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California State Teachers Retirement System raised its position in Garmin Ltd. (NYSE:GRMN – Free Report) by 23,029.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 59,413,980 shares of the scientific and technical instruments company’s stock after buying an additional 59,157,102 shares during the period. California State Teachers Retirement System owned 30.81% of Garmin worth $14,113,197,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. GSA Capital Partners LLP bought a new stake in shares of Garmin during the fourth quarter worth $979,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of Garmin by 121.6% in the first quarter. Arrowstreet Capital Limited Partnership now owns 107,929 shares of the scientific and technical instruments company’s stock valued at $25,041,000 after buying an additional 59,229 shares during the last quarter. Plato Investment Management Ltd bought a new position in shares of Garmin in the second quarter valued at about $1,447,000. Commerzbank Aktiengesellschaft FI lifted its position in Garmin by 282.5% during the 4th quarter. Commerzbank Aktiengesellschaft FI now owns 6,518 shares of the scientific and technical instruments company’s stock worth $1,322,000 after buying an additional 4,814 shares in the last quarter. Finally, Westerkirk Capital Inc. lifted its position in Garmin by 88.2% during the 4th quarter. Westerkirk Capital Inc. now owns 20,700 shares of the scientific and technical instruments company’s stock worth $4,199,000 after buying an additional 9,700 shares in the last quarter. 81.60% of the stock is owned by institutional investors.

Garmin Trading Down 0.5% Shares of NYSE:GRMN opened at $275.55 on Wednesday. Garmin Ltd. has a 1-year low of $186.67 and a 1-year high of $314.28. The stock has a market capitalization of $53.14 billion, a P/E ratio of 28.41, a P/E/G ratio of 3.10 and a beta of 0.85. The business has a 50-day moving average price of $274.35 and a two-hundred day moving average price of $253.71.

Garmin (NYSE:GRMN – Get Free Report) last issued its earnings results on Thursday, July 30th. The scientific and technical instruments company reported $2.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.30 by $0.51. Garmin had a net margin of 24.47% and a return on equity of 20.95%. The company had revenue of $2.02 billion for the quarter, compared to analyst estimates of $1.93 billion. During the same quarter last year, the firm earned $2.17 EPS. The company’s revenue for the quarter was up 11.4% on a year-over-year basis. As a group, equities analysts predict that Garmin Ltd. will post 10.08 EPS for the current year. Insider Buying and Selling at Garmin In other Garmin news, VP Joshua Maxfield sold 1,152 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $291.13, for a total value of $335,381.76. Following the transaction, the vice president directly owned 15,042 shares of the company’s stock, valued at approximately $4,379,177.46. This trade represents a 7.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sean Biddlecombe sold 986 shares of Garmin stock in a transaction on Friday, July 31st. The stock was sold at an average price of $292.88, for a total transaction of $288,779.68. Following the sale, the director directly owned 6,021 shares of the company’s stock, valued at $1,763,430.48. This represents a 14.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 16,108 shares of company stock valued at $4,808,799. 14.80% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes Several research firms have weighed in on GRMN. KeyCorp restated a “sector weight” rating on shares of Garmin in a research report on Wednesday, September 2nd. UBS Group set a $370.00 target price on shares of Garmin in a research note on Thursday, August 6th. Weiss Ratings reiterated a “buy (b)” rating on shares of Garmin in a research report on Friday. Tigress Financial reissued a “strong-buy” rating on shares of Garmin in a research note on Thursday, August 6th. Finally, Wall Street Zen lowered shares of Garmin from a “buy” rating to a “hold” rating in a report on Saturday, June 20th. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $310.17.

Read Our Latest Report on Garmin

Garmin Profile (Free Report)

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin’s products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin’s product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.

Featured Articles Five stocks we like better than Garmin Tesla’s Robotaxi Launch Wasn’t the Moment Investors Expected Despite Post-Earnings Drop, Wall Street Analysts Eye New Highs for Broadcom Stock Morgan Stanley Eyes Good Things Ahead for Meta After $18 Billion Legal Settlement Q3 Earnings Could Be the Catalyst the Market Has Been Waiting For Want to see what other hedge funds are holding GRMN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Garmin Ltd. (NYSE:GRMN – Free Report).

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AXQ Capital LP increased its position in shares of Garmin Ltd. (NYSE: GRMN) by 883.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,325 shares of the scientific and technical instruments company's stock after buying an additional 8,377 shares during the period.

Investors looking for stocks in the Electronics - Miscellaneous Products sector might want to consider either Daktronics (DAKT) or Garmin (GRMN). But which of these two companies is the best option for those looking for undervalued stocks?

Versatile marine audio solution expands JL Audio M-series, providing remarkable sound and value

, /PRNewswire/ -- Garmin (NYSE: GRMN), the world's largest1 and most innovative marine electronics manufacturer, today announced JL Audio® M200 marine speakers and subwoofers, a stunning new audio series that blends a fresh design with high-performance sound to boost the onboard experience. Engineered to withstand harsh boating environments, the speakers are available in 6.5- and 7.7-inch sizes, offering clear, immersive sound, while the 10-inch subwoofer produces deep, powerful, clear bass. The M200 series speakers and subwoofers feature vibrant LED illumination in a wide variety of colors so boaters can personalize the look of their audio system to match their boat.

Versatile marine audio solution expands JL Audio M-series, providing remarkable sound and value. "With the JL Audio M200 series, we're offering boaters a powerful onboard audio solution with crystal-clear sound, modern styling and customizable lighting – all at an exceptional value. Designed to keep the party going year after year, these speakers and subwoofers deliver the performance, durability and versatility to enhance any day on the water."
–Susan Lyman, Garmin Vice President of Global Consumer Sales & Marketing

Featuring a 1-inch edge-driven silk dome tweeter with a neodymium magnet, the JL Audio M200 speakers provide a smooth and warm sound with power handling up to 60 watts RMS. The standard cutout size and mounting hole make it easy to retrofit the boat. The 10-inch subwoofer is constructed with an injection molded polypropylene cone and rubber surround and an optimized motor system to deliver minimal distortion, excellent low-frequency, and 250-watts RMS power handling.

RGB lighting allows boaters to customize the look of their M200 series audio system to complement their onboard style. When paired with a Garmin Spectra™ or Garmin Lumishore® light control module (sold separately), boaters can access advanced lighting control from a compatible chartplotter or ActiveCaptain® app. Both the speakers and subwoofers offer white or gray grilles to match the boat's interior and maintain the premium look of other M-series speakers, including the M6 and M3.

Built from marine-grade materials and finishes with corrosion-resistant connections, the JL Audio M200 series provides high-performance audio all season long, withstanding salt and sun exposure.

The JL Audio M200 series is available now with suggested retail prices ranging from $199.99 to $349.99. To learn more, visit garmin.com/marine/audio.

Engineered on the inside for life on the outside, Garmin and its brands – JL Audio and Fusion – are committed to developing and delivering world-class audio entertainment solutions, including high-performance stereos, speakers, amplifiers and subwoofers and other audio components for the marine, car, RV, powersports and home markets. For more information, visit the Garmin Newsroom, email our media team, or follow our blog.  

1

Based on 2025 sales.

About Garmin: Garmin International, Inc. is a subsidiary of Garmin Ltd. (NYSE: GRMN). Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan, and the United Kingdom. Garmin, JL Audio, Lumishore and ActiveCaptain are registered trademarks, and Spectra is a trademark of Garmin Ltd., or its subsidiaries.

All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.

Notice on Forward-Looking Statements:
This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management's current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 27, 2025, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). Copies of such Form 10-K are available at https://www.garmin.com/en-US/investors/sec/. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

MEDIA CONTACTS:
Mike Cummings and Elise Jessee
913-397-8200
[email protected]

SOURCE Garmin International, Inc.

First sailboat autopilot to use brushless linear actuator with built-in ECU for superior performance, reliability and simplified installation

, /PRNewswire/ -- Garmin (NYSE: GRMN), the world's largest1 and most innovative marine electronics manufacturer, today announced SmartDrive™, a ground-breaking autopilot system that leverages a brushless linear actuator, built-in ECU and a rudder feedback sensor for improved durability and long-term reliability. Designed for sailboats and catamarans up to 45 feet (maximum displacement of 33,000 pounds), the Reactor 40 Corepack with SmartDrive provides top-tier autopilot performance with up to 1,050 pounds of maximum thrust, helping maintain steady rudder control to help captains stay on course.

First sailboat autopilot to use brushless linear actuator with built-in ECU for superior performance, reliability and simplified installation. "Whether out for a day trip or a longer voyage, sailors need dependable technology. SmartDrive was designed from the ground up to deliver precise steering, long-term durability, a quiet ride and reliable performance in demanding offshore conditions, giving sailors confidence wherever their journey takes them."
—Susan Lyman, Garmin Vice President of Global Consumer Sales & Marketing

Streamlined installation and seamless compatibility

The innovative SmartDrive operates with fewer cables and external components, allowing for a streamlined installation. With a form factor like other linear actuators, SmartDrive is designed to simplify retrofit installations and serve as an easy direct replacement. It also seamlessly integrates with compatible Garmin MFDs via the NMEA® 2000 network.

Bundling options

Sailors have the option of purchasing the SmartDrive autopilot actuator on its own, or as part of an exciting bundle with a complete Corepack that can elevate the sailing experience, including improved wind hold performance, more accurate tack and gybe with adjustable speeds and auto response, and easy calibration using the dockside wizard. The Reactor 40 Sail Corepack with SmartDrive bundle includes a CCU with built-in solid-state 9-axis AHRS and a GHC™ 50 autopilot display, which allows users to control the autopilot from a 5-inch touchscreen from different locations on board.

For more ways to control the autopilot system, the Reactor 40 Corepack with SmartDrive is compatible with several Garmin devices, including the Reactor 40 autopilot wireless remote, the APK™ 10 autopilot keypad and select quatix® marine smartwatches2.

The SmartDrive actuator is available as a standalone purchase for a suggested retail price of $3,499.99 or as part of a Reactor 40 Sail Corepack bundle that starts at $4,499.99. To learn more, visit garmin.com/marine.

Engineered on the inside for life on the outside, Garmin products have revolutionized life for anglers, sailors, mariners and boat enthusiasts everywhere. Committed to developing the most innovative, highest quality, and easiest to use marine electronics the industry has ever known, Garmin believes every day is an opportunity to innovate and a chance to beat yesterday. For the 11th consecutive year, Garmin was named the Manufacturer of the Year by the National Marine Electronics Association (NMEA). Visit the Garmin Newsroom, email our media team, connect with @garminmarine on social, or follow our blog.  

