Garmin Ltd. announced results for the fourth quarter ended Dec. 27, 2025.
Highlights for fourth quarter 2025 include:
- Consolidated revenue of $2.12 billion, a 17% increase compared to the prior-year quarter
- Gross margin of 59.2% compared to 59.3% in the prior-year quarter
- Operating margin expanded to 28.9% compared to 28.3% in the prior-year quarter
- Operating income was $614 million, a 19% increase compared to the prior-year quarter
- GAAP EPS of $2.73 and pro forma EPS(1) of $2.79, representing 16% growth in pro forma EPS over the prior-year quarter
- Launched the GPSMAP 9000xsv series of superior chartplotters designed for captains and anglers that demand world-class performance
- Announced collaboration with Truemed to assist customers who wish to use pre-tax Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA) for qualifying purchases of select Garmin products
- Enhanced Garmin Connect+ with nutrition tracking and insights powered by AI-based Garmin Active Intelligence to help users achieve nutrition goals
- Honored with five Consumer Electronic Show (CES) 2026 Innovation Awards for groundbreaking achievements in technology across various categories
Highlights for fiscal year 2025 include:
- Achieved record consolidated revenue of $7.25 billion, a 15% increase compared to the prior year
- All segments posted record full-year revenue
- Shipped over 20 million units, a new record
- Gross margin of 58.7% consistent with the prior year
- Operating margin expanded to 25.9% compared to 25.3% in the prior year
- Record operating income of $1.88 billion, an 18% increase compared to the prior year
- GAAP EPS of $8.59 and record pro forma EPS(1) of $8.56, representing 16% growth in pro forma EPS over the prior year
Executive Overview From President & CEO Cliff Pemble
“2025 was another year of remarkable growth and achievement for Garmin with record consolidated revenue, record revenue in all five of our segments, and record consolidated operating income. We attribute this strong performance to our strategic focus on market diversification and creating superior products that are essential to our customers’ lives. Looking forward, we anticipate building on this momentum with many exciting new product launches throughout the year. I am very proud of what we accomplished in 2025 and look forward to seizing the opportunities ahead,” said Cliff Pemble, president and chief executive officer of Garmin Ltd.
FITNESS — Revenue from the fitness segment increased 42% in the fourth quarter primarily due to strong demand for wearables driven by both market share gains and market growth. Gross and operating margins were 59% and 34%, respectively, resulting in $257 million of operating income. During the quarter, we announced our collaboration with healthcare payments provider Truemed to assist customers who wish to use pre-tax HSA/FSA funds for qualifying purchases of select Garmin products. We recently published our annual Garmin Connect™ Data Report which shows that, on average, our users increased activity levels by 8% during the year reflecting a high level of engagement with our products and app platforms. At the recent CES, the Venu 4 and Forerunner 970 received Innovation Awards for novel features in digital health and fitness, and we announced exciting enhancements to our premium Connect+ offering with nutrition tracking and insights powered by AI-based Garmin Active Intelligence to help users achieve nutrition and overall wellness goals.
OUTDOOR — Revenue from the outdoor segment was flat when compared to the prior year quarter as we compare against strong prior year product launch cycles. Gross and operating margins were 66% and 37%, respectively, resulting in $234 million of operating income. During the quarter we launched the Garmin DriveTrack 72, a multifunction GPS navigator that tracks up to 20 dogs. Also during the quarter, we launched the inReach Mini 3 Plus satellite communicator with voice, text and photo sharing. This compact and rugged communicator offers essential SOS safety features and helps explorers stay connected with loved ones while adventuring beyond cellphone coverage. Several outdoor products received CES Innovation Awards including the fēnix 8 Pro-MicroLED, the Blaze Equine Wellness System and the Descent S1 Buoy which highlights our commitment to explore new product categories and develop groundbreaking technologies.
AVIATION — Revenue from the aviation segment increased 16% in the fourth quarter with growth contributions from both the OEM and aftermarket product categories. Gross and operating margins were 76% and 31%, respectively, resulting in $85 million of operating income. During the quarter, we launched the D2 Air X15 and the D2 Mach 2, our latest aviator smartwatches with cockpit connectivity and advanced aviation, health, fitness and smartwatch features. Also, we announced that the Garmin G5000H cockpit system was selected for Brazilian Air Force UH-60 Black Hawk helicopters, part of a growing list of military modernization programs based on our advanced commercially available integrated cockpit systems. Our Garmin Autoland system was used for the first time to return an aircraft safely to the ground following an in-flight malfunction, demonstrating the extraordinary potential of this groundbreaking system to improve aviation safety and save lives.
MARINE — Revenue from the marine segment increased 18% in the fourth quarter with growth across multiple categories led by chartplotters. Gross and operating margins were 52% and 18%, respectively, resulting in $52 million of operating income. During the quarter, we expanded our chartplotter lineup with the flagship GPSMAP 9000xsv, offering stunning 4K resolution displays, 5Ghz Wi-Fi networking, and industry-leading sonar performance. Also during the quarter, we launched Garmin OnBoard, a versatile man overboard and engine cutoff solution for boaters that uses wireless technology, offering users the freedom to move around the boat while still enjoying the protection of this important safety system. Gamin OnBoard was selected as the winner of the Safety & Security Aboard category in the 2025 DAME Design Award. Additionally, we were awarded a 2025 National Boating Safety Award from the Sea Tow Foundation and were named Most Innovative Marine Company by Soundings Trade Only.
AUTO OEM — Revenue from the auto OEM segment decreased 3% during the fourth quarter as certain legacy programs approach end-of-life and were partially offset by growth in our most recent BMW domain controller program. Gross margin was 17%, and we recorded an operating loss of $14 million in the quarter. At the recent CES, we introduced our next-gen Garmin Unified Cabin domain controller that adds digital key capability, seat specific audio/video, and an AI assistant designed to make vehicle interactions more conversational and powerful. We also announced our collaboration with Meta to explore new ways of interacting with the automobile.
