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Mar 29
Garmin Q1 2025 Earnings Report
Garmin reported strong Q1 2025 results with record revenue and operating income.
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
Revenue by Segment
Fitness Revenue
CapyFin.comOutdoor Revenue
CapyFin.comAviation Revenue
CapyFin.comMarine Revenue
CapyFin.comAuto OEM Revenue
CapyFin.comRevenue by Geographic Location
Americas Revenue
CapyFin.comEMEA Revenue
CapyFin.comAPAC Revenue
CapyFin.com 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