Garmin Ltd
NASDAQ:GRMN
Income Statement
Earnings Waterfall
Garmin Ltd
Revenue
|
5.2B
USD
|
Cost of Revenue
|
-2.2B
USD
|
Gross Profit
|
3B
USD
|
Operating Expenses
|
-1.9B
USD
|
Operating Income
|
1.1B
USD
|
Other Expenses
|
197.5m
USD
|
Net Income
|
1.3B
USD
|
Income Statement
Garmin Ltd
Dec-2013 | Mar-2014 | Jun-2014 | Sep-2014 | Dec-2014 | Mar-2015 | Jun-2015 | Sep-2015 | Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Apr-2017 | Jul-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | Dec-2022 | Apr-2023 | Jul-2023 | Sep-2023 | Dec-2023 | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue | ||||||||||||||||||||||||||||||||||||||||||
Revenue |
2 632
N/A
|
2 683
+2%
|
2 764
+3%
|
2 827
+2%
|
2 871
+2%
|
2 873
+0%
|
2 869
0%
|
2 842
-1%
|
2 820
-1%
|
2 859
+1%
|
2 897
+1%
|
2 939
+1%
|
3 046
+4%
|
3 036
0%
|
3 056
+1%
|
3 085
+1%
|
3 122
+1%
|
3 191
+2%
|
3 254
+2%
|
3 313
+2%
|
3 347
+1%
|
3 403
+2%
|
3 463
+2%
|
3 587
+4%
|
3 758
+5%
|
3 848
+2%
|
3 763
-2%
|
3 937
+5%
|
4 187
+6%
|
4 403
+5%
|
4 860
+10%
|
4 943
+2%
|
4 983
+1%
|
5 083
+2%
|
4 997
-2%
|
4 946
-1%
|
4 860
-2%
|
4 835
-1%
|
4 915
+2%
|
5 052
+3%
|
5 228
+3%
|
|
Gross Profit | ||||||||||||||||||||||||||||||||||||||||||
Cost of Revenue |
(1 225)
|
(1 221)
|
(1 242)
|
(1 259)
|
(1 266)
|
(1 255)
|
(1 276)
|
(1 286)
|
(1 282)
|
(1 325)
|
(1 319)
|
(1 317)
|
(1 357)
|
(1 324)
|
(1 322)
|
(1 320)
|
(1 324)
|
(1 339)
|
(1 363)
|
(1 379)
|
(1 368)
|
(1 398)
|
(1 406)
|
(1 444)
|
(1 524)
|
(1 558)
|
(1 533)
|
(1 608)
|
(1 705)
|
(1 787)
|
(1 979)
|
(2 033)
|
(2 092)
|
(2 172)
|
(2 138)
|
(2 112)
|
(2 054)
|
(2 038)
|
(2 087)
|
(2 166)
|
(2 223)
|
|
Gross Profit |
1 407
N/A
|
1 462
+4%
|
1 523
+4%
|
1 568
+3%
|
1 604
+2%
|
1 618
+1%
|
1 592
-2%
|
1 556
-2%
|
1 539
-1%
|
1 535
0%
|
1 578
+3%
|
1 622
+3%
|
1 689
+4%
|
1 713
+1%
|
1 734
+1%
|
1 765
+2%
|
1 798
+2%
|
1 852
+3%
|
1 891
+2%
|
1 934
+2%
|
1 980
+2%
|
2 005
+1%
|
2 057
+3%
|
2 144
+4%
|
2 234
+4%
|
2 289
+2%
|
2 229
-3%
|
2 330
+5%
|
2 481
+7%
|
2 616
+5%
|
2 882
+10%
|
2 909
+1%
|
2 891
-1%
|
2 911
+1%
|
2 859
-2%
|
2 834
-1%
|
2 807
-1%
|
2 797
0%
|
2 828
+1%
