Garmin (GRMN) FY2025 10-K Annual Report
Garmin (GRMN) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 18, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Garmin FY2025 10-K Analysis
Business Overview
- • Core business: Design, manufacture, and distribution of GPS-enabled products and software for fitness, outdoor, aviation, marine, and auto OEM markets
- • New emphasis: Expansion of Commercial Off-The-Shelf (COTS) and mission-optimized avionics for military, defense, and eVTOL markets
Management Discussion & Analysis
- • Revenue $4.98B, down 5.6% YoY from $5.27B in fiscal 2025
- • Operating margin 15.2% vs 17.0% in prior year, reflecting margin compression
Risk Factors
- • Regulatory risk: U.S. tax legislation enacted in 2025 changed R&D cost capitalization, reducing U.S. tax deductions and credits, increasing effective tax rate to 17.4% in FY2025
- • Macroeconomic threat: Foreign currency risk from U.S. Dollar fluctuations caused $7.8M currency gain in 2025 with notable 12.9% USD weakening vs Euro
Garmin FY2025 Key Financial MetricsXBRL
Revenue
$7.2B
▲ +15.1% YoY
Net Income
$1.7B
▲ +17.9% YoY
Gross Margin
58.7%
▲ +4bp YoY
Operating Margin
25.9%
▲ +58bp YoY
Net Margin
23.0%
▲ +55bp YoY
ROE
18.5%
▲ +56bp YoY
Total Assets
$11.0B
▲ +14.2% YoY
EPS (Diluted)
$8.59
▲ +17.7% YoY
Operating Cash Flow
$1.6B
▲ +14.0% YoY
Source: XBRL data from Garmin FY2025 10-K filing on SEC EDGAR. All figures in USD.
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