EarningsQ2 2026 Earnings Report
MX:GRMNN Q2 2026 EPS Results
Actual EPS$51.03
Consensus EPS$41.73
Beat/MissBeat by +$9.30
One Year Ago EPS$39.41
MX:GRMNN Q2 2026 Revenue Results
Actual Revenue$36.72B
Expected Revenue$34.98B
Beat/MissBeat by +$1.75B
YoY Revenue Growth+11.44%
Earnings Announcement Details
QuarterQ2 2026
Date07/29/2026
TimeBefore Open
Conference CallWednesday, July 29, 2026
MX:GRMNN Upcoming Earnings
Garmin's next earnings date is estimated for October 28, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:GRMNN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call communicated strong, broad-based financial performance with record quarterly results, raised full-year guidance, robust segment-level wins (notably fitness, marine, and aviation), solid cash generation, and strategic M&A and capacity investments. The negatives were relatively limited: a small revenue decline in Outdoor, near-term weakness and low margins in Auto OEM with an expected H2 dip, dependency on a $21M tariff refund that partially boosted margins, and expected memory cost inflation in H2. Working capital increases and higher investment spending are noted risks but are balanced by strong profitability and cash flow.Company Guidance
Record Quarterly Financial Performance
Consolidated revenue increased 11% year-over-year to $2.022 billion; gross margin rose to 62.4% (up 360 basis points YoY); operating income increased 30% to $616 million; GAAP EPS $2.80 and pro forma EPS increased 29% to $2.81.
Raised Full-Year 2026 Guidance
Management raised FY26 revenue guidance to approximately $8.05 billion (from $7.9B prior) and pro forma EPS to ~$10 (from $9.65); updated gross margin guidance ~59.7% (120 bps improvement vs prior guide; ~100 bps above FY25) and operating margin ~27%.
Fitness Segment Outperformance
Fitness revenue up 25% to $757 million (new Q2 record); segment gross and operating margins expanded to 64% and 37%, respectively, producing $277 million in operating income; launched Forerunner 70/175 and CIRQL Smart Ring (strong early demand).
Marine Momentum and Product Recognition
Marine revenue increased 14% to $341 million; operating income $100 million; margin expansion supported in part by a $21 million tariff refund but product margins improved even excluding that benefit; launched Signal VHF and LiveScope Plus (awarded best electronics at ICAST).
Aviation Growth and Product Wins
Aviation revenue up 8% to $269 million; gross margin 75% and operating margin 27%, producing $72 million in operating income; won Embraer 'best supplier' for 11th consecutive year and introduced AXIS cockpit displays and the D2 Mach 1 Pro watch with inReach.
Geographic Diversification
Consolidated growth across all regions: EMEA +13%, Americas +12%, APAC +7%, indicating broad-based demand.
Strong Cash Generation and Financial Position
Cash and marketable securities around $4.4 billion; Q2 free cash flow $276 million (up $148 million sequentially); FY26 free cash flow guidance ~ $1.4 billion; Q2 dividends paid ~$202 million and $43 million of share repurchases executed (remaining authorization ~$448 million).
Strategic M&A and Capacity Investment
Acquisitions of TrainingPeaks and TrainHeroic to expand services/coach-athlete ecosystem; continued product innovation across segments; Thailand manufacturing facility under construction to be in use early 2027 with potential to materially increase capacity.
MX:GRMNN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed