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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
September 27,
2025
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
to
Commission file number
001-41118
GARMIN LTD
.
(Exact name of Company as specified in its charter)
Switzerland
98-0229227
(State or other jurisdiction
(I.R.S. Employer
of incorporation or organization)
identification no.)
Mühlentalstrasse 2
8200
Schaffhausen
Switzerland
N/A
(Address of principal executive offices)
(Zip Code)
Company’s telephone number, including area code: +
41 52
630 1600
Securities registered pursuant to Section 12(b) of the Act:
Registered Shares, $0.10 Per Share Par Value
GRMN
New York Stock Exchange
(Title of each class)
(Trading Symbol)
(Name of each exchange on which registered)
Indicate by check mark whether the Company (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Company was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes
☑
NO
☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes
☑
NO
☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
☑
Accelerated Filer
☐
Non-accelerated Filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
YES
☐
NO
☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
YES
☐
NO
☑
Number of shares outstanding of the registrant’s common shares as of October 24, 2025
Registered Shares, $0.10 par value:
192,334,806
(excluding treasury shares)
Item I - Condensed Consolidated Financial Statements
Garmin Ltd. and Subsidiaries
Condensed Consolidated State
ments of Income (Unaudited)
(In thousands, except per share information)
13-Weeks Ended
39-Weeks Ended
September
27, 2025
September
28, 2024
September
27, 2025
September
28, 2024
Net sales
$
1,770,901
$
1,586,022
$
5,120,564
$
4,474,342
Cost of goods sold
724,414
634,423
2,122,521
1,857,712
Gross profit
1,046,487
951,599
2,998,043
2,616,630
Research and development expense
286,464
249,162
831,247
734,848
Selling, general and administrative expenses
303,220
264,962
904,874
803,869
Total operating expense
589,684
514,124
1,736,121
1,538,717
Operating income
456,803
437,475
1,261,922
1,077,913
Other income (expense):
Interest income
32,085
28,830
94,316
83,143
Foreign currency gains
20,334
18,131
21,582
15,584
Other income
598
1,814
1,329
2,623
Total other income (expense)
53,017
48,775
117,227
101,350
Income before income taxes
509,820
486,250
1,379,149
1,179,263
Income tax provision
108,205
87,139
243,943
203,560
Net income
$
401,615
$
399,111
$
1,135,206
$
975,703
Net income per share:
Basic
$
2.09
$
2.08
$
5.90
$
5.08
Diluted
$
2.08
$
2.07
$
5.87
$
5.06
Weighted average common shares outstanding:
Basic
192,464
192,201
192,510
192,055
Diluted
193,533
193,171
193,551
192,940
See accompanying notes.
1
Garmin Ltd. and Subsidiaries
Condensed Consolidated Statements o
f Comprehensive Income (Unaudited)
(In thousands)
13-Weeks Ended
39-Weeks Ended
September
27, 2025
September
28, 2024
September
27, 2025
September
28, 2024
Net income
$
401,615
$
399,111
$
1,135,206
$
975,703
Foreign currency translation adjustment
(
62,713
)
62,176
169,812
(
17,199
)
Change in fair value of available-for-sale marketable securities, net of deferred taxes
7,531
25,123
27,417
32,118
Comprehensive income
$
346,433
$
486,410
$
1,332,435
$
990,622
See accompanying notes.
2
Garmin Ltd. and Subsidiaries
Condensed Consolidated Ba
lance Sheets (Unaudited)
(In thousands)
September 27,
2025
December 28,
2024
Assets
Current assets:
Cash and cash equivalents
$
2,072,845
$
2,079,468
Marketable securities
466,785
421,270
Accounts receivable, net
955,614
983,404
Inventories
1,887,930
1,473,978
Deferred costs
17,468
24,040
Prepaid expenses and other current assets
410,301
353,993
Total current assets
5,810,943
5,336,153
Property and equipment, net of accumulated depreciation of $
1,278,084
and $
1,139,156
1,296,198
1,236,884
Operating lease right-of-use assets
187,796
164,656
Noncurrent marketable securities
1,376,624
1,198,331
Deferred income tax assets
782,093
822,521
Noncurrent deferred costs
4,830
6,898
Goodwill
757,290
603,947
Other intangible assets, net
205,985
154,163
Other noncurrent assets
101,119
106,974
Total assets
$
10,522,878
$
9,630,527
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
378,021
$
359,365
Salaries and benefits payable
240,077
210,879
Accrued warranty costs
71,720
62,473
Accrued sales program costs
86,576
108,492
Other accrued expenses
231,156
216,721
Deferred revenue
104,984
110,997
Income taxes payable
293,476
294,582
Dividend payable
346,286
144,349
Total current liabilities
1,752,296
1,507,858
Deferred income tax liabilities
109,044
103,274
Noncurrent income taxes payable
3,425
7,014
Noncurrent deferred revenue
23,187
28,321
Noncurrent operating lease liabilities
155,771
134,886
Other noncurrent liabilities
914
776
Stockholders’ equity:
Common shares (
194,901
and
194,901
shares authorized and issued;
192,384
and
192,468
shares outstanding)
19,490
19,490
Additional paid-in capital
2,359,964
2,247,484
Treasury shares (
2,517
and
2,433
shares)
(
392,738
)
(
270,521
)
Retained earnings
6,441,534
5,999,183
Accumulated other comprehensive income (loss)
49,991
(
147,238
)
Total stockholders’ equity
8,478,241
7,848,398
Total liabilities and stockholders’ equity
$
10,522,878
$
9,630,527
See accompanying notes.
3
Garmin Ltd. and Subsidiaries
Condensed Consolidated Stateme
nts of Cash Flows (Unaudited)
(In thousands)
39-Weeks Ended
September 27,
2025
September 28,
2024
Operating Activities:
Net income
$
1,135,206
$
975,703
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation
115,633
102,343
Amortization
26,874
30,849
Loss (gain) on sale or disposal of property and equipment
375
(
48
)
Unrealized foreign currency gains
(
37,606
)
(
25,486
)
Deferred income taxes
19,324
(
53,966
)
Stock compensation expense
125,003
101,039
Realized loss on marketable securities
857
29
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net of allowance for doubtful accounts
68,818
(
103,567
)
Inventories
(
324,880
)
(
163,865
)
Other current and noncurrent assets
(
18,466
)
(
47,413
)
Accounts payable
(
7,531
)
124,315
Other current and noncurrent liabilities
1,944
(
6,987
)
Deferred revenue
(
11,603
)
5,885
Deferred costs
8,703
(
3,987
)
Income taxes
(
23,077
)
13,737
Net cash provided by operating activities
1,079,574
948,581
Investing activities:
Purchases of property and equipment
(
146,273
)
(
108,869
)
Purchase of marketable securities
(
724,091
)
(
363,783
)
Redemption of marketable securities
531,804
277,334
Net (payments for) cash from acquisitions
(
175,655
)
5,011
Other investing activities, net
387
(
458
)
Net cash used in investing activities
(
513,828
)
(
190,765
)
Financing activities:
Dividends
(
490,919
)
(
428,373
)
Proceeds from issuance of treasury shares related to equity awards
29,065
24,530
Purchase of treasury shares related to equity awards
(
33,476
)
(
16,313
)
Purchase of treasury shares under share repurchase plan
(
130,149
)
(
29,278
)
Net cash used in financing activities
(
625,479
)
(
449,434
)
Effect of exchange rate changes on cash and cash equivalents
53,125
7,536
Net (decrease) increase in cash, cash equivalents, and restricted cash
(
6,608
)
315,918
Cash, cash equivalents, and restricted cash at beginning of period
2,080,154
1,694,156
Cash, cash equivalents, and restricted cash at end of period
$
2,073,546
$
2,010,074
See accompanying notes.
