Garmin (NYSE:GRMN) Releases Quarterly Earnings Results, Beats Estimates By $0.38 EPS

Garmin (NYSE:GRMN) released its quarterly earnings results on Wednesday. The scientific and technical instruments company reported $2.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.38 by $0.38, Zacks reports. The company had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $1.99 billion. During the same period in the previous year, the company earned $1.99 earnings per share. Garmin’s quarterly revenue was up 12.2% on a year-over-year basis.

Garmin Stock Up 1.3%

Shares of Garmin stock traded up $3.62 during trading on Wednesday, hitting $292.96. The company’s stock had a trading volume of 212,086 shares, compared to its average volume of 890,492. Garmin has a 52 week low of $186.67 and a 52 week high of $314.28. The company has a fifty day simple moving average of $283.82 and a two-hundred day simple moving average of $252.67.

Key Stories Impacting Garmin

Here are the key news stories impacting Garmin this week:

• Positive Sentiment: Quarterly earnings beat expectations. Garmin reported third-quarter adjusted earnings of $2.76 per share, ahead of the $2.38 consensus estimate. Revenue rose 12.2% year over year to approximately $1.99 billion, matching forecasts and increasing from $1.99 billion in the prior-year quarter. Garmin Q3 Earnings Beat Estimates
• Positive Sentiment: Profitability reached record levels. Operating income grew 34% to $611.6 million, while operating margin expanded to 30.8% from 25.8% a year earlier. Gross margin improved to 63.3% from 59.1%, signaling favorable product mix and operating leverage. Garmin Announces Third Quarter 2026 Results
• Positive Sentiment: Several key segments delivered double-digit growth. Fitness revenue increased 16%, Outdoor grew 20%, and Marine rose 16%; Aviation revenue gained 5%. The strong performance in adventure watches and fitness wearables is a key driver of the favorable market reaction. Garmin Gets Q3 Lift From Adventure Watches and Fitness Wearables
• Positive Sentiment: Garmin raised its 2026 outlook. Management now expects approximately $8.15 billion in revenue and $10.80 in pro forma EPS for the full year. The company also generated $393.9 million in operating cash flow and paid $202 million in quarterly dividends. Garmin Raises 2026 Revenue and Pro Forma EPS Guidance
• Negative Sentiment: Auto OEM remained a notable weak spot. Auto OEM revenue declined 20% year over year, partially offsetting growth in Garmin’s other operating segments. Garmin Q3 Revenue Rises 12%
• Neutral Sentiment: Insider activity was cautious. Reported open-market insider transactions over the past six months included sales but no purchases. This may temper enthusiasm at the stock’s elevated valuation, although it does not change the quarter’s underlying operating results. Garmin Q3 Revenue Rises 12%

Insider Buying and Selling

In other news, insider Cheng-Wei Wang sold 9,941 shares of Garmin stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $299.36, for a total transaction of $2,975,937.76. Following the completion of the transaction, the insider directly owned 29,506 shares in the company, valued at approximately $8,832,916.16. This trade represents a 25.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Joshua Maxfield sold 1,152 shares of the business’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $291.13, for a total value of $335,381.76. Following the completion of the sale, the vice president directly owned 15,042 shares in the company, valued at approximately $4,379,177.46. This represents a 7.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 12,079 shares of company stock valued at $3,600,099 over the last quarter. Corporate insiders own 14.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Zacks Research cut Garmin from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 12th. Tigress Financial reissued a “strong-buy” rating on shares of Garmin in a research report on Thursday, August 6th. Barclays raised their target price on Garmin from $238.00 to $297.00 and gave the company an “equal weight” rating in a research note on Thursday, July 30th. KeyCorp restated a “sector weight” rating on shares of Garmin in a research report on Wednesday, September 2nd. Finally, UBS Group set a $370.00 price target on Garmin in a research note on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $313.71.

Garmin Company Profile

Garmin Ltd. (NYSE: GRMN) designs and manufactures GPS-enabled technology and smart devices for fitness, outdoor recreation, aviation, marine, and automotive markets. Its product portfolio includes smartwatches, cycling computers, sports and activity trackers, satellite communication devices, navigation systems, and related sensors and accessories.

The company also develops aviation systems and avionics, marine chartplotters and sonar equipment, and navigation and infotainment solutions for vehicle manufacturers.