Garmin Q2 FY25: where the revenue came from and where it went
The whole income statement of Garmin for this quarter, as one diagram: what earned the revenue, and what it went on.
- Period
- Mar 30 – Jun 28, 2025
- Reported
- Jul 30, 2025
Revenue$1.82B
+20% year over year
Gross profit$1.07B
59% margin
Operating profit$0.47B
26% margin
Net profit$0.40B
22% margin
The numbers
| Item | Value | Share of revenue | Year over year |
|---|---|---|---|
| Revenue | 1.82 | 100% | +20% |
| At point in time | 1.73 | 95% | +21% |
| Transferred over time | 0.08 | 5% | +5% |
| Cost of revenue | −0.75 | 41% | |
| Gross profit | 1.07 | 59% margin | +2pp |
| R&D | −0.28 | 15% | −1pp |
| SG&A | −0.32 | 18% | −1pp |
| Operating profit | 0.47 | 26% margin | +3pp |
| Tax | −0.07 | ||
| Net profit | 0.40 | 22% margin | +2pp |
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