Companies /Technology

Garmin Ltd

NYSE: GRMN Scientific & Technical Instruments
$277.03
▼ $0.15 (−0.05%) today
Markets closed · 5:29pm ET

Q2 2026 Earnings

Reported Jul 29, 2026, 7:00am ET · SEC source
$2.81
Beat +22.52%
EPS · est. $2.29
$2.0B
Beat +4.42%
Revenue · est. $1.9B
−8.7%
Trailing market
GRMN vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−5%0+5%+10%Jul 29Jul 30report 7:00am ETearnings−0.3%+6.5%
−5%0+5%+10%Jul 29Jul 30earnings−0.3%+6.5%
GRMN +6.5%S&P 500 −0.3%
−5%0+5%+10%Jul 29Jul 30report 7:00am ETearnings+0.8%+6.5%
−5%0+5%+10%Jul 29Jul 30earnings+0.8%+6.5%
GRMN +6.5%NASDAQ +0.8%
−7%0+7%+14%Jul 28Aug 5report 7:00am ETearnings+3.9%+10.8%
−7%0+7%+14%Jul 28Aug 5earnings+3.9%+10.8%
GRMN +10.8%S&P 500 +3.9%
−7%0+7%+14%Jul 28Aug 5report 7:00am ETearnings+5.8%+10.8%
−7%0+7%+14%Jul 28Aug 5earnings+5.8%+10.8%
GRMN +10.8%NASDAQ +5.8%
+16.23%
Day of report
+0.92%
Next session
+2.62%
One week
−3.27%
30 days

S&P 500 over the same 30 days: +5.47%.

Did GRMN Beat Earnings? Q2 2026 Results

Garmin delivered a standout second quarter for fiscal 2026, posting pro forma diluted EPS of $2.81 against a consensus estimate of $2.29, a beat of 22.52% that extended the company's streak of topping Wall Street expectations to five consecutive quarters. Revenue climbed 11.4% year-over-year to $2.02 billion, ahead of the $1.94 billion analysts had anticipated, as gross margin expanded 360 basis points to 62.4% on favorable product mix and approximately $21.00 million in tariff refunds. The fitness segment was the primary engine of outperformance, surging 25% on broad demand for advanced wearables, while marine grew 14% and aviation added 8%; even the long-troubled auto OEM segment swung to a $2.87 million operating profit from a $9.52 million loss a year ago. Ahead of the print, investors had been closely watching whether Garmin's acquisitions of TrainingPeaks and TrainHeroic could support its evolution toward a broader fitness and wellness platform, and the quarter's results offered a confident early answer. Management raised full-year 2026 guidance to $8.05 billion in revenue and pro forma EPS of $10.00.

Key Takeaways
  • Strong demand for advanced wearables driving 25% growth in Fitness segment
  • Gross margin expansion of 360 basis points to 62.4% driven by favorable product mix and approximately $21 million in tariff refunds
  • Broad-based growth across multiple marine categories driving 14% segment growth
  • Aviation growth from both OEM and aftermarket product categories
  • Auto OEM swing to profitability from improved gross profit and lower R&D expenses

“We delivered another quarter of outstanding financial results with double-digit revenue growth and robust margin expansion, which resulted in record revenue and operating income. Each business segment contributed to these impressive results. Our performance in the first half of 2026 was very strong giving us confidence to raise our full year 2026 consolidated revenue and EPS guidance.”

Garmin CEO, on the earnings call

Forward Guidance & Outlook

Garmin raised its full year 2026 guidance based on strong first-half performance and a positive outlook for the remainder of the year. The company now anticipates revenue of approximately $8.05 billion and pro forma EPS of $10.00, based on gross margin of 59.7%, operating margin of 27.0%, and a full year tax rate of 16.5%.

GRMN YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$600.0M$1.2B$1.8B$1.8B$2.0BRevenue$1.1B$1.3BGross Profit$472.3M$615.5MOperating Income$400.8M$541.9MNet Income
$0$600.0M$1.2B$1.8BRevenueGross ProfitOperating IncomeNet Income

GRMN Revenue by Segment

Fitness$756.8M+25.0%
Outdoor$482.7M−2.0%
Marine$341.4M+14.0%
Aviation$268.7M+8.0%
Auto OEM$172.4M+1.0%

GRMN Revenue by Geography

Americas$979.4M+12.0%
EMEA$766.1M+13.0%
Asia Pacific$276.6M+7.0%

Figures from SEC filings and company reports. Not investment advice.