1Based on 2025 sales.
2Requires a compatible Garmin chartplotter or GHC 50 autopilot instrument.

About Garmin: Garmin International, Inc. is a subsidiary of Garmin Ltd. (NYSE: GRMN). Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan, and the United Kingdom. Garmin and quatix are registered trademarks, and SmartDrive, Reactor, GHC and APK are trademarks of Garmin Ltd., or its subsidiaries.

All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.

Notice on Forward-Looking Statements:
This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management's current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 27, 2025, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). Copies of such Form 10-K are available at https://www.garmin.com/en-US/investors/sec/. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

MEDIA CONTACTS:
Mike Cummings and Carly Hysell
913-397-8200
[email protected]

SOURCE Garmin International, Inc.

The Zacks Electronics – Miscellaneous Products industry players like Kla (KLAC - Free Report) , Teradyne (TER - Free Report) and Garmin (GRMN - Free Report) are benefiting from higher spending on artificial intelligence (AI) infrastructure, data center and cloud computing. Rising spending by hyperscalers on AI compute is increasing demand for more advanced semiconductors, networking equipment, testing, process-control and precision electronic components. Advanced chip architectures, High-Bandwidth Memory (HBM) adoption, EUV, hybrid bonding and increasingly complex packaging are increasing process-control intensity and creating demand for technologies that improve yield, reliability and system performance. However, this industry is subject to fluctuations in semiconductor capital-spending cycles, macroeconomic conditions, inventory adjustments and changes in end-market demand. Supply-chain constraints, rising input costs and geopolitical trade restrictions are notable headwinds for industry participants.

Industry Description The Zacks Electronics – Miscellaneous Products industry includes a number of original equipment manufacturers of power products, drivetrains, green energy solutions, remote-control systems, GPS navigation, home automation systems, healthcare devices, industry/factory automation, robotics, semiconductor and optical applications and energy management solutions. The industry is evolving through digital transformation and the growing demand for silicon across multiple markets. The increasing cost of manufacturing bodes well for equipment suppliers, while the growing demand for silicon is positive for semiconductor companies. Apart from the United States, companies in this industry are based in Japan, Germany, the Netherlands and Switzerland. These companies either have manufacturing operations in China and Southeast Asia or generate significant revenues from these regions.

3 Trends Shaping the Future of the Industry Solid Capital Spending Drives Prospects: Ongoing technology transition due to rapid deployment of AI is driving product complexities, which is raising the demand for solutions provided by industry participants. More complex designs, accelerating product cycles and high-value wafer volumes are growing the demand for advanced packaging. Increasing investment in expanding manufacturing capacity by semiconductor companies is a key catalyst in the long run. Since semiconductor companies are major customers of miscellaneous electronics product manufacturers, the trend bodes well for industry participants. In addition, rising spending on advanced nodes — 7 nm, 5 nm, 3 nm and 2 nm processes from logic and foundry customers — favors industry participants. Logic and foundry spending is anticipated to be healthy this year.

Strong Demand for AI, Data Center and Cloud Computing Solutions: Industry participants are riding on strong AI infrastructure investments, increasing compute intensity, and the need for more advanced power, thermal, automation and testing solutions. Strong hyperscaler spending, rapid advanced packaging adoption and large-scale data center buildouts are key catalysts. The rapid growth of AI workloads is increasing process complexity, driving higher demand for process control, metrology, inspection, specialty materials, precision timing and semiconductor test equipment. Meaningful recovery in industrial automation and digital infrastructure markets bodes well for industry participants.

Demand for Integrated Solutions is Rising: The industry is increasingly moving toward integrated solutions that combine compute, power, cooling, automation and energy management. This shift from discrete subsystem deployments is creating opportunities for suppliers with broad technology portfolios and systems-level capabilities.

Challenging Macroeconomic Conditions Acts as Headwind: Industry participants are suffering from challenging macroeconomic conditions globally, with enterprises in automotive, industrial and energy end-markets showing reluctance in committing to multi-year deals.  Supply chains remain under pressure as companies work to secure capacity and critical components to support rapidly rising AI-driven demand, while extended lead times and infrastructure bottlenecks, particularly around power availability, are constraining the pace of data center deployment. Additionally, memory price volatility, tariff-related cost increases, and the growing concentration of demand among a small number of hyperscale and AI customers are major concerns for industry players.

Zacks Industry Rank The Zacks Electronics – Miscellaneous Products industry is housed within the broader Zacks Computer and Technology sector. The industry carries a Zacks Industry Rank #72, which places it in the top 29% of more than 246 Zacks industries.

The group’s Zacks Industry Rank, which is the average of the Zacks Rank of all member stocks, indicates bullish near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than two to one.

The industry’s positioning in the top 50% of the Zacks-ranked industries is a result of the positive earnings outlook for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, it appears that analysts are optimistic about this group’s earnings growth potential. Since Dec. 31, 2025, earnings estimates for the industry for the current year have moved north by 13.4%.

Given the bullish prospects, there are many stocks worth buying in the industry. But before we present those stocks, let us take a look at the industry’s recent stock-market performance and valuation picture.

Industry Beats S&P 500, Broader Sector The Zacks Electronics – Miscellaneous Products industry has outperformed the S&P 500 and the broader Zacks Computer and Technology sector in the past year.

The industry has appreciated 57.8% during this period compared with the S&P 500 composite’s return of 20.8% and the broader sector’s appreciation of 28.6%.

One-Year Price Performance

Industry's Current Valuation On the basis of the forward 12-month P/E, which is a commonly used multiple for valuing Electronics-Miscellaneous products companies, we see that the industry is currently trading at 28.27X compared with the S&P 500’s 20.37X and the sector’s forward-12-month P/E of 20.90X.

Over the last five years, the industry has traded as high as 44.84X and as low as 26.50X, with the median being 29.36X, as the charts below show.

Forward 12-Month Price-to-Earnings (P/E) Ratio

3 Stocks to Buy Right Now Teradyne: This Zacks Rank #1 (Strong Buy) company’s shares have appreciated 88.5% year to date (YTD). You can see the complete list of today’s Zacks #1 Rank stocks here.

Rising AI investment is increasing demand for CPUs, accelerators, networking chips, HBM, DDR and storage, driving demand for semiconductor test. Teradyne expects higher wafer-fab equipment spending to drive faster transistor and memory-bit production, supporting expansion of the automated test equipment (ATE) market. The company sees a path for the overall ATE TAM to reach or exceed $20 billion as WFE spending approaches $250 billion by the end of the decade.

Increasing chiplet counts and more complex multichip packages require greater testing intensity to ensure acceptable yields, creating a structural tailwind for Teradyne. The company is also positioned to gain share through merchant GPU programs, hyperscaler dual-sourcing and its strong position in HBM and DRAM testing.

The Zacks Consensus Estimate for Teradyne’s 2026 earnings has jumped 26.4% to $9.10 per share over the past 30 days.

Price and Consensus: TER

Garmin: Another Zacks Rank #1 stock, Garmin’s Fitness business remains a major growth engine, with second-quarter revenues rising 25% on strong demand for advanced wearables. New products such as the Forerunner lineup and CIRQA Smart Band are broadening Garmin’s addressable market, while the TrainingPeaks and TrainHeroic acquisitions expand its services ecosystem and create a more integrated training experience for customers.

Garmin continues to benefit from new-product launches and resilient demand across aviation and marine. Aviation is supported by strong OEM backlogs and aftermarket demand, while the new AXIS integrated cockpit platform could broaden adoption by reducing installation cost and complexity. Marine growth is supported by products such as LiveScope 2, which strengthens Garmin’s position in premium sonar technology.

The Zacks Consensus Estimate for GRMN’s 2026 earnings has increased 4.3% over the past 30 days to $9.94 per share. Garmin shares have surged 43.5% YTD.

Price and Consensus: GRMN

Price and Consensus: KLAC

It has been about a month since the last earnings report for Garmin (GRMN - Free Report) . Shares have lost about 2.6% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Garmin due for a breakout? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent drivers for Garmin Ltd. before we dive into how investors and analysts have reacted as of late.

Garmin's Q2 Earnings Beat Estimates, Revenues Increase Y/YGarmin reported second-quarter 2026 pro forma earnings of $2.81 per share, beating the Zacks Consensus Estimate by 23.79%. The bottom line increased 29% year over year.

Net sales rose 11% to $2.02 billion and surpassed the consensus estimate by 4.73%. Strong demand for advanced wearables led the growth.

GRMN's Fitness Business Drives GrowthFitness revenues increased 25% year over year to $756.8 million, accounting for 37.4% of total sales. Growth was recorded across all product categories, led by continued strength in advanced wearables.

The segment generated operating income of $277 million, up 40% from the prior-year quarter. Operating margin reached 37%, while gross margin was 64%. Garmin launched the Forerunner 70 and Forerunner 170 running smartwatches during the quarter and recently announced the CIRQA Smart Band, its first screenless smart band.

Garmin's Outdoor Revenues DeclineOutdoor revenues fell 2% to $482.7 million, primarily due to weakness in consumer auto products and adventure watches. However, favorable product mix and disciplined execution supported improved profitability.

Operating income rose 4% to $163.6 million, while operating margin reached 34%. Garmin expects stronger Outdoor revenue performance in the second half of 2026, aided by the timing of product launches. The company also expanded its golf portfolio with the Approach Z10 laser rangefinder.

GRMN Posts Broad-Based Segment GainsAviation revenues advanced 8% to $268.7 million, driven by growth in both original equipment manufacturer and aftermarket categories. Operating income increased 14% to $72.2 million, with an operating margin of 27%.
Marine revenues climbed 14% to $341.4 million, reflecting growth across multiple product categories. Operating income surged 59% to $99.8 million, and operating margin was 29%. Results benefited from a tariff refund, though management noted that product margins improved even without the benefit.

Auto OEM revenues increased 1% to $172.4 million, mainly driven by domain controllers. The segment posted operating income of $2.9 million compared to a loss of $9.5 million a year earlier, supported by improved gross profit and lower research and development expenses. Management expects revenues to decline and the segment to return to an operating loss in the second half before the planned launch of a major Mercedes-Benz program in early 2027.

Garmin's Operating Profitability ExpandsGross profit increased 18% to $1.26 billion, while gross margin expanded 360 basis points to 62.4%. Consolidated operating income climbed 30% to $615.5 million, while operating margin rose 440 basis points to 30.4%.

