Garmin Q1 2025 Earnings Report
Key Takeaways
Garmin posted a robust Q1 2025, delivering record quarterly revenue and operating income, led by double-digit growth in Outdoor and Auto OEM segments. The company maintained full-year EPS guidance, highlighting product innovation and operational resilience amid global trade uncertainties.
Record Q1 revenue of $1.54 billion, up 11% year-over-year
Operating income rose 12% to $332.8 million
Pro forma EPS grew 13% to $1.61
Outdoor and Auto OEM segments led segment growth with 20% and 31% increases, respectively
Garmin
Garmin
Garmin Revenue by Segment
Garmin Revenue by Geographic Location
Forward Guidance
Garmin reaffirmed its full-year pro forma EPS guidance of $7.80 while raising revenue expectations to $6.85 billion, anticipating continued resilience despite global trade uncertainties.
Positive Outlook
- Full-year revenue guidance raised to $6.85 billion
- Pro forma EPS guidance maintained at $7.80
- Operating margin projected at 24.8%
- Gross margin forecasted at 58.5%
- Tax rate estimate lowered to 16.5%
Challenges Ahead
- Global trade developments create uncertainty
- Marine revenue declined due to promotional timing
- Auto OEM segment posted an operating loss despite revenue growth
- Gross margin slightly declined year-over-year
- Lower cash flow compared to prior year period
Revenue & Expenses
Visualization of income flow from segment revenue to net income