GRMN
Updated: 22/09/2026, 15:56:17
Garmin Ltd. specializes in the design, development, manufacturing, marketing, and global distribution of diverse wireless products and solutions. Its operations span across North and South America, the Asia Pacific region, the Australian Continent, Europe, the Middle East, and Africa. The company's offerings are organized into several key segments: Fitness: This division caters to athletes and active individuals with products like specialized running and multi-sport watches, cycling computers, activity trackers, smartwatches, and various fitness-related accessories. Additionally, it supports these offerings with its Garmin Connect web and mobile platforms, alongside Connect IQ, an ecosystem for app development. Outdoor: Garmin's Outdoor category features rugged adventure watches, portable GPS devices, golf-specific instruments and accompanying mobile applications, plus specialized dog tracking and training systems. Aviation: The Aviation sector delivers comprehensive avionics solutions for aircraft, encompassing integrated cockpit systems, advanced flight displays and instrumentation, navigation and communication tools, automated flight controls, safety enhancements, audio management, engine monitoring, traffic and weather avoidance systems, ADS-B transponders, data connectivity, portable GPS navigators, wearable aviation devices, and related support services. Marine: For the Marine market, Garmin provides a suite of solutions including chartplotters, multi-function displays, marine cartography, fish finders, sonar technology, autopilots, radar systems, compliant instrumentation and sensors, VHF radios, handheld and wearable marine devices, sailing-specific products, onboard entertainment, digital switching, and electric trolling motors. Auto: The Automotive segment focuses on in-vehicle computing and infotainment systems, personal navigation units, and various camera solutions. Garmin's products are distributed through a diverse network including independent and online retailers, authorized dealers, distributors, service and installation centers, original equipment manufacturers (OEMs), and directly via its official e-commerce platform, garmin.com. Established in 1989, Garmin Ltd. maintains its corporate headquarters in Schaffhausen, Switzerland.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
7.2B
FY 2025 · Reported
Net income
1.7B
FY 2025 · Reported
Gross margin
58.7%
FY 2025 · Calculated
Free cash flow
$1.4B
FY 2025 · Calculated
R&D intensity
15.5%
FY 2025 · Calculated
Share repurchases
N/A
FY — · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company overview
Garmin: 5 markets (fitness, outdoor, aviation, marine, auto OEM); 300M+ products delivered since inception, 20M+ in fiscal 2025
“Garmin serves five primary markets: fitness, outdoor, aviation, marine, and auto OEM.”
Reportable segments
Five operating/reportable segments: fitness, outdoor, aviation, marine, auto OEM
“Garmin is organized in the five operating segments of fitness, outdoor, aviation, marine, and auto OEM, which represent the primary markets served by the Company.”
CODM segment management
CEO is CODM, assessing performance of each of the five segments individually
“The Company’s Chief Executive Officer, who has been identified as the Chief Operating Decision Maker (CODM), allocates resources and assesses performance of each operating segment individually.”
Sales channels
Sales through retail partners, dealers/distributors, install/repair shops, OEMs, garmin.com webshop, connected services subscriptions, own retail stores
“Our net sales are primarily generated through retail partners, a dealer and distributor network, installation and repair shops, original equipment manufacturers (OEMs), our online webshop (garmin.com), subscriptions for connected services, and our own retail stores.”
Outdoor segment products
Outdoor: fēnix/Instinct/tactix/Enduro/MARQ watches, inReach two-way satellite messaging with Garmin Response 24/7 S.O.S., handhelds, Outdoor Maps+, golf devices
“These devices include global satellite communication technology which, when combined with an active service plan, offers two-way text messaging, photo and voice messaging, weather forecasts, and S.O.S. capabilities anywhere in the world”
GNSS technology utilization
Products use GPS, GLONASS, Galileo, BeiDou, SBAS (WAAS/MSAS/EGNOS), QZSS, NavIC, plus third-party private satellite networks via subscription
“In addition to GPS, Garmin products utilize other GNSS including the Russian Global Navigation Satellite System (GLONASS), the European Union Galileo system (Galileo), and the Chinese BeiDou Navigation Satellite System (BDS).”