4
Garmin Ltd. and Subsidiaries
Condensed Consolidated Stateme
nts of Stockholders’ Equity (Unaudited)
For the 13-Weeks Ended September 27, 2025 and September 28, 2024
(In thousands)
Common
Shares
Additional
Paid-In
Capital
Treasury
Shares
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Balance at June 29, 2024
$
19,490
$
2,183,158
$
(
223,899
)
$
5,164,227
$
(
137,994
)
$
7,004,982
Net income
—
—
—
399,111
—
399,111
Translation adjustment
—
—
—
—
62,176
62,176
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects of $
8,613
—
—
—
—
25,123
25,123
Comprehensive income
486,410
Dividends
—
—
—
238
—
238
Issuance of treasury shares related to equity awards
—
(
43
)
43
—
—
—
Stock compensation
—
35,055
—
—
—
35,055
Purchase of treasury shares related to equity awards
—
—
(
49
)
—
—
(
49
)
Purchase of treasury shares under share repurchase plan, including any associated excise tax
—
—
(
20,089
)
—
—
(
20,089
)
Balance at September 28, 2024
$
19,490
$
2,218,170
$
(
243,994
)
$
5,563,576
$
(
50,695
)
$
7,506,547
Common
Shares
Additional
Paid-In
Capital
Treasury
Shares
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Balance at June 28, 2025
$
19,490
$
2,317,294
$
(
356,358
)
$
6,039,512
$
105,173
$
8,125,111
Net income
—
—
—
401,615
—
401,615
Translation adjustment
—
—
—
—
(
62,713
)
(
62,713
)
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects of $
2,616
—
—
—
—
7,531
7,531
Comprehensive income
346,433
Dividends
—
—
—
407
—
407
Issuance of treasury shares related to equity awards
—
(
54
)
54
—
—
—
Stock compensation
—
42,724
—
—
—
42,724
Purchase of treasury shares related to equity awards
—
—
(
45
)
—
—
(
45
)
Purchase of treasury shares under share repurchase plan, including any associated excise tax
—
—
(
36,389
)
—
—
(
36,389
)
Balance at September 27, 2025
$
19,490
$
2,359,964
$
(
392,738
)
$
6,441,534
$
49,991
$
8,478,241
See accompanying notes.
5
Garmin Ltd. and Subsidiaries
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)
For the 39-Weeks Ended September 27, 2025 and September 28, 2024
(In thousands)
Common
Shares
Additional
Paid-In
Capital
Treasury
Shares
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Balance at December 30, 2023
$
19,588
$
2,125,467
$
(
330,909
)
$
5,263,528
$
(
65,614
)
$
7,012,060
Net income
—
—
—
975,703
—
975,703
Translation adjustment
—
—
—
—
(
17,199
)
(
17,199
)
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects of $
10,810
—
—
—
—
32,118
32,118
Comprehensive income
990,622
Dividends
—
—
—
(
576,580
)
—
(
576,580
)
Issuance of treasury shares related to equity awards
—
(
8,336
)
32,866
—
—
24,530
Stock compensation
—
101,039
—
—
—
101,039
Purchase of treasury shares related to equity awards
—
—
(
16,313
)
—
—
(
16,313
)
Purchase of treasury shares under share repurchase plan, including any associated excise tax
—
—
(
28,811
)
—
—
(
28,811
)
Cancellation of treasury shares
(
98
)
—
99,173
(
99,075
)
—
—
Balance at September 28, 2024
$
19,490
$
2,218,170
$
(
243,994
)
$
5,563,576
$
(
50,695
)
$
7,506,547
Common
Shares
Additional
Paid-In
Capital
Treasury
Shares
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Total
Balance at December 28, 2024
$
19,490
$
2,247,484
$
(
270,521
)
$
5,999,183
$
(
147,238
)
$
7,848,398
Net income
—
—
—
1,135,206
—
1,135,206
Translation adjustment
—
—
—
—
169,812
169,812
Adjustment related to unrealized gains (losses) on available-for-sale securities net of income tax effects of $
9,112
—
—
—
—
27,417
27,417
Comprehensive income
1,332,435
Dividends
—
—
—
(
692,855
)
—
(
692,855
)
Issuance of treasury shares related to equity awards
—
(
12,523
)
41,588
—
—
29,065
Stock compensation
—
125,003
—
—
—
125,003
Purchase of treasury shares related to equity awards
—
—
(
33,476
)
—
—
(
33,476
)
Purchase of treasury shares under share repurchase plan, including any associated excise tax
—
—
(
130,329
)
—
—
(
130,329
)
Cancellation of treasury shares
—
—
—
—
—
—
Balance at September 27, 2025
$
19,490
$
2,359,964
$
(
392,738
)
$
6,441,534
$
49,991
$
8,478,241
See accompanying notes.
6
Garmin Ltd. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
(Unaudited)
September 27, 2025
(In thousands, except per share information)
1.
Accounting Policies
Basis of Presentation and Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements include the accounts of Garmin Ltd. and its wholly-owned subsidiaries (collectively, we, our, us, the Company or Garmin). Intercompany balances and transactions have been eliminated.
The condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The condensed consolidated balance sheet at December 28, 2024 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Additionally, the condensed consolidated financial statements should be read in conjunction with Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Form 10-Q, and the Company’s Annual Report on Form 10-K for the year ended December 28, 2024.
The Company's operating results are subject to fluctuations associated with seasonal demand for consumer products, the timing of new product introductions, and original equipment manufacturer (OEM) customer production schedules. Therefore, operating results for the 13-week and 39-week periods ended September 27, 2025 are not necessarily indicative of the results that may be expected for the year ending December 27, 2025.
The Company’s fiscal year is based on a 52-week or 53-week period ending on the last Saturday of the calendar year. Therefore, the financial results of certain 53-week fiscal years, and the associated 14-week quarters, will not be exactly comparable to the prior and subsequent 52-week fiscal years and the associated 13-week quarters. The quarters ended September 27, 2025 and September 28, 2024
both contain operating results for 13 weeks.
Significant Accounting Policies
For a description of the significant accounting policies and methods used in the preparation of the Company’s condensed consolidated financial statements, refer to Note 1, “Summary of Significant Accounting Policies” in the Notes to the Consolidated Financial Statements in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2024. There were no material changes to the Company’s significant accounting policies during the 39-week period ended September 27, 2025
.
Recently Adopted Accounting Standards
There are no recently adopted accounting standards that have a material impact on the Company's consolidated financial statements, accounting policies, processes, or systems.
7
Recently Issued Accounting Pronouncements Not Yet Adopted
Disaggregation of Income Statement Expenses
In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update No. 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"), which requires additional disaggregated disclosures in the notes to financial statements for certain categories of expenses that are included in the expense captions on the face of the statements of income, on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The amendments may be applied using either a prospective or retrospective approach. The Company is currently evaluating the impact that the updated standard will have on its financial statement disclosures.
2. Revenue
In order to further depict how the nature, amount, timing and uncertainty of the Company's revenue and cash flows are affected by economic factors, we disaggregate revenue (“net sales”) by geographic region, major product category, and pattern of recognition.
Disaggregated revenue by geographic region (Americas, EMEA, and APAC) is presented in Note 11 – Segment Information and Geographic Data. Note 11 also contains disaggregated revenue information of the five major product categories identified by the Company – fitness, outdoor, aviation, marine, and auto OEM.
A large majority of the Company’s sales are recognized on a point in time basis, usually once the product is shipped and title and risk of loss have transferred to the customer. Sales recognized over a period of time are primarily within the outdoor, aviation, and auto OEM segments and relate to performance obligations that are satisfied over the estimated life of the product or contractual service period.
Revenue disaggregated by the timing of transfer of the goods or services is presented in the table below:
13-Weeks Ended
39-Weeks Ended
September 27, 2025
September 28, 2024
September 27, 2025
September 28, 2024
Point in time
$
1,685,604
$
1,496,940
$
4,870,953
$
4,231,561
Over time
85,297
89,082
249,611
242,781
Net sales
$
1,770,901
$
1,586,022
$
5,120,564
$
4,474,342
Transaction price and costs associated with the Company’s unsatisfied performance obligations are reflected as deferred revenue and deferred costs, respectively, on the Company’s condensed consolidated balance sheets. Such amounts are recognized ratably over the applicable estimated useful life or contractual service period.
Changes in deferred revenue and costs during the
39-week period ended September 27, 2025 are presented below:
39-Weeks Ended
September 27, 2025
Deferred
Revenue
(1)
Deferred
Costs
(2)
Balance, beginning of period
$
139,318
$
30,938
Deferrals in period
238,464
45,125
Recognition of deferrals in period
(
249,611
)
(
53,765
)
Balance, end of period
$
128,171
$
22,298
(1)
Deferred revenue is comprised of both deferred revenue and noncurrent deferred revenue per the condensed consolidated balance sheets.
(2)
Deferred costs are comprised of both deferred costs and noncurrent deferred costs per the condensed consolidated balance sheets
.
