# GARMIN LTD (GRMN) FY2024 Annual P&L / Income Statement

- Company: GARMIN LTD (GRMN)
- Period: 2023-12-31 to 2024-12-28
- Filing: FY2024 10-K, filed 2025-02-19, accession number 0000950170-25-022760
- Page: https://plicit.ai/financials/grmn/fy2024-annual-income-statement
- Chart image: https://plicit.ai/charts/grmn-fy2024-annual-income-statement-sankey.png

## Chart details: Revenue by Business Segment

Income statement for 2023-12-31 through 2024-12-28. View: Business segment. Revenue and costs use their disclosed categories.

- **Net sales**: 6,296,903,000 US dollars
- **Cost of goods sold**: 2,600,348,000 US dollars
- **Gross profit**: 3,696,555,000 US dollars
- **Total operating expense**: 2,102,561,000 US dollars
- **Operating income**: 1,593,994,000 US dollars
- **Total other income (expense)**: 101,407,000 US dollars
- **Income before income taxes**: 1,695,401,000 US dollars
- **Total income tax provision (benefit)**: 283,965,000 US dollars
- **Net income**: 1,411,436,000 US dollars
- **Fitness Segment revenue**: 1,774,487,000 US dollars
- **Outdoor Segment revenue**: 1,961,990,000 US dollars
- **Aviation Segment revenue**: 876,614,000 US dollars
- **Marine Segment revenue**: 1,073,192,000 US dollars
- **Auto OEM Segment revenue**: 610,620,000 US dollars
- **Fitness Segment cost of revenue**: 742,480,000 US dollars
- **Outdoor Segment cost of revenue**: 655,585,000 US dollars
- **Aviation Segment cost of revenue**: 220,105,000 US dollars
- **Marine Segment cost of revenue**: 479,065,000 US dollars
- **Auto OEM Segment cost of revenue**: 503,113,000 US dollars
- **Selling, general and administrative expenses**: 1,108,960,000 US dollars
- **Research and development expense**: 993,601,000 US dollars

### Chart connections

- Revenue less cost of revenue equals gross profit; gross profit less operating expenses equals operating income.
- Operating income plus other income or expense equals income before tax. Income before tax less income tax expense or benefit equals net income.

## Chart details: Revenue by Timing of Transfer

- Page: https://plicit.ai/financials/grmn/fy2024-annual-income-statement/revenue-by-timing-of-transfer
- Chart image: https://plicit.ai/charts/grmn-fy2024-annual-revenue-by-timing-of-transfer-sankey.png

Income statement for 2023-12-31 through 2024-12-28. View: Timing of Transfer of Good or Service. Revenue uses this breakdown; costs and expenses retain the consolidated categories.

- **Net sales**: 6,296,903,000 US dollars
- **Cost of goods sold**: 2,600,348,000 US dollars
- **Gross profit**: 3,696,555,000 US dollars
- **Total operating expense**: 2,102,561,000 US dollars
- **Operating income**: 1,593,994,000 US dollars
- **Total other income (expense)**: 101,407,000 US dollars
- **Income before income taxes**: 1,695,401,000 US dollars
- **Total income tax provision (benefit)**: 283,965,000 US dollars
- **Net income**: 1,411,436,000 US dollars
- **Point in time**: 5,968,124,000 US dollars
- **Over time**: 328,779,000 US dollars
- **Selling, general and administrative expenses**: 1,108,960,000 US dollars
- **Research and development expense**: 993,601,000 US dollars

### Chart connections

- Revenue less cost of revenue equals gross profit; gross profit less operating expenses equals operating income.
- Operating income plus other income or expense equals income before tax. Income before tax less income tax expense or benefit equals net income.