Garmin said net sales in fiscal 2024 increased 20%, and total unit sales rose approximately 15% to 16.2 million from 18.6 million. Outdoor represented the largest portion of the revenue mix at 31%.

10-KAnnual reportFiled Feb 19, 2025Period of report Dec 28, 2024Summary published (UTC) Oct 10, 2026

Key points

AI summary

Garmin said net sales in fiscal 2024 increased 20%, and total unit sales rose approximately 15% to 16.2 million from 18.6 million. Outdoor represented the largest portion of the revenue mix at 31%.
The company said total operating income in fiscal 2024 increased 46% and operating income as a percentage of revenue rose 440 basis points. Consolidated gross margin increased 120 basis points, auto OEM recorded an operating loss and the company expects auto OEM to experience an operating loss in 2025.
Garmin said net income in fiscal 2024 increased 9% to $1,411.4 million from $1,289.6 million. Income tax expense was $284.0 million, compared to an income tax benefit of $89.3 million in the prior year.
The company said operating cash flow in fiscal 2024 totaled $1,432.5 million, compared to $1,376.3 million in the prior year. As of December 28, 2024, cash, cash equivalents and marketable securities totaled approximately $3.7 billion.

Key figures

Fiscal year ended December 28, 2024

Revenue: $6.3B
Operating income: $1.6B
Net income: $1.4B
EPS: $7.30
Gross profit: $3.7B
Operating cash flow: $1.4B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Annual net sales up 20%, unit sales 18.6 million

Garmin said net sales in fiscal 2024 increased 20%, and total unit sales rose approximately 15% to 16.2 million from 18.6 million. Outdoor represented the largest portion of the revenue mix at 31%.

Source · Based on the MD&A text of the filing

Gross margin up 120 basis points, operating income up 46%

The company said total operating income in fiscal 2024 increased 46% and operating income as a percentage of revenue rose 440 basis points. Consolidated gross margin increased 120 basis points, auto OEM recorded an operating loss and the company expects auto OEM to experience an operating loss in 2025.

Source · Based on the MD&A text of the filing

Net income $1,411.4 million, income tax expense $284.0 million

Garmin said net income in fiscal 2024 increased 9% to $1,411.4 million from $1,289.6 million. Income tax expense was $284.0 million, compared to an income tax benefit of $89.3 million in the prior year.

Source · Based on the MD&A text of the filing

Operating cash flow $1,432.5 million, cash and equivalents approximately $3.7 billion

The company said operating cash flow in fiscal 2024 totaled $1,432.5 million, compared to $1,376.3 million in the prior year. As of December 28, 2024, cash, cash equivalents and marketable securities totaled approximately $3.7 billion.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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