Garmin Earnings Surge on Record Revenue, Strong 2026 Outlook
Garmin earnings reported record Q4 and fiscal 2025 results on Feb. 18, 2026, and guidance above estimates, spurring a 13.0% premarket share rise.

KEY TAKEAWAYS
- Following the filing, Garmin reported record FY2025 revenue of $7.3 billion and pro forma EPS of $8.56.
- The board authorized a $500 million repurchase and approved a 17.0% dividend increase.
- The company gave fiscal 2026 guidance for about $7.9 billion revenue and pro forma EPS near $9.35.
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Garmin Ltd. reported record fourth-quarter and full-year 2025 revenue and profit on February 18, 2026. The company’s earnings and 2026 guidance topped estimates, driving a double-digit jump in premarket trading.
Record Results and Segment Performance
For the quarter ended December 27, 2025, Garmin reported consolidated revenue of $2.12 billion, up 17.0% year-over-year, and pro forma diluted earnings per share (EPS) of $2.79, a 16.0% increase that exceeded the $2.40 consensus estimate. Full-year consolidated revenue reached $7.25 billion, up 15.0%, with operating income rising 18.0% to $1.88 billion. Pro forma diluted EPS for the year was $8.56.
The fitness segment led growth, generating $766 million in fourth-quarter revenue, up 42.0% year-over-year, and $2.36 billion for the full year, a 33.0% increase. Outdoor revenue was flat in the quarter at $628 million but declined 5.0% for the year to $2.05 billion. Aviation revenue rose 16.0% in the quarter to $274 million and 13.0% for the year to $987 million. Marine revenue increased 18.0% in the quarter to $297 million and 10.0% for the year to $1.18 billion. Auto OEM revenue fell 3.0% in the quarter to $160 million but grew 9.0% for the full year to $665 million. All five segments posted record annual revenue.
Garmin shipped more than 20 million units in 2025, including a record quarter of shipments. Operating cash flow was $1.63 billion, free cash flow $1.36 billion, and the company ended the year with about $4.1 billion in cash and marketable securities.
Capital Returns and 2026 Guidance
The board approved a 17% dividend increase and authorized a $500 million share-repurchase program through December 30, 2028. These moves reflect Garmin’s strong cash generation and balance-sheet position.
For fiscal 2026, the company expects revenue of about $7.9 billion, a 9.0% increase, and pro forma EPS of approximately $9.35. It projects gross margin near 58.5% and operating margin near 25.5%. The guidance reflects demand for high-end wearables and fitness products, market-share gains, capacity expansion, and disciplined expense management. The pro forma effective tax rate is expected to be 16.0%.
GRMN stock rose about 13% in premarket trading following the announcement.
Garmin is scheduled to report first-quarter 2026 results in May.