Of the
$
249,611
of deferred revenue recognized in the 39-week period ended September 27, 2025, approximately
$
82,000
was deferred as of the beginning of the period. Of the
$
128,171
of deferred revenue as of September 27, 2025, the Company expects to recognize approximately 87%
ratably over a total period of three years or less.
8
3. Earnings Per Share
The following table sets forth the computation of basic and diluted net income per share. Stock options, stock appreciation rights, and restricted stock units are collectively referred to as “equity awards”. There were
no
anti-dilutive equity awards excluded from the calculation of diluted net income per share for the periods presented below.
13-Weeks Ended
39-Weeks Ended
September
27, 2025
September
28, 2024
September
27, 2025
September
28, 2024
Numerator:
Numerator for basic and diluted net income per share – net income
$
401,615
$
399,111
$
1,135,206
$
975,703
Denominator:
Denominator for basic net income per share – weighted-average common shares
192,464
192,201
192,510
192,055
Effect of dilutive equity awards
1,069
970
1,041
885
Denominator for diluted net income per share – adjusted weighted-average common shares
193,533
193,171
193,551
192,940
Basic net income per share
$
2.09
$
2.08
$
5.90
$
5.08
Diluted net income per share
$
2.08
$
2.07
$
5.87
$
5.06
4.
Marketable Securities
Accounting Standards Codification Topic 820,
Fair Value Measurements and Disclosures
, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The accounting guidance classifies the inputs used to measure fair value into the following hierarchy:
Level 1
Unadjusted quoted prices in active markets for the identical asset or liability
Level 2
Observable inputs for the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability
Level 3
Unobservable inputs for the asset or liability
The Company endeavors to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Valuation is based on prices obtained from an independent pricing vendor using both market and income approaches. The primary inputs to the valuation include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, contractual cash flows, benchmark yields, and credit spreads.
The method described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
9
Marketable securities classified as available-for-sale securities are summarized below:
Available-For-Sale Securities
as of September 27, 2025
Fair Value Level
Amortized Cost
Gross Unrealized
Gains
Gross Unrealized
Losses
Fair Value
U.S. Treasury securities
Level 2
$
3,300
$
51
$
—
$
3,351
Agency securities
Level 2
53,811
69
(
255
)
53,625
Mortgage-backed securities
Level 2
94,262
485
(
1,634
)
93,113
Corporate debt securities
Level 2
1,447,404
11,117
(
7,348
)
1,451,173
Municipal securities
Level 2
243,631
619
(
3,645
)
240,605
Other
Level 2
1,594
—
(
52
)
1,542
Total
$
1,844,002
$
12,341
$
(
12,934
)
$
1,843,409
Available-For-Sale Securities
as of December 28, 2024
Fair Value Level
Amortized Cost
Gross Unrealized
Gains
Gross Unrealized
Losses
Fair Value
U.S. Treasury securities
Level 2
$
4,930
$
8
$
—
$
4,938
Agency securities
Level 2
42,236
38
(
477
)
41,797
Mortgage-backed securities
Level 2
43,599
—
(
4,375
)
39,224
Corporate debt securities
Level 2
1,281,981
1,498
(
23,837
)
1,259,642
Municipal securities
Level 2
281,295
21
(
9,907
)
271,409
Other
Level 2
2,683
1
(
93
)
2,591
Total
$
1,656,724
$
1,566
$
(
38,689
)
$
1,619,601
The primary objectives of the Company’s investment policy are to preserve capital, maintain an acceptable degree of liquidity, and maximize yield within the constraint of low credit risk. The fair value of securities varies from period to period due to changes in interest rates, the performance of the underlying collateral, and the credit performance of the underlying issuer, among other factors.
Accrued interest receivable, which totale
d $
16,812
as of September 27, 2025
, is excluded from both the fair value and amortized cost basis of available-for-sale securities and is included within prepaid expenses and other current assets on the Company’s condensed consolidated balance sheets. The Company writes off impaired accrued interest on a timely basis, generally within 30 days of the due date, by reversing interest income.
No
accrued interest was written off during the
39-week period ended September 27, 2025.
The Company recognizes impairments relating to credit losses of available-for-sale securities through an allowance for credit losses and other income (expense) on the Company’s condensed consolidated statements of income. Impairment not relating to credit losses is recorded in accumulated other comprehensive income (loss) on the Company’s condensed consolidated balance sheets. The cost of securities sold is based on the specific identification method. Approximately
56
%
of securities in the Company’s portfolio were at an unrealized loss position as of September 27, 2025.
10
The following tables display additional information regarding gross unrealized losses and fair value by major security type for available-for-sale securities in an unrealized loss position as of
September 27, 2025 and December 28, 2024.
As of September 27, 2025
Less than 12 Consecutive Months
12 Consecutive Months or Longer
Total
Gross Unrealized Losses
Fair Value
Gross Unrealized Losses
Fair Value
Gross Unrealized Losses
Fair Value
Agency securities
$
(
101
)
$
8,230
$
(
154
)
$
6,846
$
(
255
)
$
15,076
Mortgage-backed securities
(
205
)
17,569
(
1,429
)
15,564
(
1,634
)
33,133
Corporate debt securities
(
1,745
)
256,881
(
5,603
)
350,324
(
7,348
)
607,205
Municipal securities
(
194
)
13,582
(
3,451
)
166,593
(
3,645
)
180,175
Other
(
3
)
515
(
49
)
1,027
(
52
)
1,542
Total
$
(
2,248
)
$
296,777
$
(
10,686
)
$
540,354
$
(
12,934
)
$
837,131
As of December 28, 2024
Less than 12 Consecutive Months
12 Consecutive Months or Longer
Total
Gross Unrealized Losses
Fair Value
Gross Unrealized Losses
Fair Value
Gross Unrealized Losses
Fair Value
Agency securities
$
(
125
)
$
24,153
$
(
352
)
$
6,647
$
(
477
)
$
30,800
Mortgage-backed securities
(
137
)
9,803
(
4,238
)
29,421
(
4,375
)
39,224
Corporate debt securities
(
4,503
)
350,289
(
19,334
)
667,176
(
23,837
)
1,017,465
Municipal securities
(
228
)
35,001
(
9,679
)
226,901
(
9,907
)
261,902
Other
—
—
(
93
)
1,619
(
93
)
1,619
Total
$
(
4,993
)
$
419,246
$
(
33,696
)
$
931,764
$
(
38,689
)
$
1,351,010
As of September 27, 2025 and December 28, 2024
, the Company had
no
t recognized an allowance for credit losses on any securities in an unrealized loss position.
The Company has
no
t recorded an allowance for credit losses and charge to other income (expense) for the unrealized losses on agency, mortgage-backed, corporate debt, municipal, and other securities presented above because the Company does not consider the declines in fair value to have resulted from credit losses. The Company has not observed a significant deterioration in credit quality of these securities, which are highly rated with moderate to low credit risk. Declines in value are largely attributable to current global economic conditions. The securities continue to make timely principal and interest payments, and the fair values are expected to recover as they approach maturity. Management does not intend to sell the securities nor is it more likely than not that the Company will be required to sell the securities, before the respective recoveries of their amortized cost bases, which may be maturity.
The amortized cost and fair value of marketable securities at
September 27, 2025, by maturity, are shown below.
Amortized Cost
Fair Value
Due in one year or less
$
471,374
$
466,785
Due after one year through five years
1,328,961
1,334,549
Due after five years through ten years
38,923
38,084
Due after ten years
4,744
3,991
Total
$
1,844,002
$
1,843,409
5.
Income Taxes
The Company recorded income tax expense of $
108,205
in the 13-week period ended September 27, 2025, compared to income tax expense of $
87,139
in the 13-week period ended September 28, 2024. The effective tax rate was
21.2
% in the third quarter of 2025, compared to
17.9
% in the third quarter of 2024. The increase in the effective tax rate in the current quarter was primarily driven by the U.S. tax legislation enacted during the current quarter, which, among other things, changed capitalization requirements of certain research and development costs, resulting in a year-to-date adjustment due to a decrease in certain expected U.S. tax deductions and credits.
