Slide 1: Fourth Quarter and Full Year 2025 Earnings
Fourth Quarter and Full Year 2025 Earnings February 18, 2026
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 Q4 2025
Consolidated Revenue Operating income Operating margin Q4 2025 $2.12B $614M 28.9% 17% y/y growth 19% y/y growth BUSINESS INSIGHTS • Record fourth quarter consolidated revenue and operating income • Double-digit revenue growth driven by strong results in fitness, aviation, and marine segments • Recor
Slide 5: Consolidated Full Year 2025
Consolidated Revenue Operating income Operating margin FY 2025 $7.25B $1.88B 25.9% 15% y/y growth 18% y/y growth BUSINESS INSIGHTS • Record consolidated full year revenue and operating income • Record revenue in each of our five segments • Optimistic outlook for 2026 • Proposing a 17% dividend incre
Slide 6: Fitness
Fitness Revenue Operating income Operating margin FY 2025 $2.36B $726M 31% 33% y/y growth 50% y/y growth SEGMENT INSIGHTS • Revenue growth led by strong demand for wearables, with outstanding operating results • Announced collaboration with Truemed to assist customers with using pre-tax HSA/FSA fund
Slide 7: Outdoor
Outdoor Revenue Operating income Operating margin FY 2025 $2.05B $690M 34% 5% y/y growth 2% y/y decline SEGMENT INSIGHTS • Revenue growth led by strong demand for adventure watches • Launched inReach Mini 3 Plus satellite communicator with voice, text and photo sharing • Received several CES Innovat
Slide 8: Aviation
Aviation Revenue Operating income Operating margin FY 2025 $987M $257M 26% 13% y/y growth 22% y/y growth SEGMENT INSIGHTS • Revenue growth driven by both OEM and aftermarket product categories • Launched D2 Air X15 and D2 Mach 2 smartwatches • G5000H flight deck selected for Brazilian Air Force UH-6
Slide 9: Marine
Marine Revenue Operating income Operating margin FY 2025 $1.18B $251M 21% 10% y/y growth 6% y/y growth SEGMENT INSIGHTS • Revenue growth driven by multiple categories led by chartplotters • Expanded our flagship chartplotter lineup with premium GPSMAP 9000xsv • Launched Garmin OnBoard man overboard
Slide 10: Auto OEM
Auto OEM Revenue Operating income Operating margin FY 2025 $665M ($49M) (7%) 9% y/y growth SEGMENT INSIGHTS • Revenue growth driven by increased shipments of domain controllers • Showcased our next-gen Unified Cabin at the recent Consumer Electronics Show, including a collaboration with Meta • Annou
Slide 11: Financial Update
Financial Update Doug Boessen CFO and Treasurer
Slide 12: Income Statement Q4
Income Statement Q4 (in millions) Q4 2025 Q4 2024 Y/Y Net sales $2,125 $1,823 17% Gross profit 1,258 1,080 17% Margin % 59.2% 59.3% (10 bps) Operating expenses 644 564 14% Operating income $614 $516 19% Margin % 28.9% 28.3% 60 bps GAAP EPS $2.73 $2.25 21% Pro Forma EPS $2.79 $2.41 16%
Slide 13: Income Statement Full Year
Income Statement Full Year (in millions) 2025 2024 Y/Y Net sales $7,246 $6,297 15% Gross profit 4,256 3,697 15% Margin % 58.7% 58.7% - Operating expenses 2,380 2,103 13% Operating income $1,876 $1,594 18% Margin % 25.9% 25.3% 60 bps GAAP EPS $8.59 $7.30 18% Pro Forma EPS $8.56 $7.39 16%
Slide 14: Revenue Q4
Revenue Q4 (in millions) Q4 2025 Q4 2024 Change Fitness $766 $539 42% Outdoor 628 629 0% Aviation 274 237 16% Marine 297 251 18% Auto OEM 160 166 (3%) Total $2,125 $1,823 17% (in millions) Q4 2025 Q4 2024 Change Americas $1,035 $855 21% EMEA 803 701 14% APAC 288 266 8% Total $2,125 $1,823 17%
Slide 15: Revenue Full Year
Revenue Full Year (in millions) 2025 2024 Change Fitness $2,357 $1,774 33% Outdoor 2,054 1,962 5% Aviation 987 877 13% Marine 1,183 1,073 10% Auto OEM 665 611 9% Total $7,246 $6,297 15% (in millions) 2025 2024 Change Americas $3,454 $3,036 14% EMEA 2,742 2,319 18% APAC 1,050 942 12% Total $7,246 $6,
Slide 16: Operating Expenses
Operating Expenses R&D SG&A $400 $349 $350 $305 $300 $295 $259 $250 (in millions) $200 $150 $100 $50 $0 Q4 2025 Q4 2024
Slide 17: Other Financial Items
Other Financial Items FY 2025 Balance Sheet Cash Flow Taxes Cash and Marketable Securities Free Cash Flow Pro Forma Effective Tax Rate $4.13B $1.36B Accounts Receivable Capital Expenditures 17.4% $1.25B $270M Inventory Dividends Paid $1.77B $664M Share Repurchases $181M
Slide 18: Guidance
Guidance 2026 Revenue $7.9 billion Gross margin 58.5% Operating margin 25.5% Pro forma Tax rate 16.0% Pro forma EPS $9.35 All amounts and %’s are approximate.
Slide 19: Garmin
A GARMIN.
Slide 20: Appendix
Appendix February 18, 2026
Slide 21: 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 22: 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 23: 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 24: Forward-looking financial measures
Forward-looking financial measures The forward-looking financial measures in our 2026 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 2026