Q3 25 EPS
$1.99
BEAT +0.00%
Est. $1.99
Q3 25 Revenue
$1.77B
MISS 1.35%
Est. $1.80B
vs S&P Since Q3 25
+7.5%
BEATING MARKET
GRMN +12.3% vs S&P +4.8%
Market Reaction
Did GRMN Beat Earnings? Q3 2025 Results
Garmin delivered a mixed but broadly encouraging third quarter, matching Wall Street's earnings expectations precisely while falling just short on the top line. The GPS and wearables giant posted pro forma EPS of $1.99, in line with the $1.99 consens… Read more Garmin delivered a mixed but broadly encouraging third quarter, matching Wall Street's earnings expectations precisely while falling just short on the top line. The GPS and wearables giant posted pro forma EPS of $1.99, in line with the $1.99 consensus estimate, as revenue climbed 11.7% year-over-year to $1.77 billion, coming in $30 million below the $1.80 billion analysts had anticipated. The standout driver was Garmin's fitness segment, which surged 30% to $601.01 million on robust demand for advanced wearables, while marine grew 20% and aviation rose 18%, more than offsetting a 5% decline in outdoor and a 2% dip in auto OEM. Operating income reached a record $456.80 million, though margins compressed to 25.8% from 27.6% a year ago as personnel costs rose. A higher effective tax rate of 21.2%, up from 17.9%, weighed on earnings growth. Looking ahead, Garmin raised its full-year 2025 guidance, projecting revenue of approximately $7.10 billion and pro forma EPS of $8.15, citing confidence heading into the holiday selling season.
Key Takeaways
- • Strong demand for advanced wearables driving 30% fitness segment growth
- • Growth in both OEM and aftermarket aviation product categories
- • Marine growth across multiple product categories
- • BMW domain controller program partially offsetting legacy auto OEM program declines
- • Double-digit revenue growth in three of five business segments
GRMN YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
GRMN Revenue by Segment
With YoY comparisons, source: SEC Filings
GRMN Revenue by Geography
With YoY comparisons, source: SEC Filings
“We achieved another quarter of strong financial results with growth in both consolidated revenue and operating income, and we experienced strong double-digit revenue growth in three business segments reflecting the strength of our unique, diversified business model. Looking ahead, we are well positioned for the holiday selling season with a strong lineup of innovative products.”
— Cliff Pemble, Q3 2025 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% |