GARMIN LTD Q1 FY26 Results

Summary

Garmin Ltd. announced record financial results for the first quarter ended March 28, 2026, with consolidated revenue reaching approximately $1.75 billion, a 14% increase year-over-year. The company also achieved record operating income of $432 million, up 30% from the prior year, alongside expanded gross and operating margins of 59.4% and 24.6% respectively. Pro forma diluted EPS rose by 29% to $2.08. CEO Cliff Pemble highlighted the strong performance as a reflection of an impressive product lineup and a highly diversified business model, expressing satisfaction with the results and optimism for the remainder of the year. Garmin is maintaining its fiscal year 2026 guidance of approximately $7.9 billion revenue and $9.35 pro forma EPS.

Key Highlights

1. 1

   Garmin Ltd. reported record consolidated revenue of approximately $1.75 billion for the first quarter of 2026, marking a 14% increase compared to the prior year quarter.

2. 2

   Operating income reached a record $432 million, representing a substantial 30% increase over the prior year quarter.

3. 3

   Gross and operating margins expanded to 59.4% and 24.6% respectively, demonstrating improved profitability.

4. 4

   Pro forma diluted earnings per share (EPS) grew by 29% to $2.08 for the quarter.

5. 5

   The Fitness segment was a strong performer, with revenue increasing by 42%, driven by robust demand for advanced wearables.

6. 6

   The company generated $536 million in operating cash flows and $469 million in free cash flow during the first quarter.

7. 7

   Garmin ended the quarter with a strong financial position, holding approximately $4.3 billion in cash and marketable securities.