Garmin Statistics at a Glance
Garmin’s latest reported numbers show a business that kept expanding in 2024 while also widening profitability. The company paired record revenue with stronger margins, a larger operating income base, and continued cash generation (2024 Q4 earnings press release; 2024 10-K).
Fast facts
- Full-year 2024 revenue: $6.30 billion, up 20% year over year (2024 Q4 earnings press release).
- Full-year 2024 operating income: $1.59 billion, up 46% year over year (2024 Q4 earnings press release).
- Full-year 2024 gross margin: 58.7%, up from 57.5% in 2023 (2024 Q4 earnings press release).
- Full-year 2024 operating margin: 25.3%, up from 20.9% in 2023 (2024 Q4 earnings press release).
- Full-year 2024 GAAP EPS: $7.30 (2024 Q4 earnings press release).
- Full-year 2024 pro forma EPS: $7.39, up 32% year over year (2024 Q4 earnings press release).
- Units shipped since inception: over 300 million as of the Q4 2024 release (2024 Q4 earnings press release).
Table of Contents
- Garmin’s 2024 headline numbers
- How the year stacked up against 2023
- Segment revenue and operating income
- Balance sheet and cash flow context
- Workforce, operations, and sustainability metrics
- Connect data and user behavior metrics
- What the numbers say about Garmin’s business mix
Garmin’s 2024 headline numbers
Garmin’s 2024 results combine growth, profitability, and liquidity in a way that is useful for reading the business as a whole. Revenue reached $6.30 billion, operating income reached $1.59 billion, and the company reported a gross margin of 58.7% and an operating margin of 25.3% (2024 Q4 earnings press release).
The scale is important, but the direction matters too. Garmin’s 2024 revenue was up 20% year over year, while operating income was up 46% year over year, which means earnings grew faster than sales in the period (2024 Q4 earnings press release). That combination usually points to a business taking better advantage of its revenue base rather than simply growing for growth’s sake.
A compact snapshot
| Metric | 2024 value | Year-over-year note | Source label |
|---|---|---|---|
| Revenue | $6.30 billion | Up 20% | 2024 Q4 earnings press release |
| Operating income | $1.59 billion | Up 46% | 2024 Q4 earnings press release |
| Gross margin | 58.7% | Up from 57.5% in 2023 | 2024 Q4 earnings press release |
| Operating margin | 25.3% | Up from 20.9% in 2023 | 2024 Q4 earnings press release |
| GAAP EPS | $7.30 | Reported for 2024 | 2024 Q4 earnings press release |
| Pro forma EPS | $7.39 | Up 32% | 2024 Q4 earnings press release |
That table gives the clearest summary of the year: more revenue, better margins, and stronger earnings per share. The 2024 Q4 earnings press release also says Garmin celebrated its 35th anniversary in fiscal 2024, which gives the business a long operating runway and a large cumulative installed base.
How the year stacked up against 2023
The comparison with 2023 is where the 2024 story gets more interesting. Garmin’s gross margin moved from 57.5% in 2023 to 58.7% in 2024, while operating margin rose from 20.9% to 25.3% (2024 Q4 earnings press release). Those are not small rounding changes. They show that the company ended the year with a more efficient earnings profile than the year before.
The earnings release also shows that the full-year operating income growth rate outpaced revenue growth. Revenue was up 20% year over year, but operating income was up 46% year over year (2024 Q4 earnings press release). That gap matters because it indicates operating leverage. If a company’s revenue grows and its operating income grows even faster, more of each incremental dollar is flowing through to profit.
Garmin’s pro forma EPS was $7.39, up 32% year over year, and its GAAP EPS was $7.30 for 2024 (2024 Q4 earnings press release). The similarity between the two EPS figures suggests the business’s core earnings profile and reported earnings profile were closely aligned in the year.
The year in one comparison table
| Item | 2023 | 2024 | Change |
|---|---|---|---|
| Gross margin | 57.5% | 58.7% | Up 1.2 points |
| Operating margin | 20.9% | 25.3% | Up 4.4 points |
| Net income | $1.290 billion | $1.411 billion | Up |
| Revenue | Not provided in the matched stats | $6.30 billion | Up 20% year over year |
The 2024 10-K adds another layer. Garmin’s net income was $1.411 billion in 2024, up from $1.290 billion in 2023 (2024 10-K). Its income before income taxes was $1.695 billion, and its income tax provision was $283.965 million, which produced an effective tax rate of approximately 17% (2024 10-K).
