Analyst Consensus ?
ConsensusHold28 ratings
Bullish621.4%
Neutral2071.4%
Bearish27.2%
Garmin Ltd. · GRMN · FY2025 Q2 · Calendar Q3 2025
Garmin: Record Q2, Higher Guidance, Broad-Based Segment Growth
The supplied analysis supports a constructive operating thesis: resilient demand, product launches, segment breadth, and the MyLabs acquisition accompanied record Q2 results and higher full-year guidance. The thesis remains conditional on demand durability, margin execution, and tariff and foreign-exchange effects.
Reported Before market openNYSETechnology
$53.26B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.17
Consensus $1.90
EPS surprise
+14.2%
Reported versus consensus
Reported revenue
$1.81B
Consensus $1.70B
Revenue surprise
+6.7%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-7.4%
Event window
SPY move
-0.1%
Same window
Abnormal move
-7.3%
Stock minus SPY
Volume
3.7×
Versus trailing sessions
Subsequent drift
+6.3%
Up to 20 sessions
GRMNSPY benchmark
Ask FN2 about GRMN FY2025 Q2
Transcript, numbers and history already loaded
Why did GRMN fall 7.4% after beating EPS estimates in FY2025 Q2?What changed in GRMN's guidance and outlook in FY2025 Q2?Give me the bull and bear case for GRMN after FY2025 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, Garmin reported stronger record results, raised full-year revenue and EPS guidance, and added MyLabs to its growth plans. The company also highlighted new fitness and aviation products, broader subscription expansion, and progress toward a 2026 auto OEM program.
Guidance delta
Management raised full-year guidance to $7.1 billion of revenue and $8 EPS.
Key takeaways
- Revenue grew 20% year over year to a record $1.815 billion, while operating income rose 38%.
- Management cited strong launches across fitness, outdoor, aviation, marine, and auto OEM.
- The MyLabs acquisition expands the addressable market and is included in full-year guidance.
- Margins expanded despite tariff and foreign-currency headwinds.
Management priorities
- Roll out Forerunner 570, Forerunner 970, and Venu X1 fitness devices.
- Develop aviation products including G5000 Prime, SmartCharts, and FAA Datacom.
- Integrate MyLabs, expand subscription services, and progress the 2026 auto OEM program.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$268.36Current
$140Low
$262.89Average
$370High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 10, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Tigress Financial | Strong Buy | Strong Buy | Maintain | Aug 6, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jul 30, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jul 30, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Apr 16, 2026 |
| Longbow Research | Buy | Neutral | Upgrade | Dec 3, 2025 |
| B of A Securities | Underperform | Neutral | Downgrade | May 22, 2024 |
| Barrington Research | Equal Weight | Equal Weight | Maintain | Feb 22, 2024 |
| Keybanc | Equal Weight | Sector Weight | Maintain | Apr 19, 2023 |
| Deutsche Bank | Buy | Hold | Upgrade | Jan 5, 2022 |
| Credit Suisse | Neutral | Neutral | Maintain | Apr 29, 2021 |
| CFRA | Hold | Hold | Maintain | Apr 29, 2020 |
| Baird | Neutral | Neutral | Maintain | Feb 22, 2018 |
| Goldman Sachs | Neutral | Sell | Upgrade | Mar 6, 2017 |
| Raymond James | Market Perform | Outperform | Downgrade | Aug 22, 2016 |
| Bank of America | Underperform | Buy | Downgrade | Aug 4, 2016 |
| Citigroup | Neutral | Sell | Upgrade | Oct 29, 2015 |
| Dougherty & Co. | Neutral | Buy | Downgrade | Oct 15, 2015 |
| Dougherty | Neutral | Buy | Downgrade | Oct 15, 2015 |
| Sterne Agee CRT | Neutral | Neutral | Maintain | Sep 28, 2015 |
| DA Davidson | Neutral | Neutral | Maintain | Sep 14, 2015 |
| Oppenheimer | Market Perform | Outperform | Downgrade | Mar 16, 2015 |
| Atlantic Equities | Neutral | Overweight | Downgrade | Feb 20, 2015 |
| RBC Capital | Outperform | Sector Perform | Upgrade | Jan 26, 2015 |
| Pacific Crest | Sector Perform | Underperform | Upgrade | Jan 14, 2015 |
| Wells Fargo | Market Perform | Outperform | Downgrade | Feb 20, 2014 |
| Midtown Partners | Neutral | Neutral | Maintain | Nov 1, 2013 |
| William Blair | Outperform | Outperform | Maintain | Feb 15, 2013 |
