What is Garmin's fitness — goodwill?

Garmin (GRMN) reported fitness — goodwill of $382.42M in Q4 2025.

How has Garmin's fitness — goodwill changed year-over-year?

Garmin's fitness — goodwill increased by 60.0% year-over-year, from $238.96M to $382.42M.

What does fitness — goodwill mean?

This represents the intangible asset value recorded when the fitness segment acquires another business for a price exceeding the fair market value of its net identifiable assets. It reflects the premium paid for brand reputation, customer relationships, and proprietary technology. It is subject to periodic impairment testing to ensure the carrying value remains justified.

Garmin (GRMN) Fitness — Goodwill

Screener

Other segment segments

Outdoor

$182.95M+3.4%

Marine

$134.53M+5.4%

Aviation

$60.35M0.0%

Auto

$0—

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Other financials

Income statement

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Revenue$2.0B+11.4%

Gross profit$1.3B+18.3%

Operating income$615.5M+30.3%

Net income$541.9M+35.2%

EPS (diluted)$2.80+35.3%

Balance sheet

See full

Cash & equivalents$2.3B+12.6%

Total debt$178.0M+19.7%

Total equity$9.0B+11.1%

Total assets$11.4B+10.7%

Cash flow

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Operating cash flow$403.6M+133%

CapEx$127.8M+180%

Free cash flow$275.8M+116%

Valuation

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Market cap$58.35B+31.7%

Enterprise value$56.19B+32.6%

P/E31.1×+2.8×

P/S7.6×+1.1×

Profitability

See full

Gross margin60.1%+1.1pp

Operating margin27.6%+1.6pp

Net margin24.5%+1.3pp

FCF margin20.9%+4.2pp

Returns & leverage

See full

Return on equity21.9%+1.2pp

Debt / equity0×0.0×

Current ratio3×0.0×

Where this comes from

Reported directly by Garmin in its filing.

Tagged under the XBRL concept us-gaap:Goodwill.

The source filing: Garmin’s 10-K, filed February 18, 2026.

Filed: Feb 18, 2026, 7:01 AM EST
Fiscal year: FY2025
Accession: 0001193125-26-056028

Line item	Fitness	Outdoor	Aviation	Marine	Auto OEM	Total
Goodwill balance as of December 30, 2023	$250,380	$179,744	$60,347	$118,003	—	$608,474
Acquisitions	—	—	—	12,281	—	12,281
Foreign currency translation and other adjustments	(11,417)	(2,747)	—	(2,644)	—	(16,808)
Goodwill balance as of December 28, 2024	$238,963	$176,997	$60,347	$127,640	—	$603,947
Acquisitions	117,003	—	—	2,539	—	119,542
Foreign currency translation and other adjustments	26,449	5,956	—	4,347	—	36,752
Goodwill balance as of December 27, 2025	$382,415	$182,953	$60,347	$134,526	—	$760,241

Item 8. Financial Statements and Supplementary Data

FAQ

What is Garmin's fitness — goodwill?: Garmin (GRMN) reported fitness — goodwill of $382.42M in Q4 2025.
How has Garmin's fitness — goodwill changed year-over-year?: Garmin's fitness — goodwill increased by 60.0% year-over-year, from $238.96M to $382.42M.
What does fitness — goodwill mean?: This represents the intangible asset value recorded when the fitness segment acquires another business for a price exceeding the fair market value of its net identifiable assets. It reflects the premium paid for brand reputation, customer relationships, and proprietary technology. It is subject to periodic impairment testing to ensure the carrying value remains justified.