Garmin Ltd
Statements
Segments
US companies must disclose in their mandatory reports how revenue breaks down across business segments, regions and product lines. We read that breakdown for you straight from the annual and quarterly reports (10-K and 10-Q) of Garmin Ltd (GRMN). It shows which part of the business is growing — and which one is holding it back.
Revenue by business segment
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Fitness Segment [Member] | $1.32B 31.5% | $1.53B 30.8% · +16.4% | $1.11B 22.8% · -27.7% | $1.34B 25.7% · +21.2% | $1.77B 28.2% · +32.0% | $2.36B 32.5% · +32.8% |
| Outdoor Segment [Member] | $1.13B 26.9% | $1.61B 32.2% · +42.4% | $1.77B 36.4% · +10.2% | $1.70B 32.5% · -4.1% | $1.96B 31.2% · +15.6% | $2.05B 28.3% · +4.7% |
| Marine Segment [Member] | $657.8M 15.7% | $875.2M 17.6% · +33.0% | $904.0M 18.6% · +3.3% | $916.9M 17.5% · +1.4% | $1.07B 17.0% · +17.0% | $1.18B 16.3% · +10.2% |
| Aviation Segment [Member] | $622.8M 14.9% | $712.5M 14.3% · +14.4% | $792.8M 16.3% · +11.3% | $846.3M 16.2% · +6.8% | $876.6M 13.9% · +3.6% | $987.2M 13.6% · +12.6% |
| Auto OEM Segment [Member] | – | $254.7M 5.1% | $283.8M 5.8% · +11.4% | $423.2M 8.1% · +49.1% | $610.6M 9.7% · +44.3% | $664.7M 9.2% · +8.9% |
| Auto Segment [Member] | $460.3M 11.0% | – | – | – | – | – |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Fitness Segment [Member] | $305.3M 23.2% | $359.2M 23.4% | $104.7M 9.4% | $232.2M 17.3% | $482.7M 27.2% | $725.9M 30.8% |
| Outdoor Segment [Member] | $438.2M 38.8% | $524.5M 32.6% | $573.3M 32.4% | $515.3M 30.4% | $702.7M 35.8% | $690.4M 33.6% |
| Marine Segment [Member] | $177.2M 26.9% | $249.8M 28.5% | $215.3M 23.8% | $179.4M 19.6% | $236.0M 22.0% | $251.3M 21.2% |
| Aviation Segment [Member] | $146.6M 23.5% | $193.2M 27.1% | $213.2M 26.9% | $226.4M 26.8% | $211.4M 24.1% | $257.2M 26.1% |
| Auto OEM Segment [Member] | – | -$108.0M -42.4% | -$78.7M -27.7% | -$61.1M -14.4% | -$38.8M -6.4% | -$48.6M -7.3% |
| Auto Segment [Member] | -$13.0M -2.8% | – | – | – | – | – |
Large figure: segment operating income. Below it the margin, that is operating income measured against the revenue of the same segment.
Revenue by region
| Segment | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|
| Americas [Member] | $1.97B 47.0% | $2.35B 47.2% · +19.4% | $2.43B 50.0% · +3.4% | $2.61B 50.0% · +7.6% |
| EMEA [Member] | $1.58B 37.7% | $1.86B 37.3% · +17.7% | $1.63B 33.6% · -12.1% | $1.78B 34.0% · +8.7% |
| APAC [Member] | $638.7M 15.3% | $774.4M 15.5% · +21.2% | $797.6M 16.4% · +3.0% | $837.9M 16.0% · +5.1% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Segment and region names are the ones the company itself uses and are shown as reported. Change and share refer to revenue.
Data as of: August 7, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q) · Segment figures: SEC EDGAR (10-K/10-Q reports)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.