Flagship explainer

How GARMIN LTD makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$7.2B · 100%Cost of revenue$3.0B · 41%Gross profit$4.3B · 59%Operating income$1.9B · 26%Income before tax$2.0B · 28%Income tax$351M · 5%Net income$1.7B · 23%As of 2025-12-27 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$7.2B100%
Cost of revenue$3.0B41%
$4.3B59%
$1.9B26%
Income before tax$2.0B28%
Income tax$351M5%
$1.7B23%
Source: · event Dec 27, 2025 · retrieved Oct 15, 2026 · annual-row source set
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