Garmin reports record revenue in Q4, full-year results
Image courtesy of Garmin
Garmin has reported record revenue of $2.12bn for the fourth quarter ended 27 December 2025, an increase of 17 per cent year on year, with operating income rising 19 per cent to $614m.
For the full fiscal year, the firm’s consolidated revenue reached a record $7.25bn, up 15 per cent. Operating income increased 18 per cent to $1.88bn, with an operating margin of 25.9 per cent compared with 25.3 per cent in the prior year.
Gross margin was 59.2 per cent compared with 59.3 per cent in the prior-year quarter, while operating margin improved to 28.9 per cent from 28.3 per cent.
Garmin marine revenue in 2025
Marine revenue increased 18 per cent in the fourth quarter to $296.9m, with growth across several product categories led by chartplotters. Gross margin for the segment was 52 per cent and operating margin was 18 per cent, resulting in operating income of $52m. For the full year, marine revenue rose 10 per cent to $1.18bn.
During the quarter, the company expanded its chartplotter range with the GPSMAP 9000xsv series, featuring updated sonar capabilities. It also introduced Garmin OnBoard, a wireless man overboard and engine cut-off system designed to allow movement around the vessel while maintaining connection to the safety function.
“2025 was another year of remarkable growth and achievement for Garmin, with record consolidated revenue, record revenue in all five of our segments, and record consolidated operating income,” says Cliff Pemble, president and chief executive of Garmin.
“We attribute this strong performance to our strategic focus on market diversification and creating superior products that are essential to our customers’ lives. Looking forward, we anticipate building on this momentum with many exciting new product launches throughout the year. I am very proud of what we accomplished in 2025 and look forward to seizing the opportunities ahead.”
Segment performance and outlook
Fitness revenue increased 42 per cent in the fourth quarter to $765.8m, primarily reflecting demand for wearables. Outdoor revenue was flat year on year at $627.6m in the fourth quarter. Aviation revenue rose 16 per cent to $274.2m in the fourth quarter, supported by OEM and aftermarket categories. Auto OEM revenue declined 3 per cent to $160.4m.
Total operating expenses in the fourth quarter were $644m, an increase of 14 per cent compared with the prior year.
For fiscal 2026, the company expects revenue of $7.9bn, representing growth of 9 per cent. It anticipates pro forma EPS of $9.35, based on a projected gross margin of 58.5 per cent, operating margin of 25.5 per cent and pro forma effective tax rate of 16 per cent.
