Analyst Consensus ?
ConsensusHold28 ratings
Bullish621.4%
Neutral2071.4%
Bearish27.2%
Garmin Ltd. · GRMN · FY2026 Q3 · Calendar Q4 2026
Garmin raises FY2026 outlook as Q3 demand stays strong
Garmin's Q3 analysis supports a constructive operating picture: demand was strong across fitness, outdoor, marine, and aviation, while product launches and planned capacity support the outlook. The main counterweights are memory and raw-material costs, higher inventory and prepayments, marine softness, and the declining auto OEM business before the Mercedes program rolls out.
Reported Before market openNYSETechnology
$55.74B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $2.41
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $1.99B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-4.8%
Event window
SPY move
+0.2%
Same window
Abnormal move
-5.0%
Stock minus SPY
Volume
1.4×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
GRMNSPY benchmark
Ask FN2 about GRMN FY2026 Q3
Transcript, numbers and history already loaded
What drove GRMN's -4.8% move after FY2026 Q3 earnings?What changed in GRMN's guidance and outlook in FY2026 Q3?Give me the bull and bear case for GRMN after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The current analysis describes record Q3 results with 12% revenue growth and expanded margins, and says full-year guidance was raised to $8.15 billion of revenue and $10.80 of EPS. The analysis also identifies a $33 million tariff refund as a Q3 margin benefit, while inventory and memory-cost pressures remain concerns.
Guidance delta
Raised: full-year revenue guidance to $8.15 billion and EPS guidance to $10.80, according to the current transcript analysis.
Key takeaways
- Fitness, outdoor, marine, and aviation were identified as Q3 growth areas.
- CIRQL, Fenix 9, LiveScope Plus, and the G1 integrated flight deck were highlighted as demand drivers.
- Management's outlook includes a Thailand manufacturing facility scheduled for Q1 2027 and a Mercedes-Benz domain controller program in 2027.
- The auto OEM segment is declining while memory costs, inventory levels, and supply constraints create near-term pressure.
Management priorities
- Launch premium wearables, adventure watches, cycling computers, and Connect Plus features.
- Expand aviation retrofit programs and Autoland installations, while pursuing further certifications.
- Commission the Thailand production facility in Q1 2027 and use vertical integration to improve cost efficiency and supply flexibility.
- Invest in R&D to support premium product mix and pricing power.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$275.36Current
$140Low
$270.1Average
$370High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 28, 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 $275.36. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Arete Research | Richard Kramer | $335 | $276.41 | +21.7% | Oct 14, 2026 |
| UBS | Analyst unavailable | $370 | $301.94 | +34.4% | Aug 6, 2026 |
| Morgan Stanley | Analyst unavailable | $289 | $291.65 | +5.0% | Jul 30, 2026 |
| Barclays | Tim Long | $297 | $294.83 | +7.9% | Jul 30, 2026 |
| Tigress Financial | Analyst unavailable | $325 | $237.45 | +18.0% | May 20, 2026 |
| Morgan Stanley | Analyst unavailable | $249 | $250.6 | -9.6% | Apr 30, 2026 |
| Barclays | Analyst unavailable | $238 | $253.08 | -13.6% | Apr 30, 2026 |
| Tigress Financial | Analyst unavailable | $320 | $242.46 | +16.2% | Feb 20, 2026 |
