Filing Flows › Garmin (GRMN) › Q4 2025
Garmin (GRMN) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 18, 2026
Garmin (GRMN) reported revenue of $2.1B for the fourth quarter 2025 (Q4 2025), +17% from a year earlier and +20% from the quarter before. Operating margin was 28.9%, net earnings $529M (24.9% of revenue).
Garmin, Q4 2025: revenue $2.1B (+17% year over year), operating margin 28.9%, net earnings $529M, operating cash flow $554M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.1B | +20% | +17% |
| Gross profit | $1.3B | +20% | +17% |
| Operating profit | $614M | +34% | +19% |
| Net earnings | $529M | +32% | +21% |
| Operating cash flow | $554M | +14% | +14% |
| Free cash flow | $430M | — | +8% |
What changed
Revenue was $2.1B in Q4 2025, up 17% year over year and up 20% from the previous quarter. Fitness Segment was the largest line at 36% of revenue.
Gross margin was 59.2%, unchanged from a year earlier. Operating profit was $0.61B, a 28.9% margin (up 0.6 points year over year). Of the extra revenue versus a year earlier, 32% reached operating profit, above the 28% margin then. Operating expenses grew 14% against revenue growth of 17%. The fastest-growing cost line was SG&A (+14%). Net earnings were $0.53B, up 21% year over year. The effective tax rate was 16.8%.
Operating cash flow was $0.55B (up 14% year over year), 105% of net earnings. Non-cash charges added back $0.04B of depreciation and $0.04B of share-based compensation. Working capital and other items used $0.05B. After purchases of property and equipment ($0.12B), free cash flow as the company reports it was $0.43B.
Questions
What was Garmin's revenue in the fourth quarter 2025?
Garmin (GRMN) reported revenue of $2.1B for the fourth quarter 2025 (Q4 2025), +17% from a year earlier and +20% from the quarter before.
Was Garmin profitable in the fourth quarter 2025?
Operating profit was $614M (28.9% of revenue) and net earnings $529M.
Source: Garmin 10-K on SEC EDGAR.