|
2 886
+2%
|
3 005
+4%
|
|
Operating Income | ||||||||||||||||||||||||||||||||||||||||||
Operating Expenses |
(833)
|
(848)
|
(860)
|
(881)
|
(914)
|
(936)
|
(963)
|
(977)
|
(989)
|
(993)
|
(1 002)
|
(1 012)
|
(1 056)
|
(1 075)
|
(1 088)
|
(1 105)
|
(1 114)
|
(1 143)
|
(1 174)
|
(1 195)
|
(1 201)
|
(1 217)
|
(1 231)
|
(1 252)
|
(1 288)
|
(1 317)
|
(1 325)
|
(1 370)
|
(1 427)
|
(1 490)
|
(1 572)
|
(1 635)
|
(1 672)
|
(1 714)
|
(1 740)
|
(1 758)
|
(1 779)
|
(1 801)
|
(1 840)
|
(1 867)
|
(1 913)
|
|
Selling, General & Administrative |
(468)
|
(474)
|
(484)
|
(495)
|
(519)
|
(531)
|
(547)
|
(554)
|
(562)
|
(563)
|
(568)
|
(567)
|
(588)
|
(593)
|
(593)
|
(597)
|
(603)
|
(612)
|
(628)
|
(640)
|
(634)
|
(646)
|
(652)
|
(663)
|
(683)
|
(693)
|
(684)
|
(702)
|
(721)
|
(746)
|
(793)
|
(817)
|
(832)
|
(868)
|
(894)
|
(917)
|
(944)
|
(953)
|
(970)
|
(984)
|
(1 008)
|
|
Research & Development |
(365)
|
(373)
|
(376)
|
(386)
|
(395)
|
(405)
|
(416)
|
(423)
|
(427)
|
(429)
|
(434)
|
(445)
|
(468)
|
(482)
|
(495)
|
(508)
|
(512)
|
(531)
|
(546)
|
(555)
|
(568)
|
(572)
|
(579)
|
(589)
|
(605)
|
(625)
|
(642)
|
(668)
|
(706)
|
(744)
|
(779)
|
(818)
|
(840)
|
(846)
|
(846)
|
(841)
|
(835)
|
(847)
|
(870)
|
(883)
|
(905)
|
|
Operating Income |
574
N/A
|
615
+7%
|
663
+8%
|
687
+4%
|
691
+0%
|
682
-1%
|
630
-8%
|
580
-8%
|
550
-5%
|
542
-1%
|
576
+6%
|
610
+6%
|
633
+4%
|
637
+1%
|
646
+1%
|
660
+2%
|
684
+4%
|
709
+4%
|
717
+1%
|
739
+3%
|
778
+5%
|
788
+1%
|
826
+5%
|
892
+8%
|
946
+6%
|
972
+3%
|
904
-7%
|
960
+6%
|
1 054
+10%
|
1 127
+7%
|
1 309
+16%
|
1 275
-3%
|
1 219
-4%
|
1 198
-2%
|
1 119
-7%
|
1 076
-4%
|
1 028
-4%
|
996
-3%
|
988
-1%
|
1 019
+3%
|
1 092
+7%
|
|
Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||||||
Interest Income Expense |
71
|
93
|
47
|
36
|
31
|
(28)
|
(10)
|
31
|
6
|
45
|
41
|
(8)
|
2
|
(30)
|
(8)
|
21
|
14
|
54
|
44
|
30
|
40
|
42
|
46
|
38
|
36
|
19
|
7
|
29
|
40
|
43
|
36
|
10
|
(17)
|
(12)
|
(26)
|
(37)
|
30
|
49
|
93
|
120
|
104
|
|
Total Other Income |
9
|
7
|
7
|
6
|
2
|
3
|
2
|
4
|
11
|
12
|
12
|
12
|
4
|
3
|
3
|
0
|
(1)
|
(1)
|
4
|
7
|
5
|
6
|
3
|
2
|
6
|
8
|
9