The margin improvement primarily reflected favorable product mix and approximately $21 million in refunds of previously paid tariffs. Management said newer products carrying higher margins represented a greater portion of sales, while vertical integration and scale also supported product cost improvements.

Operating expenses increased 9% to $646.5 million. Research and development expenses rose 10% to $303.9 million, while selling, general and administrative expenses jumped 8% to $342.6 million, mainly due to personnel-related costs.

GRMN Maintains a Strong Financial PositionGarmin generated $404 million in operating cash flow and $276 million in free cash flow during the second quarter. In the first half of 2026, it generated operating and free cash flows of $940 million and $745 million, respectively.

The company ended the period with approximately $4.4 billion in cash and marketable securities. It paid $202 million in dividends and repurchased $43 million of shares during the second quarter. In the first half of 2026, it repurchased shares worth $82 million and paid $376 million in dividends. About $448 million remained under its repurchase authorization through December 2028.

Inventory reached approximately $2 billion as Garmin maintained strategic memory holdings. Management expects higher memory costs to affect second-half results, though the impact is incorporated into its updated outlook.

Garmin Raises 2026 OutlookGarmin now expects 2026 revenues of approximately $8.05 billion, up from its prior projection of $7.9 billion. Pro forma earnings are forecast at $10 per share compared with the previous outlook of $9.35.

The company raised its gross margin forecast to 59.7% from 58.5% and its operating margin estimate to 27% from 25.5%. The projected pro forma tax rate increased to 16.5% from 16%. The revised gross margin outlook includes the tariff refund already recorded but assumes no additional tariff-related benefits.

How Have Estimates Been Moving Since Then?It turns out, estimates revision have trended downward during the past month.

VGM ScoresCurrently, Garmin has a nice Growth Score of B, though it is lagging a bit on the Momentum Score front with a C. Charting a somewhat similar path, the stock has a score of D on the value side, putting it in the bottom 40% for value investors.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Garmin has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.

Performance of an Industry PlayerGarmin is part of the Zacks Electronics - Miscellaneous Products industry. Over the past month, KLA (KLAC - Free Report) , a stock from the same industry, has gained 1.9%. The company reported its results for the quarter ended June 2026 more than a month ago.

KLA reported revenues of $3.66 billion in the last reported quarter, representing a year-over-year change of +15.2%. EPS of $1.05 for the same period compares with $0.94 a year ago.

KLA is expected to post earnings of $1.17 per share for the current quarter, representing a year-over-year change of +33%. Over the last 30 days, the Zacks Consensus Estimate has changed +2.6%.

KLA has a Zacks Rank #2 (Buy) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of F.

Wall Street watches a company's quarterly report closely to understand as much as possible about its recent performance and what to expect going forward. Of course, one figure often stands out among the rest: earnings.

Life and the stock market are both about expectations, and rising above what is expected is often rewarded, while falling short can come with negative consequences. Investors might want to try to capture stronger returns by finding positive earnings surprises.

The ability to identify stocks that are likely to top quarterly earnings expectations can be profitable, but it's no simple task. Here at Zacks, our Earnings ESP filter helps make things easier.

The Zacks Earnings ESP, ExplainedThe Zacks Earnings ESP is more formally known as the Expected Surprise Prediction, and it aims to grab the inside track on the latest analyst estimate revisions ahead of a company's report. The idea is relatively intuitive as a newer projection might be based on more complete information.

With this in mind, the Expected Surprise Prediction compares the Most Accurate Estimate (being the most recent) against the overall Zacks Consensus Estimate. The percentage difference provides the ESP figure. The system also utilizes our core Zacks Rank to provide a stronger system for identifying stocks that might beat their next quarterly earnings estimate and possibly see the stock price climb.

In fact, when we combined a Zacks Rank #3 (Hold) or better and a positive Earnings ESP, stocks produced a positive surprise 70% of the time. Perhaps most importantly, using these parameters has helped produce 28.3% annual returns on average, according to our 10 year backtest.

Stocks with a ranking of #3 (Hold), or 60% of all stocks covered by the Zacks Rank, are expected to perform in-line with the broader market. Stocks with rankings of #2 (Buy) and #1 (Strong Buy), or the top 15% and top 5% of stocks, respectively, should outperform the market; Strong Buy stocks should outperform more than any other rank.

Should You Consider Nvidia?Now that we understand what the ESP is and how beneficial it can be, let's dive into a stock that currently fits the bill. Nvidia (NVDA - Free Report) earns a #2 (Buy) right now and its Most Accurate Estimate sits at $2.10 a share, just 13 days from its upcoming earnings release on August 26, 2026.

Nvidia's Earnings ESP sits at +0.52%, which, as explained above, is calculated by taking the percentage difference between the $2.10 Most Accurate Estimate and the Zacks Consensus Estimate of $2.09. NVDA is also part of a large group of stocks that boast a positive ESP. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

NVDA is part of a big group of Computer and Technology stocks that boast a positive ESP, and investors may want to take a look at Garmin (GRMN - Free Report) as well.

Garmin, which is readying to report earnings on November 4, 2026, sits at a Zacks Rank #1 (Strong Buy) right now. Its Most Accurate Estimate is currently $2.41 a share, and GRMN is 83 days out from its next earnings report.

For Garmin, the percentage difference between its Most Accurate Estimate and its Zacks Consensus Estimate of $2.38 is +1.26%.

NVDA and GRMN's positive ESP metrics may signal that a positive earnings surprise for both stocks is on the horizon.

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Garmin (GRMN +0.73%) makes many popular devices for runners, boaters, pilots, hunters, and bikers, and its stock is getting popular too. The maker of wearable smartwatches and wireless GPS devices announced another stellar quarter in July, sending shares soaring.

The stock is now up 53% this year, after jumping 23.7% in July, according to data provided by S&P Global Market Intelligence. Management raised guidance for the year after a strong second quarter. The company is firing on all cylinders, and the stock is even cheaper than it looks. Here's why.

Image source: Getty Images.

Fitness is in great shape After announcing record revenue that increased 11% year over year, Garmin boosted its full-year revenue and earnings guidance to imply 11% year-over-year revenue growth and almost 17% earnings per share (EPS) growth.

All five business segments are contributing to Garmin's success. The outdoor segment was the only one with slightly declining sales, but it provided more operating income than in Q1, thanks to higher gross and operating margins.

Fitness is the standout, though. Advanced wearables led the segment to 25% year-over-year sales growth. That growth rate is 32% for the first half of this year, following a 33% increase in 2025 over 2024. Investors who were worried about lost sales from the Apple Watch and other competitors can seemingly dismiss those fears.

Garmin has even entered a new category with its Cirqa Smart Band. This screen-free wearable provides comprehensive wellness and fitness insights without requiring a subscription, helping to expand its potential market.

Today's Change

(

0.73

%) $

2.27

Current Price

$

313.16

Garmin's secret weapon The future looks bright for Garmin's business. But investors might wonder if the pop in the stock price makes shares too expensive. There's good reason to think that's not the case, though. On the surface, shares look pricey. Garmin stock is trading at a price-to-earnings (P/E) of 31 based on the company's latest 2026 guidance. That seems expensive compared to its three-year average of about 25. But there's a better way to look at it.

Garmin ended Q2 with $4.4 billion in cash and equivalents. Importantly, it also has no debt. That's over 7% of its market cap, and investors should consider that. That effectively drops the forward P/E to under 29.

While still relatively high, it's also certainly possible that earnings exceed current guidance, bringing the valuation even lower. That cash will also bring value for shareholders in the future. Whether through growth investments, acquisitions, share buybacks, or raised dividends, that money should find its way back to the owners of Garmin stock. It may not be a good time to invest a lump sum in Garmin stock, but long-term investors can still expect solid returns.

On August 05, 2026, we conducted a DCF analysis for Garmin Ltd (GRMN), a company that has shown strong price performance recently, with a year-to-date increase

The Forerunner 70 is Garmin's new, entry-level smart fitness watch. At $250, it's Garmin's cheapest Forerunner device, but does it behave like one?

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Here are two stocks with buy rank and strong income characteristics for investors to consider today, August 3:

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This Zacks Rank #1 company has a dividend yield of 1.1%, compared with the industry average of 0.0%.

Garmin Ltd. (GRMN - Free Report) : This wireless device company has witnessed the Zacks Consensus Estimate for its next year earnings increasing 4.2% over the last 60 days.

This Zacks Rank #1 company has a dividend yield of 1.4%, compared with the industry average of 0.0%

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Garmin (GRMN +0.07%) reported record second-quarter results this week, and the stock took off. As of midday Friday, shares were up 22.4% for the week, according to data provided by S&P Global Market Intelligence.

Investors already expected a strong year, with the company guiding for 9% year-over-year revenue growth in 2026. Management boosted that guidance after Q2 results. That helps explain why the stock popped, but Garmin shares are still cheaper than they look.

Image source: The Motley Fool.

Don't overlook the cash hoard Garmin operates five segments, selling devices that use GPS technology and artificial intelligence (AI) to track and monitor health and fitness, provide training plans, and offer navigation and solutions tailored specifically for marine and aviation activities.

Its fitness segment has become the largest after averaging 32% year-over-year revenue growth in every quarter since the start of 2024. That growth has helped drive the stock higher and was one reason Garmin boosted its full-year 2026 revenue and earnings guidance. Management now sees 11% year-over-year revenue growth this year, and almost 17% earnings per share (EPS) growth, partly thanks to improving margins.

Today's Change

(

0.07

%) $

0.20

Current Price

$

297.75

Now investors need to decide if this week's jump means it's too late to buy Garmin stock. It is now trading at a P/E of almost 30 based on this year's EPS guidance. But there's a catch. Garmin has $4.4 billion in cash and marketable securities with no debt on its balance sheet. That's about 8% of its market cap and should be taken into consideration when determining its valuation.

That cash will eventually make its way to shareholders through a combination of growth investments, dividends, and share buybacks. With new products being rolled out, including the recent launch of the screenless Cirqa smart band, growth should continue. That makes the recent stock price still a good buy for investors looking beyond 2026.

Howard Smith has positions in Garmin. The Motley Fool has positions in and recommends Garmin. The Motley Fool has a disclosure policy.