11
The Company recorded income tax expense of $
243,943
in the 39-week period ended September 27, 2025, compared to income tax expense of $
203,560
in the 39-week period ended September 28, 2024. The effective tax rate was
17.7
% in the first three quarters of 2025, compared to
17.3
% in the first three quarters of 2024. The increase in the effective tax rate in the current period was primarily driven by the U.S. tax legislation enacted during the current quarter, which, among other things, changed capitalization requirements of certain research and development costs, resulting
in a decrease in certain expected U.S. tax deductions and credits.
6. Inventories
The details of inventories consisted of the following:
September 27,
2025
December 28, 2024
Raw materials
$
615,698
$
522,210
Work-in-process
246,694
219,294
Finished goods
1,025,538
732,474
Inventories
$
1,887,930
$
1,473,978
7. Warranty Reserves
The Company accrues for estimated future warranty costs at the time products are sold. The Company provides standard warranties to its retail partners and end-users. The standard warranty generally provides for products to be free from defects in materials or worksmanship, and the warranty period is generally
one
to
two years
from the date of shipment, while certain aviation, marine, and auto OEM products have a standard warranty period of
two years
or more from the date of installation. The Company’s estimates of costs to service its warranty obligations are based on historical experience and management’s expectations and judgments of future conditions, with most claims resolved within a year of the sale.
The following reconciliation presents details of the changes in the Company's accrued warranty costs:
13-Weeks Ended
39-Weeks Ended
September 27, 2025
September 28, 2024
September 27, 2025
September 28, 2024
Balance - beginning of period
$
71,197
$
58,253
$
62,473
$
55,738
Accrual for products sold
(1)
27,196
19,039
80,470
64,334
Expenditures
(
26,673
)
(
19,309
)
(
71,223
)
(
62,089
)
Balance - end of period
$
71,720
$
57,983
$
71,720
$
57,983
(1)
Changes in cost estimates related to pre-existing warranties were not material and are aggregated with accruals for new warranty contracts in the ‘accrual for products sold’ line.
8.
Commitments and Contingencies
Commitments
The Company is party to certain commitments that require the future purchase of goods or services (“unconditional purchase obligations”). The Company’s unconditional purchase obligations primarily consist of payments for inventory, capital expenditures, and other indirect purchases in connection with conducting its business. The aggregate amount of purchase orders and other commitments open as of September 27, 2025
that may represent noncancelable unconditional purchase obligations having a remaining term in excess of one year was approximately $
386,000
.
Certain cash balances are held as collateral in relation to bank guarantees. This restricted cash is reported within other assets on the condensed consolidated balance sheets and totaled $
701
and $
685
on September 27, 2025 and December 28, 2024, respectively. The total of the cash and cash equivalents balance and the restricted cash reported within other assets in the condensed consolidated balance sheets equals the total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows.
12
Contingencies
Management of the Company currently does not believe it is reasonably possible that the Company may have incurred a material loss, or a material loss in excess of recorded accruals, with respect to loss contingencies in the aggregate, for the fiscal quarter ended September 27, 2025. The results of legal proceedings, investigations and claims, however, cannot be predicted with certainty. An adverse resolution of one or more of such matters in excess of management’s expectations could have a material adverse effect in the particular quarter or fiscal year in which a loss is recorded, but based on information currently known, the Company does not believe it is likely that losses from such matters would have a material adverse effect on the Company’s business or its consolidated financial position, results of operations or cash flows.
The Company settled or resolved certain matters during the 13-week and 39-week periods ended September 27, 2025
that did not individually or in the aggregate have a material impact on the Company’s business or its consolidated financial position, results of operations or cash flows.
9. Stockholders' Equity
Dividends
Under Swiss corporate law, dividends must be approved by shareholders at the annual general meeting of the Company’s shareholders. Approved dividends are payable in four equal installments on dates to be determined by the Board of Directors. A reduction of retained earnings and a corresponding liability are recorded at the time of shareholders' approval and are periodically adjusted based on the number of applicable shares outstanding.
The Company's shareholders approved the following dividends:
Approval Date
Dividend Payment Date
Record Date
Dividend Per Share
Fiscal 2025
June 6, 2025
June 27, 2025
June 16, 2025
$
0.90
June 6, 2025
September 26, 2025
September 12, 2025
$
0.90
June 6, 2025
December 26, 2025
December 12, 2025
$
0.90
June 6, 2025
March 27, 2026
March 13, 2026
$
0.90
Total
$
3.60
Fiscal 2024
June 7, 2024
June 28, 2024
June 17, 2024
$
0.75
June 7, 2024
September 27, 2024
September 13, 2024
$
0.75
June 7, 2024
December 27, 2024
December 13, 2024
$
0.75
June 7, 2024
March 28, 2025
March 14, 2025
$
0.75
Total
$
3.00
Fiscal 2023
June 9, 2023
June 30, 2023
June 20, 2023
$
0.73
June 9, 2023
September 29, 2023
September 15, 2023
$
0.73
June 9, 2023
December 29, 2023
December 15, 2023
$
0.73
June 9, 2023
March 29, 2024
March 15, 2024
$
0.73
Total
$
2.92
13
Share Repurchase Program
On February 16, 2024, the Board of Directors approved a share repurchase program (the “2024 Program”) authorizing the Company to repurchase up to $
300,000
of the common shares of Garmin Ltd., exclusive of the cost of any associated excise tax. The timing and volume of share repurchases are subject to market conditions, business conditions and applicable laws, and are at management’s discretion. Share repurchases may be made from time to time in the open market or in privately negotiated transactions, including under plans complying with the provisions of Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The 2024 Program does not require the purchase of any minimum number of shares and may be suspended or discontinued at any time. The 2024 Program expires on
December 26, 2026
. As of
September 27, 2025
, the Company had repurchased
985
s
hares for $
193,096
, leaving $
106,904
available to repurchase additional shares under the 2024 Program.
Treasury Shares
In March 2024, the Board of Directors
authorized the cancellation of
979
shares previously purchased under a share repurchase program. The capital reduction by cancellation of these shares became effective in March 2024. Total stockholders’ equity reported for the Company was not affected.
10. Accumulated Other Comprehensive Income (Loss)
The following provides required disclosure of changes in accumulated other comprehensive income (loss) balances by component for the
13-week and 39-week periods ended September 27, 2025:
13-Weeks Ended September 27, 2025
Foreign currency
translation adjustment
Net gains (losses) on available-for-sale securities
Total
Balance - beginning of period
$
115,659
$
(
10,486
)
$
105,173
Other comprehensive income (loss) before reclassification, net of income tax expense of $
2,576
(
62,713
)
7,420
(
55,293
)
Amounts reclassified from accumulated other comprehensive income (loss) to other income (expense), net of income tax benefit of $
40
included in income tax provision
—
111
111
Net current-period other comprehensive income
(
62,713
)
7,531
(
55,182
)
Balance - end of period
$
52,946
$
(
2,955
)
$
49,991
39-Weeks Ended September 27, 2025
Foreign currency
translation adjustment
Net gains (losses) on available-for-sale securities
Total
Balance - beginning of period
$
(
116,866
)
$
(
30,372
)
$
(
147,238
)
Other comprehensive income (loss) before reclassification, net of income tax expense of $
8,975
169,812
26,697
196,509
Amounts reclassified from accumulated other comprehensive income (loss) to other income (expense), net of income tax benefit of $
137
included in income tax provision
—
720
720
Net current-period other comprehensive income
169,812
27,417
$
197,229
Balance - end of period
$
52,946
$
(
2,955
)
$
49,991
11.
Segment Information and Geographic Data
Garmin is organized in the
five
operating segments of fitness, outdoor, aviation, marine, and auto OEM,
which represent the primary markets served by the Company. These operating segments are also the Company's reportable segments.
The Company’s Chief Executive Officer, who has been identified as the Company’s Chief Operating Decision Maker (CODM), primarily uses operating income as the measure of profit or loss to assess segment performance and allocate resources. Operating income represents net sales less costs of goods sold and operating expenses. Net sales are directly attributed to each segment. Most costs of goods sold and the majority of operating expenses are also directly attributed to each segment, while certain other costs of goods sold and operating expenses are allocated to the
14
segments in a reasonable manner considering the specific facts and circumstances of the expenses being allocated. The accounting policies of the segments are the same as those described in Note 1 - Accounting Policies. There are no inter-segment sales or transfers.
The Company’s segments share many common resources, infrastructures and assets in the normal course of business, and certain assets are therefore not separately tracked by segment. Thus, the Company does not report accounts receivable, inventories, property and equipment, intangible assets, capital expenditures, depreciation expense, or amortization expense by segment to the CODM.
