Question · Q3 2025
Eric Woodring asked for an assessment of where the Fitness and Outdoor segments stand in their respective product and pricing cycles, given multiple years of strong performance. He also questioned why capital expenditure guidance has consistently exceeded actual spend over the past three years.
Answer
President and CEO Cliff Pemble characterized the Fitness and Outdoor segments as an ongoing opportunity rather than a cyclical pattern, highlighting Garmin's position as a growing market share player in wearables, driven by innovation. CFO and Treasurer Doug Boessen clarified that CapEx estimates are made early in the year and sometimes get pushed out, emphasizing that the company has ample funds and remains committed to infrastructure investments for future growth.