Cash Flow Statement

Operating Cash Flow

+107%

+44%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Apr-2006	Jul-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	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	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	116	112	125	143	158	173	170	179	172	181	213	206	218	236	272	311	351	400	421	514	567	658	728	855	863	905	882	733	634	539	583	704	693	666	730	585	643	618	488	521	512	589	579	542	544	531	578	612	643	652	318	364	312	268	534	456	478	501	507	518	661	677	703	709	600	613	646	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	1 363	1 376	1 518	1 411	1 468	1 568	1 571	1 664
Depreciation & Amortization	8	9	10	16	10	19	13	20	24	29	31	35	39	44	43	44	48	46	45	44	47	47	51	64	66	62	77	78	82	94	90	97	97	106	103	95	95	82	83	95	98	107	95	90	87	79	90	79	75	76	74	77	78	78	80	78	80	82	83	86	88	88	88	86	88	92	94	96	97	99	102	106	110	113	119	127	135	144	150	155	159	163	163	164	166	169	174	178	179	179	178	180	181	184	189	189
Change in Deffered Taxes	(2)	(2)	(1)	(1)	(1)	(1)	(4)	(4)	(4)	(2)	5	(8)	(6)	(13)	(15)	9	(1)	(1)	(21)	(35)	(25)	(22)	(6)	(58)	(43)	(40)	(28)	51	31	33	21	(25)	(23)	(24)	(24)	(1)	2	7	12	(43)	(46)	(55)	(62)	(32)	(28)	(21)	(22)	8	12	5	60	90	80	77	40	6	13	9	(7)	4	(174)	(152)	(135)	(90)	82	80	74	39	48	35	37	(88)	(87)	(95)	(92)	7	(3)	12	1	(5)	(32)	(77)	(115)	(143)	(133)	(146)	(132)	(341)	(335)	(308)	(305)	(88)	(90)	(102)	(15)	83
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	12	4	7	9	22	27	33	42	39	40	42	42	44	43	42	42	40	39	39	38	40	41	41	39	29	25	22	19	23	23	25	26	24	26	26	25	26	27	31	36	41	41	42	44	45	50	52	54	56	58	60	62	63	64	64	69	81	88	95	96	93	95	87	82	77	73	80	85	101	111	124	136	137	144	153	161	0
Other Non-Cash Items	1	5	2	2	(12)	(7)	0	17	27	21	19	27	(0)	11	(23)	2	(5)	(15)	1	32	18	35	68	55	136	43	41	61	(2)	82	63	108	149	161	164	107	51	57	49	71	90	85	104	82	71	47	38	(2)	(17)	32	49	50	114	90	45	85	37	46	98	84	131	103	80	99	58	82	97	97	107	98	127	81	85	84	40	68	68	79	106	129	117	131	139	70	71	40	43	76	90	115	76	159	124	157	172	132
Cash Taxes Paid	0	0	0	40	0	0	0	38	0	0	23	28	0	0	47	60	66	60	78	67	73	74	54	55	104	0	0	134	0	0	0	66	0	0	0	44	0	0	0	85	0	0	0	128	0	0	0	73	0	0	0	176	0	0	0	253	0	0	0	116	0	0	0	106	0	0	0	68	0	0	0	160	0	0	0	133	0	0	0	(123)	0	0	0	185	0	0	0	302	0	0	0	334	0	0	0	317
Cash Interest Paid	0	0	0	1	0	0	0	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	0	0	0	0	0	0	0	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change in Working Capital	44	33	24	1	(7)	(12)	(29)	(38)	(32)	(40)	(40)	(51)	(51)	(80)	(73)	(119)	(134)	(141)	(125)	(194)	(131)	(65)	(172)	(234)	(316)	(429)	(333)	(61)	225	390	441	211	80	13	(141)	(15)	(13)	38	151	179	83	30	19	2	(52)	(32)	(29)	(67)	(71)	(164)	27	(58)	(50)	(241)	(432)	(345)	(279)	(62)	(30)	14	(10)	(26)	(60)	(144)	(73)	(33)	(11)	(7)	(86)	(214)	(367)	(353)	(322)	(188)	(153)	(59)	27	(111)	(107)	(348)	(488)	(552)	(565)	(276)	(187)	18	154	174	235	152	(53)	(230)	(266)	(471)	(354)	(433)
