Companies /Technology

Garmin Ltd

NYSE: GRMN Scientific & Technical Instruments
$277.03
▼ $0.15 (−0.05%) today
Markets closed · 6:14pm ET

Q2 2025 Earnings

Reported Jul 30, 2025, 7:00am ET · SEC source
$2.17
Beat +14.38%
EPS · est. $1.90
$1.8B
Beat +6.45%
Revenue · est. $1.7B
+7.5%
Beating market
GRMN vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−8%−4%0Jul 30Jul 31report 7:00am ETearnings+0.2%−10.7%
−8%−4%0Jul 30Jul 31earnings+0.2%−10.7%
GRMN −10.7%S&P 500 +0.2%
−8%−4%0Jul 30Jul 31report 7:00am ETearnings+0.2%−10.7%
−8%−4%0Jul 30Jul 31earnings+0.2%−10.7%
GRMN −10.7%NASDAQ +0.2%
−10%−5%0Jul 29Aug 6report 7:00am ETearnings−0.6%−7.2%
−10%−5%0Jul 29Aug 6earnings−0.6%−7.2%
GRMN −7.2%S&P 500 −0.6%
−10%−5%0Jul 29Aug 6report 7:00am ETearnings−0.3%−7.2%
−10%−5%0Jul 29Aug 6earnings−0.3%−7.2%
GRMN −7.2%NASDAQ −0.3%
−7.44%
Day of report
−1.23%
Next session
+3.88%
One week
+9.18%
30 days

S&P 500 over the same 30 days: +1.67%.

Did GRMN Beat Earnings? Q2 2025 Results

Garmin kicked off the back half of 2025 with a record-breaking second quarter, posting pro forma EPS of $2.17 against a consensus estimate of $1.90, a beat of 14.38%, while revenue of $1.81 billion topped expectations by 6.45% and grew 20.4% year-over-year. The standout driver was the Fitness segment, which surged 41% to $605.42 million on the strength of newly launched wearables including the Forerunner 570, Forerunner 970, Venu X1, and the company's first smart sleep band, the Index Sleep Monitor, collectively pulling overall gross margin to 58.8% from 57.3% a year earlier. Operating income climbed 38% to a record $472.30 million, with operating margin expanding sharply to 26.0% from 22.7%, underscoring the leverage embedded in Garmin's diversified business model. All five segments delivered double-digit growth, and EMEA led geographically with 25% revenue expansion. Encouraged by the strong first-half momentum, management raised its full-year 2025 outlook to approximately $7.10 billion in revenue and pro forma EPS of $8.00.

Key Takeaways
  • Strong demand for advanced wearables driving 41% Fitness segment growth
  • Growth in adventure watches in the Outdoor segment
  • Both OEM and aftermarket contributions in Aviation
  • Chartplotter growth leading Marine segment
  • Domain controller growth driving Auto OEM segment
  • Gross margin expansion to 58.8% from 57.3%
  • Operating margin expansion to 26.0% from 22.7%
  • Double-digit revenue growth across all five segments

“We delivered another quarter of outstanding financial results with double-digit growth in every segment, driven by our strong lineup of innovative and highly differentiated products that customers desire. We are very pleased with our results so far in 2025, which have exceeded our expectations and give us confidence to raise our full year guidance.”

Garmin CEO, on the earnings call

Forward Guidance & Outlook

Garmin raised its full year 2025 guidance based on strong first-half performance. The company now anticipates revenue of approximately $7.1 billion and pro forma EPS of $8.00, based on gross margin of 58.5%, operating margin of 24.8%, and a full year tax rate of 17.5%. Management noted the forward-looking measures include economic assumptions around foreign currency exchange rates and tariffs which are fluid and can rapidly change.

GRMN YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$0$500.0M$1.0B$1.5B$1.5B$1.8BRevenue$862.9M$1.1BGross Profit$342.0M$472.3MOperating Income$300.6M$400.8MNet Income
$0$500.0M$1.0B$1.5BRevenueGross ProfitOperating IncomeNet Income

GRMN Revenue by Segment

Fitness$605.4M+41.0%
Outdoor$490.4M+11.0%
Marine$299.3M+10.0%
Aviation$249.4M+14.0%
Auto OEM$170.2M+16.0%

GRMN Revenue by Geography

Americas$878.0M+19.0%
EMEA$677.4M+25.0%
Asia Pacific$259.1M+16.0%

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