Posted by Defense World Staff on Jul 31st, 2026

Amundi raised its stake in shares of Garmin Ltd. (NYSE:GRMN – Free Report) by 82.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,017,314 shares of the scientific and technical instruments company’s stock after buying an additional 459,980 shares during the quarter. Amundi owned about 0.53% of Garmin worth $236,027,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Brighton Jones LLC boosted its holdings in shares of Garmin by 31.3% in the 4th quarter. Brighton Jones LLC now owns 1,943 shares of the scientific and technical instruments company’s stock worth $401,000 after purchasing an additional 463 shares in the last quarter. NewEdge Advisors LLC raised its holdings in shares of Garmin by 6.2% during the 1st quarter. NewEdge Advisors LLC now owns 5,885 shares of the scientific and technical instruments company’s stock valued at $1,278,000 after buying an additional 345 shares in the last quarter. Woodline Partners LP lifted its position in Garmin by 40.6% in the 1st quarter. Woodline Partners LP now owns 13,017 shares of the scientific and technical instruments company’s stock worth $2,826,000 after buying an additional 3,757 shares during the last quarter. Focus Partners Wealth boosted its stake in Garmin by 51.1% in the first quarter. Focus Partners Wealth now owns 6,811 shares of the scientific and technical instruments company’s stock worth $1,479,000 after buying an additional 2,304 shares in the last quarter. Finally, Sivia Capital Partners LLC boosted its stake in Garmin by 17.0% in the second quarter. Sivia Capital Partners LLC now owns 1,662 shares of the scientific and technical instruments company’s stock worth $347,000 after buying an additional 242 shares in the last quarter. Institutional investors own 81.60% of the company’s stock.

Insider Transactions at Garmin In other news, Director Joseph J. Hartnett sold 643 shares of the business’s stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $263.57, for a total transaction of $169,475.51. Following the transaction, the director directly owned 21,277 shares of the company’s stock, valued at approximately $5,607,978.89. The trade was a 2.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Douglas G. Boessen sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $237.91, for a total value of $475,820.00. Following the transaction, the chief financial officer owned 26,049 shares of the company’s stock, valued at approximately $6,197,317.59. This represents a 7.13% decrease in their position. The SEC filing for this sale provides additional information. 14.80% of the stock is owned by insiders.

More Garmin News Here are the key news stories impacting Garmin this week:

Positive Sentiment: Garmin reported second-quarter earnings of $2.81 per share, well above the $2.27-$2.30 analyst consensus, while revenue rose 11.4% year over year to $2.02 billion, exceeding expectations of approximately $1.93 billion. Garmin announces second quarter 2026 results Positive Sentiment: The Fitness segment was the key growth engine, with sales reportedly increasing about 25% as demand for advanced wearables remained strong. Investors viewed the result as evidence that Garmin’s connected-device and healthy-living trends are supporting sustained growth. Garmin’s Fitness Business Explodes 25%, Stock Surges Positive Sentiment: Garmin raised its fiscal 2026 outlook to approximately $10.00 in EPS and $8.1 billion in revenue, above consensus forecasts near $9.57 EPS and $8.0 billion revenue. Stronger margins also supported the improved outlook. Garmin Tops Q2 Earnings Estimates Neutral Sentiment: Morgan Stanley raised its price target from $249 to $289 but retained an Equal Weight rating. The new target remains below the stock’s recent trading level, signaling limited near-term upside in the analyst’s view. Morgan Stanley price target update Negative Sentiment: At a price-to-earnings ratio above 33 and near its 52-week high, some coverage argues that Garmin may be roughly 12% overvalued and that its recent growth rate may be difficult to sustain, creating a risk of profit-taking. Garmin Beats on Strong Demand, Is the Stock Now 12% Overvalued? Analysts Set New Price Targets Several research firms have commented on GRMN. Weiss Ratings reissued a “buy (b)” rating on shares of Garmin in a research note on Monday, June 8th. Wall Street Zen lowered shares of Garmin from a “buy” rating to a “hold” rating in a report on Saturday, June 20th. Zacks Research cut shares of Garmin from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 1st. Barclays boosted their price target on shares of Garmin from $238.00 to $297.00 and gave the stock an “equal weight” rating in a research note on Thursday. Finally, JPMorgan Chase & Co. upped their price target on shares of Garmin from $265.00 to $285.00 and gave the company a “neutral” rating in a research report on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $289.20.

View Our Latest Research Report on Garmin

Garmin Stock Up 0.9% NYSE:GRMN opened at $297.50 on Friday. The firm has a market capitalization of $57.38 billion, a P/E ratio of 30.67, a P/E/G ratio of 3.48 and a beta of 0.90. The company has a fifty day moving average of $241.94 and a 200 day moving average of $236.69. Garmin Ltd. has a 52 week low of $186.67 and a 52 week high of $304.00.

Garmin (NYSE:GRMN – Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The scientific and technical instruments company reported $2.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.30 by $0.51. Garmin had a net margin of 24.47% and a return on equity of 20.95%. The business had revenue of $2.02 billion for the quarter, compared to analyst estimates of $1.93 billion. During the same quarter last year, the firm earned $2.17 EPS. The company’s revenue was up 11.4% on a year-over-year basis. Garmin has set its FY 2026 guidance at 10.000-10.000 EPS. As a group, analysts anticipate that Garmin Ltd. will post 9.53 EPS for the current year.

Garmin Profile (Free Report)

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin’s products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin’s product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.

Further Reading Five stocks we like better than Garmin Microsoft Just Flipped the AI Spending Narrative Overnight Qualcomm’s Turnaround Is Working, So Why Is Wall Street Selling? Meta’s Earnings Show Why Wall Street Is Losing Patience With AI Spending Can Starbucks Keep This Turnaround Going? The Latest Results Say Yes Want to see what other hedge funds are holding GRMN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Garmin Ltd. (NYSE:GRMN – Free Report).

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Posted by Defense World Staff on Jul 30th, 2026

Garmin Ltd. (NYSE:GRMN – Get Free Report)’s stock price hit a new 52-week high on Wednesday following a stronger than expected earnings report. The stock traded as high as $293.64 and last traded at $295.1370, with a volume of 256727 shares trading hands. The stock had previously closed at $253.65.

The scientific and technical instruments company reported $2.81 EPS for the quarter, topping the consensus estimate of $2.30 by $0.51. The business had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $1.93 billion. Garmin had a return on equity of 20.07% and a net margin of 23.26%.The firm’s revenue was up 11.4% compared to the same quarter last year. During the same quarter last year, the business posted $2.17 EPS. Garmin has set its FY 2026 guidance at 10.000-10.000 EPS.

Garmin News Summary Here are the key news stories impacting Garmin this week:

Positive Sentiment: Quarterly results exceeded expectations: Garmin reported adjusted EPS of $2.81, above the roughly $2.27–$2.30 consensus, while revenue rose 11.4% year over year to $2.02 billion versus expectations of approximately $1.93 billion. The company described the quarter as a record period for operating results. Garmin announces second quarter 2026 results Positive Sentiment: Fitness is emerging as a major growth engine: Fitness revenue reportedly jumped about 25%, reinforcing investor confidence in Garmin’s wearables, connected devices and digital training ecosystem. Healthy-living trends and continued demand for fitness technology could support further growth. Garmin revenue increases 11% in Q2 as Fitness sales soar Positive Sentiment: Outlook was raised: Garmin now expects fiscal 2026 EPS of $10.00 and revenue of $8.1 billion, ahead of analyst estimates near $9.57 EPS and $8.0 billion in revenue. The improved outlook signals management’s confidence in demand and execution. Garmin’s Fitness Business Explodes 25%, Stock Surges Positive Sentiment: Broader connected-fitness exposure: Garmin’s recent acquisitions of TrainingPeaks and TrainHeroic expand its coaching and training software offerings, potentially adding recurring digital revenue alongside hardware sales. Neutral Sentiment: Growth sustainability remains a concern: One analysis cautioned that Garmin’s recent pace of expansion may moderate, particularly after the stock’s sharp rally and elevated valuation. Negative Sentiment: Insider selling is a risk signal: Reported open-market transactions over the past six months showed selling by executives and directors, with no disclosed insider purchases. This may temper enthusiasm, although such sales can also reflect scheduled diversification. Analyst Upgrades and Downgrades GRMN has been the subject of a number of research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Garmin in a report on Monday, June 8th. JPMorgan Chase & Co. boosted their target price on Garmin from $265.00 to $285.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Wall Street Zen downgraded Garmin from a “buy” rating to a “hold” rating in a research report on Saturday, June 20th. Morgan Stanley set a $249.00 price target on shares of Garmin in a research note on Thursday, April 30th. Finally, Barclays lowered their price objective on shares of Garmin from $240.00 to $238.00 and set an “equal weight” rating on the stock in a report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Garmin currently has an average rating of “Moderate Buy” and an average price target of $269.40.

Check Out Our Latest Analysis on GRMN

Insider Activity In other news, Director Joseph J. Hartnett sold 643 shares of the firm’s stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $263.57, for a total value of $169,475.51. Following the completion of the transaction, the director owned 21,277 shares in the company, valued at $5,607,978.89. This trade represents a 2.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Douglas G. Boessen sold 2,000 shares of Garmin stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $237.91, for a total value of $475,820.00. Following the completion of the sale, the chief financial officer directly owned 26,049 shares in the company, valued at approximately $6,197,317.59. This represents a 7.13% decrease in their position. The SEC filing for this sale provides additional information. 14.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows Institutional investors have recently made changes to their positions in the stock. Groupe la Francaise boosted its holdings in shares of Garmin by 346.4% in the 1st quarter. Groupe la Francaise now owns 125 shares of the scientific and technical instruments company’s stock valued at $29,000 after buying an additional 97 shares during the last quarter. Reflection Asset Management acquired a new position in Garmin during the fourth quarter worth $32,000. Archer Investment Corp acquired a new position in Garmin during the first quarter worth $37,000. Atlas Capital Advisors Inc. bought a new stake in Garmin during the fourth quarter worth $34,000. Finally, Cassaday & Co Wealth Management LLC bought a new stake in Garmin during the first quarter worth $44,000. Institutional investors and hedge funds own 81.60% of the company’s stock.

Garmin Stock Performance The business’s 50-day moving average price is $240.78 and its 200 day moving average price is $236.09. The company has a market cap of $56.86 billion, a P/E ratio of 32.87, a P/E/G ratio of 3.00 and a beta of 0.90.

Garmin Company Profile (Get Free Report)

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin’s products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin’s product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.

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Shares of Garmin (GRMN +16.23%) gained on Wednesday after the navigational device maker boosted its full-year sales and profit forecast.

Image source: Getty Images.

Earnings grew much faster than expected Garmin's revenue rose 11% year over year to $2 billion in its fiscal second quarter, which ended on June 27.

