Edwyn
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Revenue | $4,187 | $4,983 | $4,860 | $5,228 | $6,297 |
| Gross Profit | $2,481 | $2,890 | $2,807 | $3,005 | $3,697 |
| Operating Income | $1,054 | $1,219 | $1,028 | $1,092 | $1,594 |
| Net Income | $992 | $1,082 | $974 | $1,290 | $1,411 |
Over the past five years, Garmin Ltd. has demonstrated overall revenue growth accompanied by positive trends in gross profit, operating income, and net income. Revenue increased from around USD 4.19 billion in 2020 to nearly USD 6.30 billion in 2024, with a notable surge from 2023 to 2024 when revenue jumped by over 20 percent. Similarly, gross profit grew consistently—from USD 2.48 billion in 2020 to approximately USD 3.70 billion in 2024—reflecting effective cost control and potentially improved product mix. The operating income experienced a pronounced rise, particularly in 2024, where it moved to USD 1.59 billion from USD 1.09 billion in 2023, indicating increased margins and operational efficiency. Although net income saw an overall upward trend, there was a slight dip in 2022 compared to adjacent years, but it rebounded to reach USD 1.41 billion in 2024. These figures suggest that Garmin has been successful in managing expenses while scaling revenues, an important indicator in the competitive wearable and navigation technology industry. The significant year-over-year improvement in 2024, especially in revenue and operating income, might be driven by successful product launches, market expansion, or enhanced operational efficiencies. Overall, the data indicates that Garmin’s financial health is robust, with sustainable revenue growth, improving profitability margins, and effective cost management contributing to its resilience in a rapidly evolving technological landscape.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.