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Garmin (GRMN) investor relations material
Garmin Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary30 Jul, 2025
Executive summary
Achieved record Q2 2025 revenue of $1.815B, up 20% year-over-year, with double-digit growth in all segments, led by Fitness at 41% growth.
Operating income reached $472M, up 38% year-over-year, with net income rising to $401M and pro forma EPS up 37% to $2.17.
Announced and completed the acquisition of MYLAPS, expanding timing and performance analysis capabilities.
Raised full-year 2025 revenue guidance to $7.1B and pro forma EPS to $8.00, reflecting strong first-half performance.
Launched multiple new products across fitness, outdoor, aviation, and marine segments.
Financial highlights
Gross margin expanded to 58.8% in Q2 2025, a 150 bps increase year-over-year, with gross profit at $1.07B.
Operating margin improved to 26.0%, up 330 bps from Q2 2024.
Free cash flow for Q2 was $127M; cash and marketable securities at $3.9B.
GAAP EPS grew 33% to $2.07; pro forma EPS up 37% to $2.17.
Operating cash flow for the first half of 2025 was $594M, down from $690.6M in the prior year due to higher inventory and tax payments.
Outlook and guidance
Full-year 2025 revenue guidance raised to $7.1B; pro forma EPS now $8.00, with gross margin expected at 58.5% and operating margin at 24.8%.
Full-year effective tax rate projected at 17.5%, up due to new U.S. tax law.
Segment revenue growth estimates revised upward: Fitness +25%, Aviation +7%, Marine +5%, Auto OEM +10%.
Management expects continued resilience due to a diversified business model, despite global economic and trade uncertainties.
Assess MYLAPS acquisition impact on financials.
Explain domain controllers' OEM growth.
What drives the fitness segment's growth?
Assess MYLAPS synergies across segments.
How does Garmin manage price vs. demand?
Detail drivers of strong EMEA growth.
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Q3 202529 Oct, 2025
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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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