Garmin Ltd. (GRMN) Earnings
Garmin Ltd. is expected to report next earnings on July 29, 2026 (in NaN days), with a consensus EPS estimate of $2.27. GRMN has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +10.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $1.84 | $2.08 | +13.0% | $1.8B | +1.7% |
| Feb 18, 2026 | $2.40 | $2.79 | +16.3% | $2.1B | +5.3% |
| Oct 29, 2025 | $1.99 | $1.99 | +0.0% | $1.8B | -0.6% |
| Jul 30, 2025 | $1.90 | $2.17 | +14.2% | $1.8B | +6.7% |
| Apr 30, 2025 | $1.67 | $1.61 | -3.6% | $1.5B | +0.7% |
| Feb 19, 2025 | $1.90 | $2.41 | +26.8% | $1.8B | +7.3% |
| Oct 30, 2024 | $1.44 | $1.99 | +38.2% | $1.6B | +9.8% |
| Jul 31, 2024 | $1.44 | $1.58 | +9.7% | $1.5B | +5.8% |
| May 1, 2024 | $1.01 | $1.42 | +40.6% | $1.4B | +10.5% |
| Feb 21, 2024 | $1.40 | $1.72 | +22.9% | $1.5B | +4.8% |
| Nov 1, 2023 | $1.29 | $1.41 | +9.3% | $1.3B | +6.0% |
| Aug 2, 2023 | $1.41 | $1.45 | +2.8% | $1.3B | +5.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 29, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Cliff Pemble noted consolidated revenue increased 14% to $1.75 billion, new first quarter record, double digit growth in three segments, gross and operating margins expanded, operating income $432 million, pro forma EPS $2.08. • Discussed segment performances: fitness with 42% revenue growth, launched Varia RearView 820, new Connect IQ app for wearables, integration with Natural Cycles; outdoor with 5% revenue decrease, released Approach G82, Approach J1, Zumo XT3, Catalyst 2; aviation with 18% revenue increase, Daher unveiled TBM-980 with G3000 Prime avionics, HondaJet Elite II certified; marine with 11% revenue increase, launched new 360-degree scanning sonar, QUADX 8 Pro; auto OEM with 1% revenue increase, operating loss narrowed, milestones leading to Mercedes-Benz program. • Doug Besson reviewed financial results, revenue $1,753,000,000, 14% increase, gross margin 59.4%, operating expense percentage of sales 34.8%, operating income $432 million, gap EPS $2.09, revenue by segment and geography, operating expenses increase due to personnel related expenses, balance sheet, cash flow, taxes details
Guidance
• Maintaining the guidance issued in February and will provide updates as the year unfolds. • Expect fitness segment to be strongest contributor to 2026 consolidated growth. • Expect AutoEM revenue to decrease in 2026 as BMW program has reached peak volumes and certain legacy programs approach end of life, operating loss to narrow but not profitable on gap basis for full year
Segment performance
Fitness: Revenue increased 42% to $547 million, new first quarter record, driven by broad-based growth in product categories led by advanced wearables, unit volumes up, market share gains, gross margin 62%, operating margin 29%, operating income $158 million. Outdoor: Revenue decreased 5% to $418 million, compared to strong prior year quarter, Phoenix smartwatches performed well, gross margin 67%, operating margin 28%, operating income $119 million. Aviation: Revenue increased 18% to $264 million, growth from OEM and aftermarket, gross margin 75%, operating margin 27%, operating income $71 million. Marine: Revenue increased 11% to $355 million, broad-based growth, gross margin 56%, operating margin 26%, operating income $91 million, margin compression due to higher tariff costs. Auto OEM: Revenue increased 1% to $170 million, growth from infotainment programs, segment operating loss narrowed to $6 million, expecting AutoEM revenue decrease in 2026 as BMW program peaks and legacy programs end of life, operating loss to narrow but not profitable on gap basis for full year
Risks & headwinds
• Economic whiplash and geopolitical uncertainty as challenges. • Component costs changing which may impact margins over time. • Tariff impacts on marine segment margin compression. • Oil prices and conflict potentially causing hesitancy in marine and aviation markets
Analyst Q&A
Q: Can you touch on what is reinforcing the view of cautiously optimistic despite sticking to full year guidance, demand trends, component cost trends?
A: Q1 is lowest quarter, demand trends strong, registration rates strong, no impact from Middle East conflict on registration rates, component costs not currently impacting results but will be seen as inventory changes as year unfolds, significant safety stock of some components under pricing pressure.
Q: Thoughts on competitive implications of private wearable companies with different approach, market expanding dynamic, monetization?
A: Customers want choices, Garmin open to all devices and form factors, see expanded opportunity, have been expanding subscription-based services.
Q: Strong demand for advanced wearables, what about lower tier of portfolio?
A: Advanced wearables include many price tiers, strong demand at low and high ends, very basic products like Bevo Smart line are small part.
Q: New product introduction impact on growth and margins?
A: Typically release ~100 new products a year, new products can be margin enhancer, revenue growth driver, revenue mix from new products historically consistent.
Q: Auto OEM business cadence of revenues in 2026 leading into Mercedes ramp in 2027?
A: 2026 expected to be down year due to BMW program tail off, 2027 ramp up for Mercedes program.
Q: Aviation demand around new deliveries vs retrofit opportunities, backlog?
A: New deliveries strong contributor, aircraft makers with high backlogs, healthy cadence in OEM side.
Q: State of consumer, segments feeling better or worse?
A: Consumer market mixed, serving customer base prioritizing health, wellness, active lifestyles, optimistic about all segments, oil prices and conflict may affect marine and aviation, stock market strength offsets some hesitancy.
Q: Leveraging balance sheet in commodity environment, margin protection with higher input costs?
A: Have safety stock of components, impact on financials well controlled in 2026, higher input costs to appear more in 2027, work to protect margins.
Q: Percentage of buyers signing up for subscription plan for watches with inReach and LTE functionality?
A: Don't break out, but expect more such products, strong engagement with apps.
Q: Robustness of functionality for Mercedes vs BMW in auto OEM?
A: Mercedes has more complex unit and higher ASPs due to level of integration and strong volume.
Q: Tariff policy impact, potential refunds?
A: Tariff impact in Q1 unfavorable vs last year, expect some tariff impact remainder of year, no receivable or benefit recorded for refunds yet.
Q: Marine end market trends, share gains?
A: Strength on deliveries to boat builders, some worry from geopolitical situation, positive reaction to new products like SpyPol and 360 Sonar