GRMN Stock - Garmin Ltd.
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Financial Statements
| Metric | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|
| Revenue | $6.30B | $5.23B | $4.86B | $4.98B | $4.19B |
| Gross Profit | $3.70B | $3.00B | $2.81B | $2.89B | $2.48B |
| Gross Margin | 58.7% | 57.5% | 57.7% | 58.0% | 59.3% |
| Operating Income | $1.59B | $1.09B | $1.03B | $1.22B | $1.05B |
| Net Income | $1.41B | $1.29B | $973.59M | $1.08B | $992.32M |
| Net Margin | 22.4% | 24.7% | 20.0% | 21.7% | 23.7% |
| EPS | $7.35 | $6.74 | $5.06 | $5.63 | $5.19 |
Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices in the Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa. Its Fitness segment offers running and multi-sport watches; cycling products; activity tracking and smartwatch devices; and fitness and cycling accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms; and Connect IQ, an application development platform. The company's Outdoor segment offers adventure watches, outdoor handhelds, golf devices and mobile apps, and dog tracking and training devices. Its Aviation segment designs, manufactures, and markets various aircraft avionics solutions comprising integrated flight decks, electronic flight displays and instrumentation, navigation and communication products, automatic flight control systems and safety-enhancing technologies, audio control systems, engine indication systems, traffic awareness and avoidance solutions, ADS-B and transponder solutions, weather information and avoidance solutions, datalink and connectivity solutions, portable GPS navigators and wearables, and various services products. The company's Marine segment provides chartplotters and multi-function displays, cartography products, fish finders, sonar products, autopilot systems, radars, compliant instrument displays and sensors, VHF communication radios, handhelds and wearable devices, sailing products, entertainment, digital switching products, and trolling motors. Its Auto segment offers embedded computing models and infotainment systems; personal navigation devices; and cameras. The company sells its products through independent retailers, online retailers, dealers, distributors, installation and repair shops, and original equipment manufacturers, as well as an online webshop, garmin.com. Garmin Ltd. was founded in 1989 and is based in Schaffhausen, Switzerland.
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Price Targets
Recent Analyst Actions
| Date | Firm | Action | Rating | Price Target |
|---|---|---|---|---|
| December 19th 2025 | Tigress Financial | Reiterated | Buy | $310← $305 |
| December 3rd 2025 | Longbow | Upgrade | Buy | $250 |
| October 7th 2024 | Morgan Stanley | Downgrade | Underweight | $138← $155 |
| September 13th 2024 | Barclays | Downgrade | Underweight | $133← $181 |
| May 22nd 2024 | BofA Securities | Downgrade | Underperform | $150← $165 |
| January 8th 2024 | JP Morgan | Downgrade | Neutral | $135 |
| July 5th 2023 | JP Morgan | Resumed | Overweight | $115 |
| April 19th 2023 | KeyBanc Capital Markets | Initiation | Sector Weight | - |
| November 9th 2022 | Barclays | Initiation | Equal Weight | $97 |
| August 2nd 2022 | BofA Securities | Downgrade | Neutral | $109← $137 |
Earnings History & Surprises
