Garmin reported record third quarter 2026 revenue of $1.99 billion and pro forma EPS of $2.76, both exceeding analyst expectations. The company demonstrated strong operational leverage with record consolidated gross margins and raised its full-year 2026 outlook across all key financial metrics.
Key Highlights
- Outdoor segment revenue grew 20% to $597 million, led by strong adoption of flagship adventure watches and the fēnix 9 series launch.
- Gross margin expanded 420 basis points to 63.3%, aided by favorable product mix and $33 million in refunds from previously paid tariffs.
- Full-year 2026 guidance was revised upward to approximately $8.15 billion in revenue and $10.80 in pro forma EPS.
- Auto OEM segment revenue declined 20% YoY to $132 million, primarily resulting from domain controller headwinds.