Garmin Ltd (GRMN)

Garmin reported record third-quarter 2026 revenue of $1.99 billion on 28 October, up 12 percent from a year earlier 1. Operating income was a record $612 million, up 34 percent 1.

Fitness revenue grew 16 percent and outdoor 20 percent, led by wearables and adventure watches 1. Auto OEM, the business of supplying car makers, fell 20 percent, mainly because of domain controllers 1.

Gross margin, the share of revenue left after the cost of making the products, widened to 63.3 percent 1. About $33 million came from refunds of tariffs paid earlier, after the U.S. Supreme Court ruled them unauthorized on 20 February 2026 12.

The company raised its 2026 outlook to about $8.15 billion of revenue and pro forma earnings per share of $10.80 1. Chief executive Cliff Pemble cited the momentum entering the holiday selling season as a reason 1.

Garmin says it has pioneered products built on location technology for more than 35 years 3. It has delivered over 300 million products, including more than 20 million in fiscal 2025 3.

Revenue grew from $5.23 billion in fiscal 2023 to $6.30 billion in 2024 and $7.25 billion in 2025, gains of 20 percent and 15 percent 3. Unit sales rose about 11 percent in 2025 to 20.7 million 3.

Fitness drove much of that 3. Its revenue rose 32 percent in 2024 and 33 percent in 2025, from $1.34 billion in 2023 to $2.36 billion, mainly on strong demand for wearables 3.

Outdoor revenue grew 16 percent in 2024 but only 5 percent in 2025, with sales of adventure watches behind the latest gain 3. Auto OEM jumped 44 percent in 2024 and rose 9 percent in 2025, helped by domain controllers 3.

Gross profit was 59 percent of revenue in 2025 and 2024, up from 57 percent in 2023 3. Operating income, what is left after all running costs, was 26 percent of revenue in 2025, 25 percent in 2024 and 21 percent in 2023 3.

Research and development cost $1.13 billion in 2025, 16 percent of revenue 3. The company designs and makes most of its products in-house, and says that lets it source components from different suppliers 3.

In the 39 weeks ended 26 September 2026, revenue rose 13 percent to $5.76 billion 1. Cash paid for acquisitions was $320.6 million, up from $175.7 million a year earlier 2.

Fitness

Fitness is the largest segment, with 2025 revenue of $2.36 billion, 33 percent of the total, and operating income of $726 million 3. It covers Forerunner running watches, cycling computers and power meters, Tacx indoor trainers, smartwatches such as the Venu and vívoactive series, smart scales and MYLAPS sports timing 3.

In the third quarter the company launched the CIRQA Smart Band, a screenless wearable for wellness and fitness insights, and announced the Edge 1060 cycling computer with a built-in microphone 1. Rivals the filing names include Apple, Google, Samsung, Polar, Suunto, Coros, Whoop and Oura 3.

Outdoor

Outdoor had 2025 revenue of $2.05 billion, 28 percent of the total, and operating income of $690 million 3. Its adventure watches include the fēnix, Instinct, tactix, Enduro and MARQ series, beside inReach satellite messengers, golf devices, dive computers and dog trackers 3.

The third quarter brought the fēnix 9 and fēnix 9 Pro, with an all-titanium case option and the largest AMOLED screen in the lineup 1.

Aviation

Aviation had 2025 revenue of $987 million, 14 percent of the total, and operating income of $257 million 3. It sells flight decks, autopilots, radios and transponders to aircraft makers and for retrofits, plus the Autoland system, which can land a plane if the pilot cannot 3.

Garmin said more than 2,500 aircraft carry Autoland and that it delivered its 1,000th G1000 retrofit for King Air aircraft 1. Rivals named include Honeywell, Collins Aerospace, Avidyne and Dynon 3.

Marine

Marine had 2025 revenue of $1.18 billion, 16 percent of the total, and operating income of $251 million 3. It sells chartplotters, Navionics charts, LiveScope sonar for seeing fish live, autopilots and Fusion and JL Audio sound systems 3.

The company launched LiveScope 2 in the third quarter and was named 2026 Manufacturer of the Year by the National Marine Electronics Association for the 12th consecutive year 1. Rivals include Furuno, Johnson Outdoors, Navico and Raymarine 3.

Auto OEM

Auto OEM had 2025 revenue of $665 million, 9 percent of the total, and an operating loss of $49 million 3. It supplies car makers with domain controllers, computers that run several systems in a vehicle, and infotainment units 3.

Revenue fell 20 percent in the third quarter, and the segment lost $12 million 1. Rivals named include Aptiv, Bosch, Continental, Visteon and Harman 3.

Plants, people and problems

Principal properties include 2,244,000 square feet owned in Olathe, Kansas, 1,847,000 square feet owned in Taiwan, 255,000 square feet in the United Kingdom and 319,000 square feet leased in Wroclaw, Poland 3. The company had about 23,000 employees on 27 December 2025 3.

Clifton Pemble has been chief executive since January 2013, and Min Kao, a co-founder, has been Executive Chairman since the same month 3. Douglas Boessen has been finance chief since July 2014 3.

The annual report flags tariffs on goods made in Taiwan and China, and shortages of single-source parts such as memory chips, as risks 3. Legal claims are routine, and management does not expect a material effect 3. Refunds of earlier tariffs reached about $54 million in the first 39 weeks of 2026 2.

The umbrella, in words

Brands include Garmin, Tacx for indoor cycling, MYLAPS for sports timing, Fusion and JL Audio for sound, Navionics for charts and AeroData for aircraft performance data 34.

The subsidiary list in the annual report includes Garmin International, Inc. in Kansas, Garmin Corporation in Taiwan, the Dutch units Tacx and MYLAPS, and AeroData, Inc. in Arizona 4. The filing lists subsidiaries only, and no outside stakes were read for this account 4.

Min Kao reported beneficial ownership of 18,679,550 shares, 9.7 percent, as of 10 April 2026 5. BlackRock, Inc. reported 15,305,863 shares, 8.0 percent, and director Jonathan Burrell 9,662,890 shares, 5.0 percent 5.

Directors and executive officers as a group reported 28,600,782 shares, 14.8 percent 5. Under Swiss law, shareholders approve dividends at the annual meeting 2.

The company now expects 2026 revenue of about $8.15 billion and pro forma earnings per share of $10.80, on gross margin of 61.0%, operating margin of 29.0% and a tax rate of 16.5% 1.

Shareholders approved a dividend of $4.20 per share for 2026, paid in four equal installments, and two were paid by 25 September 2026 1. The Board set 24 December 2026 for the next $1.05, with a record date of 11 December 1.

The Board anticipates the last installment on 26 March 2027, with a record date of 12 March 2027 1. About $407 million remained on 26 September 2026 in a $500 million share repurchase program authorized through December 2028 1.

The annual report says consumer sales are usually highest in the fourth quarter because of holiday buying, and many marine products sell more in the first and second quarters 3.