Garmin shares Q2 report
Garmin has announced its financial results for the second quarter ended June 28, 2025, reporting a record consolidated revenue of $1.81 billion.
Along with a 20% increase in consolidated revenue compared to the prior year quarter, gross margin expanded to 58.8% compared to 57.3% year-over-year. Operating margin expanded to 26% from 22.7% the previous year quarter, and the company reported a record operating income of $472 million, a 38% increase compared to the prior year quarter.
“We delivered another quarter of outstanding financial results with double-digit growth in every segment, driven by our strong lineup of innovative and highly differentiated products that customers desire,” said Cliff Pemble, president and chief executive officer of Garmin Ltd. “We are very pleased with our results so far in 2025, which have exceeded our expectations and give us confidence to raise our full year guidance.”
Revenue from the marine segment increased 10% in the second quarter, with growth across multiple categories led by chartplotters. Gross and operating margins were 55% and 21%, respectively, resulting in $63 million of operating income. During the quarter, Garmin launched the GPSMAP 15×3 chartplotters, with a premium ultrawide display. The company also launched the quatix 8 marine smartwatch.
2025 fiscal year guidance
Based on the company’s performance in the first half of 2025, Garmin is raising its full-year 2025 guidance. Garmin now anticipates revenue of approximately $7.1 billion and pro forma EPS of $8.00 based on a gross margin of 58.5%, an operating margin of 24.8% and a full-year tax rate of 17.5%.
