Jun 2026 (Q2 FY26) — Jul 29, 2026
Garmin Q2 FY26 — Record Revenue and Raised Full-Year Guidance
Read the full callGarmin (GRMN) earnings
- Mar 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Garmin earnings: last reported Wed, 29 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,753 | +14.2% YoY | Quarterly, as filed | Quarter to Mar 2026 | Revenue from operations as filed. |
| Operating margin | 24.6 | +2.9 pts YoY | Operating profit / revenue | Quarter to Mar 2026 | For the quarter; a change is in percentage points. |
| Net profit | 405 | +21.7% YoY | Quarterly, as filed | Quarter to Mar 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
23 of 24 judged targets kept · 18 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year capital expenditures | approximately $400 million | Dec 2025 | We expect full year 2026 free cash flow to be approximately $1.4 billion with capital expenditures of approximately $550 million. | Revised Down |
| Auto OEM next major program production start (Mercedes-Benz) | expected to enter production in 2027 | Dec 2024 | we are on track in preparing for the launch of the next program, a major program with Mercedes-Benz in early 2027 as those products start to come up with our production line. So we expect 2027, would be a year that auto OEM would again return to growth. | On Track |
1 of GARMIN LTD's 42 targets was missed. See which ones, and which are quietly gone. The 2 above are the free sample; 40 more targets are in the full ledger.
Claimed
- Consolidated revenue increased 11% to $2.02 billion, achieving a new record.
- Operating income increased 30% to $616 million, driven by robust margin expansion.
- Pro forma EPS increased 29% to $2.81, reflecting strong profitability.
- Fitness segment revenue grew 25% to $757 million, marking a new Q2 record.
- Full-year 2026 revenue guidance raised to $8.05 billion and pro forma EPS to $10.
Qualified
- Outdoor segment revenue decreased 2% to $483 million, primarily due to consumer auto and adventure watch product categories.
- Auto OEM segment expects revenue decline and a return to operating loss in H2 2026 due to a transition period between contracts.
- Higher memory costs are anticipated to impact gross margin in the second half of 2026, despite current strong performance.
Price
$286.16 +0.48% · +$1.37
Performance +14.9% 1Y
1Y: $248.99 on 17 Oct 2025 → $286.16. High $313.16 (10 Aug 2026), low $187.1 (20 Nov 2025).
- Previous close
- $284.79
- 52-week range
- $187.1 – $313.16
- One year
- +14.86%
Overview
- Symbol
- GRMN
- Sector
- Information Technology
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
23 of 24 judged targets kept · 18 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year capital expenditures | approximately $400 million | Dec 2025 | We expect full year 2026 free cash flow to be approximately $1.4 billion with capital expenditures of approximately $550 million. | Revised Down |
| Auto OEM next major program production start (Mercedes-Benz) | expected to enter production in 2027 | Dec 2024 | we are on track in preparing for the launch of the next program, a major program with Mercedes-Benz in early 2027 as those products start to come up with our production line. So we expect 2027, would be a year that auto OEM would again return to growth. | On Track |
Claimed
- Consolidated revenue increased 11% to $2.02 billion, achieving a new record.
- Operating income increased 30% to $616 million, driven by robust margin expansion.
- Pro forma EPS increased 29% to $2.81, reflecting strong profitability.
- Fitness segment revenue grew 25% to $757 million, marking a new Q2 record.
- Full-year 2026 revenue guidance raised to $8.05 billion and pro forma EPS to $10.
Qualified
- Outdoor segment revenue decreased 2% to $483 million, primarily due to consumer auto and adventure watch product categories.
- Auto OEM segment expects revenue decline and a return to operating loss in H2 2026 due to a transition period between contracts.
- Higher memory costs are anticipated to impact gross margin in the second half of 2026, despite current strong performance.
The full ledger
Open GARMIN LTD’s full ledger
A free account opens 5 company ledgers a month. All 42 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 29, 2026
Garmin Ltd. Q1 FY26 — Record Revenue and Strong Wearables Growth
Read the full callDec 2025 (Q4 FY25) — Feb 18, 2026
Garmin Q4 FY25 — Record Revenue and Strong Growth Across Segments
Read the full callEvery analysed call
Garmin earnings calls (GRMN)
Financials
What the filings say
Net profit, year on year: +22% (quarter to mar 2026 against mar 2025).