This growth was fueled by a 14% jump in the GPS-enabled product manufacturer's marine sales to $341 million and a 25% surge in its fitness revenue to $757 million.

New product launches, such as Garmin Signal VHF marine radios and Forerunner smartwatches, contributed to the gains.

Today's Change

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16.23

%) $

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Current Price

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Garmin's profit margins also expanded. Its gross margin increased 3.6 percentage points to 62.4%, due in part to tariff refunds and a more favorable product mix.

All told, the Swiss device maker's operating income climbed 30% to $616 million, while its adjusted earnings per share increased 29% to $2.81. That crushed Wall Street's estimates, which had called for per-share profits of $2.29.

Fitness trends should continue to fuel Garmin's growth These strong results and encouraging ongoing sales trends prompted Garmin to lift its full-year financial outlook. Management now expects revenue of $8.05 billion and adjusted earnings of $10 per share. That's up from a prior forecast of $7.9 billion in revenue and $9.35 in EPS.

During a conference call with analysts, CEO Cliff Pemble said Garmin is well-positioned to profit from rising usage of connected fitness apps and wearable devices.

"We are very pleased with these results and continue to expect the fitness segment will be the strongest contributor to 2026 consolidated growth," Pemble said.

Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Garmin. The Motley Fool has a disclosure policy.

Garmin Ltd. (GRMN) Q2 2026 Earnings Call July 29, 2026 10:30 AM EDT

Company Participants

Teri Seck - Director of Investor Relations
Clifton Pemble - President, CEO & Director
Douglas Boessen - CFO & Treasurer

Conference Call Participants

Erik Woodring - Morgan Stanley, Research Division
Joseph Nolan - Longbow Research LLC
Joseph Cardoso - JPMorgan Chase & Co, Research Division
Noah Zatzkin - KeyBanc Capital Markets Inc., Research Division
Ivan Feinseth - Tigress Financial Partners LLC, Research Division
Alexander Christian Preston - BofA Securities, Research Division

Presentation

Operator

Hello, everyone. Thank you for joining us, and welcome to the Garmin Ltd. Second Quarter 2026 Earnings Call. [Operator Instructions]

I will now hand the conference over to Teri Seck, Director of Investor Relations. Please go ahead.

Teri Seck
Director of Investor Relations

Good morning. We would like to welcome you to Garmin Ltd.'s Second Quarter 2026 Earnings Call. Please note that the earnings press release and related slides are available at Garmin's Investor Relations site on the Internet at www.garmin.com/investors. An archive of the webcast and related transcript will also be available on our website.

This earnings call includes projections and other forward-looking statements regarding Garmin Ltd. and its business. Any statements regarding our future financial position, revenues, segment growth rates, earnings, gross margins, operating margins, future dividends or share repurchases, market shares, product introductions, foreign currency, tariff impacts, future demand for our products and plans and objectives are forward-looking statements.

The forward-looking events and circumstances discussed in this earnings call may not occur, and actual results could differ materially as a result of risk factors affecting Garmin. Information concerning these risk factors is contained in our Form 10-K filed with the Securities and Exchange Commission. Presenting on behalf of Garmin Ltd. this morning are Cliff Pemble, President and Chief Executive Officer; and Douglas Boessen, Chief Financial Officer and Treasurer.

Garmin (GRMN - Free Report) reported $2.02 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 11.4%. EPS of $2.81 for the same period compares to $2.17 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $1.93 billion, representing a surprise of +4.73%. The company delivered an EPS surprise of +23.79%, with the consensus EPS estimate being $2.27.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Garmin performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Net Sales- Marine: $341.37 million versus $316.17 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +14.1% change.Net Sales- Aviation: $268.75 million versus the three-analyst average estimate of $271.51 million. The reported number represents a year-over-year change of +7.8%.Net Sales- Fitness: $756.82 million versus $687.09 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +25% change.Net Sales- Outdoor: $482.74 million versus the three-analyst average estimate of $492.9 million. The reported number represents a year-over-year change of -1.6%.Net Sales- Auto OEM: $172.41 million versus $163.16 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +1.3% change.Operating income (loss)- Outdoor: $163.58 million versus the three-analyst average estimate of $154.91 million.Operating income (loss)- Fitness: $277.04 million versus $204.38 million estimated by three analysts on average.Operating income (loss)- Marine: $99.85 million versus the three-analyst average estimate of $64.74 million.Operating income (loss)- Auto OEM: $2.87 million versus $-4.94 million estimated by three analysts on average.Gross profit- Fitness: $480.72 million versus $412.33 million estimated by three analysts on average.Gross profit- Marine: $208.96 million versus $182.52 million estimated by three analysts on average.Gross profit- Aviation: $201.97 million compared to the $190.76 million average estimate based on three analysts.View all Key Company Metrics for Garmin here>>>

Shares of Garmin have returned +6.8% over the past month versus the Zacks S&P 500 composite's +1.9% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Company reports record second quarter operating results and raises full year guidance

, /PRNewswire/ -- Garmin® Ltd. (NYSE: GRMN), today announced results for the second quarter ended June 27, 2026.

Highlights include:

Record consolidated revenue of approximately $2.02 billion, an 11% increase compared to the prior year quarter Gross and operating margins expanded to 62.4% and 30.4% respectively, compared to the prior year quarter Record operating income of $616 million, a 30% increase compared to the prior year quarter GAAP EPS of $2.80 and pro forma EPS(1) of $2.81, representing a 29% increase in pro forma EPS compared to the prior year quarter Recently completed the strategic acquisition of TrainingPeaks® and TrainHeroic®, leading training platforms for athletes and coaches Recently unveiled AXIS™, an all-new highly scalable family of flight displays Recently announced CIRQA™ Smart Band, our first screenless smart band, that includes a rich set of health and wellness features (In thousands, except per share information)

13-Weeks Ended

26-Weeks Ended

June 27,

June 28,

YoY

June 27,

June 28,

YoY

2026

2025

Change

2026

2025

Change

Net sales

$

2,022,092

$

1,814,564

11 %

$

3,775,582

$

3,349,663

13 %

      Fitness

756,823

605,425

25 %

1,303,646

990,147

32 %

      Outdoor

482,740

490,357

(2) %

900,270

928,853

(3) %

      Aviation

268,749

249,366

8 %

532,590

472,481

13 %

      Marine

341,369

299,262

14 %

696,385

618,699

13 %

      Auto OEM

172,411

170,154

1 %

342,691

339,483

1 %

Gross profit

1,262,022

1,067,012

18 %

2,304,310

1,951,557

18 %

Gross margin %

62.4

%

58.8

%

61.0

%

58.3

%

Operating Income

615,508

472,295

30 %

1,047,173

805,119

30 %

Operating income %

30.4

%

26.0

%

27.7

%

24.0

%

GAAP diluted EPS

$

2.80

$

2.07

35 %

$

4.89

$

3.79

29 %

Pro forma diluted EPS(1)

$

2.81

$

2.17

29 %

$

4.89

$

3.78

29 %

(1) See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including pro forma diluted EPS

Executive Overview from Cliff Pemble, President and Chief Executive Officer:

"We delivered another quarter of outstanding financial results with double-digit revenue growth and robust margin expansion, which resulted in record revenue and operating income. Each business segment contributed to these impressive results. Our performance in the first half of 2026 was very strong giving us confidence to raise our full year 2026 consolidated revenue and EPS guidance." - Cliff Pemble, President and Chief Executive Officer of Garmin Ltd.

Fitness:

Revenue from the fitness segment increased 25% in the second quarter with growth across all product categories, led by strong demand for advanced wearables. Gross and operating margins were 64% and 37%, respectively, resulting in $277 million of operating income. During the quarter, we launched the Forerunner® 70 and Forerunner 170, easy-to-use GPS running smartwatches designed to help runners of all levels reach their goals. In addition, we celebrated global running day and global cycling day with the release of our running and cycling data reports, highlighting how athletes around the world are recording runs and rides. More recently, we announced the CIRQA Smart Band, a screenless wearable that offers rich wellness and fitness insights without requiring a subscription and further expands our addressable market for wellness devices.

Outdoor:

Revenue from the outdoor segment decreased 2% in the second quarter primarily due to the consumer auto and adventure watch product categories. Gross and operating margins were 69% and 34%, respectively, resulting in $164 million of operating income. We recently announced the Approach® Z10, a compact laser rangefinder that sends precise distances to compatible devices bringing a high-fidelity experience to game play, and we also released our Trends in Golf Data Report, highlighting that participation in the sport is up and players improving in nearly every shot category. 

Aviation:

Revenue from the aviation segment increased 8% in the second quarter with growth in both the OEM and aftermarket product categories. Gross and operating margins were 75% and 27%, respectively, resulting in $72 million of operating income. For the 11th consecutive year, we were named Best Supplier of the Year by Embraer, recognizing us for outstanding performance as a supplier of Electrical and Electronic Systems for their Phenom business jets. During the quarter, we launched the D2™ Mach 2 Pro, our first aviator smartwatch with inReach technology. We also recently announced AXIS, an all-new family of highly integrated and scalable cockpit display solutions for a broad range of certified and experimental aircraft models.

Marine:

Revenue from the marine segment increased 14% in the second quarter with broad-based growth across multiple categories. Gross and operating margins were 61% and 29%, respectively, resulting in $100 million of operating income. During the quarter, we launched the Garmin Signal™ VHF marine radios which offer color touchscreens and new features that enhance communication on the water. We recently announced the next generation LiveScope™ 2, delivering live sonar images with improved range and clarity. 

Auto OEM:

Revenue from the auto OEM segment increased 1% during the second quarter primarily due to domain controllers. Operating income improved to $3 million in the quarter, compared to an operating loss in the prior-year period, driven by improved gross profit and lower research and development expenses.

Additional Financial Information:

The consolidated gross margin expanded 360 basis points to 62.4%, compared to the prior year quarter with higher margins across all segments. The consolidated gross margin increase was primarily attributable to favorable product mix within certain segments and approximately $21 million in refunds of previously paid tariffs.

Total operating expenses in the second quarter were $647 million, a 9% increase over the prior year. Research and development and selling, general and administrative expenses increased 10% and 8%, respectively, driven primarily by personnel related costs.

The effective tax rate in the second quarter was 16.8%, compared to an effective tax rate of 16.5% in the prior year quarter. The increase in the effective tax rate is primarily due to income mix by jurisdiction.

