GRMN

Beat

Earnings Call

Apr 29, 2026

Q1 FY2026

EPS Estimate

1.84

EPS Actual

2.08

Post-Earnings Close

$253.08

Earnings Reaction

+2.1%

Overview

Garmin opened 2026 with a record first quarter across several financial metrics, posting consolidated revenue of $1.753 billion, up 14% year-over-year and ahead of the $1.724 billion consensus estimate, while pro forma EPS of $2.08 surpassed the $1.84 estimate by a wide margin. Operating income surged 30% to $432 million, with gross margin expanding 180 basis points to 59.4% and operating margin widening 290 basis points to 24.6%. Management attributed the gross margin improvement primarily to favorable foreign currency tailwinds in EMEA and APAC, though tariffs created a year-over-year headwind that partially offset those gains in the Marine segment specifically.

Key Themes

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Segment momentum and mix

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several

Notable Quotes

“We are confident in the trajectory of the business and the investments we are making across the portfolio, and we expect the momentum we saw this quarter to carry into the back half of the year.”

Chief Executive Officer

“We are confident in the trajectory of the business and the investments we are making across the portfolio, and we expect the momentum we saw this quarter to carry into the back half of the year.”

Report generated on Apr 30, 2026

AI-generated earnings analysis. Not investment advice.

Q&A Summary

The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.

GRMN

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Overview

Q&A Summary