| Wedbush | Outperform | Neutral | Upgrade | Aug 2, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $268.36. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Analyst unavailable | $370 | $301.94 | +37.9% | Aug 6, 2026 |
| Morgan Stanley | Analyst unavailable | $289 | $291.65 | +7.7% | Jul 30, 2026 |
| Barclays | Tim Long | $297 | $294.83 | +10.7% | Jul 30, 2026 |
| Tigress Financial | Analyst unavailable | $325 | $237.45 | +21.1% | May 20, 2026 |
| Morgan Stanley | Analyst unavailable | $249 | $250.6 | -7.2% | Apr 30, 2026 |
| Barclays | Analyst unavailable | $238 | $253.08 | -11.3% | Apr 30, 2026 |
| Tigress Financial | Analyst unavailable | $320 | $242.46 | +19.2% | Feb 20, 2026 |
| Barclays | Analyst unavailable | $240 | $237.46 | -10.6% | Feb 19, 2026 |
| Morgan Stanley | Erik Woodring | $252 | $237.46 | -6.1% | Feb 19, 2026 |
| Barclays | Analyst unavailable | $217 | $212.6 | -19.1% | Jan 16, 2026 |
| Tigress Financial | Analyst unavailable | $310 | $202.74 | +15.5% | Dec 19, 2025 |
| Barclays | Analyst unavailable | $208 | $219.61 | -22.5% | Oct 30, 2025 |
| Tigress Financial | Ivan Feinseth | $305 | $245.53 | +13.7% | Sep 30, 2025 |
| Morgan Stanley | Analyst unavailable | $193 | $236.05 | -28.1% | Sep 19, 2025 |
| Tigress Financial | Ivan Feinseth | $215 | $171.76 | -19.9% | Sep 19, 2024 |
| Barclays | Tim Long | $133 | $182.76 | -50.4% | Sep 13, 2024 |
| Tigress Financial | Ivan Feinseth | $210 | $170.18 | -21.7% | May 14, 2024 |
| Tigress Financial | Analyst unavailable | $165 | $97.6 | -38.5% | Aug 5, 2022 |
| Morgan Stanley | Analyst unavailable | $96 | $96.57 | -64.2% | Jul 28, 2022 |
| Morgan Stanley | Erik Woodring | $115 | $96.72 | -57.1% | Jun 14, 2022 |
| Tigress Financial | Ivan Feinseth | $208 | $106.03 | -22.5% | May 6, 2022 |
| Deutsche Bank | Jeffrey Rand | $150 | $109.74 | -44.1% | Apr 30, 2022 |
| Bank of America Securities | Ronald Epstein | $140 | $119.61 | -47.8% | Mar 18, 2022 |
| Tigress Financial | Ivan Feinseth | $205 | $110.44 | -23.6% | Feb 28, 2022 |
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Start freeCompany context
Snapshot as of publicationGarmin Ltd. specializes in the design, development, manufacturing, marketing, and global distribution of diverse wireless products and solutions. Its operations span across North and South America, the Asia Pacific region, the Australian Continent, Europe, the Middle East, and Africa. The company's offerings are organized into several key segments: Fitness: This division caters to athletes and active individuals with products like specialized running and multi-sport watches, cycling computers, activity trackers, smartwatches, and various fitness-related accessories. Additionally, it supports these offerings with its Garmin Connect web and mobile platforms, alongside Connect IQ, an ecosystem for app development. Outdoor: Garmin's Outdoor category features rugged adventure watches, portable GPS devices, golf-specific instruments and accompanying mobile applications, plus specialized dog tracking and training systems.…
Historical context
All GRMN earningsTechnology peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| ACN Accenture plc | FY2026 Q4 · Calendar Q4 2026 | +3.5% | +15.8% | Accenture: AI demand supports strong Q4, while pricing and geopolitics remain risks |
| JBL Jabil Inc. | FY2026 Q4 · Calendar Q3 2026 | +8.1% | -10.0% | Jabil enters FY2027 with AI-led growth and capacity risks |
| MU Micron Technology, Inc. | FY2026 Q4 · Calendar Q3 2026 | +5.4% | +0.0% | Micron: Strong AI Memory Demand, Higher Capex, and HBM4E Ahead |
| SNX TD Synnex Corp | FY2026 Q3 · Calendar Q3 2026 | +20.9% | -9.9% | TD SYNNEX: AI-led growth accelerates, but mix and cash flow matter |
| ADBE Adobe Inc. | FY2026 Q3 · Calendar Q3 2026 | +0.8% | +1.4% | Adobe raises FY26 outlook as AI strategy broadens |
| ORCL Oracle Corporation | FY2027 Q1 · Calendar Q3 2026 | +10.3% | -1.7% | Oracle raises FY27 outlook as AI demand accelerates cloud growth |
Latest beats and misses
Who reports nextBeat on EPS
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:55.686058+00:00
- Polygon adjusted daily market bars · 2026-10-09T23:40:43.377082+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-09T23:40:43.374345+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-09. For educational purposes only; not investment advice.