Garmin FY2026 Q3: record revenue, 63.3% gross margin, guidance raised
Garmin's FY2026 Q3 was a clean beat-and-raise quarter: revenue rose 12.0% to $1.99 billion, gross margin hit 63.3%, and pro forma EPS of $2.76 beat the $2.45 consensus. Read the quarter in three pieces: broad product demand, a margin lift that included $33 million of tariff refunds, and a raised full-year guide that still implies lower Q4 margin than Q3.
1 · Expected vs. Actual
Free preview belowGAAP EPS was $2.80, up 35.0% from $2.08, and pro forma EPS was $2.76, up 39.0% from $1.99. The pro forma figure beat the $2.45 consensus estimate by about $0.31.
Revenue was $1.99 billion, up 12.0% from $1.77 billion and a record for the quarter. Fitness, Outdoor, Marine and Aviation all grew, while Auto OEM fell 20.0%. Auto OEM is the smallest segment and the only one with an operating loss, so the growth was high quality.
Management raised FY2026 revenue guidance to approximately $8.15 billion and pro forma EPS to $10.80, with a 61.0% gross margin and 29.0% operating margin. That is above the prior $8.05 billion revenue midpoint, while the 61.0% gross margin guide is below Q3's 63.3%. The guide also assumes a 16.5% full-year tax rate.
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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 2026-11-03
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