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| 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 last five years, Garmin Ltd. has exhibited mostly positive trends in its income statement metrics. Revenue increased from US$4,186.6 million in 2020 to US$6,296.9 million in 2024, with notable acceleration in 2024 (approximately a 20.6% jump from 2023). Gross profit followed suit, rising steadily, though a slight decline occurred in 2022 before rebounding even stronger in 2024 with a nearly 23% increase year-over-year. Operating income also demonstrated a robust growth pattern, with a particularly significant surge of roughly 46% from 2023 to 2024 that underscores improved operational efficiency or a change in business strategy. Net income, while showing some fluctuation—declining slightly in 2022 relative to 2021—ultimately recovered, as evidenced by a 32% increase in 2023 and a moderate gain in 2024. This performance is indicative of Garmin’s capacity to navigate market cycles in the highly competitive GPS and wearable technology industry. The temporary declines observed in 2022 may point to cyclical market conditions or internal cost adjustments, but the subsequent strong rebound notably in operating income and revenue suggests successful adaptations. Overall, the data points to a company with a solid revenue base and improving profitability margins, implying sound financial health and sustainability. Garmin’s ability to generate increasing profits while managing cost structures effectively is a positive sign for investors and stakeholders looking at a stable performance outlook in an industry characterized by rapid technological advancement and dynamic consumer demand.
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.