The CODM utilizes operating income to assess segment performance and make strategic decisions about the allocation of operating and capital resources by analyzing future opportunities and recent operating income results, trends, and variances of each segment in relation to forecasts and historical performance.
Net sales (“revenue”), cost of goods sold, gross profit, significant segment expenses, and operating income (loss) for each of the Company’s five reportable segments are presented below.
Fitness
Outdoor
Aviation
Marine
Auto OEM
Total
13-Weeks Ended September 27, 2025
Net sales
$
601,013
$
497,598
$
240,445
$
267,005
$
164,840
$
1,770,901
Cost of goods sold
238,164
167,849
59,737
118,767
139,897
724,414
Gross profit
362,849
329,749
180,708
148,238
24,943
1,046,487
Research and development expense
55,192
68,497
85,655
47,986
29,134
286,464
Selling, general and administrative expenses
114,057
91,518
34,285
50,856
12,504
303,220
Operating income (loss)
193,600
169,734
60,768
49,396
(
16,695
)
456,803
13-Weeks Ended September 28, 2024
Net sales
$
463,887
$
526,551
$
204,631
$
222,244
$
168,709
$
1,586,022
Cost of goods sold
180,562
167,858
50,493
99,811
135,699
634,423
Gross profit
283,325
358,693
154,138
122,433
33,010
951,599
Research and development expense
46,004
60,882
79,795
39,844
22,637
249,162
Selling, general and administrative expenses
89,553
88,945
30,065
44,750
11,649
264,962
Operating income (loss)
147,768
208,866
44,278
37,839
(
1,276
)
437,475
39-Weeks Ended September 27, 2025
Net sales
$
1,591,159
$
1,426,451
$
712,926
$
885,704
$
504,324
$
5,120,564
Cost of goods sold
643,498
489,738
178,844
389,195
421,246
2,122,521
Gross profit
947,661
936,713
534,082
496,509
83,078
2,998,043
Research and development expense
158,344
198,557
254,980
138,894
80,472
831,247
Selling, general and administrative expenses
320,374
281,754
106,594
158,434
37,718
904,874
Operating income (loss)
468,943
456,402
172,508
199,181
(
35,112
)
1,261,922
39-Weeks Ended September 28, 2024
Net sales
$
1,235,182
$
1,332,617
$
639,739
$
821,933
$
444,871
$
4,474,342
Cost of goods sold
511,807
446,971
161,608
372,461
364,865
1,857,712
Gross profit
723,375
885,646
478,131
449,472
80,006
2,616,630
Research and development expense
134,818
176,444
235,336
118,242
70,008
734,848
Selling, general and administrative expenses
265,046
257,794
95,896
145,808
39,325
803,869
Operating income (loss)
323,511
451,408
146,899
185,422
(
29,327
)
1,077,913
15
Net sales to external customers by geographic region for the
13-week and 39-week periods ended September 27, 2025 and September 28, 2024 are presented below. Note that Americas includes North America and South America, EMEA includes Europe, the Middle East and Africa, and APAC includes Asia Pacific and Australian Continent.
13-Weeks Ended
39-Weeks Ended
September 27, 2025
September 28, 2024
September 27, 2025
September 28, 2024
Americas
(1)
$
795,624
$
724,572
$
2,419,371
$
2,181,266
EMEA
692,557
612,658
1,938,912
1,618,058
APAC
282,720
248,792
762,281
675,018
Net sales to external customers
$
1,770,901
$
1,586,022
$
5,120,564
$
4,474,342
(1)
The United States is the only country which constitutes greater than
10
% of net sales to external customers.
16
Item 2. Management’s Discussion and Analysis o
f Financial Condition and Results of Operations
The discussion set forth below, as well as other portions of this Quarterly Report on Form 10-Q, contain statements concerning potential future events. Such forward-looking statements are based upon assumptions by management, as of the date of this Quarterly Report on Form 10-Q, including assumptions about risks and uncertainties faced by the Company. Readers can identify these forward-looking statements by their use of such words as "future", "expects", "anticipates", "believes", “estimates”, “would”, “could”, “can”, “may,” or other similar words or other comparable terms. If any of the Company’s assumptions prove incorrect or should unanticipated circumstances arise, actual results could materially differ from those anticipated by such forward-looking statements. The differences could be caused by a number of factors or combination of factors including, but not limited to, those factors identified in Part II, Item 1A of this Quarterly Report on Form 10-Q and in the Company’s Annual Report on Form 10-K for the year ended December 28, 2024. Readers are strongly encouraged to consider those factors when evaluating any forward-looking statement concerning the Company. These forward-looking statements are made as of the date hereof, and the Company disclaims any obligation to update any forward-looking statements in this Quarterly Report on Form 10-Q to reflect future events or developments, except as required by law.
The information contained in this Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the Condensed Consolidated Financial Statements and Notes thereto included in this Quarterly Report on Form 10-Q and the audited financial statements and notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 28, 2024. Unless the context otherwise requires, references in this document to "we", "us", "our", the "Company" and similar terms refer to Garmin Ltd. and its subsidiaries.
Unless otherwise indicated, amounts set forth in the discussion below are in thousands.
Company Overview
The Company is a leading worldwide provider of wireless devices, many of which feature location technology such as Global Positioning System (GPS), and applications that are designed for people who live an active lifestyle. We are organized in the five operating segments of fitness, outdoor, aviation, marine, and auto OEM, which represent the primary markets served by the Company. We design, develop, manufacture, market, and distribute a diverse family of GPS-enabled products and other navigation, communications, sensor-based and information products for these markets, as well as products installed by original equipment manufacturers (OEMs) and for aftermarket applications. Our products are sold through a variety of indirect distribution channels, including a large worldwide network of independent retailers, dealers, distributors, installation and repair shops, and OEMs. We also sell our products and services directly through our online webshop (garmin.com), subscriptions for connected services, and our own retail stores.
Business Environment Update
Global economic and geopolitical conditions impact our operations and financial results, although we believe our vertically integrated and diversified business model enables us to be resilient and flexible in a dynamic business environment. Foreign currency fluctuations and rapidly changing global trade policies, particularly those affecting the United States, increase the economic and operational uncertainties that could significantly harm our business and results of operations. Refer to Part II, Item 1A, “Risk Factors” of this Quarterly Report for further discussion of the risks and uncertainties facing our Company.
17
Results of Operations
The following tables and discussion provides an analysis of our results of operations for the third quarter of 2025 compared to the third quarter of 2024.
Comparison of 13-Weeks Ended September 27, 2025 and September 28, 2024
Net Sales
Net Sales
13-Weeks Ended
September 27, 2025
Year-over-Year Change
13-Weeks Ended
September 28, 2024
Fitness
$
601,013
30
%
$
463,887
Percentage of Total Net Sales
34
%
29
%
Outdoor
497,598
(5
%)
526,551
Percentage of Total Net Sales
28
%
33
%
Aviation
240,445
18
%
204,631
Percentage of Total Net Sales
14
%
13
%
Marine
267,005
20
%
222,244
Percentage of Total Net Sales
15
%
14
%
Auto OEM
164,840
(2
%)
168,709
Percentage of Total Net Sales
9
%
11
%
Total
$
1,770,901
12
%
$
1,586,022
Net sales increased 12% for the 13-week period ended September 27, 2025 when compared to the year-ago quarter. Total unit sales in the third quarter of 2025 increased by approximately 8% to 4,982 when compared to total unit sales of 4,620 in the third quarter of 2024, which differs from the percent increase in revenue primarily due to shifts in segment and product mix. Fitness was the largest portion of our revenue mix in the third quarter of 2025 at 34%, while outdoor was the largest portion of our revenue mix in the third quarter of 2024 at 33%.
The increase in fitness revenue was driven by strong demand for advanced wearables. The increase in aviation revenue was driven by sales growth in OEM and aftermarket product categories. The increase in marine revenue was driven by sales growth across multiple product categories. Outdoor revenue decreased primarily due to consumer auto and adventure watch product categories comparing against strong prior year product launch cycles. Auto OEM revenue decreased as certain legacy programs approach end-of-life and were partially offset by growth in a recent domain controller program.
