GRMN

EX-99.1

2 grmn-ex99_1.htm

EX-99.1

EX-99.1

EXHIBIT 99.1

Garmin announces third quarter 2026 results

Company reports record third quarter operating results and raises full year guidance

Schaffhausen, Switzerland / October 28, 2026 / PR Newswire – Garmin® Ltd. (NYSE: GRMN), today announced results for the third quarter ended September 26, 2026.

Highlights include:

• Record consolidated revenue of $1.99 billion, a 12% increase compared to the prior year quarter

• Gross and operating margins expanded to 63.3% and 30.8% respectively, compared to the prior year quarter

• Record operating income of $612 million, a 34% increase compared to the prior year quarter

• GAAP EPS of $2.80 and pro forma EPS(1) of $2.76, representing a 39% increase in pro forma EPS compared to the prior year quarter

• Named 2026 Manufacturer of the Year by the National Marine Electronics Association for the 12th consecutive year, and received six Product of Excellence awards

• Launched the fēnix® 9 and fēnix 9 Pro adventure watch series, expanding our flagship performance smartwatch lineup

• Recently announced the delivery of our 1,000th G1000® integrated flight deck retrofit for King Air aircraft making this one of the most successful retrofit flight deck programs in aviation history

• Announced that more than 2,500 aircraft are equipped with the revolutionary Garmin Autoland system, the world’s first and only certified autonomous system designed to activate during an emergency to safely fly and land an aircraft without human interaction

(In thousands, except per share information)

13-Weeks Ended

39-Weeks Ended

September 26,

September 27,

YoY

September 26,

September 27,

YoY

2026

2025

Change

2026

2025

Change

Net sales

$

1,986,076

$

1,770,901

12%

$

5,761,658

$

5,120,564

13%

Fitness

694,328

601,013

16%

1,997,974

1,591,159

26%

Outdoor

597,301

497,598

20%

1,497,571

1,426,451

5%

Aviation

252,657

240,445

5%

785,248

712,926

10%

Marine

309,878

267,005

16%

1,006,262

885,704

14%

Auto OEM

131,912

164,840

(20)%

474,603

504,324

(6)%

Gross profit

1,257,768

1,046,487

20%

3,562,078

2,998,043

19%

Gross margin %

63.3

%

59.1

%

61.8

%

58.5

%

Operating Income

611,648

456,803

34%

1,658,821

1,261,922

31%

Operating income %

30.8

%

25.8

%

28.8

%

24.6

%

GAAP diluted EPS

$

2.80

$

2.08

35%

$

7.69

$

5.87

31%

Pro forma diluted EPS(1)

$

2.76

$

1.99

39%

$

7.65

$

5.77

33%

(1) See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including pro forma diluted EPS

Executive Overview from Cliff Pemble, President and Chief Executive Officer:

“We achieved another quarter of record operating results driven by strength across markets and product categories, with meaningful contributions from recently launched products. Our results were further enhanced by strong operational execution resulting in record consolidated gross margin and impressive operating profit leverage. We are raising our 2026 outlook based on the results we have achieved so far and the momentum we are experiencing as we enter the important holiday selling season.” - Cliff Pemble, President and Chief Executive Officer of Garmin Ltd.

Fitness:

Revenue from the fitness segment increased 16% in the third quarter with growth led by strong demand for wearables. Gross and operating margins were 63% and 33%, respectively, resulting in $231 million of operating income. During the quarter, we launched the CIRQA™ Smart Band, a screenless wearable offering rich wellness and fitness insights that expands our addressable market for wellness devices. In addition, we recently announced the next generation of Edge® cycling computers with the Edge 1060 featuring a built-in microphone and speaker for hands-free voice control capability and the Edge Explore 3 series, an easy-to-use bike computer for riders of all levels.

Outdoor:

Revenue from the outdoor segment increased 20% in the third quarter with growth primarily driven by adventure watches. Gross and operating margins were 68% and 39%, respectively, resulting in $233 million of operating income. During the quarter, we launched the fēnix 9 and fēnix 9 Pro series, with an all-titanium watch case option and the largest available AMOLED screen in our flagship adventure watch lineup. Also during the quarter, we launched the all-new Garmin DriveTM GPS navigators with high-resolution ultrawide format displays and an elevated user experience.

