Garmin Ltd.

Latest Results (26.01.2026):

Garmin Ltd. reported third quarter 2025 (Q3 2025) results: record consolidated revenue of approximately $1.77 billion (up 12% year-over-year) and record operating income of $457 million (up 4% YoY). GAAP diluted EPS was $2.08 and pro forma diluted EPS was $1.99 (flat YoY). The company raised its full-year 2025 outlook to revenue of about $7.10 billion and pro forma EPS of $8.15.

Revenue & margins

Q3 2025 net sales $1.7709B (+12% YoY). Gross margin 59.1% and operating margin 25.8% for the quarter (operating income $456.8M).

Earnings & guidance

GAAP diluted EPS $2.08; pro forma diluted EPS $1.99 (flat vs. prior-year quarter). Updated FY2025 guidance: revenue ≈ $7.10B, pro forma EPS $8.15, expected gross margin 58.5% and operating margin 25.2% (pro forma effective tax rate 17.5%).

Segment performance

Fitness led growth: $601.0M (+30% YoY), operating income ~$194M (60% gross margin, 32% operating margin). Marine +20% to $267.0M; Aviation +18% to $240.4M. Outdoor declined 5% to $497.6M. Auto OEM down 2% to $164.8M and recorded an operating loss of $17M.

Cash flow & liquidity

Q3 operating cash flow $486M and free cash flow $425M. Cash and marketable securities totaled approximately $3.9B at quarter end.

Capital returns

Paid a quarterly dividend of about $173M (next $0.90/share installment set for Dec 26, 2025); shareholders approved $3.60/share annual dividend (four installments). Repurchased $36M of shares in Q3, with ~$107M remaining in the $300M repurchase program.

Expenses & tax

Total operating expenses $590M (+15% YoY) with R&D +15% and SG&A +14% (personnel-driven). Effective tax rate rose to 21.2% in Q3 2025, partly due to recent U.S. tax legislation adjustments.

Products & certifications

Notable launches included the fēnix 8 Pro series (first smartwatch with inReach satellite and cellular connectivity), new Edge cycling units and Venu 4, and marine and equine products. FAA certification announced for Garmin Autoland and Autothrottle on select King Air 350 aircraft; company earned industry awards including NMEA Manufacturer of the Year.