In the second quarter of 2026, we generated operating cash flows of $404 million and free cash flow(1) of $276 million. We paid a quarterly dividend of $202 million and repurchased $43 million of the Company's shares within the quarter, leaving approximately $448 million remaining as of June 27, 2026 in the $500 million share repurchase program authorized through December 2028. We ended the quarter with cash and marketable securities of approximately $4.4 billion.

(1)

See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including pro forma effective tax rate and free cash flow.

Fiscal Year 2026 Guidance:

Based on our performance during the first half of 2026 and our positive outlook for the remainder of the year, we are raising our full year 2026 guidance. We now anticipate revenue of approximately $8.05 billion and pro forma EPS of $10.00 based on gross margin of 59.7%, operating margin of 27.0% and a full year tax rate of 16.5% (see attached discussion on Forward-looking Financial Measures).

Dividend Recommendation:

At the 2026 annual shareholders' meeting, Garmin shareholders, in accordance with Swiss corporate law, approved a cash dividend in the total amount of $4.20 per share, payable in four equal installments on dates to be determined by the Board in its discretion. The first payment was made on June 26, 2026. The Board of Directors has established September 25, 2026, as the payment date for the next dividend installment of $1.05 per share with a record date of September 11, 2026. The Board currently anticipates the scheduling of the remaining quarterly dividend installments as follows:

Dividend Date

Record Date

$'s per share

December 24, 2026

December 11, 2026

$1.05

March 26, 2027

March 12, 2027

$1.05

Webcast Information/Forward-Looking Statements:

The information for Garmin Ltd.'s earnings call is as follows:

An archive of the live webcast will be available until July 28, 2027 on the Garmin website at www.garmin.com. To access the replay, click on the Investors link and click over to the News & Events page.

This release includes projections and other forward-looking statements regarding Garmin Ltd. and its business that are commonly identified by words such as "anticipates," "would," "may," "expects," "estimates," "plans," "intends," "projects," and other words or phrases with similar meanings. Any statements regarding the Company's expected fiscal 2026 GAAP and pro forma estimated earnings, EPS, and effective tax rate, and the Company's expected segment revenue growth rates, consolidated revenue, gross margins, operating margins, tariffs and other global trade related impacts, potential future acquisitions, share repurchase programs, currency movements, expenses, pricing, new product launches, market reach, statements relating to possible future dividends, and the Company's plans and objectives are forward-looking statements. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors that are described in the Annual Report on Form 10-K for the year ended December 27, 2025 filed by Garmin with the Securities and Exchange Commission (Commission file number 001-41118). A copy of Garmin's 2025 Form 10-K can be downloaded from https://investors.garmin.com/financials/sec-filings/default.aspx. All information provided in this release and in the attachments is as of June 27, 2026. We undertake no duty to update this information unless required by law.

This release and the attachments contain non-GAAP financial measures. A reconciliation to the nearest GAAP measure and a discussion of the Company's use of these measures are included in the attachments.

Garmin, the Garmin logo, the Garmin delta, Approach, Forerunner, TrainingPeaks, TrainHeroic, and inReach are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S. AXIS, LiveScope, D2, CIRQA, and Garmin Signal are trademarks of Garmin Ltd. or its subsidiaries.  All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.

Garmin Ltd. and Subsidiaries

Condensed Consolidated Statements of Income (Unaudited)

(In thousands, except per share information)

13-Weeks Ended

26-Weeks Ended

June 27,

June 28,

June 27,

June 28,

2026

2025

2026

2025

Net sales

$

2,022,092

$

1,814,564

$

3,775,582

$

3,349,663

Cost of goods sold

760,070

747,552

1,471,272

1,398,106

Gross profit

1,262,022

1,067,012

2,304,310

1,951,557

Research and development expense

303,940

276,663

599,758

544,783

Selling, general and administrative expenses

342,574

318,054

657,379

601,655

Total operating expense

646,514

594,717

1,257,137

1,146,438

Operating income

615,508

472,295

1,047,173

805,119

Other income (expense):

Interest income

38,173

31,724

74,147

62,231

Foreign currency (losses) gains

(2,492)

(23,512)

630

1,248

Other (expense) income

(128)

(256)

1,640

730

Total other income (expense)

35,553

7,956

76,417

64,209

Income before income taxes

651,061

480,251

1,123,590

869,328

Income tax provision

109,141

79,429

176,591

135,737

Net income

$

541,920

$

400,822

$

946,999

$

733,591

Net income per share:

Basic

$

2.81

$

2.08

$

4.91

$

3.81

Diluted

$

2.80

$

2.07

$

4.89

$

3.79

Weighted average common shares outstanding:

Basic

192,836

192,523

192,755

192,534

Diluted

193,471

193,416

193,515

193,557

Garmin Ltd. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands)

June 27,

2026

December 27,
2025

Assets

Current assets:

Cash and cash equivalents

$

2,334,235

$

2,278,646

Marketable securities

331,955

459,202

Accounts receivable, net

1,153,215

1,253,015

Inventories

1,966,061

1,772,257

Deferred costs

13,673

17,538

Prepaid expenses and other current assets

509,473

467,558

Total current assets

6,308,612

6,248,216

Property and equipment, net

1,454,228

1,375,348

Operating lease right-of-use assets

212,297

196,183

Noncurrent marketable securities

1,703,680

1,396,929

Deferred income tax assets

717,795

718,094

Noncurrent deferred costs

3,930

4,373

Goodwill

748,474

760,241

Other intangible assets, net

179,054

198,362

Other noncurrent assets

95,821

95,923

Total assets

$

11,423,891

$

10,993,669

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable

$

401,318

$

347,493

Salaries and benefits payable

201,311

228,267

Accrued warranty costs

71,560

72,921

Accrued sales program costs

118,531

153,193

Other accrued expenses

249,765

257,651

Deferred revenue

106,956

105,646

Income taxes payable

326,081

381,549

Dividend payable

607,651

173,351

Total current liabilities

2,083,173

1,720,071

Deferred income tax liabilities

107,365

109,701

Noncurrent income taxes payable

3,754

3,596

Noncurrent deferred revenue

22,072

22,277

Noncurrent operating lease liabilities

177,957

164,835

Other noncurrent liabilities

557

625

Stockholders' equity:

Common shares, $0.10 par value (194,901 and 194,901 shares authorized and

issued; 192,910 and 192,620 shares outstanding)

19,490

19,490

Additional paid-in capital

2,381,041

2,368,670

Treasury shares (1,991 and 2,281 shares)

(427,840)

(406,423)

Retained earnings

7,106,837

6,970,182

Accumulated other comprehensive income (loss)

(50,515)

20,645

Total stockholders' equity

9,029,013

8,972,564

Total liabilities and stockholders' equity

$

11,423,891

$

10,993,669

Garmin Ltd. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

26-Weeks Ended

June 27, 2026

June 28, 2025

Operating Activities:

Net income

$

946,999

$

733,591

Adjustments to reconcile net income to net cash provided by

   operating activities:

Depreciation

81,270

75,980

Amortization

16,711

17,423

Loss on sale or disposal of property and equipment

55

350

Unrealized foreign currency losses (gains)

2,575

(16,566)

Deferred income taxes

3,418

(49,754)

Stock compensation expense

88,793

82,279

Realized loss on marketable securities

597

706

Changes in operating assets and liabilities, net of acquisitions:

Accounts receivable, net of allowance for doubtful accounts

84,187

17,902

Inventories

(209,361)

(206,276)

Other current and noncurrent assets

(44,687)

(37,092)

Accounts payable

59,547

(2,591)

Other current and noncurrent liabilities

(68,307)

2,408

Deferred revenue

1,187

(6,843)

Deferred costs

4,310

7,262

Income taxes

(27,750)

(24,820)

Net cash provided by operating activities

939,544

593,959

Investing activities:

Purchases of property and equipment

(194,395)

(85,738)

Purchase of marketable securities

(510,525)

(465,372)

Redemption of marketable securities

311,308

306,469

Net payments for acquisitions

(2,993)

(1,973)

Other investing activities, net

(68)

503

Net cash used in investing activities

(396,673)

(246,111)

Financing activities:

Dividends

(376,045)

(317,748)

Proceeds from issuance of treasury shares related to equity awards

31,442

29,065

Purchase of treasury shares related to equity awards

(47,063)

(33,431)

Purchase of treasury shares under share repurchase plan

(81,581)

(93,632)

Net cash used in financing activities

(473,247)

(415,746)

Effect of exchange rate changes on cash and cash equivalents

(14,014)

60,650

Net increase (decrease) in cash, cash equivalents, and restricted cash

55,610

(7,248)

Cash, cash equivalents, and restricted cash at beginning of period

2,279,360

2,080,154

Cash, cash equivalents, and restricted cash at end of period

$

2,334,970

$

2,072,906

Garmin Ltd. and Subsidiaries

Net Sales, Gross Profit and Operating Income by Segment (Unaudited)

(In thousands)

Fitness

Outdoor

Aviation

Marine

Auto OEM

Total

13-Weeks Ended June 27, 2026

Net sales

$

756,823

$

482,740

$

268,749

$

341,369

$

172,411

$

2,022,092

Gross profit

480,723

332,319

201,971

208,964

38,045

1,262,022

Operating income (loss)

277,039

163,583

72,166

99,848

2,872

615,508

13-Weeks Ended June 28, 2025

Net sales

$

605,425

$

490,357

$

249,366

$

299,262

$

170,154

$

1,814,564

Gross profit

364,670

324,429

185,472

164,338

28,103

1,067,012

Operating income (loss)

197,630

157,881

63,383

62,921

(9,520)

472,295

26-Weeks Ended June 27, 2026

Net sales

$

1,303,646

$

900,270

$

532,590

$

696,385

$

342,691

$

3,775,582

Gross profit

819,246

610,261

399,279

406,340

69,184

2,304,310

Operating income (loss)

434,659

282,373

143,100

190,606

(3,565)

1,047,173

26-Weeks Ended June 28, 2025

Net sales

$

990,147

$

928,853

$

472,481

$

618,699

$

339,483

$

3,349,663

Gross profit

584,813

606,964

353,374

348,271

58,135

1,951,557

Operating income (loss)

275,344

286,668

111,739

149,785

(18,417)

805,119

Garmin Ltd. and Subsidiaries

Net Sales by Geography (Unaudited)

(In thousands)

13-Weeks Ended

26-Weeks Ended

June 27,

June 28,

YoY

June 27,

June 28,

YoY

2026

2025

Change

2026

2025

Change

Net sales

$

2,022,092

$

1,814,564

11 %

$

3,775,582

$

3,349,663

13 %

Americas

979,390

878,014

12 %

1,801,019

1,623,747

11 %

EMEA

766,069

677,402

13 %

1,422,914

1,246,355

14 %

APAC

276,633

259,148

7 %

551,649

479,561

15 %

Americas - North America & South America; EMEA - Europe, Middle East & Africa; APAC - Asia Pacific & Australian Continent

Non-GAAP Financial Information

To supplement our financial results presented in accordance with GAAP, this release includes the following measures defined by the Securities and Exchange Commission as non-GAAP financial measures: pro forma effective tax rate, pro forma net income (earnings) per share and free cash flow. These non-GAAP measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP measures used by other companies, limiting the usefulness of the measures for comparison with other companies. Management believes providing investors with an operating view consistent with how it manages the Company provides enhanced transparency into the operating results of the Company, as described in more detail by category below. 

