Q4 24 EPS
$2.41
BEAT +19.24%
Est. $2.02
Q4 24 Revenue
$1.82B
BEAT +7.54%
Est. $1.69B
vs S&P Since Q4 24
-17.3%
TRAILING MARKET
GRMN +0.8% vs S&P +18.1%
Full Year 2024 Results
FY 24 EPS
$7.39
BEAT +5.16%
Est. $7.03
FY 24 Revenue
$6.30B
BEAT +2.07%
Est. $6.17B
Market Reaction
Did GRMN Beat Earnings? Q4 2024 Results
Garmin closed out fiscal 2024 with a standout fourth quarter, posting revenue of $1.82 billion, up 22.9% year-over-year and ahead of the $1.69 billion consensus estimate by 7.54%, while pro forma diluted EPS of $2.41 beat the $2.02 analyst estimate b… Read more Garmin closed out fiscal 2024 with a standout fourth quarter, posting revenue of $1.82 billion, up 22.9% year-over-year and ahead of the $1.69 billion consensus estimate by 7.54%, while pro forma diluted EPS of $2.41 beat the $2.02 analyst estimate by 19.24%, reflecting the broad-based momentum that sent shares up roughly 12.7% on the day of the report. The results were driven by strength across all five business segments, with Outdoor contributing the largest dollar haul at $629.37 million and Fitness delivering the fastest growth at 31%, together underscoring the sustained consumer appetite for Garmin's wearables and connected devices. Operating income surged 52% to $516.08 million, with margins expanding to 28.3% from 23.0% a year prior, a testament to favorable product mix and operational leverage. Looking ahead, the company guided for approximately $6.80 billion in fiscal 2025 revenue, representing roughly 8% growth, and proposed a 20% dividend increase to $3.60 per share annually, signaling confidence in its long-term trajectory.
Key Takeaways
- • Strong demand for wearables across fitness segment
- • Adventure watches driving outdoor segment growth
- • Increased shipments of domain controllers in Auto OEM
- • Growth contributions from both OEM and aftermarket categories in aviation
- • Gross margin expansion to 59.3% from 58.3%
- • Operating margin expansion to 28.3% from 23.0%
GRMN YoY Financials
Q4 2024 vs Q4 2023, source: SEC Filings
GRMN Revenue by Segment
With YoY comparisons, source: SEC Filings
GRMN Revenue by Geography
With YoY comparisons, source: SEC Filings
“2024 was a year of remarkable growth and achievement for Garmin, resulting in record full-year consolidated revenue and record full-year revenue in all five of our segments, as well as record full-year consolidated operating income. We are entering 2025 with continued strong momentum from our robust product lineup and have many product launches planned during the year. I am very proud of what we accomplished in 2024 and look forward to all that 2025 will bring.”
— Cliff Pemble, Q4 2024 Earnings Press Release
GRMN Earnings Trends
GRMN vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
GRMN EPS Trend
Earnings per share: estimate vs actual
GRMN Revenue Trend
Quarterly revenue: estimate vs actual
GRMN Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $2.08 | — | $1.75B | +2.41% |
| Q4 25 BEAT FY | $2.40 | $2.79 | +16.25% | $2.12B | +5.44% |
| FY Full Year | $8.18 | $8.56 | +4.64% | $7.25B | +1.54% |
| Q3 25 BEAT | $1.99 | $1.99 | +0.00% | $1.77B | -1.35% |
| Q2 25 BEAT | $1.90 | $2.17 | +14.38% | $1.81B | +6.45% |
| Q4 24 BEAT FY | $2.02 | $2.41 | +19.24% | $1.82B | +7.54% |
| FY Full Year | $7.03 | $7.39 | +5.16% | $6.30B | +2.07% |