Cash from Operating Activities	171 N/A	161 -6%	164 +2%	162 -1%	156 -4%	172 +10%	158 -8%	174 +10%	183 +6%	185 +1%	227 +22%	209 -8%	199 -5%	198 -1%	205 +3%	247 +21%	260 +5%	290 +11%	321 +11%	362 +13%	474 +31%	652 +37%	669 +3%	682 +2%	706 +3%	540 -23%	639 +18%	862 +35%	969 +12%	1 138 +17%	1 198 +5%	1 095 -9%	995 -9%	921 -7%	832 -10%	771 -7%	778 +1%	800 +3%	782 -2%	822 +5%	737 -10%	756 +3%	735 -3%	685 -7%	622 -9%	603 -3%	655 +9%	630 -4%	642 +2%	602 -6%	528 -12%	523 -1%	533 +2%	272 -49%	267 -2%	281 +5%	328 +17%	576 +75%	651 +13%	706 +8%	697 -1%	690 -1%	676 -2%	661 -2%	755 +14%	835 +11%	900 +8%	920 +2%	870 -5%	757 -13%	682 -10%	699 +2%	760 +9%	848 +12%	934 +10%	1 135 +22%	1 278 +13%	1 308 +2%	1 279 -2%	1 012 -21%	830 -18%	680 -18%	589 -13%	788 +34%	882 +12%	1 076 +22%	1 279 +19%	1 376 +8%	1 532 +11%	1 514 -1%	1 415 -7%	1 432 +1%	1 418 -1%	1 336 -6%	1 563 +17%	1 633 +4%
Investing Cash Flow
Capital Expenditures	(26)	(36)	(36)	(13)	(14)	(3)	(11)	(33)	(46)	(88)	(84)	(80)	(72)	(30)	(29)	(31)	(31)	(39)	(53)	(96)	(94)	(182)	(180)	(160)	(175)	(127)	(143)	(127)	(111)	(73)	(55)	(57)	(52)	(51)	(45)	(36)	(37)	(32)	(40)	(45)	(44)	(51)	(42)	(45)	(49)	(54)	(56)	(57)	(62)	(65)	(79)	(78)	(80)	(82)	(70)	(85)	(81)	(74)	(75)	(97)	(108)	(111)	(144)	(152)	(153)	(201)	(183)	(160)	(163)	(126)	(128)	(120)	(132)	(159)	(166)	(188)	(183)	(236)	(238)	(310)	(332)	(298)	(307)	(246)	(233)	(211)	(206)	(195)	(181)	(165)	(158)	(194)	(200)	(209)	(231)	(270)
Other Items	(143)	(237)	(222)	(115)	(110)	(25)	(82)	(15)	(39)	(68)	(35)	(104)	(112)	(55)	(74)	(61)	(103)	(132)	(166)	(130)	(76)	(41)	95	(16)	(186)	(13)	(62)	70	205	(215)	(473)	(491)	(366)	(91)	147	(37)	(375)	(421)	(448)	(443)	(224)	(364)	(426)	(451)	(411)	(373)	(495)	(217)	(191)	77	280	209	231	64	88	(28)	(45)	(129)	(116)	(25)	(36)	56	9	(43)	(141)	(160)	(161)	(147)	(65)	(342)	(309)	(330)	(365)	169	(96)	(73)	(103)	(338)	(155)	(166)	(175)	(377)	(176)	101	216	393	112	(138)	(181)	(241)	(98)	(200)	(289)	(287)	(485)	(375)
Cash from Investing Activities	(169) N/A	(273) -62%	(258) +5%	(128) +51%	(124) +3%	(28) +77%	(93) -227%	(49) +48%	(85) -74%	(156) -84%	(120) +23%	(184) -54%	(184) N/A	(85) +54%	(102) -20%	(91) +11%	(133) -46%	(171) -28%	(219) -28%	(226) -3%	(170) +25%	(223) -31%	(86) +62%	(176) -105%	(361) -105%	(139) +61%	(205) -47%	(56) +73%	94 N/A	(287) N/A	(528) -84%	(548) -4%	(418) +24%	(143) +66%	102 N/A	(73) N/A	(411) -464%	(452) -10%	(489) -8%	(488) +0%	(268) +45%	(414) -54%	(469) -13%	(496) -6%	