GRMN Garmin
FY2025 10-K
Garmin (GRMN) filed its fiscal year 2025 10-K annual report with the SEC on Feb 18, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.
AI Filing AnalysisFY2025 10-K
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
Financial SummaryXBRL
Revenue
$7.2B
Net Income
$1.7B
Gross Margin
58.7%
Operating Margin
25.9%
Net Margin
23.0%
ROE
18.5%
Total Assets
$11.0B
EPS (Diluted)
$8.59
Operating Cash Flow
$1.6B
Source: XBRL data from Garmin FY2025 10-K filing on SEC EDGAR. All figures in USD.
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