Garmin earnings and guidance
Garmin's next results are expected on October 28, 2026. Garmin investors should watch whether Fitness demand remains strong and new products help Outdoor recover.
What has Garmin guided for 2026?
On July 29, management raised its full-year outlook to revenue of US$8,050,000 thousand and pro forma diluted EPS of $10.00. Pro forma EPS is an adjusted earnings measure that removes foreign-currency effects and certain one-off tax items. The supporting assumptions are a 59.7% gross margin, a 27.0% operating margin, and a 16.5% tax rate.
| the period guided | low | high | the date it was given | |
|---|---|---|---|---|
| revenue | Year to Dec 2026 | 8,050,000 | 8,050,000 | Jul 29, 2026 |
| pro forma EPS | Year to Dec 2026 | 10.00 | 10.00 | Jul 29, 2026 |
| gross margin | Year to Dec 2026 | 59.7% | 59.7% | Jul 29, 2026 |
| operating margin | Year to Dec 2026 | 27.0% | 27.0% | Jul 29, 2026 |
| full year tax rate | Year to Dec 2026 | 16.5% | 16.5% | Jul 29, 2026 |
What this means. The table is labeled in thousands, but earnings per share is ten dollars per share and the margins and tax rate are percentages.
Did Garmin keep its past promises?
The targets were $6.300 billion of revenue and $1.675 billion of operating income. Actual results were $7.246 billion and $1.876 billion, respectively. In February 2026, the Compensation Committee certified the result at 175% of target, so the awards vest as 175% of the target share amount in three equal annual installments.
What are Garmin's last eight quarters of results?
Revenue rose 11% to $2,022,092 thousand compared with the same quarter a year earlier. Fitness grew 25%, while Outdoor declined 2%. Gross margin rose to 62.4% from 58.8%, and operating income rose 30% to $615,508 thousand. Higher-margin products helped profit grow faster than sales.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,022,092 | 1,753,489 | 2,124,955 | 1,770,901 | 1,814,564 | 1,535,099 | 1,822,560 | 1,586,022 |
| Operating income | 615,508 | 431,665 | 614,154 | 456,803 | 472,295 | 332,824 | 516,082 | 437,475 |
| Net income | 541,920 | 405,078 | 528,681 | 401,615 | 400,822 | 332,769 | 435,734 | 399,111 |
| EPS, diluted | 2.80 | 2.09 | 2.73 | 2.08 | 2.07 | 1.72 | 2.25 | 2.07 |
What this means. Each column is one three-month period, so its numbers are not full-year totals.
What should Garmin investors watch next?
The immediate checkpoint is the scheduled third-quarter earnings call on October 28, 2026. Investors will look for evidence that Fitness demand remains strong and that new products are helping Outdoor recover. Garmin introduced CIRQA, a screenless fitness band, in July 2026 and launched the fēnix 9 family in August. Strong sell-through would support the raised outlook; discounting or weak demand would suggest that launches are not creating durable growth.
Thailand is expected to begin operating in early 2027 after a heavy capital-spending year. The important signs will be an on-time opening, rising output, healthy utilization, and controlled inventory.