Garmin (GRMN) Research | Aerarium Research

Forward Estimates

EPS Estimates

Current Qtr

$2.29

$2.15$2.55

vs $2.17+5.7%

8 analysts

Next Qtr

$2.34

$2.24$2.45

vs $1.99+17.7%

8 analysts

Current Yr

$9.58

$9.35$9.93

vs $8.56+11.9%

8 analysts

Next Yr

$10.32

$9.67$11.64

vs $9.58+7.8%

8 analysts

Revenue Estimates

Current Qtr

$1.94B

$1.88B$2.02B

vs $1.81B+6.7%

6 analysts

Next Qtr

$1.96B

$1.92B$2.02B

vs $1.77B+10.5%

6 analysts

Current Yr

$7.99B

$7.90B$8.14B

vs $7.25B+10.3%

7 analysts

Next Yr

$8.73B

$8.49B$9.13B

vs $7.99B+9.3%

7 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for GRMN on EDGAR.

GRMN filing events and research context
Filed	Item	Context
Apr 29, 2026	mda_quarterly	Net sales for the first quarter of 2026 increased 14% to $1.75 billion, driven by a 42% surge in the Fitness segment, which became the largest revenue contributor at 31% due to strong demand for advanced wearables. Aviation and Marine segments grew 18% and 11% respectively, while Outdoor sales declined 5% as adventure watch demand normalized following a strong prior-year launch. Total operating income rose 30% to $431.7 million, with Fitness operating income increasing 103%. Consolidated gross margin expanded 180 basis points to 59%, supported by favorable foreign currency impacts in Fitness and Outdoor, though Marine margins contracted 200 basis points due to higher tariff costs. Operating expenses increased 11% to $610.6 million, primarily reflecting higher engineering and personnel costs. Net income grew to $405.1 million. Garmin maintains a strong liquidity position with $4.3 billion in cash and marketable securities and generated $536 million in operating cash flow. Notable risks include foreign currency volatility and geopolitical trade policies; specifically, while the U.S. Supreme Court ruled IEEPA tariffs unauthorized, the company has not yet recognized any related refunds. Inventory purchase obligations total $1.1 billion.
Feb 18, 2026	business	Garmin Ltd. is a global leader in location-based technology, designing and manufacturing GPS-enabled products across five primary segments: fitness, outdoor, aviation, marine, and auto OEM. The company leverages a vertically integrated manufacturing model with facilities in the U.S., Taiwan, China, the Netherlands, the U.K., and Poland to maintain control over product quality, cost, and time-to-market. Key offerings include Forerunner running watches, fēnix adventure watches, inReach satellite communicators, integrated flight decks for aviation, and marine sonar systems like LiveScope. The business model increasingly incorporates subscription-based services, such as Garmin Connect+ and various aviation databases, to complement hardware sales. While Garmin maintains a strong competitive position, it faces significant pressure from major technology firms like Apple, Samsung, and Google in the fitness and outdoor markets, as well as specialized competitors in aviation and marine sectors. A critical operational risk involves reliance on single or limited-source suppliers for key components, which could lead to supply chain disruptions. The company’s financial performance is subject to seasonal fluctuations, with consumer product demand peaking in the fourth quarter. Success remains heavily dependent on continuous innovation, protected by a robust portfolio of over 2,100 patents and a workforce of approximately 23,000 employees.
Feb 18, 2026	mda	Garmin operates as a vertically integrated manufacturer of GPS-enabled navigation, communication, and sensor-based products across five primary segments: fitness, outdoor, aviation, marine, and auto OEM. The company’s competitive advantage relies on its proprietary technology, extensive patent portfolio, and internal manufacturing capabilities in Taiwan, the U.S., and Europe, which provide cost efficiencies and supply chain flexibility. Key risks include significant reliance on third-party suppliers for critical components like semiconductors and memory chips, as well as geopolitical exposure regarding its primary manufacturing base in Taiwan. The company faces intense competition from major technology firms in the wearable and consumer electronics markets. Furthermore, Garmin’s reliance on U.S.-operated GPS and other GNSS networks exposes it to potential signal interference, such as jamming or spoofing, and regulatory shifts. Financial performance is subject to seasonal fluctuations, with consumer product demand peaking in the fourth quarter and marine sales rising in the first half of the year. The company also faces ongoing challenges in the auto OEM segment, where high investment costs have historically pressured operating margins. Future growth depends on continuous R&D investment, successful product innovation, and the ability to navigate complex global tax and trade regulations.

Filed

Item

Context

Apr 29, 2026

mda_quarterly

Net sales for the first quarter of 2026 increased 14% to $1.75 billion, driven by a 42% surge in the Fitness segment, which became the largest revenue contributor at 31% due to strong demand for advanced wearables. Aviation and Marine segments grew 18% and 11% respectively, while Outdoor sales declined 5% as adventure watch demand normalized following a strong prior-year launch. Total operating income rose 30% to $431.7 million, with Fitness operating income increasing 103%. Consolidated gross margin expanded 180 basis points to 59%, supported by favorable foreign currency impacts in Fitness and Outdoor, though Marine margins contracted 200 basis points due to higher tariff costs. Operating expenses increased 11% to $610.6 million, primarily reflecting higher engineering and personnel costs. Net income grew to $405.1 million. Garmin maintains a strong liquidity position with $4.3 billion in cash and marketable securities and generated $536 million in operating cash flow. Notable risks include foreign currency volatility and geopolitical trade policies; specifically, while the U.S. Supreme Court ruled IEEPA tariffs unauthorized, the company has not yet recognized any related refunds. Inventory purchase obligations total $1.1 billion.

Feb 18, 2026

business

Garmin Ltd. is a global leader in location-based technology, designing and manufacturing GPS-enabled products across five primary segments: fitness, outdoor, aviation, marine, and auto OEM. The company leverages a vertically integrated manufacturing model with facilities in the U.S., Taiwan, China, the Netherlands, the U.K., and Poland to maintain control over product quality, cost, and time-to-market. Key offerings include Forerunner running watches, fēnix adventure watches, inReach satellite communicators, integrated flight decks for aviation, and marine sonar systems like LiveScope. The business model increasingly incorporates subscription-based services, such as Garmin Connect+ and various aviation databases, to complement hardware sales. While Garmin maintains a strong competitive position, it faces significant pressure from major technology firms like Apple, Samsung, and Google in the fitness and outdoor markets, as well as specialized competitors in aviation and marine sectors. A critical operational risk involves reliance on single or limited-source suppliers for key components, which could lead to supply chain disruptions. The company’s financial performance is subject to seasonal fluctuations, with consumer product demand peaking in the fourth quarter. Success remains heavily dependent on continuous innovation, protected by a robust portfolio of over 2,100 patents and a workforce of approximately 23,000 employees.

Feb 18, 2026

mda

Garmin operates as a vertically integrated manufacturer of GPS-enabled navigation, communication, and sensor-based products across five primary segments: fitness, outdoor, aviation, marine, and auto OEM. The company’s competitive advantage relies on its proprietary technology, extensive patent portfolio, and internal manufacturing capabilities in Taiwan, the U.S., and Europe, which provide cost efficiencies and supply chain flexibility. Key risks include significant reliance on third-party suppliers for critical components like semiconductors and memory chips, as well as geopolitical exposure regarding its primary manufacturing base in Taiwan. The company faces intense competition from major technology firms in the wearable and consumer electronics markets. Furthermore, Garmin’s reliance on U.S.-operated GPS and other GNSS networks exposes it to potential signal interference, such as jamming or spoofing, and regulatory shifts. Financial performance is subject to seasonal fluctuations, with consumer product demand peaking in the fourth quarter and marine sales rising in the first half of the year. The company also faces ongoing challenges in the auto OEM segment, where high investment costs have historically pressured operating margins. Future growth depends on continuous R&D investment, successful product innovation, and the ability to navigate complex global tax and trade regulations.

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GRMN filing events and research context

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