How Garmin makes money

Period

FY2025

How does Garmin make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Garmin Ltd. Common Stock (Switzerland) · FY2025 · year ended 2025-12-27

Revenue$7.2BGross profit$4.3B · 59%Cost of revenue$3.0B · 41%Operating income$1.9B · 26%Operating expenses$2.4B · 33%R&D$1.1B · 16%SG&A$1.3B · 17%Pre-tax income$2.0B · 28%Other income$138M · 2%Net income$1.7B · 23%Income tax$351M · 5%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.