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Corporate earnings
Wednesday, 19 February 2025, 5:00 am CST

Garmin announces fourth quarter and fiscal year 2024 results

Reports record full-year revenue and profit, and proposes a 20% dividend increase

Schaffhausen, Switzerland / February 19, 2025 / PR Newswire – Garmin® Ltd. (NYSE: GRMN), today announced results for the fourth quarter ended December 28, 2024.

Highlights for fourth quarter 2024 include:

  • Consolidated revenue of $1.82 billion, a 23% increase compared to the prior year quarter
  • Gross margin expanded to 59.3% from 58.3% in the prior year quarter
  • Operating margin expanded to 28.3% compared to 23.0% in the prior year quarter
  • Operating income was $516 million, a 52% increase compared to the prior year quarter
  • GAAP EPS of $2.25 and pro forma EPS(1) of $2.41, representing 40% growth in pro forma EPS over the prior year quarter
  • Shipped over 300 million units since inception
  • Runway Occupancy Awareness technology honored with a prestigious Laureate Award from Aviation Week Network
  • Garmin ranked No. 1 for the 21st consecutive year in Professional Pilot’s Avionics Manufacturers Product Support Survey
  • Launched the Approach® R50, portable golf launch monitor with a built-in simulator
  • Launched the Descent™ X50i, our first large-format dive computer

Highlights for fiscal year 2024 include:

  • Celebrated our 35th year anniversary of creating innovative products
  • Record consolidated revenue of $6.30 billion, a 20% increase compared to the prior year
  • All segments posted record full-year revenue
  • Gross margin expanded to 58.7% compared to 57.5% in the prior year
  • Operating margin expanded to 25.3% compared to 20.9% in the prior year
  • Record operating income of $1.59 billion, a 46% increase compared to the prior year
  • GAAP EPS of $7.30 and record pro forma EPS(1) of $7.39, representing 32% growth in pro forma EPS over the prior year

View the PDF for the full press release and financial statements.

About Garmin Ltd.

Garmin, the Garmin logo, Approach, G3000, Lily and JL Audio are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S. Descent is a trademark of Garmin Ltd. or its subsidiaries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.

Notice on Forward-Looking Statements

This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management’s current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 28, 2024, filed by Garmin with the Securities and Exchange Commission (Commission file number 0001-411180). A copy of such Form 10-K is available at http://www.garmin.com/aboutGarmin/invRelations/finReports.html. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Contact

Investor Relations Contact: Teri Seck
Garmin International, Inc.
Phone | 913-397-8200
E-Mail | [email protected]

Media Relations Contact: Krista Klaus
Garmin International, Inc.
Phone | 913-397-8200
E-Mail | [email protected]

Public Company Information

NYSE: GRMN