Garmin Ltd. announced its financial results for the second quarter of 2025, reporting a record consolidated revenue of $1.81 billion, a 20% increase from the same period last year. The company also achieved a gross margin of 58.8% and an operating margin of 26.0%, resulting in operating income of $472 million, a 38% increase year-over-year. Earnings per share (EPS) were reported at $2.07 GAAP and $2.17 pro forma, reflecting a 37% growth in pro forma EPS. The company launched several new products, including the Forerunner 570 and 970, and completed the acquisition of MYLAPS, enhancing its product offerings across various segments, including fitness, outdoor, aviation, and marine.
In light of its strong performance, Garmin has raised its full-year revenue guidance to approximately $7.1 billion and adjusted pro forma EPS expectations to $8.00. The company reported total operating expenses of $595 million, a 14% increase from the prior year, and generated operating cash flows of $173 million with free cash flow of $127 million. Garmin has committed to paying a quarterly dividend of $0.90 per share, with the next payment scheduled for September 26, 2025. The company ended the quarter with cash and marketable securities totaling approximately $3.9 billion.
linkJul 30, 2025 07:00:30
Garmin Ltd. has received shareholder approval for a cash dividend of $3.60 per share, which will be paid in four equal installments. The first installment of $0.90 is scheduled for June 27, 2025, with a record date of June 16, 2025. The subsequent payments are set for September 26, December 26, and March 27 in 2025 and 2026, respectively, each with a record date two weeks prior to the payment date.
The company emphasizes its commitment to returning value to shareholders through these dividends. Garmin, incorporated in Switzerland, operates in various markets including aviation, automotive, fitness, marine, and outdoor sectors, and aims to innovate continuously in these areas.
linkJun 12, 2025 16:30:15
Garmin Ltd. announced its first quarter 2025 results, reporting record consolidated revenue of $1.54 billion, an 11% increase compared to the same period last year. The company achieved a gross margin of 57.6% and an operating margin of 21.7%, with operating income rising to $333 million, a 12% increase year-over-year. The GAAP earnings per share (EPS) for the quarter was $1.72, while the pro forma EPS was $1.61, reflecting a 13% growth from the previous year. Garmin has maintained its full-year pro forma EPS guidance at $7.80, based on projected revenue of approximately $6.85 billion for 2025.
The company experienced revenue growth across several segments, with notable increases in fitness (12%), outdoor (20%), and auto OEM (31%). However, the marine segment saw a slight decline of 2%. Garmin also generated $421 million in operating cash flows and paid a quarterly dividend of around $145 million during the quarter. Additionally, the company has approximately $210 million remaining in its share repurchase program and ended the quarter with cash and marketable securities totaling about $3.9 billion.
linkApr 30, 2025 07:00:09
Garmin Ltd. announced significant financial achievements for the fourth quarter and fiscal year 2024, with consolidated revenue reaching $1.82 billion for the quarter and $6.30 billion for the year, marking increases of 23% and 20%, respectively. The company also reported a record operating income of $1.59 billion for the year, up 46% from the previous year. Additionally, Garmin's gross margins improved to 59.3% in the fourth quarter and 58.7% for the year. The company plans to propose a 20% increase in dividends, reflecting its strong financial performance across all segments, particularly in fitness and outdoor categories, which saw substantial revenue growth.
Conversely, Garmin faced challenges in its Auto OEM segment, which reported a 30% revenue increase but incurred an operating loss of $9 million for the quarter. The company's GAAP diluted EPS for the fourth quarter decreased to $2.25, down 20% from the prior year quarter. Furthermore, the effective tax rate for the fourth quarter rose to 15.6%, compared to a benefit reported in the same quarter the previous year, impacting net income, which fell to $435.7 million from $542.1 million year-over-year.
linkFeb 19, 2025 07:00:08
Garmin Ltd. announced record financial results for the third quarter of 2024, reporting consolidated revenue of $1.59 billion, a 24% increase from the previous year. The company also saw significant growth in operating income, which rose by 62% to $437 million. Notable achievements included the launch of new outdoor adventure watches and recognition as Manufacturer of the Year by the National Marine Electronics Association. Garmin's fitness segment experienced a 31% revenue increase, driven by demand for wearable technology, while the auto OEM segment surged by 53% due to growth in domain controllers.
However, the company faced challenges with rising operating expenses, which increased by 12% year-over-year, primarily due to higher personnel costs. Additionally, the effective tax rate rose to 17.9% from 8.0% in the previous year, attributed to changes in tax requirements. Despite these concerns, Garmin maintained a strong cash position with approximately $3.5 billion in cash and marketable securities, and continued its dividend payments and share repurchase program.
linkOct 30, 2024 07:00:10
Garmin announced record revenue of $1.51 billion for Q2 2024, a 14% increase from last year, and raised its full-year guidance. Operating income rose by 20% to $342 million. The fitness segment saw a 28% revenue increase, while the outdoor segment declined slightly. The company remains financially strong with significant cash reserves and positive cash flow. However, increased operating expenses and a higher tax rate were noted.
linkJul 31, 2024 07:00:09
Garmin appoints Patrick Desbois and Brad Trenkle as co-Chief Operating Officers, overseeing different business segments. Desbois will handle aviation and auto OEM segments, supply chain, operations, IT, and HR, while Trenkle will manage consumer segments, innovation, sales, marketing, and creative. CEO Cliff Pemble will focus on growth strategies. Desbois has a background in operations and marketing, while Trenkle has experience in product development and acquisitions. The company looks forward to leveraging opportunities with its global team of over 20,000 associates for future success.
linkJun 24, 2024 09:15:14
Garmin Ltd. shareholders approve a $3.00 per share dividend payable in four installments through March 2025. The company announced the record and payment dates for the June 2024 dividend installment, with subsequent payments scheduled for September, December, and March 2025. Garmin, known for innovative products benefiting athletes, aims to enhance performance and promote an active lifestyle. The dividend schedule reflects stability and commitment to shareholders.
linkJun 11, 2024 11:57:12
Garmin announced a 20% increase in revenue for Q1 2024, with operating income up by 51%. The company achieved record revenue in multiple segments, with notable growth in fitness, outdoor, and marine categories. Despite an operating loss in the auto OEM segment, overall financial performance was strong. Garmin's CEO highlighted the success to strong product offerings and high demand. The company also received industry recognition and continued to innovate with new product launches and initiatives.
linkMay 01, 2024 07:00:11
Garmin announces a 13% increase in revenue for Q4 2023, with record full-year revenue and proposes a dividend increase. The company received awards for innovation and product excellence. It launched new products made with recycled materials and secured significant contracts. Despite a slight decrease in aviation revenue, the company saw growth in fitness, outdoor, marine, and auto OEM segments. Operating income increased across most segments, with a strong focus on innovation and product development for future growth.
linkFeb 21, 2024 07:02:14