That tax profile matters because it helps explain the relationship between operating strength and reported bottom-line results. It also helps frame the company’s ability to convert earnings into cash and retain balance sheet flexibility.
Segment revenue and operating income
Garmin’s segment mix is broad, which helps explain why the company can show resilience across cycles and product categories. The 2024 10-K breaks out revenue across five segments: fitness, outdoor, aviation, marine, and auto OEM (2024 10-K).
Revenue by segment
| Segment | 2024 revenue | Source label |
|---|---|---|
| Fitness | $1.774 billion | 2024 10-K |
| Outdoor | $1.962 billion | 2024 10-K |
| Aviation | $876.614 million | 2024 10-K |
| Marine | $1.073 billion | 2024 10-K |
| Auto OEM | $610.620 million | 2024 10-K |
Outdoor was the largest segment by revenue at $1.962 billion, followed by fitness at $1.774 billion (2024 10-K). That ordering says something important about Garmin’s mix: it is not a single-category brand with one dominant line of business. Instead, it spreads revenue across several distinct product markets.
Operating income by segment
| Segment | 2024 operating income | Source label |
|---|---|---|
| Fitness | $482.672 million | 2024 10-K |
| Outdoor | $702.730 million | 2024 10-K |
| Aviation | $211.367 million | 2024 10-K |
| Marine | $236.010 million | 2024 10-K |
| Auto OEM | $(38.785 million) loss | 2024 10-K |
This table is useful because it shows that the revenue mix and earnings mix are not identical. Outdoor generated the highest operating income at $702.730 million, while fitness also contributed a large profit pool at $482.672 million (2024 10-K). Aviation and marine were both positive contributors as well, while auto OEM showed a loss of $38.785 million (2024 10-K).
That spread suggests a portfolio structure rather than a single-line dependence. Some segments appear to be more profitable than others, but the overall business still delivered $1.59 billion in operating income for the year according to the Q4 2024 earnings press release.
Why the segment mix matters
- It reduces reliance on a single product family.
- It gives Garmin multiple paths to growth.
- It helps explain how the company can post company-wide margin expansion even when one segment is unprofitable.
The 2024 10-K also gives geographic context. Revenue by geography was $3.036 billion in the Americas, $2.319 billion in EMEA, and $941.510 million in APAC (2024 10-K). That distribution is broad enough to indicate meaningful international diversification while still making the Americas the largest region.
Balance sheet and cash flow context
The balance sheet data gives the strongest proof that Garmin’s 2024 operating performance was not just an accounting result. The company ended December 28, 2024 with $2.079 billion in cash and cash equivalents (2024 10-K). It also had $421.270 million of current marketable securities and $1.198 billion of noncurrent marketable securities at the same date (2024 10-K).
That puts a sizable liquidity cushion behind the operating numbers. Garmin’s total current assets were $5.336 billion, total assets were $9.631 billion, and total stockholders’ equity was $7.848 billion at December 28, 2024 (2024 10-K). Those figures show a large asset base supported by substantial equity.
Selected balance sheet items
| Item | Amount | Source label |
|---|---|---|
| Cash and cash equivalents | $2.079 billion | 2024 10-K |
| Current marketable securities | $421.270 million | 2024 10-K |
| Noncurrent marketable securities | $1.198 billion | 2024 10-K |
| Total current assets | $5.336 billion | 2024 10-K |
| Total assets | $9.631 billion | 2024 10-K |
| Total stockholders’ equity | $7.848 billion | 2024 10-K |
Several working-capital lines are also notable. Accounts receivable were $983.404 million, inventories were $1.474 billion, accounts payable were $359.365 million, and current deferred revenue was $110.997 million at December 28, 2024 (2024 10-K). These are not isolated figures; they give context to the company’s sales scale and operational footprint.
The cash flow statement shows whether the operating engine is turning into real money. Garmin’s 2024 net cash provided by operating activities was $1.432 billion (2024 10-K). Against that, purchases of property and equipment were $193.571 million, net cash used in investing activities was $393.333 million, and net cash used in financing activities was $626.857 million (2024 10-K).
Cash flow signals worth watching
- Operating cash flow exceeded $1.4 billion in 2024 (2024 10-K).
- Capital expenditure remained meaningful at $193.571 million (2024 10-K).
- Dividend payments were $572.355 million in 2024 (2024 10-K).
- Share repurchases under the company’s repurchase plan were $62.348 million in 2024 (2024 10-K).
Garmin also reported cash, cash equivalents, and restricted cash of $2.080 billion at year-end 2024 (2024 10-K). That figure is close to the cash and cash equivalents line and reinforces the general liquidity picture.
