Analyst Consensus ?
ConsensusHold28 ratings
Bullish621.4%
Neutral2071.4%
Bearish27.2%
Garmin Ltd. · GRMN · FY2025 Q3 · Calendar Q4 2025
Garmin posts record Q3 as outdoor demand softens
The current analysis supports a constructive but qualified view: broad-based segment growth, product launches, and raised guidance support Garmin's trajectory, while Outdoor softness and cost and execution risks argue against an unqualified conclusion.
Reported Before market openNYSETechnology
$54.22B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.99
Consensus $1.99
EPS surprise
0.0%
Reported versus consensus
Reported revenue
$1.77B
Consensus $1.78B
Revenue surprise
-0.6%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-11.5%
Event window
SPY move
+0.0%
Same window
Abnormal move
-11.5%
Stock minus SPY
Volume
4.4×
Versus trailing sessions
Subsequent drift
-11.3%
Up to 20 sessions
GRMNSPY benchmark
Ask FN2 about GRMN FY2025 Q3
Transcript, numbers and history already loaded
Why did GRMN fall 11.5% after beating EPS estimates in FY2025 Q3?What changed in GRMN's guidance and outlook in FY2025 Q3?Give me the bull and bear case for GRMN after FY2025 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The latest analysis adds record quarterly performance, raised full-year EPS guidance, new product and partnership developments, and a more cautious Outdoor outlook versus the prior quarter.
Guidance delta
Management raised full-year EPS guidance and lifted growth expectations for Fitness, Aviation, Marine, and Auto OEM, while moderating the Outdoor outlook.
Key takeaways
- Management described record quarterly revenue and operating income with robust margins.
- Fitness, Marine, and Aviation delivered double-digit growth and supported the overall result.
- Outdoor slowed, leading to a lower growth outlook despite new product launches.
- Management highlighted healthy channel inventory, tariff mitigation, and continued connectivity investment.
Management priorities
- Execute new wearable, cycling, marine, equine, and automotive product launches
- Expand inReach and Messenger connectivity services
- Advance the late-2026 auto OEM program
- Manage tariff exposure, inventory, warranty costs, and foreign-exchange effects
Follow GRMN with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$281.16Current
$140Low
$262.89Average
$370High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 4, 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 $281.16. 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 | +31.6% | Aug 6, 2026 |
| Morgan Stanley | Analyst unavailable | $289 | $291.65 | +2.8% | Jul 30, 2026 |
| Barclays | Tim Long | $297 | $294.83 | +5.6% | Jul 30, 2026 |
| Tigress Financial | Analyst unavailable | $325 | $237.45 | +15.6% | May 20, 2026 |
| Morgan Stanley | Analyst unavailable | $249 | $250.6 | -11.4% | Apr 30, 2026 |
| Barclays | Analyst unavailable | $238 | $253.08 | -15.4% | Apr 30, 2026 |
| Tigress Financial | Analyst unavailable | $320 | $242.46 | +13.8% | Feb 20, 2026 |
| Barclays | Analyst unavailable | $240 | $237.46 | -14.6% | Feb 19, 2026 |
| Morgan Stanley | Erik Woodring | $252 | $237.46 | -10.4% | Feb 19, 2026 |
| Barclays | Analyst unavailable | $217 | $212.6 | -22.8% | Jan 16, 2026 |
| Tigress Financial | Analyst unavailable | $310 | $202.74 | +10.3% | Dec 19, 2025 |
| Barclays | Analyst unavailable | $208 | $219.61 | -26.0% | Oct 30, 2025 |
| Tigress Financial | Ivan Feinseth | $305 | $245.53 | +8.5% | Sep 30, 2025 |
| Morgan Stanley | Analyst unavailable | $193 | $236.05 | -31.4% | Sep 19, 2025 |
| Tigress Financial | Ivan Feinseth | $215 | $171.76 | -23.5% | Sep 19, 2024 |
| Barclays | Tim Long | $133 | $182.76 | -52.7% | Sep 13, 2024 |
| Tigress Financial | Ivan Feinseth | $210 | $170.18 | -25.3% | May 14, 2024 |
| Tigress Financial | Analyst unavailable | $165 | $97.6 | -41.3% | Aug 5, 2022 |
| Morgan Stanley | Analyst unavailable | $96 | $96.57 | -65.9% | Jul 28, 2022 |
| Morgan Stanley | Erik Woodring | $115 | $96.72 | -59.1% | Jun 14, 2022 |
| Tigress Financial | Ivan Feinseth | $208 | $106.03 | -26.0% | May 6, 2022 |
| Deutsche Bank | Jeffrey Rand | $150 | $109.74 | -46.6% | Apr 30, 2022 |
| Bank of America Securities | Ronald Epstein | $140 | $119.61 | -50.2% | Mar 18, 2022 |
| Tigress Financial | Ivan Feinseth | $205 | $110.44 | -27.1% | Feb 28, 2022 |
Track every rating change on GRMN the moment it posts. Free to start.
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
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
Get the GRMN recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-04T18:50:44.767324+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-04T18:50:44.764574+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 2026-10-04. For educational purposes only; not investment advice.