Garmin Q2 FY2026: revenue up 11.4%, guidance raised to $8.05 billion
Garmin beat and raised. Second-quarter revenue rose 11.4% year over year to $2.02 billion, gross margin jumped to 62.4%, and pro forma EPS of $2.81 beat the $2.2897 consensus by about 22.7%. Management lifted full-year revenue guidance to roughly $8.05 billion. The catch is the margin step-down baked into that full-year guide, so read this as a strong quarter, not a straight-line trend.
1 · Expected vs. Actual
Free preview belowGAAP EPS was $2.80 and pro forma EPS was $2.81, up 29% year over year. That beat the $2.2897 consensus estimate by roughly $0.52, or about 22.7%. Operating income rose 30% to $615.5 million, so the beat came from the core business rather than below-the-line items.
$2.02 billion, up 11.4% from $1.81 billion a year ago, with Fitness up 25% and Marine up 14% doing the heavy lifting. Outdoor revenue fell 2%, the only segment to shrink. Gross margin climbed to 62.4% from 58.8%, but about $21 million of tariff refunds flattered that number.
Full-year revenue guidance moved up to about $8.05 billion from $7.90 billion, a 1.9% raise, and management now points to pro forma EPS of $10.00. Gross margin guidance is 59.7% and operating margin 27.0%. Because first-half pro forma EPS was already $4.89, the $10.00 target implies roughly $5.11 for the second half.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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