Garmin (GRMN) Q4 2024 Earnings
How Did GRMN Stock React to Q4 2024 Earnings?
S&P 500 over the same 30 days: −7.99%.
Did GRMN Beat Earnings? Q4 2024 Results
Yes. Garmin reported Q4 2024 earnings of $2.41 a share on Feb 19, 2025, beating the $2.02 consensus estimate by 19.1%. Revenue was $1.8B against a $1.7B estimate.
Garmin closed out fiscal 2024 with a standout fourth quarter, posting revenue of $1.82 billion, up 22.9% year-over-year and ahead of the $1.69 billion consensus estimate by 7.54%, while pro forma diluted EPS of $2.41 beat the $2.02 analyst estimate by 19.24%, reflecting the broad-based momentum that sent shares up roughly 12.7% on the day of the report. The results were driven by strength across all five business segments, with Outdoor contributing the largest dollar haul at $629.37 million and Fitness delivering the fastest growth at 31%, together underscoring the sustained consumer appetite for Garmin's wearables and connected devices. Operating income surged 52% to $516.08 million, with margins expanding to 28.3% from 23.0% a year prior, a testament to favorable product mix and operational leverage. Looking ahead, the company guided for approximately $6.80 billion in fiscal 2025 revenue, representing roughly 8% growth, and proposed a 20% dividend increase to $3.60 per share annually, signaling confidence in its long-term trajectory.
- Strong demand for wearables across fitness segment
- Adventure watches driving outdoor segment growth
- Increased shipments of domain controllers in Auto OEM
- Growth contributions from both OEM and aftermarket categories in aviation
- Gross margin expansion to 59.3% from 58.3%
- Operating margin expansion to 28.3% from 23.0%
“2024 was a year of remarkable growth and achievement for Garmin, resulting in record full-year consolidated revenue and record full-year revenue in all five of our segments, as well as record full-year consolidated operating income. We are entering 2025 with continued strong momentum from our robust product lineup and have many product launches planned during the year. I am very proud of what we accomplished in 2024 and look forward to all that 2025 will bring.”
Garmin CEO, on the earnings call
What Was Garmin's Outlook in Q4 2024?
Garmin expects full-year 2025 revenue of approximately $6.80 billion, representing approximately 8% growth over 2024. Full-year pro forma EPS is expected to be approximately $7.80, with gross margin of approximately 58.7%, operating margin of approximately 25.0%, and pro forma effective tax rate of approximately 16.5%.
GRMN YoY Financials
| Metric | Q4 2024 | Q4 2023 | Year over year |
|---|---|---|---|
| Revenue | $1.8B | $1.5B | +22.9% |
| Gross Profit | $1.1B | $864.1M | +25.0% |
| Operating Income | $516.1M | $340.4M | +51.6% |
| Net Income | $435.7M | $542.2M | −19.6% |
GRMN Revenue by Segment
GRMN Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.