On this page of StockholderLetter.com we present the latest annual shareholder letter from GARMIN LTD — ticker symbol GRMN. Reading current and past GRMN letters to shareholders can bring important insights into the investment thesis.

 •  4/22/2026 Letter Continued (Full PDF)
 •  4/24/2023 GRMN Stockholder Letter
 •  4/24/2024 GRMN Stockholder Letter
 •  4/23/2025 GRMN Stockholder Letter
 •  More "Consumer Goods" Category Stockholder Letters
 •  GRMN Benford's Law Stock Score = 66

GRMN Shareholder/Stockholder Letter Transcript:

2025 ANNUAL REPORT
GPSMAP   9000XSV
F L AG S H I P M U LT I - F U N C T I O N D I S P L AY W I T H P R E M I U M
C A R TO G R A P H Y A N D S U P E R I O R S YS T E M I N T E G R AT I O N

FORERUNNER   970 | 570
A DVA N C E D G P S R U N N I N G A N D T R I AT H L O N S M A R T WAT C H E S

A MESSAGE FROM OUR CEO
Dear Shareholders:
2025 was another remarkable year of growth and achievement for Garmin. Revenue increased 15% to $7.25 billion, a
new record, with growth and record revenue in every segment. Gross margin of 58.7% was comparable to 2024, which
is a notable achievement considering the impact of generationally high tariff structures that took effect early in the
year. Operating margin expanded by 60 basis points to 25.9%, resulting in record full year operating income of nearly
$1.9 billion, up 18% year-over-year.
During the year we launched over 100 new products, including new product categories such as the awardwinning Garmin OnBoard    man overboard system. We also entered new markets with the introduction of the Blaze   
equine wellness system and the acquisition of MYLAPS, a leading sports timing company. We launched many new
wearables for our runners, wellness, golfers, and outdoor enthusiasts which drove strong demand and engagement.
In fact, our annual Garmin Connect    Data Report showed that, on average, our users increased their activity levels by
8% during the year.
Throughout the year, we received recognition and numerous awards for superior innovation and top customer
service. The Index    Sleep Monitor made TIME   s list of The Best Inventions of 2025. Garmin ranked number one in
customer support for the 22nd consecutive year by both Professional Pilot and Aviation International News. We were
also named the Most Innovative Marine Company by Soundings Trade Only for the third consecutive year, NMEA
Manufacturer of the Year for the 11th consecutive year, and we received the National Boating Safety Award for the
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outstanding products we offer and our solid commitment to serving customers.
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a 17% increase over the current dividend amount, which will be considered by shareholders at the upcoming annual
meeting. In addition, our Board of Directors recently approved a $500 million share repurchase program effective
through December 2028, which replaced the previous $300 million share repurchase program.
I want to thank you, our shareholders, for your interest in Garmin, and we look forward to a successful future together.
CLIFF PEMBLE PRESIDENT AND CEO

FINANCIAL HIGHLIGHTS
The selected financial data below and elsewhere in this Annual Report should be read in
conjunction with the Consolidated Financial Statements and notes thereto included in our
Annual Report on Form 10-K, which is included with this Annual Report.
CONSOLIDATED FINANCIAL HIGHLIGHTS
1
$7,246
$6,297
$4,983
$5,228
$4,860
$2,890
$3,005
$2,807
$1,219
2021
NET SALES
2022
$1,876
$1,594
$1,092
$1,028
$4,256
$3,697
2023
2025
2024
GROSS PROFIT
OPERATING INCOME
(IN MILLIONS)
GAAP DILUTED EARNINGS PER SHARE
$5.61
$5.04
2021
2022
$6.71
$7.30
2023
2024
DIVIDENDS DECLARED PER SHARE
1
$8.59
$2.68
2025
2021
CASH FLOW
$1,183
$1,012
$705
2021
$2.92
$3.00
2022
2023
2024
$3.60
2025
1,3
$1,633
$1,432
$1,376
$2.92
1,2
$1,239
$1,363
$788
$544
2022
2023
OPERATING CASH FLOW
2024
2025
FREE CASH FLOW
(IN MILLIONS)
Our fiscal year-end is the last Saturday of the calendar year and does not always fall on Dec. 31. Fiscal year 2022 contains 53 weeks, while all other years presented contain 52 weeks.
Dividends declared per share refers to the cash dividend per share that has been approved by shareholders in the given fiscal year. See Note 8 - Stockholders' Equity for additional detail.
Operating Cash Flow is equal to net cash provided by operating activities. Free Cash Flow is defined as net cash provided by operating activities, as presented above, less purchases of property
and equipment of $307 million, $244 million, $193 million, $193 million and $270 million in 2021, 2022, 2023, 2024 and 2025, respectively.
1
2
3

REVENUE AND OPERATING INCOME
BY SEGMENT
2025 REVENUE
2025 OPERATING INCOME
PERCENT OF TOTAL
PERCENT OF TOTAL
13
9
33
16
-3
14
39
14
37
28
AVIATION
OUTDOOR
FITNESS
MARINE
AUTO OEM
OUTDOOR
FITNESS
$2,357
$1,774
$1,345
$483
$232
2023
2024
$726
2023
$987
$877
$690
2024
2025
MARINE
AVIATION
$846
$703
$515
2025
$2,054
$1,962
$1,697
$226
$211
$257
$179
2023
2024
2025
2023
REVENUE
$1,183
$1,073
$917
AUTO OEM
$236
2024
$251
2025
OPERATING INCOME (LOSS)
(IN MILLIONS)
$665
$611
$423
($61)
2023
($39)
2024
($49)
2025

4/22/2026 Letter Continued (Full PDF)

 

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