Gross Profit
Gross Profit
13-Weeks Ended
September 27, 2025
Year-over-Year Change
13-Weeks Ended
September 28, 2024
Fitness
$
362,849
28
%
$
283,325
Percentage of Segment Net Sales
60
%
61
%
Outdoor
329,749
(8
%)
358,693
Percentage of Segment Net Sales
66
%
68
%
Aviation
180,708
17
%
154,138
Percentage of Segment Net Sales
75
%
75
%
Marine
148,238
21
%
122,433
Percentage of Segment Net Sales
56
%
55
%
Auto OEM
24,943
(24
%)
33,010
Percentage of Segment Net Sales
15
%
20
%
Total
$
1,046,487
10
%
$
951,599
Percentage of Total Net Sales
59
%
60
%
Gross profit dollars in the third quarter of 2025 increased 10%, primarily due to the increase in net sales when compared to the year-ago quarter, as described above. Consolidated gross margin as a percent of net sales decreased 90 basis points when compared to the year-ago quarter, primarily due to higher product costs.
Gross margin percentage remained relatively flat within the fitness, aviation, and marine segments when compared to the year-ago quarter. The outdoor gross margin percentage decrease of 190 basis points was primarily attributable to higher product costs. The auto OEM gross margin percentage decrease of 440 basis points was primarily attributable to an increase in accrued warranty costs associated with prior period sales.
18
Operating Expense
Operating Expense
13-Weeks Ended
September 27, 2025
Year-over-Year Change
13-Weeks Ended
September 28, 2024
Research and development expense
286,464
15
%
249,162
Percentage of Total Net Sales
16
%
16
%
Selling, general and administrative expenses
303,220
14
%
264,962
Percentage of Total Net Sales
17
%
17
%
Total
$
589,684
15
%
$
514,124
Percentage of Total Net Sales
33
%
32
%
Total operating expense in the third quarter of 2025 increased 15% in absolute dollars and was relatively flat as a percent of revenue when compared to the year-ago quarter. Operating expense, as a percent of segment net sales, decreased in the fitness, aviation, and marine segments by 110 basis points, 380 basis points, and 100 basis points, respectively, when compared to the year-ago quarter due to increased sales and greater leverage of expenses. Operating expense, as a percent of segment net sales, increased in the outdoor and auto OEM segments by 370 basis points and 490 basis points, respectively, when compared to the year-ago quarter due to decreased sales while expenses increased.
Research and development expense increased 15% in absolute dollars when compared to the year-ago quarter. The absolute dollar expense increase was primarily due to higher engineering personnel-related expenses.
Selling, general and administrative expenses increased 14% in absolute dollars when compared to the year-ago quarter. The absolute dollar expense increase was primarily due to higher personnel-related expenses.
Operating Income
Operating Income (Loss)
13-Weeks Ended
September 27, 2025
Year-over-Year Change
13-Weeks Ended
September 28, 2024
Fitness
$
193,600
31
%
$
147,768
Percentage of Segment Net Sales
32
%
32
%
Outdoor
169,734
(19
%)
208,866
Percentage of Segment Net Sales
34
%
40
%
Aviation
60,768
37
%
44,278
Percentage of Segment Net Sales
25
%
22
%
Marine
49,396
31
%
37,839
Percentage of Segment Net Sales
19
%
17
%
Auto OEM
(16,695
)
NM
(1,276
)
Percentage of Segment Net Sales
(10
%)
(1
%)
Total
$
456,803
4
%
$
437,475
Percentage of Total Net Sales
26
%
28
%
NM - Represents that the percentage change is not meaningful.
Total operating income in the third quarter of 2025 increased 4% in absolute dollars and decreased 180 basis points as a percent of revenue when compared to the year-ago quarter. The improved operating income dollar performance in fitness, aviation, and marine was partially offset by decreases in outdoor and auto OEM.
Other Income (Expense)
Other Income (Expense)
13-Weeks Ended
September 27, 2025
13-Weeks Ended
September 28, 2024
Interest income
$
32,085
$
28,830
Foreign currency gains
20,334
18,131
Other income
598
1,814
Total
$
53,017
$
48,775
The average interest rate return on cash and investments during the third quarter of 2025 was 3.3%, and remained relatively flat compared to 3.3% during the same quarter of 2024.
19
Foreign currency gains and losses for the Company are driven by movements of a number of currencies in relation to the U.S. Dollar. The Taiwan Dollar is the functional currency of Garmin Corporation, the Euro is the functional currency of several subsidiaries, and the U.S. Dollar is the functional currency of Garmin (Europe) Ltd., although some transactions and balances are denominated in British Pounds. Other notable currency exposures include the Australian Dollar and Polish Zloty. The majority of the Company’s consolidated foreign currency gain or loss is typically driven by the significant cash and marketable securities, receivables and payables held in a currency other than the functional currency at a given legal entity.
The $20.3 million currency gain recognized in the third quarter of 2025 was primarily due to the U.S. Dollar strengthening against the Taiwan Dollar, partially offset by the U.S. Dollar strengthening against the Euro, Polish Zloty, and British Pound Sterling, within the 13-week period ended September 27, 2025. During this period, the U.S. Dollar strengthened 4.5% against the Taiwan Dollar, resulting in a gain of $26.5 million, while the U.S. Dollar strengthened 0.2% against the Euro, 1.0% against the Polish Zloty, and 2.3% against the British Pound Sterling, resulting in losses of $2.6 million, $2.2 million, and $1.6 million, respectively. The remaining net currency gain of $0.2 million was related to the impacts of other currencies, each of which was individually immaterial.
The $18.1 million currency gain recognized in the third quarter of 2024 was primarily due to the U.S. Dollar weakening against the British Pound Sterling, Euro, and Polish Zloty, partially offset by the U.S. Dollar weakening against the Taiwan Dollar, within the 13-week period ended September 28, 2024. During this period, the U.S. Dollar weakened 3.7% against the British Pound Sterling, 4.2% against the Euro, and 5.3% against the Polish Zloty, resulting in gains of $3.2 million, $8.9 million, and $9.3 million, respectively, while the U.S. Dollar weakened 2.9% against the Taiwan Dollar, resulting in a loss of $10.4 million. The remaining net currency gain of $7.1 million was related to the impacts of other currencies, each of which was individually immaterial.
Income Tax Provision
The Company recorded income tax expense of $108.2 million in the 13-week period ended September 27, 2025, compared to income tax expense of $87.1 million in the 13-week period ended September 28, 2024. The effective tax rate was 21.2% in the third quarter of 2025, compared to 17.9% in the third quarter of 2024. The increase in the effective tax rate in the current quarter was primarily driven by the U.S. tax legislation enacted during the current quarter, which, among other things, changed capitalization requirements of certain research and development costs, resulting in a year-to-date adjustment due to a decrease in certain expected U.S. tax deductions and credits.
Net Income
As a result of the above, net income for the 13-week period ended September 27, 2025 was $401.6 million compared to $399.1 million for the 13-week period ended September 28, 2024, an increase of $2.5 million.
Comparison of 39-Weeks Ended September 27, 2025 and September 28, 2024
Net Sales
Net Sales
39-Weeks Ended
September 27, 2025
Year-over-Year Change
39-Weeks Ended
September 28, 2024
Fitness
$
1,591,159
29
%
$
1,235,182
Percentage of Total Net Sales
31
%
28
%
Outdoor
1,426,451
7
%
1,332,617
Percentage of Total Net Sales
28
%
30
%
Aviation
712,926
11
%
639,739
Percentage of Total Net Sales
14
%
14
%
Marine
885,704
8
%
821,933
Percentage of Total Net Sales
17
%
18
%
Auto OEM
504,324
13
%
444,871
Percentage of Total Net Sales
10
%
10
%
Total
$
5,120,564
14
%
$
4,474,342
Net sales increased 14% for the 39-week period ended September 27, 2025 when compared to the year-ago period. Total unit sales in the first three quarters of 2025 increased by approximately 10% to 14,547 when compared to total unit sales of 13,165 in the first three quarters of 2024, which differs from the percent increase in revenue primarily due to shifts in segment and product mix. Fitness was the largest portion of our revenue mix in the first three quarters of 2025 at 31%, while outdoor was the largest portion of our revenue mix in the first three quarters of 2024 at 30%.
20
The increase in fitness revenue was driven by strong demand for advanced wearables. Outdoor revenue increased primarily due to growth in adventure watches. The increase in aviation revenue was driven by sales growth in OEM and aftermarket product categories. The increase in marine revenue was driven by sales growth across multiple product categories, led by chartplotters. Auto OEM revenue increased primarily due to growth in domain controllers.
