Garmin announces Q1 2025 results
Garmin released its results for the first quarter ended March 29, 2025, reporting a revenue decrease of 2% year over year in its marine segment. The company credits the revenue dip to the timing of promotions, which contributed to lower revenue from multiple product categories in the quarter. Gross and operating margins were 58% and 27%, respectively, resulting in $87 million of operating income.
“We delivered another quarter of outstanding financial results, which we attribute to our strong lineup of highly differentiated products that customers desire,” said Cliff Pemble, president and chief executive officer of Garmin Ltd, addressing the company’s performance in its fitness, outdoor, aviation, marine, and auto OEM segments. “While recent developments in global trade have created an atmosphere of uncertainty for many companies, we remain optimistic because of the resilience and flexibility our vertically integrated and highly diversified business model offers. We are very pleased with our results so far, and we look forward to the opportunities ahead as the year continues to unfold.”
During the quarter, Garmin launched the Force Pro trolling motor, with multi-band GPS for improved control, reverse thrust capabilities and a built-in sonar transducer. The company was also named 2025 Supplier of the Year for the second consecutive year by Independent Boat Builders, Inc. (IBBI), for providing outstanding service, support and dedication to its owner network.
Based on the first quarter results and the company’s assessment of the current global trade environment, Garmin is updating its full year 2025 expectations for revenue to approximately $6.85 billion and maintaining its pro forma EPS of $7.80 based on gross margin of 58.5%, operating margin of 24.8% and a full year tax rate of 16.5%.
