Quarterly ResultApr 29, 2026, 07:02 AM
GRMN Q1 Revenue +14% to $1.75B; Operating Income +30% to $432M
AI Summary
Garmin Ltd. announced record financial results for the first quarter ended March 28, 2026, with consolidated revenue increasing 14% to $1.75 billion and operating income rising 30% to $432 million. The company reported a pro forma EPS of $2.08, a 29% increase, and expanded both gross and operating margins. Strong performance in the Fitness, Aviation, and Marine segments contributed to the growth, while the company also maintained its fiscal year 2026 guidance for revenue and pro forma EPS.
Key Highlights
- Consolidated revenue reached a record $1.75 billion, a 14% increase year-over-year.
- Operating income was a record $432 million, up 30% compared to the prior year quarter.
- Pro forma diluted EPS increased 29% to $2.08.
- Gross margin expanded to 59.4% and operating margin to 24.6%.
- Fitness segment revenue grew 42% to $546.8 million, driven by advanced wearables.
- Aviation segment revenue increased 18% to $263.8 million.
- Generated $469 million in free cash flow and repurchased $40 million of shares.
- Maintaining fiscal year 2026 guidance of approximately $7.9 billion revenue and $9.35 pro forma EPS.