Gross Profit
Gross Profit
39-Weeks Ended
September 27, 2025
Year-over-Year Change
39-Weeks Ended
September 28, 2024
Fitness
$
947,661
31
%
$
723,375
Percentage of Segment Net Sales
60
%
59
%
Outdoor
936,713
6
%
885,646
Percentage of Segment Net Sales
66
%
66
%
Aviation
534,082
12
%
478,131
Percentage of Segment Net Sales
75
%
75
%
Marine
496,509
10
%
449,472
Percentage of Segment Net Sales
56
%
55
%
Auto OEM
83,078
4
%
80,006
Percentage of Segment Net Sales
16
%
18
%
Total
$
2,998,043
15
%
$
2,616,630
Percentage of Total Net Sales
59
%
58
%
Gross profit dollars in the first three quarters of 2025 increased 15%, primarily due to the increase in net sales when compared to the year-ago period, as described above. Consolidated gross margin as a percent of net sales was relatively flat when compared to the year-ago period.
The marine gross margin percentage increase of 140 basis points was primarily attributable to favorable product mix. The fitness, outdoor, and aviation gross margin percentages were relatively flat when compared to the year-ago period. The auto OEM gross margin percentage decrease of 150 basis points was primarily attributable to an increase in accrued warranty costs associated with prior period sales.
Operating Expense
Operating Expense
39-Weeks Ended
September 27, 2025
Year-over-Year Change
39-Weeks Ended
September 28, 2024
Research and development expense
$
831,247
13
%
$
734,848
Percentage of Total Net Sales
16
%
16
%
Selling, General and administrative expenses
904,874
13
%
803,869
Percentage of Total Net Sales
18
%
18
%
Total
$
1,736,121
13
%
$
1,538,717
Percentage of Total Net Sales
34
%
34
%
Total operating expense in the first three quarters of 2025 increased 13% in absolute dollars and was relatively flat as a percent of revenue when compared to the year-ago period. Operating expense, as a percent of segment net sales, decreased in the fitness, aviation, and auto OEM segments when compared to the year-ago period by 230 basis points, 110 basis points, and 110 basis points, respectively, due to the increase in sales and greater leverage of expenses. Operating expense, as a percent of segment net sales, increased in the outdoor and marine segments by 110 basis points and 140 basis points, respectively, when compared to the year-ago period due to expenses growing more than sales.
Research and development expense increased 13% in absolute dollars when compared to the year-ago period. The absolute dollar expense increase was primarily due to higher engineering personnel-related expenses.
Selling, general and administrative expense increased 13% in absolute dollars when compared to the year-ago period. The absolute dollar expense increase was primarily due to higher personnel-related expenses.
21
Operating Income
Operating Income (Loss)
39-Weeks Ended
September 27, 2025
Year-over-Year Change
39-Weeks Ended
September 28, 2024
Fitness
$
468,943
45
%
$
323,511
Percentage of Segment Net Sales
29
%
26
%
Outdoor
456,402
1
%
451,408
Percentage of Segment Net Sales
32
%
34
%
Aviation
172,508
17
%
146,899
Percentage of Segment Net Sales
24
%
23
%
Marine
199,181
7
%
185,422
Percentage of Segment Net Sales
22
%
23
%
Auto OEM
(35,112
)
NM
(29,327
)
Percentage of Segment Net Sales
(7
%)
(7
%)
Total
$
1,261,922
17
%
$
1,077,913
Percentage of Total Net Sales
25
%
24
%
NM - Represents that the percentage change is not meaningful.
Total operating income in the first three quarters of 2025 increased 17% in absolute dollars and was relatively flat as a percent of revenue when compared to the year-ago period. The improved operating income dollar performance in fitness, outdoor, aviation, and marine was partially offset by a decrease in auto OEM.
Other Income (Expense)
Other Income (Expense)
39-Weeks Ended
September 27, 2025
39-Weeks Ended
September 28, 2024
Interest income
$
94,316
$
83,143
Foreign currency gains
21,582
15,584
Other income
1,329
2,623
Total
$
117,227
$
101,350
The average interest returns on cash and investments during the 39-week periods ended September 27, 2025 and September 28, 2024 were 3.2% and 3.3%, respectively.
Foreign currency gains and losses for the Company are driven by movements of a number of currencies in relation to the U.S. Dollar. The Taiwan Dollar is the functional currency of Garmin Corporation, the Euro is the functional currency of several subsidiaries, and the U.S. Dollar is the functional currency of Garmin (Europe) Ltd., although some transactions and balances are denominated in British Pounds. Other notable currency exposures include the Australian Dollar and Polish Zloty. The majority of the Company’s consolidated foreign currency gain or loss is typically driven by the significant cash and marketable securities, receivables and payables held in a currency other than the functional currency at a given legal entity.
The $21.6 million currency gain recognized in the 39-week period ended September 27, 2025 was primarily due to the U.S. Dollar weakening against the Euro and British Pound Sterling, partially offset by the U.S. Dollar weakening against the Taiwan Dollar, within the 39-week period ended September 27, 2025. During this period, the U.S. Dollar weakened 12.2% against the Euro and 6.5% against the British Pound Sterling, resulting in gains of $46.5 million and $2.9 million, respectively, while the U.S. Dollar weakened 7.8% against the Taiwan Dollar, resulting in a loss of $35.1 million. The remaining net currency gain of $7.3 million was related to the impacts of other currencies, each of which was individually immaterial.
The $15.6 million currency gain recognized in the 39-week period ended September 28, 2024 was primarily due to the U.S. Dollar strengthening against the Taiwan Dollar within the 39-week period ended September 28, 2024. During this period, the U.S. Dollar strengthened 2.8% against the Taiwan Dollar, resulting in a gain of $19.6 million. The remaining net currency loss of $4.0 million was related to the impacts of other drivers, each of which was individually immaterial.
22
Income Tax Provision
The Company recorded income tax expense of $243.9 million in the first three quarters of 2025, compared to income tax expense of $203.6 million in the first three quarters of 2024. The effective tax rate was 17.7% in the first three quarters of 2025, compared to 17.3% in the first three quarters of 2024. The increase in the effective tax rate in the current period was primarily driven by the U.S. tax legislation enacted during the current quarter, which, among other things, changed capitalization requirements of certain research and development costs, resulting in a decrease in certain expected U.S. tax deductions and credits.
Net Income
As a result of the above, net income for the 39-week period ended September 27, 2025 was $1,135.2 million compared to $975.7 million for the 39-week period ended September 28, 2024, an increase of $159.5 million.
Liquidity and Capital Resources
We primarily use cash flow from operations, and expect that future cash requirements may be used, to fund our capital expenditures, support our working capital requirements, pay dividends, fund share repurchases, and fund strategic acquisitions. We believe that our existing cash balances and cash flow from operations will be sufficient to meet our short- and long-term projected working capital needs, capital expenditures, and other cash requirements.
Cash, Cash Equivalents, and Marketable Securities
As of September 27, 2025, we had approximately $3.9 billion of cash, cash equivalents and marketable securities. Management invests idle or surplus cash in accordance with the Company's investment policy, which has been approved by the Company’s Board of Directors. The investment policy’s primary objectives are to preserve capital, maintain an acceptable degree of liquidity, and maximize yield within the constraint of low credit risk. Garmin’s average interest rate returns on cash and investments during the first three quarters of 2025 and 2024 were 3.2% and 3.3%, respectively. The fair value of our securities varies from period to period due to changes in interest rates, the performance of the underlying collateral, and the credit performance of the underlying issuer, among other factors. See Note 4 – Marketable Securities in the Notes to the Condensed Consolidated Financial Statements for additional information regarding marketable securities.
Cash Flows
Cash provided by operating activities totaled $1,079.6 million for the first three quarters of 2025, compared to $948.6 million for the first three quarters of 2024. The increase was primarily due to an increase in cash received from customers primarily driven by higher net sales, partially offset by increases in cash paid for cost of goods sold and operating expenses and a strategic increase in inventory in the first three quarters of 2025 compared to the first three quarters of 2024.
Cash used in investing activities totaled $513.8 million for the first three quarters of 2025, compared to $190.8 million for the first three quarters of 2024. The increase was primarily due to an increase in cash used for acquisitions, an increase in net purchases of marketable securities, and an increase in purchases of property and equipment in the first three quarters of 2025 compared to the first three quarters of 2024.
