Garmin closes Q3 with 12% revenue growth to $1.99 billion
Key points
- Garmin (NYSE:GRMN) reported third-quarter 2026 revenue of $1.99 billion, up 12% year over year, while diluted earnings per share increased 35% to $2.80.
- Operating income rose 34% to $612 million, and gross margin expanded to 63.3%, partly helped by approximately $33 million in tariff refunds.
- Garmin now expects 2026 revenue of approximately $8.15 billion and pro forma earnings per share of $10.80, despite a 20% decline in Auto OEM revenue.
Garmin (NYSE:GRMN) reported record third-quarter 2026 revenue of $1.99 billion, up 12% year over year, and raised its full-year revenue and earnings outlook.
For the quarter ended September 26, operating income increased 34% to $612 million, while GAAP diluted earnings per share rose 35% to $2.80.
Garmin’s third-quarter results showed growth across its Fitness, Outdoor, Aviation and Marine businesses, while Auto OEM revenue declined 20%.
Gross margin expanded to 63.3% from 59.1%, partly reflecting approximately $33 million in tariff refunds, while operating margin increased to 30.8% from 25.8%.
The company now forecasts full-year 2026 revenue of approximately $8.15 billion and pro forma earnings per share of $10.80, with expected gross and operating margins of 61.0% and 29.0%, respectively.
Garmin generated $394 million in operating cash flow during the quarter and held approximately $4.1 billion in cash and marketable securities, while its Auto OEM segment recorded a $12 million operating loss.
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