Software platforms and subscriptions
Garmin Connect web/mobile platforms; Connect+ premium subscription; Connect IQ third-party developer platform with SDK
“Garmin Connect+ offers premium features, including personalized insights and performance dashboards, to users on a subscription basis.”
Fitness segment products
Fitness: Forerunner running watches, cycling computers/radars/Tacx indoor trainers, smartwatch series, heart rate monitors/smart scales, MYLAPS sports timing
“Garmin running watches are offered under the Forerunner® product series.”
Foreign currency exposure
Main exposures: TWD, EUR, PLZ; FY2025 net FX gain $7.8M; no financial hedging; 10% adverse move ≈ $135M pre-tax impact
“The currencies that have historically created a majority of the Company’s exchange rate exposure include the Taiwan Dollar, Euro, and Polish Zloty.”
Taiwan manufacturing concentration
Principal consumer-product manufacturing facilities in Taiwan; highest volume products manufactured there
“Our principal manufacturing facilities for consumer products are located in Taiwan.”
Sole-source component suppliers
Depends on third-party suppliers (some sole source) for semiconductors, LCDs, memory chips, batteries, microprocessors; has experienced shortages
“Some of the components that we procure from third party suppliers include semiconductors, liquid crystal displays, memory chips, batteries and microprocessors. Some components we use are from sole source suppliers.”
Seasonality
Q4 holiday peak for consumer products; marine Q1-Q2 pre-boating-season; aviation/auto OEM driven by certifications and program timing
“Typically, sales of our consumer products are highest in the fourth quarter due to increased demand during the holiday buying season, and many marine products experience increased demand in the first and second quarters in advance of the summer boating season.”
R&D commitment
R&D focused on engineering personnel and new product development across consumer, aviation, auto OEM, and new active lifestyle markets
“We are committed to increasing the level of innovative design and development of new products as we strive to expand our ability to serve our existing consumer and aviation markets as well as new auto OEM programs and new markets for active lifestyle products.”
Raw materials and manufacturing cost structure
Raw materials largest COGS component; in-house manufacturing and flexible Taiwan-based production keep costs low; freight pricing affects shipping costs
“Raw materials are our most significant component of cost of goods sold.”
No long-term debt
No outstanding long-term debt as of December 27, 2025; 100bp rate increase would reduce securities portfolio fair value ~$41M
“We have no outstanding long-term debt as of December 27, 2025 and otherwise have no meaningful debt-related interest rate risk.”
FY2025 consolidated results
FY2025: Net sales $7.25B (vs $6.30B FY2024), operating income $1.88B, net income $1.66B, diluted EPS $8.59, cash $2.28B
“Net sales $ 7,245,519”
FAA and FCC certification requirements
FAA certification required for aviation products; FCC certification for wireless products; EC directives in Europe; delays could trigger customer compensation
“Federal Aviation Administration (FAA) certification is required for all of our aviation products that are intended for installation in type-certificated aircraft.”
Data privacy regulation
Data privacy laws worldwide; GDPR penalties can be as high as 4% of a company's total global revenue
“Under the General Data Protection Regulation in the European Union, for example, potential penalties can be as high as 4% of a company’s total global revenue.”
Pillar Two global minimum tax
Pillar Two 15% global minimum tax could materially impact future income tax provision; IP migration from Switzerland to U.S. under APAs
“the establishment of a global minimum tax rate of 15% under the “Pillar Two” framework”
Taiwan geopolitical risk
Taiwan geopolitical risk: PRC has indicated it may use military force over Taiwan; Garmin's Taiwan facilities and suppliers exposed to potential disruption
“In this scenario, Garmin’s manufacturing facilities and suppliers based in Taiwan could be subject to disruptions that could have a material negative impact to our operations.”
Auto OEM investment losses
Auto OEM segment investments have not been covered by revenue/gross profit, negatively impacting consolidated operating income; restructuring possible
“Operating performance of the auto OEM segment has negatively impacted our consolidated operating income, as the associated revenue and gross profit have not been sufficient to cover these costs.”
