$GRMN

GARMIN LTD

CIK:0001121788|SEC Filings

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2026	Jun. 28, 2025	Jun. 27, 2026	Jun. 28, 2025
Income Statement [Abstract]
Net sales	$ 2,022,092	$ 1,814,564	$ 3,775,582	$ 3,349,663
Cost of goods sold	760,070	747,552	1,471,272	1,398,106
Gross profit	1,262,022	1,067,012	2,304,310	1,951,557
Research and development expense	303,940	276,663	599,758	544,783
Selling, general and administrative expenses	342,574	318,054	657,379	601,655
Total operating expense	646,514	594,717	1,257,137	1,146,438
Operating income	615,508	472,295	1,047,173	805,119
Other income (expense):
Interest income	38,173	31,724	74,147	62,231
Foreign currency (losses) gains	(2,492)	(23,512)	630	1,248
Other (expense) income	(128)	(256)	1,640	730
Total other income (expense)	35,553	7,956	76,417	64,209
Income before income taxes	651,061	480,251	1,123,590	869,328
Income tax provision	109,141	79,429	176,591	135,737
Net income	$ 541,920	$ 400,822	$ 946,999	$ 733,591
Net income per share:
Basic	$ 2.81	$ 2.08	$ 4.91	$ 3.81
Diluted	$ 2.8	$ 2.07	$ 4.89	$ 3.79
Weighted average common shares outstanding:
Basic	192,836	192,523	192,755	192,534
Diluted	193,471	193,416	193,515	193,557

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 27, 2026	Jun. 28, 2025
Operating Activities:
Net income	$ 946,999	$ 733,591
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	81,270	75,980
Amortization	16,711	17,423
Loss on sale or disposal of property and equipment	55	350
Unrealized foreign currency losses (gains)	2,575	(16,566)
Deferred income taxes	3,418	(49,754)
Stock compensation expense	88,793	82,279
Realized loss on marketable securities	597	706
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net of allowance for doubtful accounts	84,187	17,902
Inventories	(209,361)	(206,276)
Other current and non-current assets	(44,687)	(37,092)
Accounts payable	59,547	(2,591)
Other current and non-current liabilities	(68,307)	2,408
Deferred revenue	1,187	(6,843)
Deferred costs	4,310	7,262
Income Taxes	(27,750)	(24,820)
Net cash provided by operating activities	939,544	593,959
Investing activities:
Purchases of property and equipment	(194,395)	(85,738)
Purchase of marketable securities	(510,525)	(465,372)
Redemption of marketable securities	311,308	306,469
Net payments for acquisitions	(2,993)	(1,973)
Other investing activities, net	(68)	503
Net cash used in investing activities	(396,673)	(246,111)
Financing activities:
Dividends	(376,045)	(317,748)
Proceeds from issuance of treasury shares related to equity awards	31,442	29,065
Purchase of treasury shares related to equity awards	(47,063)	(33,431)
Purchase of treasury shares under share repurchase plan	(81,581)	(93,632)
Net cash used in financing activities	(473,247)	(415,746)
Effect of exchange rate changes on cash and cash equivalents	(14,014)	60,650
Net increase (decrease) in cash, cash equivalents, and restricted cash	55,610	(7,248)
Cash, cash equivalents, and restricted cash at beginning of period	2,279,360	2,080,154
Cash, cash equivalents, and restricted cash at end of period	$ 2,334,970	$ 2,072,906

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 27, 2026	Dec. 27, 2025
Current assets:
Cash and cash equivalents	$ 2,334,235	$ 2,278,646
Marketable securities	331,955	459,202
Accounts receivable, net	1,153,215	1,253,015
Inventories	1,966,061	1,772,257
Deferred costs	13,673	17,538
Prepaid expenses and other current assets	509,473	467,558
Total current assets	6,308,612	6,248,216
Property and equipment, net of accumulated depreciation of $1,360,259 and $1,292,250	1,454,228	1,375,348
Operating lease right-of-use assets	212,297	196,183
Noncurrent marketable securities	1,703,680	1,396,929
Deferred income tax assets	717,795	718,094
Noncurrent deferred costs	3,930	4,373
Goodwill	748,474	760,241
Other intangible assets, net	179,054	198,362
Other noncurrent assets	95,821	95,923
Total assets	11,423,891	10,993,669
Current liabilities:
Accounts payable	401,318	347,493
Salaries and benefits payable	201,311	228,267
Accrued warranty costs	71,560	72,921
Accrued sales program costs	118,531	153,193
Other accrued expenses	249,765	257,651
Deferred revenue	106,956	105,646
Income taxes payable	326,081	381,549
Dividend payable	607,651	173,351
Total current liabilities	2,083,173	1,720,071
Deferred income tax liabilities	107,365	109,701
Noncurrent income taxes payable	3,754	3,596
Noncurrent deferred revenue	22,072	22,277
Noncurrent operating lease liabilities	177,957	164,835
Other noncurrent liabilities	557	625
Stockholders’ equity:
Common shares, $0.10 par value (194,901 and 194,901 shares authorized and issued;192,910 and 192,620 shares outstanding)	19,490	19,490
Additional paid-in capital	2,381,041	2,368,670
Treasury shares (1,991 and 2,281 shares)	(427,840)	(406,423)
Retained earnings	7,106,837	6,970,182
Accumulated other comprehensive income (loss)	(50,515)	20,645
Total stockholders’ equity	9,029,013	8,972,564
Total liabilities and stockholders’ equity	$ 11,423,891	$ 10,993,669