AI Earnings Predictions for Garmin Ltd. (Switzerland) (GRMN)

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

8-K

0001121788false00011217882026-02-182026-02-18

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 18, 2026

GARMIN LTD.

(Exact name of registrant as specified in its charter)

Switzerland

001-41118

98-0229227

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

Mühlentalstrasse 36/38 8200 Schaffhausen Switzerland (Address of principal executive offices) Registrant’s telephone number, including area code: +41 52 630 1600 (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Registered Shares, $0.10 Per Share Par Value

GRMN

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition On February 18, 2026, Garmin Ltd. (“the Company”) issued a press release announcing its financial results for the fiscal fourth quarter and fiscal year ended December 27, 2025. A copy of the press release is attached as Exhibit 99.1. The information in Item 2.02 and Exhibit 99.1 to this Current Report on Form 8-K is being furnished and shall not be deemed “filed” for the purposes of or otherwise subject to the liabilities under Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Unless expressly incorporated into a filing of Garmin Ltd. under the Securities Act of 1933, as amended, or the Exchange Act made after the date hereof, the information contained in Item 2.02 and Exhibit 99.1 hereto shall not be incorporated by reference into any filing of the registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing. Item 9.01. Financial Statements and Exhibits

(d) Exhibits. The following exhibits are furnished herewith.

Exhibit No.

Description

99.1

Press Release dated February 18, 2026

104

The cover page from this Current Report on Form 8-K, formatted in Inline XBRL (included as Exhibit 101)

1

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

GARMIN LTD.

February 18, 2026

/s/ Joshua H. Maxfield

Joshua H. Maxfield

Vice President and General Counsel

2

8-K

0001121788false00011217882025-10-292025-10-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): October 29, 2025

GARMIN LTD.

(Exact name of registrant as specified in its charter)

Switzerland

001-41118

98-0229227

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

Mühlentalstrasse 2 8200 Schaffhausen Switzerland (Address of principal executive offices) Registrant’s telephone number, including area code: +41 52 630 1600 (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Registered Shares, $0.10 Per Share Par Value

GRMN

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition On October 29, 2025, Garmin Ltd. (“the Company”) issued a press release announcing its financial results for the fiscal third quarter ended September 27, 2025. A copy of the press release is attached as Exhibit 99.1. The information in Item 2.02 and Exhibit 99.1 to this Current Report on Form 8-K is being furnished and shall not be deemed “filed” for the purposes of or otherwise subject to the liabilities under Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Unless expressly incorporated into a filing of Garmin Ltd. under the Securities Act of 1933, as amended, or the Exchange Act made after the date hereof, the information contained in Item 2.02 and Exhibit 99.1 hereto shall not be incorporated by reference into any filing of the registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing. Item 9.01. Financial Statements and Exhibits

(d) Exhibits. The following exhibits are furnished herewith.

Exhibit No.

Description

99.1

Press Release dated October 29, 2025

104

The cover page from this Current Report on Form 8-K, formatted in Inline XBRL (included as Exhibit 101)

1

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

GARMIN LTD.

October 29, 2025

/s/ Joshua H. Maxfield

Joshua H. Maxfield

Vice President and General Counsel

2