.57	0.54	0.56	0.57	--	--	--
Total Non-current Assets*	4.96	4.71	4.50	4.34	4.14	4.19	4.12	3.81	3.76	3.76	3.66	3.69	3.62	3.56	3.52	3.44
Total Assets	10.95	10.52	10.32	9.79	9.35	8.88	8.63	7.97	7.87	7.73	7.63	7.81	7.70	7.57	7.40	7.00
Accounts Payable	0.34	0.38	0.40	0.34	0.37	0.33	0.24	0.27	0.25	0.21	0.27	0.32	0.30	0.32	0.30	0.25
Total Current Liabilities	1.38	1.75	1.93	1.33	1.58	1.62	1.12	1.33	1.45	1.01	1.44	1.62	1.15	1.37	1.46	0.93
Total Non-current Liabilities*	0.31	0.29	0.27	0.28	0.26	0.25	0.27	0.29	0.30	0.31	0.31	0.32	0.30	0.34	0.36	0.35
Total Liabilities*	1.68	2.04	2.20	1.61	1.84	1.88	1.39	1.62	1.75	1.32	1.75	1.95	1.45	1.72	1.82	1.28
Retained Earnings	7.37	6.44	6.04	6.33	5.56	5.16	5.44	4.72	4.46	4.94	4.44	4.23	4.53	4.03	3.78	3.97
Total Stockholder Equity	9.27	8.48	8.13	8.18	7.51	7.00	7.25	6.35	6.12	6.41	5.88	5.87	6.25	5.85	5.58	5.72

* Derived from reported values

Income Statement

(in billions USD) (except per-share rows)

Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021
Total Revenue	1.75	2.12	1.77	1.81	1.54	1.82	1.59	1.51	1.38	1.48	1.28	1.32	1.15	1.31	1.14	1.24	1.17	1.39	1.19	1.33
Cost of Revenue	0.71	0.87	0.72	0.75	0.65	0.74	0.63	0.64	0.58	0.62	0.55	0.56	0.49	0.56	0.47	0.51	0.51	0.62	0.50	0.55
Gross Profit	1.04	1.26	1.05	1.07	0.88	1.08	0.95	0.86	0.80	0.86	0.73	0.76	0.65	0.74	0.67	0.73	0.66	0.77	0.70	0.78
Research & Development	0.30	0.29	0.29	0.28	0.27	0.26	0.25	0.24	0.24	0.24	0.22	0.22	0.22	0.22	0.21	0.20	0.21	0.22	0.21	0.20
Selling, General & Admin	0.31	0.35	0.30	0.32	0.28	0.31	0.26	0.28	0.26	0.23	0.20	0.20	0.20	0.20	0.19	0.19	0.19	0.17	0.16	0.17
Total Operating Expenses	0.61	0.64	0.59	0.59	0.55	0.56	0.51	0.52	0.50	0.52	0.46	0.48	0.46	0.48	0.43	0.44	0.43	0.46	0.41	0.41
Operating Income	0.43	0.61	0.46	0.47	0.33	0.52	0.44	0.34	0.30	0.34	0.27	0.28	0.20	0.27	0.24	0.29	0.23	0.32	0.28	0.37
Pretax Income	0.47	0.64	0.51	0.48	0.39	0.52	0.49	0.37	0.33	0.38	0.28	0.32	0.22	0.33	0.22	0.28	0.24	0.31	0.28	0.37
Tax Provision	0.07	0.11	0.11	0.08	0.06	0.08	0.09	0.07	0.05	(0.16)	0.02	0.03	0.02	0.04	0.01	0.02	0.02	0.02	0.02	0.06
Net Income	0.41	0.53	0.40	0.40	0.33	0.44	0.40	0.30	0.28	0.54	0.26	0.29	0.20	0.29	0.21	0.26	0.21	0.29	0.26	0.32
Basic EPS	2.10	2.75	2.09	2.08	1.73	2.26	2.08	1.57	1.44	2.83	1.34	1.51	1.06	1.53	1.09	1.34	1.10	1.48	1.35	1.65
Diluted EPS	2.09	2.72	2.08	2.07	1.72	2.24	2.07	1.56	1.43	2.82	1.34	1.50	1.05	1.53	1.09	1.33	1.09	1.49	1.34	1.64

Cash Flow Statement

(in millions USD)

Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021
Operating Cash Flow	535.99	553.79	485.62	173.17	420.79	483.89	257.96	255.32	435.31	465.94	357.41	273.70	279.21	368.67	154.12	79.84	185.63	168.96	245.42	229.68
Capital Expenditures	66.62	124.17	60.54	45.68	40.06	84.70	38.54	37.16	33.17	48.65	45.53	52.53	46.81	59.36	50.13	75.08	59.72	119.69	41.42	109.65
Free Cash Flow*	469.37	429.61	425.08	127.50	380.73	399.19	219.41	218.16	402.14	417.29	311.88	221.17	232.40	309.31	103.99	4.76	125.92	49.28	204.01	120.03
Investing Cash Flow	(252.37)	(131.41)	(267.72)	(113.51)	(132.60)	(202.57)	(47.61)	(106.28)	(36.87)	(65.28)	(197.56)	(62.23)	(7.90)	174.03	78.01	(261.27)	(135.88)	(163.66)	(113.69)	(93.91)
Financing Cash Flow	(260.05)	(218.60)	(209.73)	(210.94)	(204.81)	(177.42)	(163.74)	(129.49)	(156.20)	(150.36)	(149.08)	(144.78)	(192.29)	(362.64)	(220.94)	(133.72)	(123.32)	(142.20)	(128.77)	(99.45)

* Derived from reported values

Dividends Per Share

(USD)

Metric	Q2 2025	Q2 2024	Q2 2023	Q3 2022	Q2 2022	Q4 2021	Q2 2021	Q4 2020	Q3 2020	Q2 2020	Q3 2018	Q3 2017	Q2 2017	Q3 2016	Q2 2016	Q3 2015	Q2 2015	Q3 2014	Q3 2013	Q2 2013
Dividends Per Share	3.60	3.00	2.92	1.34	2.92	0.00	2.68	0.00	0.00	2.28	2.12	0.00	2.04	0.00	2.04	0.00	1.92	1.92	0.00	1.80