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Company Research7 Mar 2024
Companies That Had Their IPO in 2000: Last Days of the Dot Com Bubble
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Garmin
Garmin (GRMN) investor relations material
Garmin Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary18 Feb, 2026
Executive summary
Achieved record consolidated revenue of $7.25 billion for 2025, up 15% year-over-year, with all business segments reaching new highs and over 20 million units shipped.
Fourth quarter 2025 revenue was $2.12 billion, up 17% year-over-year, with operating income of $614 million, up 19%.
Operating income for 2025 reached $1.88 billion, up 18% year-over-year, with pro forma EPS of $8.56, a 16% increase.
All five business segments posted record annual revenue, reflecting broad-based demand and successful product launches.
Announced a proposed 17% dividend increase and a new $500 million share repurchase program.
Financial highlights
FY2025 gross margin was 58.7%, consistent with prior year despite high tariffs; operating margin expanded to 25.9%.
Q4 2025 gross margin was 59.2%; Q4 operating margin was 28.9%.
Free cash flow for FY2025 was $1.36 billion, up $124 million year-over-year; cash and marketable securities stood at $4.1 billion at year-end.
Q4 GAAP EPS was $2.73; FY2025 GAAP EPS was $8.59.
FY2025 dividends paid totaled $664 million; share repurchases were $181 million; capital expenditures for FY2025 were $270 million.
Outlook and guidance
FY2026 revenue expected to increase 9% to $7.9 billion, with operating income projected to exceed $2 billion.
Gross margin for 2026 forecast at 58.5%, with operating margin at 25.5%.
Pro forma EPS for 2026 expected to be $9.35, a 9% increase over 2025; pro forma effective tax rate projected at 16%.
Free cash flow for 2026 projected at $1.4 billion, with capital expenditures of $400 million, mainly for a new Thailand facility.
Dividend of $4.20 per share proposed for FY2026, payable in four installments.
What caused Auto OEM Q4 revenue decline?
Significance of Autoland system's first use?
Rationale for 17% dividend increase?
Auto OEM path to profitability and growth
Key drivers of fitness segment growth
Aviation segment expansion strategy
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Next Garmin earnings date
Q1 202629 Apr, 2026
Garmin
Next Garmin earnings date
Q1 202629 Apr, 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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