GARMIN LTD SEC 10-Q Report
Garmin Ltd, a leading provider of GPS navigation and wearable technology, has released its Form 10-Q report for the third quarter of 2025. The report highlights significant growth in both financial and operational metrics, driven by strong demand in key segments such as fitness and aviation. The company continues to expand its market presence and innovate with new product launches, positioning itself for sustained growth.
Financial Highlights
Net Sales: Garmin Ltd reported net sales of $1,770.9 million for the 13-week period ended September 27, 2025, marking a 12% increase compared to the same quarter last year. This growth was primarily driven by robust demand in the fitness and aviation segments.
Gross Profit: The company achieved a gross profit of $1,046.5 million, a 10% increase from the year-ago quarter. The gross margin stood at 59%, influenced by higher product costs.
Operating Income: Operating income rose to $456.8 million, reflecting a 4% increase compared to the previous year. This improvement was attributed to enhanced performance in the fitness, aviation, and marine segments.
Net Income: Garmin Ltd's net income for the quarter was $401.6 million, an increase of $2.5 million from the same period last year, underscoring the company's strong sales performance.
Basic Net Income Per Share: Basic net income per share was $2.09, slightly up from $2.08 in the year-ago quarter, indicating a marginal increase in profitability.
Diluted Net Income Per Share: Diluted net income per share was $2.08, compared to $2.07 in the previous year, reflecting stable earnings per share performance.
Business Highlights
Revenue Segments: The fitness segment experienced a remarkable 30% increase in net sales, driven by strong demand for advanced wearables, making it the largest revenue contributor at 34% for the quarter. The aviation segment saw an 18% increase due to growth in OEM and aftermarket product categories. The marine segment also performed well, with a 20% increase in sales supported by multiple product categories. However, the outdoor segment faced a 5% decrease, primarily due to a comparison against strong prior year product launches.
Geographical Performance: The Americas region contributed $795.6 million in net sales, showing growth from the previous year. The EMEA region reached $692.6 million in net sales, while the APAC region reported $282.7 million, reflecting strong performance across all regions.
Sales Units: Total unit sales increased by approximately 8% to 4,982 units in the third quarter of 2025, compared to 4,620 units in the same period of 2024. This growth was primarily driven by shifts in segment and product mix.
New Product Launches: Garmin Ltd launched new advanced wearables in the fitness segment, which significantly contributed to the segment's revenue growth.
Future Outlook: The company anticipates continued growth in the fitness and aviation segments, driven by ongoing demand for advanced wearables and OEM products. However, challenges remain in the outdoor segment due to previous strong product launch cycles.
SEC Filing: GARMIN LTD [ GRMN ] - 10-Q - Oct. 29, 2025