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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.
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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.

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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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