Garmin Ltd. Earnings Recaps
Q1 2026
Apr 30, 2026
Garmin shares finished up 1.3% after reporting first quarter results that saw double-digit revenue growth in three segments, expanding margins, and record Q1 operating income. Despite notable strength, management reiterated full-year guidance rather than raising it, signaling a wait-and-see approach for the remainder of the year.
Key takeaways
- Consolidated revenue grew 14% year-over-year to $1.75 billion; operating income rose 30% to $432 million.
- Gross margin expanded to 59.4% and operating margin to 24.6% in the quarter.
- Fitness segment revenue surged 42%, leading growth, while Outdoor declined 5% due to a tough prior-year comparison.
- Marine revenue increased 11%, though segment margins compressed year-over-year due to higher tariffs.
- Auto OEM revenue was up 1%, but management expects it to decline for the full year as legacy programs wind down.
Q3 2025
Oct 29, 2025
Garmin Ltd. delivered robust third-quarter results with record consolidated revenue growth of 12%, reaching nearly $1.8 billion, and raised its full-year EPS guidance to $8.15.
Key takeaways
- Fitness segment revenue soared 30% to $601 million, driven by advanced wearable demand and new product launches.
- Outdoor segment revenue experienced a 5% decline to $498 million due to product cycle challenges, while still maintaining strong long-term growth potential.
- Aviation revenues increased 18% to $240 million, bolstered by strong OEM and aftermarket contributions, prompting a revenue growth estimate increase to 10% for the year.
- Marine segment revenue rose 20% to $267 million, indicating broad demand across product categories.
- Full-year revenue guidance raised to $7.1 billion, reflecting strong momentum entering the Q4 holiday season.
Q2 2025
Aug 1, 2025
Garmin Ltd. posted a record second quarter in 2025, with consolidated revenue of $1.8 billion, a 20% increase driven by double-digit growth across all business segments, and substantial improvements in operating income and earnings.
Key takeaways
- Record operating income of $472 million, up 38% year-over-year, fueled by expanded gross and operating margins of 58% and 26%, respectively.
- Acquisition of MyLabs enhances Garmin's product offerings in performance analysis for various sports, potentially expanding addressable market.
- Fitness segment drove the strongest growth with a 41% revenue increase, bolstered by new wearable product launches.
- Updated full-year guidance anticipates revenue of approximately $7.1 billion and pro forma EPS of $8 per share.
- Aviation recognized for excellence by Embraer for the tenth consecutive year, underscoring Garmin's strong industry relationships and innovation.