(459) +7%	(426) +7%	(551) -29%	(274) +50%	(253) +8%	12 N/A	201 +1 651%	131 -35%	151 +15%	(17) N/A	18 N/A	(112) N/A	(127) -13%	(204) -61%	(191) +6%	(122) +36%	(143) -18%	(56) +61%	(135) -142%	(194) -44%	(294) -51%	(362) -23%	(344) +5%	(308) +11%	(228) +26%	(468) -106%	(437) +7%	(451) -3%	(497) -10%	11 N/A	(262) N/A	(261) +1%	(286) -10%	(573) -101%	(393) +31%	(475) -21%	(507) -7%	(675) -33%	(483) +28%	(145) +70%	(17) +88%	182 N/A	(94) N/A	(333) -255%	(362) -9%	(406) -12%	(256) +37%	(393) -54%	(489) -24%	(496) -1%	(716) -44%	(645) +10%
Financing Cash Flow
Net Issuance of Common Stock	(8)	0	(8)	2	3	4	4	4	4	0	0	3	3	(4)	(17)	(17)	(7)	2	(35)	(34)	(43)	(36)	21	9	(82)	(310)	(623)	(660)	(573)	(346)	(39)	(13)	(56)	(94)	(233)	(217)	(169)	(133)	6	0	(0)	(1)	(1)	4	3	(12)	(21)	(60)	(93)	(209)	(279)	(240)	(224)	(126)	(99)	(120)	(124)	(107)	(75)	(82)	(94)	(103)	(95)	(65)	(39)	(1)	10	10	2	3	2	1	2	5	3	(11)	1	4	5	5	10	(12)	(92)	(162)	(219)	(220)	(150)	(78)	(41)	(22)	(32)	(55)	(99)	(151)	(168)	(180)
Net Issuance of Debt	(15)	(18)	(15)	(12)	(9)	(20)	(20)	(20)	0	0	0	0	0	0	0	0	0	0	0	0	0	(0)	(0)	(0)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash Paid for Dividends	0	0	0	0	0	0	0	(54)	0	0	0	(54)	0	0	0	(54)	0	0	(54)	(108)	0	0	(270)	(163)	0	0	0	(150)	0	(150)	(150)	(150)	0	(449)	(449)	(299)	(299)	0	(155)	(311)	(389)	(476)	(409)	(253)	(352)	(352)	(264)	(352)	(264)	(263)	(356)	(360)	(364)	(368)	(373)	(378)	(383)	(387)	(386)	(482)	(481)	(480)	(480)	(383)	(383)	(387)	(392)	(296)	(401)	(409)	(309)	(417)	(325)	(326)	(442)	(451)	(459)	(467)	(479)	(492)	(504)	(516)	(528)	(679)	(690)	(700)	(699)	(559)	(559)	(564)	(568)	(572)	(577)	(606)	(635)	(664)
Other	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	7	8	10	12	10	18	17	17	12	4	2	1	0	0	1	3	3	3	5	4	4	3	3	3	4	4	(1)	(1)	(2)	(2)	5	7	8	9	(0)	(2)	(2)	(3)	(2)	(2)	(3)	(3)	2	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash from Financing Activities	(23) N/A	(26) -14%	(23) +11%	(10) +56%	(7) +35%	(16) -147%	(17) -2%	(70) -320%	(70) N/A	(54) +23%	(54) +0%	(51) +5%	(51) +1%	(58) -15%	(71) -23%	(71) +1%	(61) +14%	(45) +26%	(82) -82%	(133) -63%	(139) -5%	(135) +3%	(231) -72%	(136) +41%	(228) -68%	(460) -102%	(619) -35%	(808) -31%	(723) +11%	(497) +31%	(190) +62%	(161) +15%	(203) -26%	(540) -166%	(679) -26%	(511) +25%	(464) +9%	(130) +72%	(145) -12%	(307) -112%	(386) -25%	(473) -23%	(407) +14%	(250) +39%	(350) -40%	(365) -4%	(287) +21%	(407) -42%	(350) +14%	(465) -33%	(626) -35%	(600) +4%	(590) +2%	(497) +16%	(476) +4%	(500) -5%	(509) -2%	(498) +2%	(465) +7%	(562) -21%	(573) -2%	(581) -1%	(573) +1%	(448) +22%	(422) +6%	(388) +8%	(382) +2%	(286) +25%	(399) -39%	(406) -2%	(307) +25%	(416) -36%	(323) +22%	(321) +0%	(439) -37%	(462) -5%	(458) +1%	(463) -1%	(475) -2%	(487) -3%	(494) -1%	(528) -7%	(620) -17%	(841) -36%	(910) -8%	(921) -1%	(849) +8%	(637) +25%	(600) +6%	(585) +3%	(600) -3%	(627) -5%	(675) -8%	(757) -12%	(803) -6%	(844) -5%