Workforce, operations, and sustainability metrics
Garmin’s annual corporate impact data adds scale to the operating story. The company employed approximately 21,800 individuals across 35 countries in 2024 (2024 Corporate Impact Report). It had 7,700 employees in the Americas, 3,000 in Europe/Middle East/Africa, and 11,100 in Asia-Pacific (2024 Corporate Impact Report).
That workforce distribution mirrors the company’s international footprint. It also helps explain how a hardware and technology company can support development, manufacturing, and distribution across multiple regions. Garmin had 11 manufacturing facilities spanning approximately 3 million square feet in 2024 (2024 Corporate Impact Report).
Operating and sustainability highlights
- Manufacturing and distribution TRIR was approximately 0.42, about 1.9 times better than the U.S. Bureau of Labor Statistics industry average (2024 Corporate Impact Report).
- Garmin had six business resource groups in 2024 (2024 Corporate Impact Report).
- The U.S. employee benefits package scored 32% higher than the median comparator group in Mercer’s analysis (2024 Corporate Impact Report).
- Research and development expense was $993.601 million, equal to 16% of consolidated net sales (2024 Corporate Impact Report).
- Garmin introduced approximately 100 new products annually across its operating segments (2024 Corporate Impact Report).
The R&D figure is especially important. Spending $993.601 million on research and development, or 16% of consolidated net sales, signals a company that is still heavily invested in product development rather than treating the business as a mature cash machine only (2024 Corporate Impact Report). That type of reinvestment often supports longer-term brand strength and product refresh cycles.
Garmin also reported 2024 capital expenditures of $193.571 million in the Corporate Impact Report, which aligns with the 2024 10-K figure (2024 Corporate Impact Report; 2024 10-K). That consistency helps tie together the external impact report and the audited filing.
Connect data and user behavior metrics
The Garmin Connect data is different from the company’s financial statements, but it is still useful because it gives a view into user behavior at scale. In the 2024 Connect report, users averaged 8,317 steps per day globally, 10,340 in Hong Kong, and 5,375 in Indonesia (2024 Garmin Connect data report).
That spread shows how behavior varies across markets while still anchoring around a substantial global average. It also gives Garmin a behavioral dataset that is much richer than a simple hardware shipment number.
User metrics worth noting
| Metric | Global value | Notable location or subgroup | Source label |
|---|---|---|---|
| Average steps per day | 8,317 | 10,340 in Hong Kong; 5,375 in Indonesia | 2024 Garmin Connect data report |
| Average fitness age | 2.48 years younger than real age | Women 1.94 years younger; men 2.75 years younger | 2024 Garmin Connect data report |
| Average sleep score | 71 | 73 in the Netherlands; 64 in Indonesia | 2024 Garmin Connect end-of-year report |
| Average stress score | 30 | 29 on Mondays; 32 on Saturdays; 33 on the most stressful day; 28 on the least stressful day | 2024 Garmin Connect data report |
| Average training readiness score | 60 | 62 on Tuesdays; 57 on Sundays; 64 on the highest day; 44 on the lowest day | 2024 Garmin Connect data report |
These figures are useful because they reveal how Garmin’s ecosystem captures repeated activity, rest, and recovery signals. The average fitness age being 2.48 years younger than real age is especially notable, as is the difference between women and men in that statistic (2024 Garmin Connect data report). Likewise, the sleep, stress, and training readiness averages give a more nuanced picture of the user base than a simple device count ever could.
What the numbers say about Garmin’s business mix
Garmin’s 2024 statistics point to a company with several reinforcing strengths. It has scale, with $6.30 billion in revenue and over 300 million units shipped since inception as of the Q4 2024 release (2024 Q4 earnings press release). It has efficiency, with gross margin at 58.7% and operating margin at 25.3% for the year (2024 Q4 earnings press release). It has liquidity, with more than $2 billion in cash and cash equivalents at year-end 2024 (2024 10-K). And it has breadth, with revenue spread across fitness, outdoor, aviation, marine, and auto OEM, plus a global employee base of approximately 21,800 across 35 countries (2024 10-K; 2024 Corporate Impact Report).
The most useful single read is that Garmin is not just growing, it is growing with better economics. That is why the operating income increase of 46% matters as much as, or more than, the 20% revenue increase (2024 Q4 earnings press release). The business also kept investing in R&D at a high level, which suggests the company expects product innovation to remain central to its long-term playbook (2024 Corporate Impact Report).