GRMNMEDIUM SIGNALOPERATIONAL10-K

Garmin delivered strong financial growth with 15% revenue increase to $7.2B and significantly expanded capital expenditures by 40% to $270M, indicating major operational investments.

The substantial increase in capital expenditures suggests Garmin is investing heavily in expansion, new technologies, or manufacturing capacity to support future growth. The language changes around satellite network services indicate a strategic shift toward subscription-based revenue models, which could provide more recurring income streams.

Comparing 2026-02-18 vs 2025-02-19View on EDGAR →
FINANCIAL ANALYSIS

Garmin demonstrated robust growth across all key financial metrics, with revenue rising 15% to $7.2B and net income growing 18% to $1.7B. Working capital components expanded significantly (accounts receivable up 27%, inventory up 20%) indicating strong demand and business scaling. The 40% jump in capital expenditures to $270M signals major operational investments, while the company maintained healthy shareholder returns through increased dividends despite reducing share buybacks.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
+39.7%
$193.6M→$270.4M

Capital expenditure jumped 39.7% — major investment cycle underway; assess returns on deployment.

Accounts Receivable
Balance Sheet
+27.4%
$983.4M→$1.3B

Receivables grew 27.4% — monitor days sales outstanding for collection efficiency.

Inventory
Balance Sheet
+20.2%
$1.5B→$1.8B

Inventory built 20.2% — monitor whether demand supports this build or if write-downs may follow.

Share Buybacks
Cash Flow
-20.1%
$93.2M→$74.5M

Buyback activity reduced 20.1% — capital being redeployed elsewhere or cash conservation underway.

Net Income
P&L
+17.9%
$1.4B→$1.7B

Net income grew 17.9% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+17.7%
$1.6B→$1.9B

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Current Assets
Balance Sheet
+17.1%
$5.3B→$6.2B

Current assets grew 17.1% — improving short-term liquidity or inventory/receivables build.

Dividends Paid
Cash Flow
+16%
$572.4M→$663.9M

Dividend payments increased 16% — management confidence in sustained cash generation.

Revenue
P&L
+15.1%
$6.3B→$7.2B

Revenue growing 15.1% — solid top-line momentum, watch margins for quality of growth.

Gross Profit
P&L
+15.1%
$3.7B→$4.3B

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

LANGUAGE CHANGES
NEW — 2026-02-18
PRIOR — 2025-02-19
ADDED
Garmin designs, develops, manufactures, markets, and distributes a diverse family of GPS-enabled products and other navigation, communications, sensor-based and information products and services for these markets, as well as products installed by original equipment manufacturers (OEMs) and for aftermarket applications.
Since the inception of its business, Garmin has delivered over 300 million products, which included more than 20 million products delivered during fiscal 2025.
Products and Services Garmin offers a broad range of products and services across its reportable segments as outlined below.
Certain Garmin products offer access to private satellite networks from third-party providers on a subscription basis.
Subscriptions to these services and networks enable certain features such as communication, weather, and mapping content.
+7 more — sign up free →
REMOVED
We design, develop, manufacture, market, and distribute a diverse family of GPS-enabled products and other navigation, communications, sensor-based and information products for these markets, as well as products installed by original equipment manufacturers (OEMs) and for aftermarket applications.
Since the inception of its business, Garmin has delivered over 300 million products, which included more than 18 million products delivered during fiscal 2024.
This discussion of Garmin should be read in conjunction with, and is qualified by reference to, Management's Discussion and Analysis of Financial Condition and Results of Operations under Item 7 herein and the information set forth in response to Item 101 of Regulation S-K in such Item 7 is incorporated herein by reference in partial response to this Item 1.
Products Garmin offers a broad range of solutions across its reportable segments as outlined below.
On a subscription basis, certain Garmin products offer access to private satellite networks such as the Iridium satellite network, a synchronized constellation of 66 low Earth orbit (LEO) satellites offering global data communication coverage.
+7 more — sign up free →
MORE OPERATIONAL SIGNALS
HOFTHIGHHOFT completed a major divestiture of its Pulaski and Samuel Lawrence furniture ...
2026-04-17
CTRNHIGHCTRN underwent a dramatic operational turnaround with a complete repositioning f...
2026-04-15
ORBSHIGHORBS has undergone a complete business transformation from packaging and e-comme...
2026-04-15
BRFHHIGHBRFH completed a transformative acquisition of Arps Dairy in October 2025, drama...
2026-04-15
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →