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Garmin Q2 2026 Results Overview

On July 29, 2026, Garmin Ltd. (NYSE: GRMN) released its financial results for the second quarter, which ended on June 27, 2026, showcasing an exceptionally strong performance.

Record Revenue and Income

The company achieved consolidated revenues of approximately $2.02 billion, marking an 11% increase from the same quarter last year. Notably, Garmin also saw its gross and operating margins expand significantly to 62.4% and 30.4%, respectively. Operating income soared to $616 million, reflecting a robust 30% increase year-on-year. In terms of earnings per share, Garmin reported a GAAP EPS of $2.80, while the pro forma EPS increased to $2.81, a 29% increase from the prior year.

Business Segment Performance

• - Fitness: Revenue in the fitness sector rose by an impressive 25%, driven by strong demand for advanced wearables. New products, such as the Forerunner® 70 and Forerunner 170, were vital to this growth, contributing significantly to the segment's solid operating income of $277 million.

• - Outdoor: Despite experiencing a slight decline of 2% in revenue this quarter, the outdoor segment maintained strong margins of 69% and an operating income of $164 million. The Approach® Z10 has been introduced to enhance user experience in golf.

• - Aviation: The aviation segment grew by 8% as a result of strong demands in both OEM and aftermarket products. The release of the D2™ Mach 2 Pro, Garmin's first aviator smartwatch with inReach technology, has garnered significant interest, contributing to an operating income of $72 million.

• - Marine: The marine segment also thrived, recording a 14% increase in revenue, with the launch of Garmin Signal™ VHF marine radios enhancing communication in marine environments, resulting in an operating income of $100 million.

• - Auto OEM: Despite modest growth in this sector, revenue increased by 1%. The segment has improved its operating results, which reflects enhanced gross profits and reduced expenses.

New Product Innovations

To bolster its position in the market, Garmin has made strategic acquisitions, including the noted training platforms TrainingPeaks and TrainHeroic, which are anticipated to provide extensive benefits to athletes and coaches. Additionally, Garmin unveiled the AXIS™, a new family of flight displays, and the CIRQA™ Smart Band, the company’s first screenless wearable aimed at providing a wealth of health features without a subscription cost.

Future Outlook

Garmin’s positive performance during the first half of 2026 has prompted the company to raise its full-year guidance. Garmin now expects revenue to reach approximately $8.05 billion, alongside a pro forma EPS of $10.00. The company is confident in this updated forecast based on its upcoming product launches and expected market growth.

Shareholder Returns

As a testament to its financial strength, Garmin has approved a cash dividend amounting to $4.20 per share, set to be distributed in four equal installments throughout the year. The first installment was already executed on June 26, 2026, with future payments scheduled through March 2027.

In conclusion, Garmin continues to demonstrate formidable growth and innovation across its business segments, setting high expectations for the remaining year of 2026. With ongoing reinvestment into product development and market expansion, stakeholders remain optimistic about the company's trajectory.