GARMIN LTD Segments Disclosure
11. Segment Information and Geographic Data
Garmin is organized in the five operating segments of fitness, outdoor, aviation, marine, and auto OEM, which represent the primary markets served by the Company. These operating segments are also the Company’s reportable segments.
The Company’s Chief Executive Officer, who has been identified as the Chief Operating Decision Maker (CODM), uses operating income (loss) as the primary measure of profit or loss to assess segment performance. Operating income (loss) represents net sales less costs of goods sold and operating expenses. Net sales are directly attributed to each segment. Most costs of goods sold and the majority of operating expenses are also directly attributed to each segment, while certain other costs of goods sold and operating expenses are allocated to the segments in a reasonable manner considering the specific facts and circumstances of the expenses being allocated. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. There are no inter-segment sales or transfers.
The Company’s segments share many common resources, infrastructures and assets in the normal course of business, and certain assets are therefore not separately tracked by segment. Thus, the Company does not report accounts receivable, inventories, property and equipment, intangible assets, capital expenditures, depreciation expense, or amortization expense by segment to the CODM.
The CODM utilizes operating income (loss) to assess segment performance and make decisions about the allocation of operating and capital resources by analyzing future opportunities and recent operating income (loss) results, trends, and variances of each segment in relation to forecasts and historical performance.
Net sales, cost of goods sold, gross profit, significant segment expenses, and operating income (loss) for each of the Company’s five reportable segments are presented below.
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|
Fitness |
|
|
Outdoor |
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|
Aviation |
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|
Marine |
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|
Auto OEM |
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Total |
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52-Weeks Ended December 27, 2025 |
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|
|
|
|
|
|
|
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Net sales |
|
$ |
2,357,000 |
|
|
$ |
2,054,061 |
|
|
$ |
987,161 |
|
|
$ |
1,182,615 |
|
|
$ |
664,682 |
|
|
$ |
7,245,519 |
|
Cost of goods sold |
|
|
954,415 |
|
|
|
702,831 |
|
|
|
245,654 |
|
|
|
532,708 |
|
|
|
553,608 |
|
|
|
2,989,216 |
|
Gross profit |
|
|
1,402,585 |
|
|
|
1,351,230 |
|
|
|
741,507 |
|
|
|
649,907 |
|
|
|
111,074 |
|
|
|
4,256,303 |
|
Research and development expense |
|
|
216,956 |
|
|
|
270,084 |
|
|
|
342,282 |
|
|
|
187,610 |
|
|
|
109,299 |
|
|
|
1,126,231 |
|
Selling, general and administrative expenses |
|
|
459,748 |
|
|
|
390,794 |
|
|
|
141,998 |
|
|
|
211,047 |
|
|
|
50,409 |
|
|
|
1,253,996 |
|
Operating income (loss) |
|
|
725,881 |
|
|
|
690,352 |
|
|
|
257,227 |
|
|
|
251,250 |
|
|
|
(48,634 |
) |
|
|
1,876,076 |
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|
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52-Weeks Ended December 28, 2024 |
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Net sales |
|
$ |
1,774,487 |
|
|
$ |
1,961,990 |
|
|
$ |
876,614 |
|
|
$ |
1,073,192 |
|
|
$ |
610,620 |
|
|
$ |
6,296,903 |
|
Cost of goods sold |
|
|
742,480 |
|
|
|
655,585 |
|
|
|
220,105 |
|
|
|
479,065 |
|
|
|
503,113 |
|
|
|
2,600,348 |
|
Gross profit |
|
|
1,032,007 |
|
|
|
1,306,405 |
|
|
|
656,509 |
|
|
|
594,127 |
|
|
|
107,507 |
|
|
|
3,696,555 |
|
