Garmin has reported its financial results for the second quarter ending 28 June 2025, highlighting double-digit growth across all segments, including a 10 per cent increase in marine revenue.
Consolidated revenue for the quarter reached $1.81bn, marking a 20 per cent increase year-on-year. Gross margin rose to 58.8 per cent and operating margin improved to 26 per cent. Operating income was $472m, up 38 per cent from the prior year quarter.
The marine division generated $63m in operating income for the period. New product introductions during the quarter included the GPSMAP 15×3 chartplotters, the premium Fusion Apollo RA800 marine stereo, and the Quatix 8 smartwatch.
“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,” says Cliff Pemble, president and chief executive officer. “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.”
Fitness segment revenue grew 41 per cent in the quarter, with operating income of $198m. Growth was attributed to increased demand for advanced wearables. In the outdoor segment, revenue increased 11 per cent, supported by demand for adventure watches. Operating income was $158m. The aviation segment recorded a 14 per cent rise in revenue with $63m in operating income.
The auto OEM segment saw a 16 per cent revenue increase, although it recorded a $10m operating loss. The company shipped its one millionth BMW domain controller from its US facility during the quarter.
Garmin also recently completed the acquisition of Mylaps, a company specializing in sports timing and performance analysis.
The US electronics giant reported record consolidated revenue of $1.54bn in Q1 2025, an increase of 11 per cent year-on-year.
Based on its performance, the company has raised its full-year 2025 guidance, now expecting revenue of $7.1bn and pro forma EPS of $8.00. The next dividend payment of $0.90 per share is scheduled for 26 September 2025, with additional payments planned through March 2026.
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