Garmin vs Sony: Revenue, Profit and Business Model
Garmin had $7.2B of annual revenue in FY2025 and $1.7B of net income. Sony had ~$83.6B of annual revenue in FY2025 and a net loss of ~$2.2B.
Latest financial snapshot
Financial summary
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. Garmin Ltd. is a dominant multinational technology company specializing in GPS technology, sustaining a robust market valuation generally exceeding $30 billion.
Sony
Sony's finances were reshaped in the 2010s by exits from VAIO PCs and the spin-out of the TV business, and a shift toward games, music and sensors. Sales grew from ~$55.3B (JPY 8.26T) in FY2019 to ~$80.6B (JPY 12.03T) in FY2024. In FY2025, Sony Financial Group was partially spun off and reported as discontinued operations: continuing sales rose 3.7% to ~$83.6B (JPY 12.48T), operating income was ~$9.7B (JPY 1.448T) (11.6% margin), and continuing net income attributable was ~$6.91B (JPY 1.031T), but the spin-off produced a consolidated net loss attributable of ~$2.19B (JPY 326.9B). Q1 FY2026 (April-June 2026) set records: sales of ~$19B (JPY 2.8378T) (+8%), operating income of ~$3.19B (JPY 476.5B) (+40%) and net income of ~$2.29B (JPY 342.2B) (+32%), with sensors operating income up 125% to ~$819M (JPY 122.2B). Sony raised its FY2026 forecast to ~$83.8B (JPY 12.5T) in sales, ~$11.5B (JPY 1.72T) in operating income and ~$8.11B (JPY 1.21T) in net income, and lifted its annual dividend by JPY 10. Sony Group Corporation maintains a market valuation consistently over $100 billion, driven by its massive entertainment and gaming divisions.
Revenue and profit by year
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 |
Sony
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$83.6B | ~-$2.2B | -2.6% | +3.7% | Source |
| FY2024 | ~$80.6B | ~$7.6B | 9.5% | +6.9% | Source |
| FY2023 | ~$75.4B | ~$6.5B | 8.6% | +2.6% | Source |
| FY2022 | ~$73.5B | ~$6.7B | 9.2% | +10.6% | Source |
| FY2021 | ~$66.5B | ~$5.9B | 8.9% | +10.2% | Source |
| FY2020 | ~$60.3B | ~$7.9B | 13.0% | +9.0% | Source |
| FY2019 | ~$55.3B | ~$3.9B | 7.0% | -4.7% | Source |
| FY2018 | ~$58.1B | ~$6.1B | 10.6% | +1.4% | Source |
| FY2017 | ~$57.2B | ~$3.3B | 5.7% | +12.4% | Source |
| FY2016 | ~$50.9B | ~$491M | 1.0% | -6.2% | Source |
| FY2015 | ~$54.3B | ~$990.2M | 1.8% | — | Source |
Where the revenue comes from
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.
Sony
- Game & Network Services (PlayStation)~38%
PS5 hardware, game software, PlayStation Plus and PlayStation Store. FY2025 sales were ~$31.4B (JPY 4.6857T), roughly flat year over year, with network services up 13.9% to ~$5.11B (JPY 763.1B).
- Imaging & Sensing Solutions~17%
CMOS image sensors, mainly for smartphones, plus automotive and industrial sensors. FY2025 sales were ~$14.4B (JPY 2.1515T); Sony forecasts ~$14.1B (JPY 2.11T) in FY2026 sales and ~$2.81B (JPY 420B) in operating income.
- Music~17%
Recorded music streaming, physical sales, licensing and publishing royalties through Sony Music Entertainment and Sony Music Publishing. FY2025 sales were ~$14.2B (JPY 2.1201T); Q1 FY2026 sales rose 21% to ~$3.77B (JPY 562.0B).
- Pictures
Not formally reported
Theatrical films, TV production, content licensing to streamers and Crunchyroll anime subscriptions. Revenue swings with release slates; Q1 FY2026 sales fell 13%.
- Entertainment, Technology & Services
Not formally reported
Bravia TVs, Alpha and Cinema Line cameras, audio and professional equipment. Q1 FY2026 sales were ~$3.64B (JPY 543.9B), up 2%, with operating income of ~$285M (JPY 42.6B).
Business model and strategy
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.
Sony
How it makes money
Sony makes money from five main businesses. Game & Network Services (~$31.4B (JPY 4.6857T) in FY2025 sales) sells PS5 hardware, first-party and third-party games, PlayStation Plus subscriptions and PlayStation Store transactions; network services alone grew 13.9% to ~$5.11B (JPY 763.1B) in FY2025.
Growth strategy
Sony's growth plan centers on IP across games, music, film and anime, plus creator technology. In gaming it is expanding network services, PC releases of first-party titles and live-service games, while investing in next-generation hardware. Crunchyroll (bought for $1.175 billion in 2021) extends anime reach globally.
Competitive advantage
Sony's edge is owning both popular entertainment IP and the technology that delivers it. PlayStation Studios franchises such as God of War, Spider-Man, The Last of Us and Ghost of Tsushima anchor an installed base of more than 95 million PS5 consoles, while PlayStation Network reached 125 million monthly active users at the end of FY2025.
Questions about Garmin vs Sony
Which company has higher revenue — Garmin Ltd. or Sony Group Corp.?
Garmin Ltd. had $7.2B (FY2025), while Sony Group Corp. had ~$83.6B (FY2025). By latest annual revenue, Sony Group Corp. is the larger business, with Garmin Ltd. showing a smaller revenue base.
What is the market cap of Garmin Ltd. vs Sony Group Corp.?
Garmin Ltd.'s market capitalisation stands at $54.0B, while Sony Group Corp.'s is $136.0B. Sony Group Corp. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Garmin Ltd..
How does revenue per employee compare for Garmin Ltd. and Sony Group Corp.?
Garmin Ltd. has $315k / employee in revenue per employee, while Sony Group Corp. has $881k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Garmin Ltd. and Sony Group Corp. make money?
Garmin Ltd. and Sony Group Corp. generate revenue in fundamentally different ways. Garmin Ltd.: Garmin designs, makes and sells hardware through five reporting segments, and most of its production happens in its own factories. Sony Group Corp.: Sony makes money from five main businesses.
Which company is valued higher relative to revenue — Garmin Ltd. or Sony Group Corp.?
On a price-to-sales (P/S) basis, Garmin Ltd. trades at 7.5x P/S and Sony Group Corp. at 1.6x P/S. Garmin Ltd. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Sony Group Corp.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Garmin Ltd. bigger than Sony Group Corp.?
By last reported revenue, Sony Group Corp. (~$83.6B (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 Garmin vs Sony overview