Garmin Ltd. (GRMN) Earnings Call Transcripts

Garmin Ltd.'s Latest Earnings Call - Q2 FY2026

In the second quarter of 2026, Garmin Ltd. reported record financial results with consolidated revenue of $2.02 billion, an 11% increase year-over-year, and operating income surged 30% to $616 million. Pro forma EPS rose 29% to $2.81, exceeding expectations and prompting management to raise full-year guidance to approximately $8.05 billion in revenue and $10 per share in EPS. The strong performance was driven by the fitness segment, which saw a 25% revenue increase, and was supported by favorable product mix and a one-time tariff refund.

Reported metrics

Guidance from management

Management raised full-year revenue guidance to approximately $8.05 billion and pro forma EPS to $10 per share, reflecting confidence in continued growth despite anticipated cost pressures in the second half.

What management said

Yes. So we do expect back half revenue to decline versus 2025 as we've reached the peak of our BMW volumes. And we are on track in preparing for the launch of the next program, a major program with Mercedes-Benz in early 2027 as those products start to come up with our production line. So we expect 2027, would be a year that auto OEM would again return to growth.

Yes, the [indiscernible] partnership. And that has been a great new distribution channel for our products and and we don't quantify results by customer, but it was a great way to expand our reach, especially for people that want to purchase a high-quality wearable using HSA funds.

What analysts pressed on

Analysts expressed concerns regarding the sustainability of margin expansion amid rising memory costs and the expected revenue decline in the auto OEM segment. There were also inquiries about the impact of new product launches on future performance.

Main topics on the call

• Record Financial Performance — Garmin achieved record-breaking financial results with consolidated revenue of $2.02 billion, up 11% YoY. Management stated, "Our first half performance exceeded expectations and gives us confidence to raise our full yea...
• Fitness Segment Growth — The fitness segment reported a 25% revenue increase to $757 million, driven by strong demand for advanced wearables. Management noted, "The Fitness segment has achieved outstanding performance over the long term."
• Guidance Increase — Management raised full-year 2026 revenue guidance from $7.9 billion to approximately $8.05 billion and pro forma EPS from $9.35 to $10. They highlighted this adjustment as a result of strong first-half performance.
• Margin Expansion — Gross margin improved to 62.4%, a 360 basis point increase YoY, aided by a $21 million tariff refund. Management emphasized, "Margins also benefited from a favorable product mix," indicating sustainable margin strength.

Read the full Garmin Ltd. transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 33 Garmin Ltd. earnings call transcripts on record, spanning February 19, 2020 to July 29, 2026. Based on this history, Garmin Ltd. reports quarterly. The most recent call on file is dated July 29, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

GRMN

Exchange

NYSE

Country

US

Sector

Consumer Discretionary

Industry

Household Durables

Calls on record

33

First call

February 19, 2020

Most recent

July 29, 2026

Reporting cadence

quarterly