Slide 1: Q3 2025 Earnings
Q3 2025 Earnings October 29, 2025
Slide 2: Safe Harbor Statement
Safe Harbor Statement These materials include projections and other forward-looking statements regarding Garmin Ltd. and its business that are commonly identified by words such as “anticipates,” “would,” “may,” “expects,” “estimates,” “plans,” “intends,” “projects,” and other words or phrases with s
Slide 3: Business Update
Business Update Cliff Pemble President and CEO
Slide 4: Consolidated
Consolidated Revenue Operating income Operating margin Q3 2025 $1.77B $457M 25.8% 12% y/y growth 4% y/y growth BUSINESS INSIGHTS • Record third quarter consolidated revenue and operating income • Double-digit revenue growth driven by strong results in fitness, aviation, and marine • Raising 2025 EPS
Slide 5: Fitness
Fitness Revenue Operating income Operating margin Q3 2025 $601M $194M 32% 30% y/y growth 31% y/y growth SEGMENT INSIGHTS • Revenue growth led by strong demand for advanced wearables • Launched new cycling, kids smartwatch, and advanced wellness products • Announced collaboration with King’s College
Slide 6: Outdoor
Outdoor Revenue Operating income Operating margin Q3 2025 $498M $170M 34% 5% y/y decline 19% y/y decline SEGMENT INSIGHTS • Revenue decline driven by consumer auto and adventure watches • Launched fēnix 8 Pro with satellite and cellular connections, and a version with a MicroLED display • Launched B
Slide 7: Aviation
Aviation Revenue Operating income Operating margin Q3 2025 $240M $61M 25% 18% y/y growth 37% y/y growth SEGMENT INSIGHTS • Revenue growth driven by both OEM and aftermarket product categories • Certified a retrofit integrated cockpit system for the Cessna Citation CJ1 • Certified Autoland and Autoth
Slide 8: Marine
Marine Revenue Operating income Operating margin Q3 2025 $267M $49M 19% 20% y/y growth 31% y/y growth SEGMENT INSIGHTS • Revenue growth driven by multiple categories • Launched additional trolling motors for kayaks and larger boats • Launched the ECHOMAP Ultra 2 chartplotter, with large 16-inch disp
Slide 9: Auto OEM
Auto OEM Revenue Operating income Operating margin Q3 2025 $165M ($17M) (10%) 2% y/y decline SEGMENT INSIGHTS • Revenue declined as certain legacy programs approach end-of-life, partially offset by growth in our most recent BMW domain controller program • Gross margin was negatively impacted by an i
Slide 10: Financial Update
Financial Update Doug Boessen CFO and Treasurer
Slide 11: Income Statement Q3
Income Statement Q3 (in millions) Q3 2025 Q3 2024 Y/Y Net sales $1,771 $1,586 12% Gross profit 1,046 952 10% Margin % 59.1% 60.0% (90 bps) Operating expenses 590 514 15% Operating income $457 $437 4% Margin % 25.8% 27.6% (180 bps) GAAP EPS $2.08 $2.07 $0.01 Pro Forma EPS $1.99 $1.99 -
Slide 12: Revenue Q3
Revenue Q3 (in millions) Q3 2025 Q3 2024 Change Fitness $601 $464 30% Outdoor 498 527 (5%) Aviation 240 205 18% Marine 267 222 20% Auto OEM 165 169 (2%) Total $1,771 $1,586 12% (in millions) Q3 2025 Q3 2024 Change Americas $796 $724 10% EMEA 693 613 13% APAC 283 249 14% Total $1,771 $1,586 12%
Slide 13: Operating Expenses
Operating Expenses R&D SG&A $350 $325 $303 $300 $286 $275 $265 $249 $250 $225 $200 (in millions) $175 $150 $125 $100 $75 $50 $25 $0 Q3 2025 Q3 2024
Slide 14: Other Financial Items Q3 2025
Other Financial Items Q3 2025 Balance Sheet Cash Flow Taxes Cash and Marketable Securities Free Cash Flow Effective Tax Rate $3.92B $425M Accounts Receivable Capital Expenditures 21.2% $956M $60M Inventory Dividends Paid $1.89B $173M Share Repurchases $36M
Slide 15: Guidance 2025
Guidance 2025 Revenue $7.1B Gross margin 58.5% Operating margin 25.2% Pro forma Tax rate 17.5% Pro forma EPS $8.15 All amounts and %’s are approximate.
Slide 16: Garmin
A GARMIN.
Slide 17: Appendix
Appendix October 29, 2025
Slide 18: Non-GAAP Financial Information
Non-GAAP Financial Information To supplement our financial results presented in accordance with GAAP, this release includes the following measures defined by the Securities and Exchange Commission as non-GAAP financial measures: pro forma effective tax rate, pro forma net income (earnings) per share
Slide 19: Non-GAAP Financial Information
Non-GAAP Financial Information Pro forma net income (earnings) per share Management believes that net income (earnings) per share before the impact of foreign currency gains or losses and certain discrete income tax items, as discussed above, is an important measure in order to permit a consistent c
Slide 20: Non-GAAP Financial Information
Non-GAAP Financial Information Free cash flow Management believes that free cash flow is an important liquidity measure because it represents the amount of cash provided by operations that is available for investing and defines it as operating cash flows less capital expenditures for property and eq
Slide 21: Forward-looking financial measures
Forward-looking financial measures The forward-looking financial measures in our 2025 guidance include certain economic assumptions such as foreign currency exchange rates and tariffs which are fluid and can rapidly change favorably or unfavorably. The forward-looking financial measures in our 2025