GRMN

Research · Sep 3, 2026

[GRMN] Garmin Thesis 2026: Fitness Surpasses Outdoor in Record Revenue Year

Garmin FY25 (Dec 31, 2025) at $7.25B revenue (+15%). NI $1.66B (+18%); EPS $8.59. Fitness $2.36B (+33%) now bigger than Outdoor $2.05B. Aviation $987M, Marine $1.18B, Auto OEM $665M (-$49M loss). FY26 guide $7.9B (+9%) and $2B+ OI; new $500M buyback + $4.20 dividend.