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Garmin (GRMN) investor relations material
Garmin Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Achieved record Q3 2025 revenue of $1.8 billion, up 12% year-over-year, and record operating income of $457 million, up 4% year-over-year, driven by double-digit growth in Fitness, Aviation, and Marine segments.
Launched several innovative products, including advanced wearables, cycling computers, and the fēnix 8 Pro smartwatch.
Named 2025 Manufacturer of the Year by the National Marine Electronics Association for the 11th consecutive year.
Announced exclusive partnership with King's College London for a major health study using wearables.
Financial highlights
Q3 2025 revenue: $1.77 billion (+12% year-over-year); operating income: $457 million (+4% year-over-year); gross margin: 59.1%; operating margin: 25.8%.
GAAP EPS: $2.08; pro forma EPS: $1.99, flat year-over-year.
Net income for Q3 2025 was $401.6 million.
Free cash flow for Q3 was $425 million; operating cash flow was $486 million.
Total operating expenses increased 15% year-over-year, mainly due to higher personnel costs.
Outlook and guidance
Full-year 2025 revenue guidance raised to $7.1 billion; pro forma EPS guidance increased to $8.15.
Gross margin expected at 58.5%; operating margin at 25.2%.
Segment revenue growth estimates: Fitness +29%, Outdoor +3%, Aviation +10%, Marine +10%, Auto OEM +8%.
Management expects existing cash balances and operating cash flow to be sufficient for both short- and long-term needs.
Outdoor segment growth recovery plan?
Auto OEM path to profitability?
Future EPS impact from foreign currency?
Outdoor segment's revised outlook drivers?
How will Auto OEM navigate 2026 revenue pressure?
Assess the long-term impact of R&D tax changes.
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Q4 202518 Feb, 2026
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Frequently asked questions
Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices in the Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa. Its products include personal navigation devices; navigation systems; outdoor handhelds comprising wireless communication products and outdoor navigation products; automotive/mobile products that offer consumer and professional grade global positioning system (GPS) enabled products for the automotive and mobile markets; marine instruments and instruments to measure environmental parameters.
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