Q1 26 EPS
$2.08
Q1 26 Revenue
$1.75B
BEAT +2.41%
Est. $1.71B
vs S&P Since Q1 26
-3.1%
TRAILING MARKET
GRMN -1.9% vs S&P +1.3%
Market Reaction
Did GRMN Beat Earnings? Q1 2026 Results
Garmin kicked off fiscal 2026 with a strong first quarter, posting pro forma EPS of $2.08 and beating the $1.84 consensus estimate by 13.14%, marking the fourth consecutive quarter the company has cleared Wall Street's earnings bar. Revenue climbed 1… Read more Garmin kicked off fiscal 2026 with a strong first quarter, posting pro forma EPS of $2.08 and beating the $1.84 consensus estimate by 13.14%, marking the fourth consecutive quarter the company has cleared Wall Street's earnings bar. Revenue climbed 14.2% year-over-year to $1.75 billion, edging past the $1.71 billion consensus by 2.41%, as gross margin expanded to 59.4% from 57.6% and operating income jumped 30% to $431.67 million. The standout driver was the Fitness segment, which surged 42% to $546.82 million on robust demand for advanced wearables, while Aviation rose 18% and Marine gained 11%, providing broad-based momentum that more than offset a 5% decline in Outdoor. Analysts had flagged Garmin's diversified portfolio as a key advantage heading into the print, and the results validated that view. The company held its full-year 2026 guidance steady at approximately $7.90 billion in revenue and pro forma EPS of $9.35, acknowledging that foreign currency and tariff assumptions remain fluid.
Key Takeaways
- • Strong demand for advanced fitness wearables drove 42% growth in Fitness segment
- • Gross margin expansion to 59.4% from 57.6% year-over-year
- • Operating margin expansion to 24.6% from 21.7% year-over-year
- • Growth in both OEM and aftermarket aviation product categories
- • Broad-based growth across multiple marine categories
- • Asia Pacific revenue grew 25% year-over-year
GRMN Forward Guidance & Outlook
Garmin is maintaining its fiscal year 2026 guidance of approximately $7.9 billion in revenue and pro forma EPS of $9.35. The company notes that forward-looking measures include assumptions around foreign currency exchange rates and tariffs which are fluid and can rapidly change. The Board will recommend a cash dividend of $4.20 per share payable in four equal quarterly installments for shareholder approval at the June 5, 2026 annual meeting.
GRMN YoY Financials
Q1 2026 vs Q1 2025, 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 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, Q1 2026 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% |