Cash used in financing activities totaled $625.5 million for the first three quarters of 2025, compared to $449.4 million for the first three quarters of 2024. This increase was primarily due to higher purchases of treasury shares under the share repurchase plan, higher cash dividend payments, and an increase in the purchase of treasury shares related to equity awards in the first three quarters of 2025 compared to the first three quarters of 2024.
Use of Cash
Operating Leases
The Company has lease arrangements for certain real estate properties, vehicles, and equipment. Leased properties are typically used for office space, distribution, data centers, and retail. As of September 27, 2025, the Company had fixed lease payment obligations of $222.7 million, with $42.8 million payable within 12 months.
23
Inventory Purchase Obligations
The Company obtains various raw materials and components for its products from a variety of third party suppliers. The Company’s inventory purchase obligations are primarily noncancelable commitments. As of September 27, 2025, the Company had inventory purchase obligations of $922.8 million, with $683.1 million payable within 12 months.
Other Purchase Obligations
The Company’s other purchase obligations primarily consist of noncancelable commitments for capital expenditures and other indirect purchases in connection with conducting our business. As of September 27, 2025, the Company had other purchase obligations of $375.6 million, with $173.7 million payable within 12 months.
Other Uses of Cash
The Company estimates net cash outlays for income taxes in 2025 will be lower than previously anticipated, primarily as a result of the U.S. tax legislation enacted during the current quarter, which changed capitalization requirements of certain research and development costs.
Critical Accounting Policies and Estimates
General
Our discussion and analysis of financial condition and results of operations are based upon the Company’s condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The presentation of these financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, including those related to customer sales programs and incentives, product returns, bad debts, inventories, investments, intangible assets, income taxes, warranty obligations, and contingencies and litigation. We base our estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
For a description of the significant accounting policies and methods used in the preparation of the Company’s condensed consolidated financial statements, refer to Note 1, “Summary of Significant Accounting Policies” in the Notes to the Consolidated Financial Statements in Part II, Item 8 and “Critical Accounting Policies and Estimates” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2024. There were no significant changes to the Company’s critical accounting policies and estimates in the 13-week and 39-week periods ended September 27, 2025.
24
Item 3. Quantitative and Qualitat
ive Disclosures About Market Risk
There are numerous market risks that can affect our future business, financial condition and results of operations. In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part II, Item 7A, "Quantitative and Qualitative Disclosures About Market Risk” in our Annual Report on Form 10-K for the fiscal year ended December 28, 2024. There have been no material changes during the 13-week and 39-week periods ended September 27, 2025 in the risks described in our Annual Report on Form 10-K related to market sensitivity, inflation, foreign currency exchange rate risk and interest rate risk.
Item 4. Controls
and Procedures
(a)
Evaluation of disclosure controls and procedures.
The Company maintains a system of disclosure controls and procedures that are designed to provide reasonable assurance that information, which is required to be timely disclosed, is accumulated and communicated to management in a timely fashion. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. As of September 27, 2025, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company’s disclosure controls and procedures. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded as of September 27, 2025 that our disclosure controls and procedures were effective such that the information relating to the Company, required to be disclosed in our Securities and Exchange Commission (SEC) reports (i) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and (ii) is accumulated and communicated to the Company’s management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
(b)
Changes in internal control over financial reporting
. There has been no change in the Company’s internal controls over financial reporting that occurred during the Company’s fiscal quarter ended September 27, 2025 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
25
Part II - Othe
r Information
Item 1. Legal
Proceedings
In the normal course of business, the Company and its subsidiaries are parties to various legal claims, actions, and complaints, including matters involving patent infringement, other intellectual property, product liability, customer claims and various other risks. It is not possible to predict with certainty whether or not the Company and its subsidiaries will ultimately be successful in any of these legal matters, or if not, what the impact might be. However, the Company’s management does not expect that the results in any of these legal proceedings will have a material adverse effect on the Company’s business, results of operations, financial position or cash flows. For additional information, see Note 8, "Commitments and Contingencies" in the above Condensed Consolidated Financial Statements and Part I, Item 3, “Legal Proceedings” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2024.
Item 1A. Ri
sk Factors
There are many risks and uncertainties that can affect our future business, financial performance or share price. In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 28, 2024. There have been no material changes to the risks presented in our Annual Report on Form 10-K for the fiscal year ended December 28, 2024, except as described in the updated risk factor below, which is repeated from our Quarterly Report for the period June 28, 2025. These risks, however, are not the only risks facing our Company. Additional risks and uncertainties, including those not currently known to us or that we currently deem to be immaterial, also may materially adversely affect our business, financial condition and/or operating results.
Changes to trade regulations, including trade restrictions, such as tariffs, duties, and sanctions, could significantly harm our results of operations.
The rapidly evolving international trade environment has created economic and operational uncertainties that could significantly harm our business and results of operations.
Certain of the goods we import are subject to tariffs and duties imposed by customs authorities of the jurisdictions into which they are imported. We manufacture our products in, and source goods from, multiple jurisdictions, such as Taiwan and China among others. New or increased tariffs, duties, or other trade restrictions imposed on products, goods, or components we import into the United States or other countries could have a substantial adverse impact on our business and financial results.
Additionally, some tariffs and duties are based on the classifications of the goods imported, which are routinely subject to review by customs authorities. We are unable to predict whether those authorities will change the determination of the classifications of any of our imports. Any such changes could result in increased tariffs or duties, or other restrictions on our importation of goods. The imposition of and our response to new or enhanced trade restrictions on imports or exports, or any selective or inconsistent application relating to trade restrictions, could result in a substantial adverse effect on our business, competitive position, results of operations, and financial condition.
26
Item 2. Unregistered Sales of Equi
ty Securities and Use of Proceeds
Issuer Purchases of Equity Securities
Share repurchase activity during the 13-week period ended September 27, 2025, summarized on a trade-date basis, was as follows (in thousands, except per share amounts):
Period
Total Number of Shares Purchased
(1)
Average Price Paid Per Share
(2)
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
Approximate Dollar Value of Shares That May Yet Be Purchased Under the Program
June 29, 2025 - July 26, 2025
49
$
219.68
49
$
132,639
July 27, 2025 - August 23, 2025
50
$
230.04
50
$
121,136
August 24, 2025 - September 27, 2025
60
$
237.20
60
$
106,904
Total
159
159
(1) The Board of Directors approved a share repurchase program on February 16, 2024 (the "2024 Program"), which was announced on February 21, 2024. The 2024 Program authorizes the Company to purchase up to $300 million of its common shares, exclusive of the cost of any associated excise tax. Share repurchases may be made in the open market or in privately negotiated transactions, including under plans complying with the provisions of Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The timing and volume of share repurchases are subject to market conditions, business conditions and applicable laws, and are at management’s discretion. The 2024 Program does not require the purchase of any minimum number of shares and may be suspended or discontinued at any time. The 2024 Program expires on December 26, 2026. Refer to Note 9 – Stockholders’ Equity in the Notes to the Condensed Consolidated Financial Statements for additional information related to share repurchases.
(2) Average price paid per share includes costs associated with the repurchases, except for the cost of any associated excise tax.
Item 3. Defaults Upo
n Senior Securities
None.
Item 4. Mine Saf
ety Disclosures
Not applicable.
Item 5. Other
Information
(c) Trading Plans
During the 13-week period ended September 27, 2025
, no directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934) of the Company
adopted
or
terminated
any “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K, except as follows:
•
On
August 1, 2025
,
Patrick Desbois
,
Co-Chief Operating Officer
, adopted a new written trading plan intended to satisfy the affirmative defense conditions of
Rule 10b5-1
(c) under the Exchange Act for the potential sale of 100% of the net shares (net of tax withholding) resulting from the maximum potential equity awards vesting of
18,443
gross shares of our common shares during the plan period, subject to certain conditions. The first trade date will not occur until December 15, 2025 at the earliest, and the plan's maximum duration is until
March 4, 2026
.
Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
Exhibit 101.SCH‡
Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
Exhibit 104‡
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
* Management contract or compensatory plan or arrangement pursuant to 601(b)(10)(iii)(A) of Regulation S-K.
‡ Filed herewith.
† Furnished herewith.
28
SIGNA
TURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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