GRMNEPS Surprise History
Quarterly EPS Details
| Period | Report Date | Estimated EPS | Actual EPS | Surprise | Result |
|---|---|---|---|---|---|
Q2 2026 | Apr 28, 2026 | — | — | — | — |
Q1 2026 | Feb 18, 2026 | $2.39 | — | — | — |
Q4 2025 | Oct 29, 2025 | $1.99 | $1.99 | 0.0% | = MET |
Q3 2025 | Jul 30, 2025 | $1.90 | $2.17 | +14.2% | ✓ BEAT |
Q2 2025 | Apr 30, 2025 | $1.67 | $1.61 | -3.6% | ✗ MISS |
Q1 2025 | Feb 19, 2025 | $1.90 | $2.41 | +26.8% | ✓ BEAT |
Q4 2024 | Oct 30, 2024 | $1.44 | $1.99 | +38.2% | ✓ BEAT |
Q3 2024 | Jul 31, 2024 | $1.44 | $1.58 | +9.7% | ✓ BEAT |
Q2 2024 | May 1, 2024 | $1.01 | $1.42 | +40.6% | ✓ BEAT |
Q1 2024 | Feb 21, 2024 | $1.40 | $1.72 | +22.9% | ✓ BEAT |
Q4 2023 | Nov 1, 2023 | $1.29 | $1.41 | +9.3% | ✓ BEAT |
Q3 2023 | Aug 2, 2023 | $1.41 | $1.45 | +2.8% | ✓ BEAT |
Q2 2023 | May 3, 2023 | $1.06 | $1.02 | -3.8% | ✗ MISS |
Q1 2023 | Feb 22, 2023 | $1.16 | $1.35 | +16.4% | ✓ BEAT |
Q4 2022 | Oct 26, 2022 | $1.13 | $1.24 | +9.7% | ✓ BEAT |
Q3 2022 | Jul 27, 2022 | $1.40 | $1.44 | +2.9% | ✓ BEAT |
Q2 2022 | Apr 27, 2022 | $1.13 | $1.11 | -1.8% | ✗ MISS |
Q1 2022 | Feb 16, 2022 | $1.43 | $1.55 | +8.4% | ✓ BEAT |
Q4 2021 | Oct 27, 2021 | $1.26 | $1.41 | +11.9% | ✓ BEAT |
Q3 2021 | Jul 28, 2021 | $1.26 | $1.68 | +33.3% | ✓ BEAT |
Latest News
Tigress Financial Maintains Strong Buy on Garmin, Raises Price Target to $310
📈 PositiveLongbow Research Upgrades Garmin to Buy
📈 PositiveGarmin's G5000H Integrated Flight Deck Selected By Brazilian Air Force, Through Ace Aeronautics, To Modernize Cockpits Of 24 UH-60L Black Hawk Helicopters
📈 PositiveMorgan Stanley Maintains Underweight on Garmin, Raises Price Target to $195
➖ NeutralBarclays Maintains Underweight on Garmin, Raises Price Target to $208
➖ NeutralGarmin shares are trading lower after the company reported Q3 financial results and affirmed FY25 sales guidance below estimates.
📉 NegativeGarmin Raises FY2025 Adj EPS Guidance from $8.00 to $8.15 vs $8.11 Est; Affirms FY2025 Sales Guidance of $7.100B vs $7.134B Est
📈 PositiveGarmin Q3 Adj. EPS $1.99 Beats $1.96 Estimate, Sales $1.770B Beat $1.757B Estimate
📈 PositiveGarmin Unveils New D2 Smartwatches Packed with Aviation and Health Features
📈 PositiveTigress Financial Maintains Strong Buy on Garmin, Raises Price Target to $305
📈 PositiveCessna Citation Latitude, Designed And Produced By Textron Aviation, Achieves Federal Aviation Administration Certification For New Features Of The Garmin G5000 Avionics Suite
📈 PositiveReported Earlier, Garmin And Noonan Partner To Seamlessly Integrate Launch Monitor Data Into Real-Time Digital Caddie Platform
📈 PositiveMorgan Stanley Maintains Underweight on Garmin, Raises Price Target to $193
➖ NeutralReported Earlier, Garmin And Meta Team Up To Deliver Personalized Fitness Data And Alerts On Oakley Meta Vanguard AI Glasses
📈 PositiveGarmin Unveils Instinct Crossover AMOLED Smartwatch With Classic Style, Bright Display, And 14-Day Battery Life
📈 PositiveGarmin Launches GPSMAP H1i Plus Adventure-Ready Handheld Offering Photo Sharing, Voice Control, SOS Messaging And Rugged Outdoor Design
📈 PositiveXTI Aerospace Selects Garmin G700 TXi Avionics System For Flagship TriFan 600
📈 PositiveFrequently Asked Questions about GRMN
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