GARMIN (GRMN) Company Report

Consolidated revenue of $1.77 B (+12% y/y), operating income of $457 M (+4% y/y), and operating margin of 25.8%
Fitness revenue reached $601 M (+30% y/y) with a 32% margin; Outdoor revenue declined to $498 M (–5% y/y); Aviation and Marine grew 18% and 20%, respectively
Raised full-year 2025 guidance, projecting $7.1 B in revenue, a 25.2% operating margin, and $8.15 in pro forma EPS
Generated $425 M in free cash flow and held $3.92 B in cash and marketable securities at quarter end

Oct 29, 2025, 2:30 PM

Presentation

Garmin announces Q3 2025 results

GRMN

Earnings

Guidance Update

Product Launch

Garmin delivered record Q3 revenue of $1.771 billion, up 12% YoY, with gross margin 59.1%, operating income $457 million, and pro forma EPS of $1.99; it raised full-year revenue guidance to $7.1 billion and pro forma EPS to $8.15.
Segment performance: Fitness +30% to $601 million; Outdoor –5% to $498 million; Aviation +18% to $240 million; Marine +20% to $267 million; Auto OEM –2% to $165 million. FY growth estimates were revised to +29% (Fitness), +3% (Outdoor), +10% (Aviation), +10% (Marine), and +8% (Auto OEM).
Launched multiple new products, including Edge 550/850 cycling computers, Bounce 2 kids’ smartwatch, Venu 4, fēnix 8 Pro with micro-LED/cellular inReach, Blaze Equine Wellness System, Force Current kayak motor, expanded Force Kraken lineup, and ECHOMAP Ultra 2 chart plotter.
Ended the quarter with $3.9 billion in cash and marketable securities, $1.9 billion in inventory, and generated $425 million in free cash flow (capex $60 million). Full-year FCF is expected at $1.3 billion (capex $275 million); Q3 dividends were $173 million and buybacks $36 million.

Oct 29, 2025, 2:30 PM

Transcript

Garmin reports Q3 2025 results

GRMN

Earnings

Guidance Update

Product Launch

Consolidated revenue increased 12% to $1.8 billion, with a record operating income of $457 million and pro-forma EPS of $1.99; raised full-year EPS guidance to $8.15.
Segments: Fitness +30% to $601 million; Outdoor –5% to $498 million; Aviation +18% to $240 million; Marine +20% to $267 million; Auto OEM –2% to $165 million.
Launched new products including Edge 550/850 cycling computers, Bounce 2 and Venu 4 smartwatches; Phoenix 8 Pro (micro-LED & satellite connectivity), Blaze Equine Wellness, Force Current trolling motor, and EchoMap Ultra 2 chart plotter.
Ended Q3 with $3.9 billion in cash & marketable securities, generated $425 million in free cash flow, and expects $1.3 billion in full-year free cash flow; paid $173 million in dividends and repurchased $36 million of stock.

Oct 29, 2025, 2:30 PM

Transcript

Garmin reports Q3 2025 results

GRMN

Earnings

Guidance Update

Product Launch

Consolidated revenue increased 12% to $1.771 billion, operating income was $457 million, and pro forma EPS was $1.99.
FY2025 guidance raised: on track for $7.1 billion revenue and pro forma EPS of $8.15.
Fitness revenue grew 30% to $601 million, marine up 20%, aviation up 18%; outdoor declined 5%, auto OEM declined 2%.
Ended Q3 with $3.9 billion in cash and marketables, generated $425 million free cash flow, and held $1.9 billion in inventory.
Launched new products including Edge 550/850 cycling computers, Bounce 2 and Venu 4 smartwatches, Phoenix 8 Pro, and Blaze Equine Wellness System.

Oct 29, 2025, 2:30 PM

Transcript

Garmin announces Q3 2025 results

GRMN

Earnings

Guidance Update

Product Launch

Garmin reports record Q3 2025 revenue of $1.77 billion (+12% YoY) and operating income of $457 million (+4% YoY).
GAAP EPS of $2.08 and pro forma EPS flat at $1.99; raised full-year guidance to revenue of ~$7.10 billion and pro forma EPS of $8.15.
Strong segment performance: Fitness +30%, Aviation +18%, Marine +20% in Q3 2025.
Generated $486 million operating cash flow and $425 million free cash flow; repurchased $36 million of shares and ended the quarter with ~$3.9 billion in cash and marketable securities.
Launched new products including the fēnix 8 Pro series with inReach satellite and cellular connectivity and secured FAA certifications for Autoland and Autothrottle on select King Air 350 aircraft.

Oct 29, 2025, 11:00 AM

8-K

Garmin reports Q3 2025 results

GRMN

Earnings

Guidance Update

Share Buyback

Garmin delivered record third quarter revenue of $1.77 billion (+12% YoY) and record operating income of $457 million (+4% YoY) on 59.1% gross margin and 25.8% operating margin.
GAAP EPS was $2.08 and pro forma EPS remained flat at $1.99 versus prior year.
Generated $486 million in operating cash flow and $425 million in free cash flow; repurchased $36 million of shares, paid $173 million in dividends, and ended the quarter with $3.9 billion in cash and marketable securities.
Raised full‐year 2025 guidance to approximately $7.10 billion in revenue and $8.15 pro forma EPS, based on a 58.5% gross margin and 25.2% operating margin.

Oct 29, 2025, 11:00 AM

Press Release

Garmin Announces Record Q1 2025 Results & Strong Full-Year Guidance

GRMN

Earnings

Guidance Update

Revenue Acceleration/Inflection

Dividends

Record Q1 Financial Performance: Garmin posted consolidated revenue of $1.54B with record operating income of $333M and an operating margin of 21.7% ( ).
Earnings Results: GAAP EPS reached $1.72 (20% y/y growth) while pro forma EPS was $1.61 ( ).
Updated Full-Year Guidance: Revenue guidance raised to approximately $6.85B with a maintained pro forma EPS target of $7.80, accounting for an estimated $100M tariff cost increase and favorable FX effects ( ).
Segment Highlights: Q1 growth included 12% in Fitness, 20% in Outdoor, 3% in Aviation, 31% in auto OEM, and a 2% decline in Marine ( ).
Dividend Recommendation: Garmin proposes a quarterly dividend of $3.60 per share ().

Apr 30, 2025, 2:31 PM

Transcript Presentation Presentation 8-K

Earnings Transcripts

Quarterly earnings call transcripts for GARMIN.

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