Apple vs Garmin: Revenue, Profit and Business Model
Apple reported $416.2B of revenue in FY2025 and $112B of net income. Garmin reported $7.2B of revenue in FY2025 and $1.7B of net income.
Latest financial snapshot
Financial summary
Apple
Apple's fiscal 2025 results describe a hardware business with software margins. Net sales rose 6 percent to $416.2 billion, net income reached $112.0 billion, and total gross margin was 46.9 percent, split between 36.8 percent on Products and 75.4 percent on Services. Services revenue of $109.2 billion, up 14 percent, is the reason the blended margin keeps rising. Cash generation is the other defining feature: operations produced $111.5 billion in fiscal 2025, and Apple returned $89.3 billion through share repurchases and $15.4 billion in dividends, after announcing a new repurchase authorization of up to $100 billion and raising the quarterly dividend to $0.26 per share in May 2025. Research and development came to $34.6 billion, 8 percent of net sales, and cash plus marketable securities stood at $132.4 billion at year end.
Garmin
Garmin has no long-term debt, and its revenue grew from $4.98 billion in 2021 to $7.25 billion in 2025. In fiscal 2025 gross margin was 58.7%, operating margin 25.9%, and GAAP EPS $8.59. In February 2026 the board proposed a 17% dividend increase and a new $500 million share buyback. Q2 2026 set records, with gross margin at 62.4%, operating margin at 30.4%, and pro forma EPS up 29% to $2.81. Management then raised its full-year 2026 outlook, which had started at about 9% revenue growth.
Revenue and profit by year
Apple
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $416.2B | $112B | 26.9% | +6.4% | Source |
| FY2024 | $391B | $93.7B | 24.0% | +2.0% | Source |
| FY2023 | $383.3B | $97B | 25.3% | -2.8% | Source |
| FY2022 | $394.3B | $99.8B | 25.3% | +7.8% | Source |
| FY2021 | $365.8B | $94.7B | 25.9% | +33.3% | Source |
| FY2020 | $274.5B | $57.4B | 20.9% | +5.5% | Source |
| FY2019 | $260.2B | $55.3B | 21.2% | -2.0% | Source |
| FY2018 | $265.6B | $59.5B | 22.4% | +15.9% | Source |
| FY2017 | $229.2B | $48.4B | 21.1% | +6.3% | Source |
| FY2016 | $215.6B | $45.7B | 21.2% | — | Source |
Garmin
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $7.2B | $1.7B | 23.0% | +15.1% | Source |
| FY2024 | $6.3B | $1.4B | 22.4% | +20.4% | Source |
| FY2023 | $5.2B | $1.3B | 24.7% | +7.6% | Source |
| FY2022 | $4.9B | $973.6M | 20.0% | -2.5% | Source |
| FY2021 | $5B | $1.1B | 21.7% | +19.0% | Source |
| FY2020 | $4.2B | $992.3M | 23.7% | +11.4% | Source |
| FY2019 | $3.8B | $952.5M | 25.3% | +12.2% | Source |
| FY2018 | $3.3B | $694.1M | 20.7% | +7.2% | Source |
| FY2017 | $3.1B | $709M | 22.7% | +3.4% | Source |
| FY2016 | $3B | $517.7M | 17.2% | — | Source |
Where the revenue comes from
Apple
- iPhone~50%
iPhone net sales were $209.6B in FY2025, up 4%, and the phone is the entry point into Services, accessories, AppleCare, iCloud and App Store spending.
- Services~26%
Services covers the App Store, advertising, cloud, AppleCare, payments, media subscriptions and licensing. FY2025 net sales were $109.2B, up 14%, at a 75.4% gross margin against 36.8% for Products.
- Mac and iPad~15%
Mac net sales were $33.7B and iPad $28.0B in FY2025, driven by Apple silicon refreshes, education, creative work and enterprise adoption.
- Wearables, Home and Accessories~9%
Apple Watch, AirPods, Vision Pro, home devices and accessories were $35.7B in FY2025, down 4%, and they deepen iPhone attachment.
Garmin
- Fitness
~33% (FY2025: $2.36B)
Running watches, cycling computers, smart trainers, health wearables and the Garmin Connect ecosystem. Revenue was up 33% in 2025.
- Outdoor
~28% (FY2025: $2.05B)
Adventure watches, handheld GPS units and inReach satellite communicators and plans.
- Marine
~16% (FY2025: $1.18B)
Chartplotters, sonar, cartography and marine audio. Revenue was up 10% in 2025.
- Aviation
~14% (FY2025: $987M)
Certified OEM and aftermarket avionics plus aviation databases and services. Revenue was up 13% in 2025.
- Auto OEM
~9% (FY2025: ~$0.67B, derived)
Domain controllers and infotainment for automakers. The segment posted a $49M operating loss in 2025.
Business model and strategy
Apple
How it makes money
Apple sells hardware at premium prices and keeps the software, distribution and payment layers on top of it. The iPhone is the entry point, at $209.6 billion of fiscal 2025 net sales, and it pulls customers into iOS, iCloud storage plans, App Store purchases, AppleCare and accessories.
Growth strategy
Growth now comes from monetizing an installed base of more than 2.5 billion devices rather than from unit growth alone. Services rose 14 percent to $109.2 billion in fiscal 2025 on the App Store, advertising, iCloud, AppleCare, payments and subscription media, and Apple packages them through the Apple One bundle.
Competitive advantage
Apple's advantage comes from owning the parts other phone makers buy. It designs its own silicon, the A20 Pro in iPhone 18 Pro and the M5 in Mac and iPad Pro, plus the operating systems, the app store, the payment layer and the retail channel, so hardware, software and services are tuned to each other.
Garmin
How it makes money
Garmin designs, makes and sells hardware through five reporting segments, and most of its production happens in its own factories. In fiscal 2025 Fitness (running watches, cycling computers, smart trainers, health wearables) brought in $2.36 billion. Outdoor (fēnix and Instinct adventure watches, handhelds, inReach satellite communicators) brought in $2.05 billion.
Growth strategy
Garmin grows by adding sport- and activity-specific products, moving premium features such as AMOLED displays, ECG and satellite messaging into more price tiers, and building recurring software revenue through Garmin Connect+ and, since 2026, TrainingPeaks and TrainHeroic. In aviation and marine it pursues OEM wins with aircraft and boat builders.
Competitive advantage
Garmin's edge is long battery life, accurate multi-band GPS and sport-specific software in rugged devices, and it owns most of the chain that makes them.
Questions about Apple vs Garmin
Which company has higher revenue — Apple Inc. or Garmin Ltd.?
Apple Inc. reported $416.2B (FY2025), while Garmin Ltd. reported $7.2B (FY2025). By last reported revenue, Apple Inc. is the larger business, with Garmin Ltd. reporting a smaller revenue base.
What is the market cap of Apple Inc. vs Garmin Ltd.?
Apple Inc.'s market capitalisation stands at $4.98T, while Garmin Ltd.'s is $54.0B. Apple Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Garmin Ltd..
Which is more financially efficient — Apple Inc. or Garmin Ltd.?
Apple Inc. generates $2.51M / employee in revenue per employee, while Garmin Ltd. generates $315k / employee. Apple Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Apple Inc. and Garmin Ltd. make money?
Apple Inc. and Garmin Ltd. generate revenue in fundamentally different ways. Apple Inc.: Apple sells hardware at premium prices and keeps the software, distribution and payment layers on top of it. Garmin Ltd.: Garmin designs, makes and sells hardware through five reporting segments, and most of its production happens in its own factories.
Which company is valued higher relative to revenue — Apple Inc. or Garmin Ltd.?
On a price-to-sales (P/S) basis, Apple Inc. trades at 12.0x P/S and Garmin Ltd. at 7.5x P/S. Apple Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Garmin Ltd.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Apple Inc. bigger than Garmin Ltd.?
By last reported revenue, Apple Inc. ($416.2B (FY2025)) is the larger company compared to Garmin Ltd. ($7.2B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Apple vs Garmin overview