Garmin Ltd. · NYSE:GRMN
Garmin — Q3 2026 Earnings Presentation
21 slides from Garmin's earnings presentation, Oct 28, 2026
Slide 1: Third Quarter 2026 Earnings
Third Quarter 2026 Earnings October 28, 2026
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation 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 wit
Slide 3: Business Update
Business Update Cliff Pemble President and CEO
Slide 4: Consolidated Results
Consolidated Revenue Operating income Operating margin Q3 2026 $1.99B $612M 30.8% 12% y/y growth 34% y/y growth BUSINESS INSIGHTS • Record third quarter consolidated revenue • Gross and operating margins expanded, resulting in record third quarter operating income • Record third quarter pro forma EP
Slide 5: Fitness
Fitness Revenue Operating income Operating margin Q3 2026 $694M $231M 33% 16% y/y growth 19% y/y growth SEGMENT INSIGHTS • Revenue growth led by strong demand for wearables • Launched CIRQATM Smart Band, a screenless smart band that includes rich health and wellness features • Recently announced the
Slide 6: Outdoor
Outdoor Revenue Operating income Operating margin Q3 2026 $597M $233M 39% 20% y/y growth 37% y/y growth SEGMENT INSIGHTS • Revenue growth led by strong demand for adventure watches • Launched the fenix® 9 and fenix 9 Pro • Launched the new Garmin DriveTM GPS navigators
Slide 7: Aviation
Aviation Revenue Operating income Operating margin Q3 2026 $253M $66M 26% 5% y/y growth 8% y/y growth SEGMENT INSIGHTS • Revenue growth led by OEM product categories • Launched the G2000® PRIME for the piston aircraft market • Announced the certification of all-glass retrofit cockpit for the origina
Slide 8: Marine
Marine Revenue Operating income Operating margin Q3 2026 $310M $94M 30% 16% y/y growth 90% y/y growth SEGMENT INSIGHTS • Revenue growth led by sonar product category • Launched the next generation LiveScopeTM 2 • Expanded our sailboat and audio product lineups • Named Manufacturer of the Year by NME
Slide 9: Auto OEM
Auto OEM Revenue Operating income Operating margin Q3 2026 $132M ($12M) (9%) 20% y/y decline SEGMENT INSIGHTS • Revenue decline primarily driven by domain controllers • Operating loss narrowed due to lower operating expenses • Continue to work towards the launch of the Mercedes-Benz domain controlle
Slide 10: Financial Update
Financial Update Doug Boessen CFO and Treasurer
Slide 11: Income Statement Q3
Income Statement Q3 (in millions) Q3 2026 Q3 2025 Y/Y Net sales $1,986 $1,771 12% Gross profit 1,258 1,046 20% Margin % 63.3% 59.1% 420 bps Operating expenses 646 590 10% Operating income $612 $457 34% Margin % 30.8% 25.8% 500 bps GAAP EPS $2.80 $2.08 35% Pro Forma EPS $2.76 $1.99 39%
Slide 12: Revenue Q3
Revenue Q3 (in millions) Q3 2026 Q3 2025 Change Fitness $694 $601 16% Outdoor 597 498 20% Aviation 253 240 5% Marine 310 267 16% Auto OEM 132 165 (20%) Total $1,986 $1,771 12% (in millions) Q3 2026 Q3 2025 Change Americas $913 $796 15% EMEA 778 693 12% APAC 295 283 4% Total $1,986 $1,771 12%
Slide 13: Operating Expenses
Operating Expenses R&D SG&A $400 $350 $333 $313 $303 $300 $286 $250 (in millions) $200 $150 $100 $50 $0 Q3 2026 Q3 2025
Slide 14: Other Financial Items Q3 2026
Other Financial Items Q3 2026 Balance Sheet Cash Flow Taxes Cash and Marketable Securities Free Cash Flow Effective Tax Rate $4.10B $293M 18.1% Accounts Receivable Capital Expenditures $1.14B $101M Inventory Dividends Paid $2.25B $202M Share Repurchases $41M
Slide 15: Guidance 2026
Guidance 2026 Revenue $8.15 billion Gross margin 61.0% Operating margin 29.0% Tax rate 16.5% EPS $10.80 All amounts and %’s are approximate.
Slide 16: Garmin
A GARMIN.
Slide 17: Appendix
Appendix October 28, 2026
Slide 18: Non-GAAP Financial Information: Pro forma effective tax rate
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
Slide 19: Non-GAAP Financial Information: Pro forma net income per share
Non-GAAP Financial Information Pro forma net income (earnings) per share Management believes that 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 in order to permit a consistent c
Slide 20: Non-GAAP Financial Information: Free cash flow
Non-GAAP Financial Information Free cash flow Management believes that 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 eq
Slide 21: Forward-looking financial measures
Forward-looking financial measures The forward-looking financial measures in our 2026 guidance 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 calculatin