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Sep 27
Garmin Q3 2025 Earnings Report
Garmin reported record third quarter revenue and operating income in Q3 2025.
Key Takeaways
Garmin delivered strong results in Q3 2025 with record revenue and operating income, supported by double-digit growth in the Fitness, Marine, and Aviation segments. Despite a slight decline in Outdoor and Auto OEM segments, performance exceeded expectations and full-year guidance was raised.
Record quarterly revenue of $1.77B, up from $1.59B last year
Net income reached $401.6M with diluted EPS of $2.08
Strong segment growth in Fitness (+30%), Marine (+20%), and Aviation (+18%)
Company raised full-year EPS guidance and is well-positioned for holiday season
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 full-year 2025 guidance, expecting revenue of $7.10B and pro forma EPS of $8.15.
Positive Outlook
- Raised full-year pro forma EPS guidance to $8.15
- Expected full-year revenue of $7.10B
- Gross margin forecasted at 58.5%
- Operating margin expected at 25.2%
- Pro forma effective tax rate expected at 17.5%
Challenges Ahead
- Tax rate increased due to U.S. legislation changes
- Outdoor segment experienced revenue decline
- Auto OEM revenue fell due to legacy program phase-outs
- Gross margin slightly decreased from prior year
- Free cash flow impacted by higher capital expenditures
Revenue & Expenses
Visualization of income flow from segment revenue to net income