New product development risk
Failure to timely introduce new products could reduce demand; requires significant R&D investment and possibly new technology licenses
“A significant portion of our revenue has been, and we expect in the future will continue to be, derived from sales of newly introduced products.”
Competition risk
Competition could cause price reductions, fewer orders, reduced margins, loss of share; some OEM customers may in-source components
“Some of our original equipment manufacturer (OEM) customers may develop in-house equipment and components that they currently purchase from us.”
IT system failures and cybersecurity
Exposed to IT system failures and network disruptions including ransomware and cybersecurity incidents across operations, supply chain, and distribution
“our global supply chain, and our global distribution network have experienced and are expected to continue to be exposed to information technology system failures and network disruptions”
Intellectual property litigation
Rising IP infringement claims; potential substantial liabilities or need to suspend use of critical technologies or product sales
“The number of these claims has increased in recent years and may continue to increase in the future.”
Principal consumer-product manufacturing facilities in Taiwan; geopolitical PRC-Taiwan tension could disrupt facilities and suppliers; Taiwan labor costs historically lower.
“Our principal manufacturing facilities for consumer products are located in Taiwan.”
Products depend on GPS (US, free commercial signal) plus GLONASS, Galileo, BeiDou, SBAS, QZSS, NavIC, and third-party private satellite networks for communication/weather/mapping features.
“Many of the Company’s products utilize GPS and other global navigation satellite systems (GNSS) receivers to support product features such as navigation, global positioning, and tracking.”
PRC may use military force over Taiwan; disruption of Taiwan manufacturing and suppliers would materially harm operations; governed by 1979 Taiwan Relations Act / one-China policy.
“the PRC government has indicated that it may use military force to gain control over Taiwan in certain circumstances”
Dependence on third-party (some sole-source) suppliers for semiconductors, LCDs, memory chips, batteries, microprocessors; shortages and cost increases experienced.
“We have experienced and expect to in the future experience shortages of certain components, as well as delays in procuring certain components.”
Significant FX exposure vs TWD, EUR, PLZ, CHF; unhedged; 10% adverse move in TWD/EUR/PLZ/AUD ≈ $135M pre-tax impact; FY2025 net FX gain $7.8M.
“We have experienced significant impacts to our financial results due to the strengthening and weakening of the U.S. Dollar.”
Net sales primarily through retail partners, dealers/distributors, install/repair shops, OEMs, garmin.com, subscriptions, and own retail stores; top ten customers 20-25% of net sales.
“Our net sales are primarily generated through retail partners, a dealer and distributor network, installation and repair shops, original equipment manufacturers (OEMs), our online webshop (garmin.com), subscriptions for connected services, and our own retail stores.”
FAA certification required for aviation products; delays have resulted in customer compensation and could block product introductions and aircraft sales; FCC certification needed for wireless products.
“Delays in our obtaining certification for our aviation products have resulted and may in the future result in our being required to pay compensation to our customers.”
OEM arrangements (aircraft, boat, vehicle life cycles) entered at program start with no firm volume commitments; sales order-by-order; tier-one and tier-two auto OEM contracts require significant investment.
“Certain arrangements with OEM customers are entered into at the beginning of an aircraft, boat, or vehicle life cycle with the intent to fulfill customer purchasing requirements for the entire production life”
Consumer product sales peak in Q4 holiday season; marine demand peaks Q1-Q2 before summer boating season; new product release timing influences consumer sales.
“sales of our consumer products are highest in the fourth quarter due to increased demand during the holiday buying season”
Company collects personal and GPS-based location data; privacy laws inconsistent across jurisdictions; GDPR penalties up to 4% of global revenue.
“Under the General Data Protection Regulation in the European Union, for example, potential penalties can be as high as 4% of a company’s total global revenue.”
Business has at times been impacted by increasing costs; may not fully offset inflationary pressures via price increases.
“Our business has at times been impacted by increasing costs. If our costs were to become subject to significant inflationary pressures, we may not be able to fully offset such higher costs through price increases.”
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