| Line item | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,507 | 1,586 | 1,823 | 1,535 | 1,815 | 1,771 | 2,125 | 1,753 |
| Operating profit | 342 | 437 | 516 | 333 | 472 | 457 | 614 | 432 |
| Operating margin | 22.7% | 27.6% | 28.3% | 21.7% | 26.0% | 25.8% | 28.9% | 24.6% |
| Other income | 24 | 49 | 0 | 56 | 8 | 53 | 21 | 41 |
| Profit before tax | 366 | 486 | 516 | 389 | 480 | 510 | 635 | 473 |
| Tax rate | 17.9% | 17.9% | 15.6% | 14.5% | 16.5% | 21.2% | 16.8% | 14.3% |
| Net profit | 301 | 399 | 436 | 333 | 401 | 402 | 529 | 405 |
| EPS ($ per share) | 1.57 | 2.08 | — | 1.73 | 2.08 | 2.09 | — | 2.10 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 18 | 18 | 18 | 18 | 18 | 20 | 19 | 19 |
| Reserves | 2,711 | 3,229 | 3,754 | 4,321 | 4,734 | 5,264 | 5,999 | 6,970 |
| Total liabilities | 1,220 | 1,373 | 1,515 | 1,740 | 1,527 | 1,592 | 1,782 | 2,021 |
| Fixed assets | 664 | 729 | 856 | 1,067 | 1,147 | 1,224 | 1,237 | 1,375 |
| Total assets | 5,383 | 6,167 | 7,031 | 7,854 | 7,731 | 8,604 | 9,631 | 10,994 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 920 | 699 | 1,135 | 1,012 | 788 | 1,376 | 1,432 | 1,633 |
| Cash from investing | -308 | -451 | -261 | -475 | -145 | -333 | -393 | -645 |
| Cash from financing | -286 | -416 | -462 | -487 | -841 | -637 | -627 | -844 |
| Net cash flow | 310 | -174 | 431 | 40 | -219 | 414 | 386 | 199 |
| Capital expenditure | -156 | -118 | -185 | -308 | -244 | -194 | -194 | -270 |
| Free cash flow | 764 | 581 | 950 | 705 | 544 | 1,183 | 1,239 | 1,363 |
GRMN revenue by segment
Outdoor shrank from 33% to 24% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Fitness | 29% | 30% | 25% | 33% | 34% | 36% | 31% | 37% | +25.0% |
| Outdoor | 33% | 35% | 29% | 27% | 28% | 30% | 24% | 24% | -1.6% |
| Marine | 14% | 14% | 21% | 16% | 15% | 14% | 20% | 17% | +14.1% |
| Aviation | 13% | 13% | 15% | 14% | 14% | 13% | 15% | 13% | +7.8% |
| Auto Oem | 11% | 9% | 11% | 9% | 9% | 8% | 10% | 9% | +1.3% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- Americas 48% ↓ 3 pt
- EMEA 38% ↑ 4 pt
- Asia Pacific 14% ↓ 1 pt
As GRMN cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
190 filings between Nov 4, 2025 and Aug 18, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$19.87M
43 sales by 11 insiders
51% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 28
- Award — granted as compensation
- 26
- Tax withheld — shares kept back by the company to cover tax
Also filed: 93 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| PEMBLE CLIFTON A | — | $8.37M | Jul 29, 2026 |
| Wang Cheng-Wei | — | $2.98M | Aug 18, 2026 |
| Desbois Patrick | — | $2.46M | Feb 26, 2026 |
| Boessen Douglas G. | — | $1.97M | Jun 5, 2026 |
| Munn Matthew | — | $1.32M | Feb 26, 2026 |
| LYMAN SUSAN | — | $956.3K | Feb 26, 2026 |
| Biddlecombe Sean | — | $546.6K | Jul 31, 2026 |
| MINARD LAURIE A | — | $469.3K | May 8, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 18, 2026 | Wang Cheng-Wei General Manager - Garmin Corp. | Sale | 2,260 | $680.3K |
| Aug 18, 2026 | Wang Cheng-Wei General Manager - Garmin Corp. | Sale | 633 | $192.0K |
| Aug 18, 2026 | Wang Cheng-Wei General Manager - Garmin Corp. | Sale | 538 | $161.0K |
| Aug 18, 2026 | Wang Cheng-Wei General Manager - Garmin Corp. | Sale | 281 | $84.8K |
