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Garmin GRMN Marine — Goodwill Adjustments

Other segment segments

Fitness
$26.45M+332%
Outdoor
$5.96M+317%
Auto
$0
Aviation
$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

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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

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Gross margin60.1%+1.1pp
Operating margin27.6%+1.6pp
Net margin24.5%+1.3pp
FCF margin20.9%+4.2pp

Returns & leverage

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Return on equity21.9%+1.2pp
Debt / equity0.0×
Current ratio0.0×

Where this comes from

Reported directly by Garmin in its filing.

Tagged under the XBRL concept us-gaap:GoodwillTranslationAndPurchaseAccountingAdjustments.

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 itemFitnessOutdoorAviationMarineAuto OEMTotal
Goodwill balance as of December 30, 2023$250,380$179,744$60,347$118,003$608,474
Acquisitions12,28112,281
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
Acquisitions117,0032,539119,542
Foreign currency translation and other adjustments26,4495,9564,34736,752
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 marine — goodwill adjustments?
Garmin (GRMN) reported marine — goodwill adjustments of $1.09M in Q4 2025.
How has Garmin's marine — goodwill adjustments changed year-over-year?
Garmin's marine — goodwill adjustments increased by 264.4% year-over-year, from -$661K to $1.09M.
What is the long-term trend for Garmin's marine — goodwill adjustments?
Over 4 years (2021 to 2025), Garmin's marine — goodwill adjustments has grown at a 12.7% compound annual growth rate (CAGR), from -$2.7M to $4.35M.
What does marine — goodwill adjustments mean?
This reflects non-cash adjustments to the marine segment's goodwill balance, primarily due to foreign currency translation fluctuations or final purchase price allocations. It accounts for changes in the valuation of acquired assets that are not related to operational performance.

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