Research and development expense |
|
|
182,900 |
|
|
|
239,208 |
|
|
|
316,371 |
|
|
|
160,615 |
|
|
|
94,507 |
|
|
|
993,601 |
|
Selling, general and administrative expenses |
|
|
366,435 |
|
|
|
364,467 |
|
|
|
128,771 |
|
|
|
197,502 |
|
|
|
51,785 |
|
|
|
1,108,960 |
|
Operating income (loss) |
|
|
482,672 |
|
|
|
702,730 |
|
|
|
211,367 |
|
|
|
236,010 |
|
|
|
(38,785 |
) |
|
|
1,593,994 |
|
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|
|
|
|
|
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||||||
52-Weeks Ended December 30, 2023 |
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Net sales |
|
$ |
1,344,637 |
|
|
$ |
1,697,151 |
|
|
$ |
846,329 |
|
|
$ |
916,911 |
|
|
$ |
423,224 |
|
|
$ |
5,228,252 |
|
Cost of goods sold |
|
|
627,731 |
|
|
|
624,290 |
|
|
|
220,341 |
|
|
|
425,650 |
|
|
|
325,285 |
|
|
|
2,223,297 |
|
Gross profit |
|
|
716,906 |
|
|
|
1,072,861 |
|
|
|
625,988 |
|
|
|
491,261 |
|
|
|
97,939 |
|
|
|
3,004,955 |
|
Research and development expense |
|
|
163,148 |
|
|
|
215,555 |
|
|
|
284,014 |
|
|
|
137,342 |
|
|
|
104,637 |
|
|
|
904,696 |
|
Selling, general and administrative expenses |
|
|
321,557 |
|
|
|
342,052 |
|
|
|
115,574 |
|
|
|
174,490 |
|
|
|
54,426 |
|
|
|
1,008,099 |
|
Operating income (loss) |
|
|
232,201 |
|
|
|
515,254 |
|
|
|
226,400 |
|
|
|
179,429 |
|
|
|
(61,124 |
) |
|
|
1,092,160 |
|
Net sales to external customers, property and equipment, and net assets by geographic area are as shown below for the fiscal years ended December 27, 2025, December 28, 2024, and December 30, 2023.
|
|
Americas |
|
|
EMEA |
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|
APAC |
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|
Total |
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December 27, 2025 |
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|
|
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|
|
|
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|
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Net sales to external customers (1) |
|
$ |
3,453,936 |
|
|
$ |
2,741,580 |
|
|
$ |
1,050,003 |
|
|
$ |
7,245,519 |
|
Property and equipment, net |
|
|
799,235 |
|
|
|
174,736 |
|
|
|
401,377 |
|
|
|
1,375,348 |
|
Net assets (2) |
|
|
5,610,868 |
|
|
|
1,724,699 |
|
|
|
1,636,997 |
|
|
|
8,972,564 |
|
|
|
|
|
|
|
|
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|
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|
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|
||||
December 28, 2024 |
|
|
|
|
|
|
|
|
|
|
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|
||||
Net sales to external customers (1) |
|
$ |
3,036,083 |
|
|
$ |
2,319,310 |
|
|
$ |
941,510 |
|
|
$ |
6,296,903 |
|
Property and equipment, net |
|
|
756,633 |
|
|
|
137,283 |
|
|
|
342,968 |
|
|
|
1,236,884 |
|
Net assets (2) |
|
|
5,173,117 |
|
|
|
1,347,520 |
|
|
|
1,327,761 |
|
|
|
7,848,398 |
|
|
|
|
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|
||||
December 30, 2023 |
|
|
|
|
|
|
|
|
|
|
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|
||||
Net sales to external customers (1) |
|
$ |
2,614,358 |
|
|
$ |
1,775,965 |
|
|
$ |
837,929 |
|
|
$ |
5,228,252 |
|
Property and equipment, net |
|
|
736,218 |
|
|
|
141,388 |
|
|
|
346,491 |
|
|
|
1,224,097 |
|
Net assets (2) |
|
|
4,377,450 |
|
|
|
1,297,580 |
|
|
|
1,339,275 |
|
|
|
7,014,305 |
|
(1) The United States is the only country which constitutes greater than 10% of net sales to external customers.
(2) Americas and APAC net assets are primarily held in the United States and Taiwan, respectively.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 16, 2022 | |
| 2020 | Feb 17, 2021 | |
| 2019 | Feb 19, 2020 | |
| 2018 | Feb 20, 2019 | |
| 2017 | Feb 21, 2018 | |
| 2016 | Feb 22, 2017 | |
| 2015 | Feb 17, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.