Analyst Consensus ?
ConsensusHold28 ratings
Bullish621.4%
Neutral2071.4%
Bearish27.2%
Garmin Ltd. · GRMN · FY2026 Q1 · Calendar Q2 2026
Garmin Q1 2026: Record Revenue Beats on 42% Fitness Surge, Guidance Maintained
Garmin delivered a record first quarter with revenue of $1.75 billion, up 14% year over year, beating consensus on both the top and bottom lines. EPS of $2.08 surpassed the $1.84 estimate by 13%, while revenue exceeded estimates by approximately 1.7%. The Fitness segment was the standout, growing 42% on strong wearable demand, complemented by double-digit growth in Aviation and Marine. The Outdoor segment saw a modest year-over-year decline but management expects a rebound in the second half of 2026. Operating margin expanded to 24.6%, aided by favorable currency effects and cost discipline. The company maintained its full-year guidance, signaling confidence in the trajectory despite component cost pressures and a transitional period in its Auto OEM segment ahead of the Mercedes-Benz program ramp in 2027. The stock rose roughly 2.1% on the report but subsequently drifted down about…
Reported Before market openNYSETechnology
$48.92B market cap
100quality score
Company 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.…
Earnings scorecard
Reported versus consensus
Reported EPS
$2.08
Consensus $2
EPS surprise
+13.0%
Reported versus consensus
Reported revenue
$1.75B
Consensus $1.72B
Revenue surprise
+1.7%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$294.83Current
$133Low
$224Average
$325High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 30, 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 | May 20, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Apr 30, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Apr 16, 2026 |
| Morgan Stanley | Equal Weight | Underweight | Upgrade | Feb 19, 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 $294.83. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Tigress Financial | Analyst unavailable | $325 | $237.45 | +10.2% | May 20, 2026 |
| Morgan Stanley | Analyst unavailable | $249 | $250.6 | -15.5% | Apr 30, 2026 |
| Barclays | Analyst unavailable | $238 | $253.08 | -19.3% | Apr 30, 2026 |
| Tigress Financial | Analyst unavailable | $320 | $242.46 | +8.5% | Feb 20, 2026 |
| Barclays | Analyst unavailable | $240 | $237.46 | -18.6% | Feb 19, 2026 |
| Morgan Stanley | Erik Woodring | $252 | $237.46 | -14.5% | Feb 19, 2026 |
| Barclays | Analyst unavailable | $217 | $212.6 | -26.4% | Jan 16, 2026 |
| Tigress Financial | Analyst unavailable | $310 | $202.74 | +5.1% | Dec 19, 2025 |
| Barclays | Analyst unavailable | $208 | $219.61 | -29.5% | Oct 30, 2025 |
| Tigress Financial | Ivan Feinseth | $305 | $245.53 | +3.4% | Sep 30, 2025 |
| Morgan Stanley | Analyst unavailable | $193 | $236.05 | -34.5% | Sep 19, 2025 |
| Tigress Financial | Ivan Feinseth | $215 | $171.76 | -27.1% | Sep 19, 2024 |
| Barclays | Tim Long | $133 | $182.76 | -54.9% | Sep 13, 2024 |
| Tigress Financial | Ivan Feinseth | $210 | $170.18 | -28.8% | May 14, 2024 |
| Tigress Financial | Analyst unavailable | $165 | $97.6 | -44.0% | Aug 5, 2022 |
| Morgan Stanley | Analyst unavailable | $96 | $96.57 | -67.4% | Jul 28, 2022 |
| Morgan Stanley | Erik Woodring | $115 | $96.72 | -61.0% | Jun 14, 2022 |
| Tigress Financial | Ivan Feinseth | $208 | $106.03 | -29.5% | May 6, 2022 |
| Deutsche Bank | Jeffrey Rand | $150 | $109.74 | -49.1% | Apr 30, 2022 |
| Bank of America Securities | Ronald Epstein | $140 | $119.61 | -52.5% | Mar 18, 2022 |
| Tigress Financial | Ivan Feinseth | $205 | $110.44 | -30.5% | Feb 28, 2022 |
Track every rating change on GRMN the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
+2.1%
Event window
SPY move
-0.0%
Same window
Abnormal move
+2.1%
Stock minus SPY
Volume
1.9×
Versus trailing sessions
Subsequent drift
-6.6%
Up to 20 sessions
GRMNSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Revenue reached a Q1 record of $1.75 billion (up 14% YoY), with EPS of $2.08 beating the $1.84 estimate by 13%. The Fitness segment surged 42%, the primary growth driver, while Aviation and Marine posted double-digit growth. The Outdoor segment declined year over year but is expected to recover in H2 2026. Operating margin expanded to 24.6%. New product launches included the Varia RearVue 820 radar tail light, Approach G82 GPS with launch monitor, Quatix 8 Pro nautical smartwatch, 360-degree scanning sonar with Spy pole technology, and the Approach J1 junior-golfer GPS watch. Garmin announced integration with the Natural Cycles reproductive-health app and WhatsApp via Connect IQ. The FAA certified the Hondajet Elite II with Garmin's Emergency Autoland technology. The stock rose approximately 2.1% on the report but subsequently drifted down about 6.6%.
Guidance delta
Management maintained full-year 2026 guidance, which calls for approximately $7.9 billion in revenue (roughly 9% growth), as previously outlined in the Q4 2025 report when guidance was raised. The maintained stance comes despite a strong Q1 beat, suggesting management is not front-loading improved expectations and remains measured about component cost pressures, Outdoor segment softness, and the Auto OEM transition before the Mercedes-Benz program begins contributing in 2027. This is a shift from the prior quarter's raised guidance posture.
Key takeaways
- Record Q1 revenue of $1.75 billion, up 14% YoY, with EPS of $2.08 beating consensus by 13%.
- Fitness segment grew 42%, the primary growth engine, driven by strong wearable and health-tracking demand.
- Operating margin expanded to 24.6% on favorable currency effects and disciplined cost management.
- Outdoor segment declined year over year but is expected to rebound in the second half of 2026.
- Aviation and Marine posted double-digit growth, supported by OEM deliveries and new product launches.
- Full-year 2026 guidance maintained at approximately $7.9 billion revenue, consistent with the prior quarter's raised outlook.
Management priorities
- Scaling subscription services such as Garmin Connect Plus and deepening third-party app integrations.
- Launching additional new products across all segments throughout 2026, including emerging categories.
- Ramping the Mercedes-Benz large-scale automotive program starting in 2027 to replace declining BMW OEM revenue.
- Maintaining inventory safety stocks to mitigate component cost volatility and supply-chain risks.
- Expanding distribution breadth across retail and channel partners globally.
- Continuing investment in the new Thailand manufacturing facility, slated for early 2027.
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 · 2026-07-30T01:21:15.588296+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-30T01:21:15.585510+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 . For educational purposes only; not investment advice.