Aviation:

Revenue from the aviation segment increased 5% in the third quarter with growth primarily driven by OEM product categories. Gross and operating margins were 78% and 26%, respectively, resulting in $66 million of operating income. During the quarter, we unveiled the G2000® PRIME, bringing PRIME flight deck functionality to the high-performance piston and electric aircraft market. Also during the quarter, we announced the certification of an all-glass

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EX-99.1

2 grmn-ex99_1.htm

EX-99.1

EX-99.1

EXHIBIT 99.1

Garmin announces first quarter 2026 results

Company reports record first quarter revenue and operating income

Schaffhausen, Switzerland / April 29, 2026 / PR Newswire – Garmin® Ltd. (NYSE: GRMN), today announced results for the first quarter ended March 28, 2026.

Highlights for first quarter 2026 include:

• Record consolidated revenue of approximately $1.75 billion, a 14% increase compared to the prior year quarter

• Gross and operating margins expanded to 59.4% and 24.6% respectively, compared to the prior year quarter

• Record operating income of $432 million, a 30% increase compared to the prior year quarter

• GAAP EPS of $2.09 and pro forma EPS(1) of $2.08, representing a 29% increase in pro forma EPS compared to the prior year quarter

• Published our 2025 Garmin inReach® SOS Report, highlighting the important role served by inReach devices in remote communications and emergency response coordination around the globe

• Fenix® 8 Pro was officially recognized as the “Best Connected Device” at the 2026 Mobile World Congress in Barcelona

(In thousands, except per share information)

13-Weeks Ended

March 28,

March 29,

YoY

2026

2025

Change

Net sales

$

1,753,489

$

1,535,099

14%

Fitness

546,822

384,722

42%

Outdoor

417,530

438,496

(5)%

Aviation

263,841

223,114

18%

Marine

355,016

319,438

11%

Auto OEM

170,280

169,329

1%

Gross profit

1,042,289

884,545

18%

Gross margin %

59.4

%

57.6

%

Operating Income

431,665

332,824

30%

Operating income %

24.6

%

21.7

%

GAAP diluted EPS

$

2.09

$

1.72

22%

Pro forma diluted EPS(1)

$

2.08

$

1.61

29%

(1) See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including pro forma diluted EPS

Executive Overview from Cliff Pemble, President and Chief Executive Officer:

“We achieved remarkable financial results during the opening quarter of 2026 in a continuation of the positive trends we have been experiencing over the long term. This strong financial performance is a direct reflection of our impressive lineup of products that are essential to our customers’ lives, and our unique, highly diversified business model. We are very pleased with our results so far, and we look forward to the opportunities ahead as the year continues to unfold.” - Cliff Pemble, President and Chief Executive Officer of Garmin Ltd.

Fitness:

Revenue from the fitness segment increased 42% in the first quarter with growth across all product categories, led by strong demand for advanced wearables. Gross and operating margins were 62% and 29%, respectively, resulting in $158 million of operating income. During the quarter, we launched the VariaTM RearVue 820, our brightest and most powerful radar tail light for cyclists. We also announced a new Connect IQTM messaging app for select smartwatches that allows customers to read, reply and react to WhatsApp messages right from their wrist, and the integration of select wearables with the Natural Cycles birth control and cycle tracking app, empowering women to better understand and manage their reproductive health.

Outdoor:

Revenue from the outdoor segment decreased 5% in the first quarter as we compared against a strong prior year quarter which included the launch of the Instinct® 3 smartwatch family. Gross and operating margins were 67% and 28%, respectively, resulting in $119 million of operating income. During the quarter, we released the Approach® G82 premium GPS handheld with a built-in launch monitor, and the Approach J1, our first GPS watch specifically designed for junior golfers. Also during the quarter, we launched the zūmo® XT3, our newest and most advanced motorcycle-focused GPS device, and CatalystTM 2, a compact device for motorsports that helps high-performance drivers achieve faster times on the track.

Aviation:

Revenue from the aviation segment increased 18% in the first quarter with growth in both the OEM and aftermarket product categories. Gross and operating margins were 75% and 27%, respectively, resulting in $71 million of operating income. During the quarter, Daher unveiled their new TBM 980 single engine turboprop aircraft featuring our G3000® PRIME avionics suite. Also, the HondaJet Elite II was certified by the FAA becoming the first twin-turbine business jet with Garmin Emergency Autoland technology.

Marine:

Revenue from the marine segment increased 11% in the first quarter with broad-based growth across multiple categories. Gross and operating margins were 56% and 26%, respectively, resulting in $91 million of operating income. During the quarter, we launched a new 360-degree scanning sonar system with the revolutionary SpyTM pole, allowing anglers to see a birds-eye view of fish and underwater structure in every direction. Also, we launched the quatix® 8 Pro, our purpose-built nautical smartwatch with inReach technology for two-way satellite and cellular