Revenue flow

Margins

Stage	NOC	% of rev	GRMN	% of rev	Gap · A − B
Revenue	$11.1B	100.00%	$2.0B	100.00%	NOC ×5.60
Gross profit	$2.4B	21.15%	$1.3B	63.33%	GRMN +42.2pp
Operating income	$1.3B	11.41%	$612M	30.80%	GRMN +19.4pp
Pre-tax income	$1.3B	11.67%	$661M	33.29%	GRMN +21.6pp
Net income	$1.1B	10.11%	$542M	27.27%	GRMN +17.2pp

Stage	NOC	GRMN	Gap · A − B
Revenue	$11.1B100.00%	$2.0B100.00%	NOC ×5.60
Gross profit	21.15%$2.4B	63.33%$1.3B	GRMN +42.2pp
Operating income	11.41%$1.3B	30.80%$612M	GRMN +19.4pp
Pre-tax income	11.67%$1.3B	33.29%$661M	GRMN +21.6pp