The tables below provide reconciliations between the GAAP and non-GAAP measures.

Pro forma effective tax rate

The Company's income tax expense is occasionally impacted by discrete tax items that are not reflective of income tax expense incurred as a result of current period earnings. Therefore, management believes the effective tax rate and income tax provision before the effect of certain discrete tax items are important measures to permit investors' consistent comparison between periods. In the first half of 2026 and 2025 there were no such discrete tax items identified.

Pro forma net income (earnings) per share

Management believes net income (earnings) per share before the impact of foreign currency gains or losses and certain discrete income tax items, as discussed above, is an important measure to permit a consistent comparison of the Company's performance between periods.

(In thousands, except per share information)

13-Weeks Ended

26-Weeks Ended

June 27,

June 28,

June 27,

June 28,

2026

2025

2026

2025

GAAP net income

$

541,920

$

400,822

$

946,999

$

733,591

Foreign currency gains / losses(1)

2,492

23,512

(630)

(1,248)

Tax effect of foreign currency gains / losses(2)

(418)

(3,889)

99

195

Pro forma net income

$

543,994

$

420,445

$

946,468

$

732,538

GAAP net income per share:

Basic

$

2.81

$

2.08

$

4.91

$

3.81

Diluted

$

2.80

$

2.07

$

4.89

$

3.79

Pro forma net income per share:

Basic

$

2.82

$

2.18

$

4.91

$

3.80

Diluted

$

2.81

$

2.17

$

4.89

$

3.78

Weighted average common shares outstanding:

Basic

192,836

192,523

192,755

192,534

Diluted

193,471

193,416

193,515

193,557

(1) Foreign currency gains and losses for the Company are driven by movements of a number of currencies in relation to the U.S. Dollar and the related exchange rate impact on the significant cash, receivables, and payables held in a currency other than the functional currency at a given legal entity.  However, there is minimal cash impact from such foreign currency gains and losses.

(2) The tax effect of foreign currency gains was calculated using the effective tax rates of 16.8% and 15.7% for the 13-weeks and 26-weeks ended June 27, 2026, respectively, and 16.5% and 15.6% for the 13-weeks and 26-weeks ended June 28, 2025, respectively.

Free cash flow

Management believes free cash flow is an important liquidity measure because it represents the amount of cash provided by operations that is available for investing and defines it as operating cash flows less capital expenditures for property and equipment. Management believes excluding purchases of property and equipment provides a better understanding of the underlying trends in the Company's operations and allows more accurate comparisons of the Company's results between periods. This metric may also be useful to investors but should not be considered in isolation as it is not a measure of cash flow available for discretionary expenditures. The most comparable GAAP measure is net cash provided by operating activities.

(In thousands)

13-Weeks Ended

26-Weeks Ended

June 27,

June 28,

June 27,

June 28,

2026

2025

2026

2025

Net cash provided by operating activities

$

403,556

$

173,171

$

939,544

$

593,959

Less: purchases of property and equipment

(127,778)

(45,677)

(194,395)

(85,738)

Free cash flow

$

275,778

$

127,494

$

745,149

$

508,221

Forward-looking Financial Measures

The forward-looking financial measures in our 2026 guidance provided above do not consider the potential future net effect of foreign currency exchange gains and losses, certain discrete tax items and any other impacts that may be identified as pro forma adjustments in calculating the non-GAAP measures described above. 

The estimated impact of foreign currency gains and losses cannot be reasonably estimated on a forward-looking basis due to the high variability and low visibility with respect to non-operating foreign currency exchange gains and losses and the related tax effects of such gains and losses. The impact on diluted net income per share of foreign currency gains and losses, net of tax effects, was $0.00 per share for the 26-week period ended June 27, 2026.

At this time, management is unable to determine whether or not significant discrete tax items will occur in fiscal 2026, estimate the impact of any such items, or anticipate the impact of any other events that may be considered in the calculation of non-GAAP financial measures.

SOURCE Garmin Ltd.

Key Takeaways GRMN is set to report Q2 2026 results on July 29, with EPS expected at $2.27, up 4.6% Y/Y.GRMN's expanding product lineup is expected to support growth in wearables, outdoor and marine categories.Garmin's Auto OEM segment is expected to decline as BMW production eases and legacy programs wind down. Garmin (GRMN - Free Report) is scheduled to report second-quarter 2026 results on July 29, before market open.

The Zacks Consensus Estimate for Garmin’s second-quarter 2026 earnings is pegged at $2.27 per share, implying a year-over-year increase of 4.6%.

Garmin’s earnings surpassed the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 10.3%.

The Zacks Consensus Estimate for Garmin’s second-quarter 2026 revenues is pegged at $1.93 billion, suggesting year-over-year growth of 6.4%.

Let’s see how things have shaped up for this announcement.

Key Factors to Note for GarminGarmin’s expanding portfolio is expected to have been the key growth driver for its top-line growth in the second quarter of 2026.

In the Fitness segment, strong demand for advanced wearables is expected to have continued in the second quarter. The company's expanding lineup, including the Varia RearVue 820 radar tail light for cyclists, along with new software features such as on-device WhatsApp messaging and Natural Cycles integration for select wearables, is likely to have supported revenue growth and further market share gains. The Zacks Consensus Estimate for revenues in the Fitness segment is pegged at $687.1 million, indicating a year-over-year increase of 13.6%.

Strong demand for the fenix smartwatch lineup and recently launched products, including the Approach G82 handheld GPS, Approach J1 GPS watch, zumo XT3 motorcycle navigator and Catalyst 2 motorsports device, is likely to have supported the Outdoor segment’s performance in the to-be-reported quarter. The consensus estimate for Outdoor revenues is pegged at $492.9 million, indicating a year-over-year increase of 0.6%.

The Marine segment is expected to have benefited from broad-based demand across multiple product categories. Newly launched products, including the 360-degree scanning sonar with Spy Pole and the quatix 8 Pro smartwatch with inReach connectivity, are likely to have supported second-quarter performance. The consensus estimate for Marine revenues is pinned at $316.2 million, up 5.7% from the figure reported in the year-ago quarter.

The Aviation segment is expected to have benefited from continued strength across both OEM and aftermarket product categories. Demand is likely to have been supported by the launch of the Daher TBM 980 aircraft featuring Garmin's G3000 PRIME avionics suite and the FAA certification of the HondaJet Elite II equipped with Garmin Emergency Autoland technology. The consensus mark for Aviation revenues is pegged at $271.5 million, suggesting an increase of 9.2% from the figure reported in the year-ago quarter.

However, Garmin's Auto OEM segment is expected to have remained pressured in the second quarter as the BMW program has passed peak production and certain legacy programs continue to wind down. The consensus mark for Auto OEM revenues is pegged at $163.2 million, indicating a year-over-year decline of 4.1%.

What Our Model Says About GRMNOur proven model does not conclusively predicts an earnings beat for GRMN this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. However, that’s not the case here.

GRMN has an Earnings ESP of 0.00% and carries a Zacks Rank #3 at present. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Stocks With Favorable CombinationHere are some stocks worth considering, as our model shows that these have the right combination of elements to beat on earnings this reporting cycle.

Amphenol (APH - Free Report) has an Earnings ESP of +1.12% and sports a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Amphenol is set to report second-quarter 2026 results on July 29. The Zacks Consensus Estimate for Amphenol’s second-quarter 2026 earnings is pegged at $1.19 per share, up by 3 cents over the past 30 days, indicating a rise of 46.9% from the year-ago quarter’s reported figure.

ASE Technology (ASX - Free Report) has an Earnings ESP of +21.21% and a Zacks Rank #2 at present.

ASE Technology is slated to report second-quarter 2026 results on July 30. The Zacks Consensus Estimate for ASE Technology’s second-quarter 2026 earnings is pegged at 17 cents per share, unchanged over the past 30 days, indicating a rise of 54.6% from the year-ago quarter’s reported figure.

Advanced Micro Devices (AMD - Free Report) has an Earnings ESP of +1.56% and carries a Zacks Rank #2 at present.

Advanced Micro Devices is set to report second-quarter 2026 results on Aug. 4. The Zacks Consensus Estimate for Advanced Micro Devices’ second-quarter earnings is pegged at $1.61 per share, up by a penny over the past seven days, indicating a rise of 235.4% from the year-ago quarter’s reported figure.

Acquisition enhances Garmin's athlete and coaching experiences

, /PRNewswire/ -- Garmin Ltd. (NYSE: GRMN) today announced it has acquired the TrainingPeaks and TrainHeroic training platforms for athletes and coaches. The acquisition strengthens Garmin's fitness ecosystem with customizable coaching experiences for endurance, strength and performance-focused athletes across every stage of their fitness journey.  

Garmin has acquired the TrainingPeaks and TrainHeroic platforms to enhance its fitness ecosystem with customizable coaching experiences for endurance, strength and performance-based athletes. "TrainingPeaks and TrainHeroic share Garmin's passion for empowering athletes and coaches around the world with world-class training tools, performance metrics and actionable insights. The addition of these highly successful platforms to the Garmin ecosystem will expand access to more authentic coaching experiences—connecting athletes with professional coaches who guide, motivate and inspire them to reach their goals."
–Brad Trenkle, Garmin Co-Chief Operating Officer

"We're thrilled to join forces with Garmin to advance our shared mission of empowering coaches and athletes with science-based training. For over a decade, we've worked together to democratize coaching and performance insights, helping millions of athletes reach their peak through data-driven, structured training."
–Andy Stephens, CEO of Peaksware Holdings, parent company of TrainingPeaks and TrainHeroic  

TrainingPeaks and TrainHeroic are digital services specializing in connecting coaches and athletes of all abilities who are looking to improve. Headquartered in Louisville, Colo., 120 combined associates from TrainingPeaks and TrainHeroic will join Garmin's global workforce. Financial terms of the acquisition will not be disclosed.

