Filing Flows › Garmin (GRMN) › Q1 2025
Garmin (GRMN) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 30, 2025
Garmin (GRMN) reported revenue of $1.5B for the first quarter 2025 (Q1 2025), +11% from a year earlier and -16% from the quarter before. Operating margin was 21.7%, net earnings $333M (21.7% of revenue).
Garmin, Q1 2025: revenue $1.5B (+11% year over year), operating margin 21.7%, net earnings $333M, operating cash flow $421M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.5B | -16% | +11% |
| Gross profit | $885M | -18% | +10% |
| Operating profit | $333M | -36% | +12% |
| Net earnings | $333M | -24% | +21% |
| Operating cash flow | $421M | -13% | -3% |
| Free cash flow | $381M | — | -5% |
What changed
Revenue was $1.5B in Q1 2025, up 11% year over year and down 16% from the previous quarter. Outdoor Segment was the largest line at 29% of revenue. Outdoor Segment added $0.07B year over year (up 20%), 47% of the total change. Marine Segment declined 2%.
Gross margin was 57.6%, down 0.4 points from a year earlier. Operating profit was $0.33B, a 21.7% margin (up 0.1 points year over year). Of the extra revenue versus a year earlier, 22% reached operating profit, above the 22% margin then. Operating expenses grew 10% against revenue growth of 11%. The fastest-growing cost line was Research & development (+11%). Net earnings were $0.33B, up 21% year over year. The effective tax rate was 14.5%.
Operating cash flow was $0.42B (down 3% year over year), 126% of net earnings. Non-cash charges added back $0.04B of depreciation and $0.04B of share-based compensation. After purchases of property and equipment ($0.04B), free cash flow as the company reports it was $0.38B.
Questions
What was Garmin's revenue in the first quarter 2025?
Garmin (GRMN) reported revenue of $1.5B for the first quarter 2025 (Q1 2025), +11% from a year earlier and -16% from the quarter before.
Was Garmin profitable in the first quarter 2025?
Operating profit was $333M (21.7% of revenue) and net earnings $333M.
Source: Garmin 10-Q on SEC EDGAR.