Garmin (NYSE:GRMN) Announces Quarterly Earnings Results

Garmin (NYSE:GRMN) issued its quarterly earnings data on Wednesday. The scientific and technical instruments company reported $2.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.30 by $0.51, FiscalAI reports. Garmin had a net margin of 24.47% and a return on equity of 20.95%. The firm had revenue of $2.02 billion during the quarter, compared to the consensus estimate of $1.93 billion. During the same period last year, the business posted $2.17 earnings per share. The business’s revenue for the quarter was up 11.4% compared to the same quarter last year. Garmin updated its FY 2026 guidance to 10.000-10.000 EPS.

Here are the key takeaways from Garmin’s conference call:

• Record results and raised guidance: Second-quarter revenue rose 11% to $2.02 billion, operating income increased 30% to $616 million, and pro forma EPS grew 29% to $2.81. Garmin raised full-year 2026 guidance to approximately $8.05 billion in revenue and $10.00 in pro forma EPS.
• Fitness remained the key growth engine: Fitness revenue increased 25% to $757 million, supported by strong advanced-wearable demand. Early demand for the new screenless CIRQA wearable exceeded expectations, with Garmin reporting supply constraints and a five- to eight-week shipping backlog.
• Broad-based segment momentum continued: Marine revenue rose 14% and Aviation revenue increased 8%, while Outdoor is expected to improve in the second half as new products launch. Garmin highlighted strong aviation OEM backlogs, resilient aftermarket demand, and positive reception for its new AXIS integrated cockpit platform.
• Margin performance was unusually strong but faces cost pressures: Gross margin expanded to 62.4%, helped by favorable product mix, vertical integration, and a $21 million tariff refund. Management expects higher memory and other component costs to weigh on margins in the second half, though the company plans to mitigate the impact through pricing, sourcing, and other measures.
• Auto OEM faces a second-half downturn: Garmin expects Auto OEM revenue to decline and the segment to return to an operating loss in the back half of 2026 as BMW volumes peak, before the next major Mercedes-Benz program begins ramping in early 2027.

Garmin Trading Down 0.0%

NYSE GRMN traded down $0.14 during midday trading on Friday, hitting $297.41. The company had a trading volume of 340,365 shares, compared to its average volume of 913,085. The firm has a 50-day moving average price of $241.94 and a 200-day moving average price of $236.69. The company has a market capitalization of $57.36 billion, a PE ratio of 30.67, a P/E/G ratio of 3.48 and a beta of 0.90. Garmin has a twelve month low of $186.67 and a twelve month high of $304.00.

Insider Buying and Selling at Garmin

In related news, Director Joseph J. Hartnett sold 643 shares of the firm’s stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $263.57, for a total value of $169,475.51. Following the transaction, the director owned 21,277 shares in the company, valued at approximately $5,607,978.89. This trade represents a 2.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Douglas G. Boessen sold 2,000 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $237.91, for a total value of $475,820.00. Following the completion of the transaction, the chief financial officer directly owned 26,049 shares of the company’s stock, valued at approximately $6,197,317.59. This trade represents a 7.13% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 14.80% of the company’s stock.

Hedge Funds Weigh In On Garmin

Hedge funds and other institutional investors have recently made changes to their positions in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Garmin in the fourth quarter valued at about $214,382,000. Lazard Asset Management LLC raised its stake in Garmin by 530.5% during the third quarter. Lazard Asset Management LLC now owns 351,690 shares of the scientific and technical instruments company’s stock worth $86,593,000 after buying an additional 295,914 shares during the last quarter. Voloridge Investment Management LLC lifted its holdings in Garmin by 167.5% in the fourth quarter. Voloridge Investment Management LLC now owns 391,033 shares of the scientific and technical instruments company’s stock valued at $79,321,000 after buying an additional 244,846 shares during the period. Janus Henderson Group PLC lifted its holdings in Garmin by 77.1% in the fourth quarter. Janus Henderson Group PLC now owns 443,596 shares of the scientific and technical instruments company’s stock valued at $89,984,000 after buying an additional 193,155 shares during the period. Finally, Man Group plc boosted its position in Garmin by 302.5% during the third quarter. Man Group plc now owns 244,679 shares of the scientific and technical instruments company’s stock valued at $60,245,000 after acquiring an additional 183,889 shares during the last quarter. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on GRMN shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Garmin in a research note on Monday, June 8th. Wall Street Zen lowered Garmin from a “buy” rating to a “hold” rating in a report on Saturday, June 20th. Tigress Financial increased their price objective on Garmin from $320.00 to $325.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, May 20th. Zacks Research downgraded Garmin from a “strong-buy” rating to a “hold” rating in a report on Friday, May 1st. Finally, Barclays boosted their target price on shares of Garmin from $238.00 to $297.00 and gave the company an “equal weight” rating in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $289.20.

About Garmin

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin’s products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin’s product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.