Garmin reports record 2023 revenue of $5.23 billion; 2024 EPS outlook is $5.40
Garmin reported fourth quarter 2023 revenue of $1.48 billion, up 13%, and full year 2023 revenue of $5.23 billion, up 8%, with pro forma diluted EPS of $5.59, up 9%. For 2024, the company expects revenue of about $5.75 billion but pro forma EPS of about $5.40, below its 2023 pro forma EPS, and it proposed a $3.00 per share dividend and a new $300 million share repurchase authorization.
Key points
- Q4 2023 revenue was $1.48 billion, up 13%, and GAAP diluted EPS was $2.82 versus $1.53 a year earlier, including a $181 million Switzerland deferred tax benefit.
- Full year 2023 pro forma diluted EPS was $5.59, up 9% from $5.13 in 2022.
- 2024 guidance calls for revenue of about $5.75 billion, up about 10%, and pro forma EPS of about $5.40.
- The Board intends to recommend a $3.00 per share dividend for 2024, payable in four $0.75 installments, and authorized up to $300 million in share repurchases through December 26, 2026.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:42 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 21, 2024.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.