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Jun 28
Garmin Q2 2025 Earnings Report
Garmin reported record results in Q2 2025 with double-digit growth across all segments.
Key Takeaways
Garmin delivered a strong Q2 2025, posting record revenue and operating income. EPS and margins expanded significantly, driven by strong performance across all product categories, especially fitness and outdoor. The company also raised its full-year guidance based on year-to-date momentum.
Posted record Q2 revenue of $1.81 billion, up 20% YoY.
Net income grew to $400.8 million, with GAAP EPS at $2.07.
Operating income hit $472.3 million, up 38% from last year.
Raised full-year 2025 guidance with improved EPS and revenue targets.
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 raised its full-year 2025 outlook, expecting $7.1 billion in revenue and pro forma EPS of $8.00, with improved margins and solid product momentum.
Positive Outlook
- Full-year revenue guidance raised to $7.1 billion.
- Pro forma EPS guidance increased to $8.00.
- Gross margin expected to be 58.5%.
- Operating margin guidance raised to 24.8%.
- Strong product launches and acquisitions boost confidence.
Challenges Ahead
- Currency fluctuations could impact foreign exchange results.
- Continued investment pressure on R&D and SG&A expenses.
- Auto OEM segment recorded an operating loss this quarter.
- Macroeconomic uncertainties may affect consumer spending.
- Guidance does not factor in potential future discrete tax items.
Revenue & Expenses
Visualization of income flow from segment revenue to net income