| Aug 18, 2026 | Wang Cheng-Wei General Manager - Garmin Corp. | Sale | 1,390 | $412.7K |
| Aug 18, 2026 | Wang Cheng-Wei General Manager - Garmin Corp. | Sale | 1,737 | $521.3K |
| Aug 18, 2026 | Wang Cheng-Wei General Manager - Garmin Corp. | Sale | 3,102 | $923.9K |
| Aug 18, 2026 | BURRELL JONATHAN Director | Gift | 45,600 | $0 |
| Aug 18, 2026 | BURRELL JONATHAN Director | Gift | 89,800 | $0 |
| Aug 18, 2026 | BURRELL JONATHAN Director | Gift | 269,400 | $0 |
| Aug 18, 2026 | BURRELL JONATHAN Director | Gift | 393,000 | $0 |
| Aug 18, 2026 | BURRELL JONATHAN Director | Gift | 393,000 | $0 |
| Aug 17, 2026 | BURRELL JONATHAN Director | Gift | 41,000 | $0 |
| Aug 17, 2026 | BURRELL JONATHAN Director | Gift | 253,600 | $0 |
| Aug 17, 2026 | BURRELL JONATHAN Director | Gift | 253,600 | $0 |
| Aug 17, 2026 | BURRELL JONATHAN Director | Gift | 41,000 | $0 |
| Aug 10, 2026 | BURRELL JONATHAN Director | Gift | 298,000 | $0 |
| Aug 10, 2026 | BURRELL JONATHAN Director | Gift | 90,000 | $0 |
| Aug 10, 2026 | BURRELL JONATHAN Director | Gift | 90,000 | $0 |
| Aug 10, 2026 | BURRELL JONATHAN Director | Gift | 298,000 | $0 |
| Aug 4, 2026 | BURRELL JONATHAN Director | Gift | 408,000 | $0 |
| Aug 4, 2026 | BURRELL JONATHAN Director | Gift | 272,000 | $0 |
| Aug 4, 2026 | BURRELL JONATHAN Director | Gift | 272,000 | $0 |
| Aug 4, 2026 | BURRELL JONATHAN Director | Gift | 400,000 | $0 |
| Aug 4, 2026 | Straub Philip EVP, Man. Director - Aviation | Gift | 670 | $0 |
| Aug 3, 2026 | BURRELL JONATHAN Director | Gift | 50,000 | $0 |
| Aug 3, 2026 | BURRELL JONATHAN Director | Gift | 170,000 | $0 |
| Aug 3, 2026 | BURRELL JONATHAN Director | Gift | 56,666 | $0 |
| Aug 3, 2026 | BURRELL JONATHAN Director | Gift | 56,666 | $0 |
| Aug 3, 2026 | KAO MIN H Executive Chairman | Gift | 3,090 | $0 |
| Jul 31, 2026 | MAXFIELD JOSHUA H VP, General Counsel | Sale | 272 | $78.6K |
| Jul 31, 2026 | MAXFIELD JOSHUA H VP, General Counsel | Sale | 438 | $127.6K |
| Jul 31, 2026 | Biddlecombe Sean Managing Director, EMEA | Sale | 986 | $288.8K |
| Jul 31, 2026 | MAXFIELD JOSHUA H VP, General Counsel | Sale | 442 | $129.1K |
| Jul 29, 2026 | PEMBLE CLIFTON A President and CEO | Sale 10b5-1 plan | 4,029 | $1.21M |
| Jun 11, 2026 | BURRELL JONATHAN Director | Gift | 322,000 | $0 |
| Jun 11, 2026 | BURRELL JONATHAN Director | Gift | 322,000 | $0 |
| Jun 11, 2026 | KAO MIN H Executive Chairman | Gift | 4,235 | $0 |
| Jun 11, 2026 | KAO MIN H Executive Chairman | Gift | 3,385 | $0 |
| Jun 11, 2026 | KAO MIN H Executive Chairman | Gift | 3,385 | $0 |
| Jun 9, 2026 | Hartnett Joseph J Director | Sale | 643 | $151.8K |
| Jun 6, 2026 | Ball Susan M. Director | Tax withheld | 215 | $50.9K |
| Jun 6, 2026 | Hartnett Joseph J Director | Tax withheld | 215 | $50.9K |
| Jun 6, 2026 | LEWIS CATHERINE A. Director | Tax withheld | 215 | $50.9K |
| Jun 6, 2026 | BURRELL JONATHAN Director | Tax withheld | 215 | $50.9K |
| Jun 5, 2026 | LEWIS CATHERINE A. Director | Award | 753 | $0 |
| Jun 5, 2026 | Ball Susan M. Director | Award | 753 | $0 |
| Jun 5, 2026 | Hartnett Joseph J Director | Award | 753 | $0 |
| Jun 5, 2026 | Boessen Douglas G. CFO and Treasurer | Sale 10b5-1 plan | 272 | $64.4K |
| Jun 5, 2026 | BURRELL JONATHAN Director | Award | 753 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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