Engineered on the inside for life on the outside, Garmin products have revolutionized the aviation, automotive, fitness, marine and outdoor markets. Dedicated to helping people make the most of the time they spend pursuing their passions, Garmin believes every day is an opportunity to innovate and a chance to beat yesterday. Visit the Garmin Newsroom, email our media team, connect with @garmin on social, or follow our blog.

About Garmin Ltd. Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin is a registered trademark of Garmin Ltd. or its subsidiaries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.

Notice on Forward-Looking Statements:
This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management's current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 27, 2025, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). Copies of such Form 10-K are available at https://www.garmin.com/en-US/investors/sec/. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

MEDIA CONTACT:
Krista Klaus
913-397-8200
[email protected] 

SOURCE Garmin Ltd.

Smart golf tool sends precise distances to compatible devices, giving players extra confidence when making decisions on the course

, /PRNewswire/ -- Garmin (NYSE: GRMN) today unveiled Approach® Z10, a compact laser rangefinder that provides precise measurements1 to the pin of up to 350 yards with six times magnification. Weighing less than 7 ounces, the rangefinder is smaller and lighter than most smartphones and offers powerful attributes, including Garmin's Range Relay feature which sends ranged distances to a compatible smartwatch, handheld or the Garmin Golf™ smartphone app. Once the target has been locked in, players can see a laser range arc on their paired devices that reveals everything in play as well as distances to the front and back of the green to quickly understand where the pin is located2.  

Smart golf tool sends precise distances to compatible devices, giving players extra confidence when making decisions on the course. "For players that use a Garmin smartwatch or golf handheld on the course, the Approach Z10 can supercharge their devices, making them extremely precise with measurements to the pin, the front and back of the green and everything else in play. We understand the importance of having accurate distances when you're deciding which club to use and how you approach each shot."

–Susan Lyman, Garmin Vice President of Consumer Sales and Marketing

Ready for the round

Quickly range distance to the pin: View distance to the pin and the front and back of the green, with vibrational feedback to know when the rangefinder is locked in on its target. Dynamic distance: Ranged distances synced to a compatible Garmin device stay dynamic, automatically adjusting as players approach the target. No need to re-range before each shot. PlaysLike distance: See how far each shot should play directly through the viewfinder, with yardage adjusted for elevation changes. Tournament mode: An external indicator light lets competitors know that the device is only providing data within the rules. Magnetic mount: Conveniently store the range finder with an included magnetic mount when riding in a golf cart. Find My Rangefinder: If misplaced, players can see their rangefinder's last known location when paired to the Garmin Golf app. Exceptional battery life: Enjoy up to one year of use without needing to replace the battery. Become a Garmin Golf member

Not only does the Garmin Golf app provide players with premium features when using the Approach Z10, but a Garmin Golf membership ($9.99/month or $99.99/year) also gives golfers access to Green Contour Data, allowing them to see the slope direction of the green on select courses. Using the slope information, golfers can figure out how much the ball will release after pitching, know which side of the pin is better to putt from and know the best miss for worst-case scenarios. Players can also get aerial imagery for a high-resolution, realistic view of the shot ahead on the more than 43,000 courses from around the world.

The Approach Z10 laser rangefinder is available now with a suggested retail price of $299.99. To learn more, visit garmin.com/golf.

Engineered on the inside for life on the outside, Garmin products have revolutionized life for adventurers, athletes, off-road explorers, road warriors and outdoor enthusiasts everywhere. Committed to developing products that enhance experiences, enrich lives and help provide peace of mind, Garmin believes every day is an opportunity to innovate and a chance to beat yesterday. Visit the Garmin Newsroom, email our media team, connect with @garmin on social, or follow our blog.  

1 Ranged distances are accurate within one yard.

2 When connected to the Garmin Golf app or a compatible Garmin device.

About Garmin: Garmin Ltd. (NYSE: GRMN) is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin and Approach are registered trademarks of Garmin Ltd. or its subsidiaries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.

Notice on Forward-Looking Statements:

This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management's current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 27, 2025, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). Copies of such Form 10-K are available at https://www.garmin.com/en-US/investors/sec/. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Media Contacts:

Mike Cummings & Connor Hoffman
913-397-8200
[email protected]

SOURCE Garmin International, Inc.

Posted by Defense World Staff on Jul 21st, 2026

Allspring Global Investments Holdings LLC boosted its position in shares of Garmin Ltd. (NYSE:GRMN – Free Report) by 9.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 85,606 shares of the scientific and technical instruments company’s stock after purchasing an additional 7,382 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Garmin were worth $20,337,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Reflection Asset Management purchased a new stake in Garmin in the fourth quarter valued at $32,000. Archer Investment Corp purchased a new position in shares of Garmin during the 1st quarter worth $37,000. Atlas Capital Advisors Inc. acquired a new stake in shares of Garmin during the 4th quarter worth about $34,000. Torren Management LLC acquired a new stake in shares of Garmin during the 4th quarter worth about $41,000. Finally, GraniteShares Advisors LLC purchased a new stake in Garmin in the 4th quarter valued at about $41,000. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Garmin Stock Down 1.7% Shares of GRMN stock opened at $245.23 on Tuesday. Garmin Ltd. has a 52 week low of $186.67 and a 52 week high of $273.32. The stock has a market capitalization of $47.30 billion, a PE ratio of 27.34, a P/E/G ratio of 2.95 and a beta of 0.90. The firm has a 50 day moving average of $238.23 and a two-hundred day moving average of $233.94.

Garmin (NYSE:GRMN – Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.84 by $0.24. Garmin had a return on equity of 20.07% and a net margin of 23.26%.The business had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same quarter in the prior year, the company earned $1.61 earnings per share. The company’s revenue was up 14.0% on a year-over-year basis. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. Analysts expect that Garmin Ltd. will post 9.53 EPS for the current fiscal year.

Wall Street Analyst Weigh In A number of research firms have commented on GRMN. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Garmin in a research report on Monday, June 8th. Morgan Stanley set a $249.00 price target on shares of Garmin in a research note on Thursday, April 30th. JPMorgan Chase & Co. upped their price objective on shares of Garmin from $265.00 to $285.00 and gave the stock a “neutral” rating in a report on Thursday, April 16th. Tigress Financial increased their price objective on shares of Garmin from $320.00 to $325.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, May 20th. Finally, Wall Street Zen cut shares of Garmin from a “buy” rating to a “hold” rating in a research report on Saturday, June 20th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Garmin has an average rating of “Moderate Buy” and a consensus target price of $269.40.

Check Out Our Latest Research Report on Garmin

Insider Transactions at Garmin In other news, CFO Douglas G. Boessen sold 2,000 shares of Garmin stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $237.91, for a total value of $475,820.00. Following the completion of the transaction, the chief financial officer owned 26,049 shares in the company, valued at approximately $6,197,317.59. This trade represents a 7.13% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Joseph J. Hartnett sold 643 shares of Garmin stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $263.57, for a total transaction of $169,475.51. Following the completion of the transaction, the director owned 21,277 shares of the company’s stock, valued at $5,607,978.89. This represents a 2.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 14.80% of the stock is owned by company insiders.

About Garmin (Free Report)

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin’s products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin’s product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.

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Posted by Defense World Staff on Jul 20th, 2026

California Public Employees Retirement System grew its stake in Garmin Ltd. (NYSE:GRMN – Free Report) by 12.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 329,035 shares of the scientific and technical instruments company’s stock after acquiring an additional 37,168 shares during the quarter. California Public Employees Retirement System owned 0.17% of Garmin worth $76,339,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in GRMN. Reflection Asset Management acquired a new stake in shares of Garmin in the fourth quarter valued at approximately $32,000. Atlas Capital Advisors Inc. bought a new position in Garmin in the 4th quarter valued at approximately $34,000. Archer Investment Corp bought a new position in shares of Garmin in the 1st quarter valued at $37,000. GraniteShares Advisors LLC acquired a new stake in shares of Garmin during the 4th quarter valued at $41,000. Finally, Torren Management LLC bought a new stake in Garmin during the 4th quarter worth $41,000. 81.60% of the stock is currently owned by institutional investors and hedge funds.

Garmin Trading Up 0.1% GRMN stock opened at $249.86 on Monday. The firm has a market cap of $48.19 billion, a PE ratio of 27.85, a price-to-earnings-growth ratio of 2.95 and a beta of 0.90. The stock has a 50-day moving average price of $238.18 and a 200-day moving average price of $233.65. Garmin Ltd. has a 1-year low of $186.67 and a 1-year high of $273.32.

Garmin (NYSE:GRMN – Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The scientific and technical instruments company reported $2.08 EPS for the quarter, topping the consensus estimate of $1.84 by $0.24. The company had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.72 billion. Garmin had a net margin of 23.26% and a return on equity of 20.07%. The company’s quarterly revenue was up 14.0% on a year-over-year basis. During the same quarter last year, the firm posted $1.61 EPS. Garmin has set its FY 2026 guidance at 9.350-9.350 EPS. On average, analysts forecast that Garmin Ltd. will post 9.53 earnings per share for the current year.

Analyst Upgrades and Downgrades A number of brokerages have recently commented on GRMN. Wall Street Zen lowered Garmin from a “buy” rating to a “hold” rating in a research note on Saturday, June 20th. Tigress Financial boosted their target price on shares of Garmin from $320.00 to $325.00 and gave the stock a “strong-buy” rating in a report on Wednesday, May 20th. JPMorgan Chase & Co. raised their price target on shares of Garmin from $265.00 to $285.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Morgan Stanley set a $249.00 target price on Garmin in a research report on Thursday, April 30th. Finally, Zacks Research lowered Garmin from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $269.40.

Get Our Latest Stock Analysis on GRMN

Insider Transactions at Garmin In other news, CFO Douglas G. Boessen sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $237.91, for a total transaction of $475,820.00. Following the transaction, the chief financial officer directly owned 26,049 shares of the company’s stock, valued at $6,197,317.59. This represents a 7.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Joseph J. Hartnett sold 643 shares of the company’s stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $263.57, for a total transaction of $169,475.51. Following the transaction, the director owned 21,277 shares in the company, valued at approximately $5,607,978.89. The trade was a 2.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 14.80% of the company’s stock.

About Garmin (Free Report)

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin’s products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin’s product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.

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