Change in Cash
Effect of Foreign Exchange Rates	(7)	6	(2)	(0)	(0)	(7)	2	3	2	1	(1)	2	2	3	3	(0)	(1)	(1)	0	0	(1)	(0)	0	0	3	16	3	(9)	(17)	(20)	9	10	(6)	(24)	(31)	(18)	16	28	5	(1)	(8)	(20)	(2)	5	(5)	4	5	(1)	5	3	(17)	(37)	(60)	(54)	(49)	(32)	(7)	(11)	2	(9)	(5)	5	10	27	27	2	(9)	(16)	(27)	(9)	(18)	(6)	(7)	(3)	14	18	17	14	4	(10)	(11)	(30)	(42)	(21)	(11)	1	4	7	(10)	(11)	28	(26)	0	52	19	55
Net Change in Cash	(27) N/A	(132) -386%	(119) +10%	24 N/A	26 +6%	120 +371%	50 -58%	58 +15%	31 -46%	(24) N/A	53 N/A	(24) N/A	(33) -36%	58 N/A	34 -41%	85 +151%	65 -23%	74 +13%	21 -72%	3 -86%	165 +5 583%	294 +78%	352 +20%	370 +5%	119 -68%	(43) N/A	(182) -323%	(11) +94%	324 N/A	335 +3%	490 +47%	395 -19%	369 -7%	214 -42%	224 +5%	169 -25%	(81) N/A	246 N/A	153 -38%	26 -83%	75 +187%	(151) N/A	(142) +6%	(56) +61%	(192) -244%	(184) +4%	(178) +3%	(52) +71%	44 N/A	152 +248%	86 -43%	17 -80%	35 +103%	(297) N/A	(240) +19%	(363) -52%	(314) +14%	(137) +56%	(2) +98%	14 N/A	(24) N/A	58 N/A	(21) N/A	45 N/A	66 +47%	87 +33%	165 +89%	310 +88%	217 -30%	(127) N/A	(79) +38%	(174) -120%	(67) +61%	535 N/A	246 -54%	431 +75%	551 +28%	285 -48%	416 +46%	40 -90%	(182) N/A	(552) -203%	(557) -1%	(219) +61%	(56) +74%	338 N/A	341 +1%	414 +22%	560 +35%	512 -9%	587 +15%	386 -34%	254 -34%	135 -47%	63 -53%	199 +214%
Free Cash Flow
Free Cash Flow	145 N/A	124 -14%	128 +3%	149 +17%	142 -5%	169 +19%	147 -13%	140 -4%	137 -2%	98 -29%	143 +46%	129 -10%	127 -1%	168 +32%	176 +5%	216 +23%	230 +6%	251 +9%	268 +7%	266 -1%	380 +43%	469 +24%	488 +4%	522 +7%	531 +2%	414 -22%	496 +20%	736 +48%	858 +17%	1 065 +24%	1 143 +7%	1 038 -9%	943 -9%	869 -8%	787 -9%	735 -7%	741 +1%	768 +4%	742 -3%	777 +5%	693 -11%	706 +2%	693 -2%	640 -8%	573 -10%	550 -4%	599 +9%	573 -4%	580 +1%	537 -7%	449 -16%	445 -1%	453 +2%	190 -58%	197 +4%	196 -1%	247 +26%	501 +103%	576 +15%	609 +6%	589 -3%	579 -2%	532 -8%	509 -4%	602 +18%	634 +5%	717 +13%	759 +6%	707 -7%	630 -11%	554 -12%	578 +4%	628 +9%	690 +10%	768 +11%	948 +23%	1 095 +16%	1 073 -2%	1 041 -3%	703 -33%	497 -29%	382 -23%	282 -26%	542 +92%	649 +20%	865 +33%	1 073 +24%	1 181 +10%	1 351 +14%	1 349 0%	1 257 -7%	1 239 -1%	1 217 -2%	1 127 -7%	1 332 +18%	1 363 +2%

Income Statement Balance Sheet Cash Flow Statement

Garmin Ltd
NYSE:GRMN

Cash Flow Statement

Cash Flow Statement
Garmin Ltd

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Garmin Ltd NYSE:GRMN

Cash Flow Statement

Cash Flow Statement Garmin Ltd

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Garmin Ltd
NYSE:GRMN

Cash Flow Statement
Garmin Ltd