|
11
|
9
|
7
|
5
|
4
|
5
|
7
|
6
|
5
|
8
|
6
|
8
|
8
|
4
|
|
Pre-Tax Income |
654
N/A
|
714
+9%
|
717
+0%
|
728
+2%
|
724
-1%
|
658
-9%
|
622
-5%
|
615
-1%
|
567
-8%
|
599
+6%
|
629
+5%
|
614
-2%
|
639
+4%
|
611
-4%
|
641
+5%
|
681
+6%
|
697
+2%
|
763
+9%
|
765
+0%
|
776
+1%
|
823
+6%
|
836
+2%
|
875
+5%
|
932
+6%
|
987
+6%
|
999
+1%
|
920
-8%
|
999
+9%
|
1 103
+10%
|
1 176
+7%
|
1 351
+15%
|
1 290
-5%
|
1 207
-6%
|
1 192
-1%
|
1 099
-8%
|
1 044
-5%
|
1 065
+2%
|
1 051
-1%
|
1 088
+4%
|
1 147
+5%
|
1 200
+5%
|
|
Net Income | ||||||||||||||||||||||||||||||||||||||||||
Tax Provision |
(41)
|
(72)
|
(65)
|
(411)
|
(360)
|
(345)
|
(354)
|
(81)
|
(111)
|
(121)
|
(128)
|
(107)
|
(121)
|
51
|
36
|
22
|
12
|
(163)
|
(151)
|
(129)
|
(129)
|
(131)
|
(137)
|
(150)
|
(35)
|
(25)
|
14
|
20
|
(111)
|
(125)
|
(167)
|
(160)
|
(125)
|
(118)
|
(84)
|
(78)
|
(91)
|
(87)
|
(93)
|
(106)
|
89
|
|
Income from Continuing Operations |
613
|
643
|
652
|
318
|
364
|
312
|
268
|
534
|
456
|
478
|
501
|
507
|
518
|
661
|
677
|
703
|
709
|
600
|
613
|
647
|
694
|
705
|
738
|
782
|
953
|
974
|
934
|
1 020
|
992
|
1 051
|
1 184
|
1 130
|
1 082
|
1 074
|
1 015
|
966
|
974
|
964
|
994
|
1 041
|
1 290
|
|
Net Income (Common) |
613
N/A
|
643
+5%
|
652
+1%
|
318
-51%
|
364
+15%
|
312
-14%
|
268
-14%
|
534
+99%
|
456
-15%
|
478
+5%
|
501
+5%
|
507
+1%
|
518
+2%
|
661
+28%
|
677
+2%
|
703
+4%
|
709
+1%
|
600
-15%
|
613
+2%
|
647
+5%
|
694
+7%
|
705
+2%
|
738
+5%
|
782
+6%
|
953
+22%
|
974
+2%
|
934
-4%
|
1 020
+9%
|
992
-3%
|
1 051
+6%
|
1 184
+13%
|
1 130
-5%
|
1 082
-4%
|
1 074
-1%
|
1 015
-6%
|
966
-5%
|
974
+1%
|
964
-1%
|
994
+3%
|
1 041
+5%
|
1 290
+24%
|
|
EPS (Diluted) |
3.12
N/A
|
3.28
+5%
|
3.33
+2%
|
1.65
-50%
|
1.88
+14%
|
1.61
-14%
|
1.4
-13%
|
2.79
+99%
|
2.39
-14%
|
2.51
+5%
|
2.64
+5%
|
2.67
+1%
|
2.73
+2%
|
3.49
+28%
|
3.58
+3%
|
3.72
+4%
|
3.76
+1%
|
3.17
-16%
|
3.23
+2%
|
3.4
+5%
|
3.66
+8%
|
3.71
+1%
|
3.88
+5%
|
4.1
+6%
|
4.99
+22%
|
5.09
+2%
|
4.88
-4%
|
5.32
+9%
|
5.17
-3%
|
5.46
+6%
|
6.14
+12%
|
5.85
-5%
|
5.61
-4%
|
5.55
-1%
|
5.24
-6%
|
4.99
-5%
|
5.04
+1%
|
5.02
0%
|
5.17
+3%
|
5.42
+5%
|
6.71
+24%
|