| Barclays | Analyst unavailable | $240 | $237.46 | -12.8% | Feb 19, 2026 |
| Morgan Stanley | Erik Woodring | $252 | $237.46 | -8.5% | Feb 19, 2026 |
| Barclays | Analyst unavailable | $217 | $212.6 | -21.2% | Jan 16, 2026 |
| Tigress Financial | Analyst unavailable | $310 | $202.74 | +12.6% | Dec 19, 2025 |
| Barclays | Analyst unavailable | $208 | $219.61 | -24.5% | Oct 30, 2025 |
| Tigress Financial | Ivan Feinseth | $305 | $245.53 | +10.8% | Sep 30, 2025 |
| Morgan Stanley | Analyst unavailable | $193 | $236.05 | -29.9% | Sep 19, 2025 |
| Tigress Financial | Ivan Feinseth | $215 | $171.76 | -21.9% | Sep 19, 2024 |
| Barclays | Tim Long | $133 | $182.76 | -51.7% | Sep 13, 2024 |
| Tigress Financial | Ivan Feinseth | $210 | $170.18 | -23.7% | May 14, 2024 |
| Tigress Financial | Analyst unavailable | $165 | $97.6 | -40.1% | Aug 5, 2022 |
| Morgan Stanley | Analyst unavailable | $96 | $96.57 | -65.1% | Jul 28, 2022 |
| Morgan Stanley | Erik Woodring | $115 | $96.72 | -58.2% | Jun 14, 2022 |
| Tigress Financial | Ivan Feinseth | $208 | $106.03 | -24.5% | May 6, 2022 |
| Deutsche Bank | Jeffrey Rand | $150 | $109.74 | -45.5% | Apr 30, 2022 |
| Bank of America Securities | Ronald Epstein | $140 | $119.61 | -49.2% | Mar 18, 2022 |
| Tigress Financial | Ivan Feinseth | $205 | $110.44 | -25.6% | 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 |
|---|---|---|---|---|
| TEL TE Connectivity plc | FY2026 Q4 · Calendar Q4 2026 | — | -1.4% | TE Connectivity: AI infrastructure drives FY2027 growth outlook |
| ADP Automatic Data Processing, Inc. | FY2027 Q1 · Calendar Q4 2026 | — | -2.5% | ADP raises outlook as AI rollout and bookings support FY27 growth |
| UMC United Microelectronics Corporation | FY2026 Q3 · Calendar Q4 2026 | — | -4.0% | UMC Q3 2026: record shipments, 34% gross margin, $3.2B capex added for AI packaging |
| SKHY SK hynix Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +1.9% | SK hynix leans into AI memory demand and 2027 capacity |
| NXPI NXP Semiconductors N.V. | FY2026 Q3 · Calendar Q4 2026 | +1.9% | +3.1% | NXP posts strong Q3 as SDV, industrial AI and data center gains build |
| MANH Manhattan Associates, Inc. | FY2026 Q3 · Calendar Q4 2026 | +6.2% | -1.0% | Manhattan Associates Q3: Cloud Growth and RPO Lift Outlook |
Latest beats and misses
Who reports nextBeat on EPS
- HLTFY2026 Q3 · October 27, 2026+3.4% EPS-2.1% move
- SPGIFY2026 Q3 · October 27, 2026+3.4% EPS-0.4% move
- PYPLFY2026 Q3 · October 27, 2026+10.7% EPS+2.0% move
- CMSAFY2026 Q3 · October 27, 2026+6.7% EPS0.0% move
- ITWFY2026 Q3 · October 27, 2026+2.4% EPS-0.1% move
- IQVFY2026 Q3 · October 27, 2026+2.5% EPS-0.7% move
Missed on EPS
- WMFY2026 Q3 · October 27, 2026-1.4% EPS-3.2% move
- ARCCFY2026 Q3 · October 27, 2026-3.4% EPS-0.5% move
- WSOFY2026 Q3 · October 27, 2026-8.0% EPS-1.4% move
- IVZFY2026 Q3 · October 27, 2026-2.7% EPS-0.4% move
- SHWFY2026 Q3 · October 27, 2026-1.6% EPS-2.7% move
- BAFY2026 Q3 · October 27, 2026-33.4% EPS-10.7% 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 · 2026-10-28T16:11:52.716873+00:00
- FN2 earnings calendar · 2026-10-28T01:23:13.546025+00:00
- Polygon adjusted daily market bars · 2026-10-28T18:00:44.763197+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-28T18:00:44.760569+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 2026-10-28. For educational purposes only; not investment advice.