Form 10-Q · Quarterly report
Garmin 10-Q, filed Oct 28, 2026
- Filed
- CIK
- 0001121788
- Accession no.
- 0001193125-26-435070
Summary
Garmin reported third-quarter 2026 net sales of $1.986 billion, up 12% year over year, and net income of $541.7 million, up from $401.6 million, with gross margin expanding 420 basis points partly on $33 million of refunds of previously paid tariffs. Operating income rose 34% to $611.6 million, helped by higher margins across all segments, while auto OEM revenue fell 20% on lower domain controller sales.
Key points
- Third-quarter 2026 net sales rose 12% year over year to $1.986 billion, with unit sales up about 9%; fitness revenue rose 16%, outdoor 20%, marine 16%, aviation 5%, and auto OEM fell 20%.
- Net income rose to $541.7 million from $401.6 million, and operating income increased 34% to $611.6 million.
- Consolidated gross margin expanded 420 basis points, including a 160 basis point benefit from approximately $33 million in refunds of previously paid tariffs, about $20 million of which was in marine.
- Research and development expense rose 9% and selling, general and administrative expense rose 10%, both driven primarily by higher personnel-related costs.
Written by an AI model from the filing text. It can be incomplete or wrong; the filing on SEC.gov is the record.
From the filing
Item 2. Management’s Discussion Results of Operations The following tables and discussion provide an analysis of our results of operations for the third quarter of 2026 compared to the third quarter of 2025 and the first three quarters of 2026 compared to the first three quarters of 2025. Comparison of 13-Weeks Ended September 26, 2026 and September 27, 2025 Net Sales Net Sales 13-Weeks Ended September 26, 2026 Year-over-Year Change 13-Weeks Ended September 27, 2025 Fitness $ 694,328 16 % $ 601,013 Percentage of Total Net Sales 35 % 34 % Outdoor 597,301 20 % 497,598 Percentage of Total Net Sales 30 % 28 % Aviation 252,657 5 % 240,445 Percentage of Total Net Sales 13 % 14 % Marine 309,878 16…
An excerpt of the text as filed with the SEC, cut for length.
Readster writes AI-generated summaries of public filings for research purposes only. Summaries can be incomplete or wrong — check the original filing on SEC.gov before relying on it. Nothing here is investment, legal or medical advice.