Garmin Ltd. reported record financial results for the fiscal third quarter ended September 26, 2026, with consolidated revenue reaching $1.99 billion, a 12% increase compared to the prior year quarter. The company reported a gross margin of 63.3% and an operating margin of 30.8%, with operating income rising to $612 million, a 34% increase year-over-year. Earnings per share were reported at $2.80 on a GAAP basis and $2.76 on a pro forma basis, representing a 39% increase compared to the prior year.
Revenue growth was driven by the fitness and outdoor segments, which saw increases of 16% and 20% respectively. The fitness segment generated $694 million in revenue, while the outdoor segment generated $597 million. The company launched new products including the CIRQA Smart Band, the fēnix 9 and fēnix 9 Pro adventure watches, and the Edge 1060 cycling computer. In the aviation segment, revenue increased 5% to $253 million, driven by OEM products. The company unveiled the G2000 PRIME system and announced the certification of an all-glass retrofit cockpit for the Cessna CitationJet. The marine segment also saw growth of 16% to $310 million, led by the sonar product category, with the launch of the LiveScope 2 system.
Garmin raised its full-year 2026 guidance based on the results achieved in the first three quarters. The company now anticipates revenue of approximately $8.15 billion and pro forma EPS of $10.80, with a gross margin of 61.0%, operating margin of 29.0%, and a full-year tax rate of 16.5%. The company also reported that it paid a quarterly dividend of $202 million and repurchased $41 million of its shares during the quarter. As of September 26, 2026, the company had approximately $407 million remaining in its $500 million share repurchase program authorized through December 2028.
