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Garmin cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$293M in Q3 2026 · $1.5B over twelve months

Operating cash flow$394M
Capital spending−$101M
Free cash flow+$293M
Cash / net income0.7×
Cash conversion cycle260 days

Analysis

In Q3 2026, Garmin generated $394M of operating cash flow and spent $101M on capital projects, leaving free cash flow of $293M.

Over the twelve months to Sep 26, 2026, operating cash flow was $1.9B; the largest uses were dividends ($751M), other investing ($554M), capital spending ($419M); besides operations, cash came from shares issued ($60.4M); the cash balance fell by $33.0M.

Operating cash flow was $394M against net income of $542M — 0.7× profit, less cash than reported earnings, worth checking against working capital. The largest differences: inventory −$279M, prepaid and other assets −$222M, payables +$96.5M.

Its cash conversion cycle was 260 days (receivables 52 + inventory 264 − payables 56).

Free cash flow

Garmin: free cash flow by quarterGarmin: free cash flow by quarter$399MQ4 2024$381MQ1 2025$127MQ2 2025$425MQ3 2025$430MQ4 2025$469MQ1 2026$276MQ2 2026$293MQ3 2026
Operating cash flow less capital spending.
Garmin: operating cash flow against capital spendingGarmin: operating cash flow against capital spendingOperating cash flowCapital spending$484M$84.7MQ4 2024$421M$40.1MQ1 2025$173M$45.7MQ2 2025$486M$60.5MQ3 2025$554M$124MQ4 2025$536M$66.6MQ1 2026$404M$128MQ2 2026$394M$101MQ3 2026
Latest (Q3 2026): Operating cash flow $394M, Capital spending $101M.

Capital allocation, year by year

Garmin: where the cash came from (up) and went (down), by fiscal yearGarmin: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedAsset salesCapital spendingAcquisitionsDividendsFY2021: Operating cash flow $1.0BFY2021: Shares issued $35.7MFY2021: Asset sales $35KFY2021: Capital spending −$308MFY2021: Acquisitions −$20.2MFY2021: Dividends −$491M$1.0BFY2021FY2022: Operating cash flow $788MFY2022: Shares issued $62.2MFY2022: Asset sales $2.4MFY2022: Capital spending −$244MFY2022: Acquisitions −$13.5MFY2022: Dividends −$679M$853MFY2022FY2023: Operating cash flow $1.4BFY2023: Shares issued $44.1MFY2023: Asset sales $218KFY2023: Capital spending −$194MFY2023: Acquisitions −$151MFY2023: Dividends −$559M$1.4BFY2023FY2024: Operating cash flow $1.4BFY2024: Shares issued $50.0MFY2024: Capital spending −$194MFY2024: Dividends −$572M$1.5BFY2024FY2025: Operating cash flow $1.6BFY2025: Shares issued $58.0MFY2025: Capital spending −$270MFY2025: Dividends −$664M$1.7BFY2025
Over these 5 years operating cash flow totalled $6.2B; the largest uses were dividends ($3.0B) and capital spending ($1.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.3B
Debtnone
Net cash$2.3B

Garmin funds itself: free cash flow was $1.5B over the last twelve months, with $2.3B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Garmin: sources (+) and uses (−) of cash, Q3 2026Garmin: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$394MOther investing−$344MCash drawn (+) / kept (−)$294MDividends−$202MCapital spending−$101MOther financing−$41.6MExchange rates$444KShares issued−$17K
Garmin: sources (+) and uses (−) of cash, TTM to Q3 2026Garmin: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.9BDividends−$751MOther investing−$554MCapital spending−$419MOther financing−$245MShares issued$60.4MCash drawn (+) / kept (−)$33.0MExchange rates−$11.5M

From profit to cash

Garmin: net income to operating cash flow, Q3 2026Garmin: net income to operating cash flow, Q3 2026Net income$542MDepreciation & amortization$41.2MStock-based pay$44.7MDeferred taxes$30.1MGains on investments−$10KGains on disposals−$694KReceivables$18.8MInventory−$279MPayables$96.5MDeferred revenue$2.5MPrepaid and other assets−$222MOther liabilities$74.3MIncome taxes payable$44.6MOperating cash flow$394M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20265226456260
Q2 20264722845231
Q1 20265723244244
Q4 20254719238201
Q3 20255123149233
Q2 20254520545205
Q1 20255221449217
Q4 20244818345185

Every quarter

QuarterOperating cash flowCapital spendingDividendsShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$394M−$101M−$202M−$17K$294M$293M
Q2 2026$404M−$128M−$202M—−$44.3M$276M
Q1 2026$536M−$66.6M−$174M—−$11.3M$469M
Q4 2025$554M−$124M−$173M$28.9M−$206M$430M
Q3 2025$486M−$60.5M−$173M—−$640K$425M
Q2 2025$173M−$45.7M−$173M—$103M$127M
Q1 2025$421M−$40.1M−$145M—−$96.0M$381M
Q4 2024$484M−$84.7M−$144M$25.4M−$70.1M$399M

Garmin: income statement and cash flow

Garmin, Q3 2026: revenue $2.0B (+12% year over year), operating margin 30.8%. The chart follows the revenue to costs, profit and cash.

Garmin: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.