Slide 1: Q2 2025 Earnings
Q2 2025 Earnings July 30, 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 results
Consolidated Revenue Operating income Operating margin Q2 2025 $1.81B $472M 26.0% 20% y/y growth 38% y/y growth BUSINESS INSIGHTS • Record quarterly consolidated revenue and operating income • All segments with double-digit revenue growth • Recently completed the strategic acquisition of MYLAPS • Ra
Slide 5: Fitness
Fitness Revenue Operating income Operating margin Q2 2025 $605M $198M 33% 41% y/y growth 84% y/y growth SEGMENT INSIGHTS • Revenue growth led by strong demand for advanced wearables • Launched new advanced wearables • Launched several new category-defining products • 2025 revenue growth estimate: +2
Slide 6: Outdoor
Outdoor Revenue Operating income Operating margin Q2 2025 $490M $158M 32% 11% y/y growth 16% y/y growth SEGMENT INSIGHTS • Revenue growth driven primarily by adventure watches • Launched new Instinct 3 Tactical Edition • Launched Tread 2, our new rugged, all-terrain navigators • 2025 revenue growth
Slide 7: Aviation
Aviation Revenue Operating income Operating margin Q2 2025 $249M $63M 25% 14% y/y growth 26% y/y growth SEGMENT INSIGHTS • Revenue growth driven by both OEM and aftermarket product categories • Launched the G5000 PRIME integrated flight deck to Part 25 transport aircraft • Launched SmartCharts, revo
Slide 8: Marine
Marine Revenue Operating income Operating margin Q2 2025 $299M $63M 21% 10% y/y growth 5% y/y growth SEGMENT INSIGHTS • Revenue growth driven by multiple categories, as the market demonstrated stability and customer demand remained resilient • Launched the new ultrawide GPSMAP 15x3 chartplotters • L
Slide 9: Auto OEM
Auto OEM Revenue Operating income Operating margin Q2 2025 $170M ($10M) (6%) 16% y/y growth SEGMENT INSIGHTS • Revenue growth driven by increased shipments of domain controllers • Recently shipped one millionth BMW domain controller out of U.S. manufacturing facility • Progressing as planned with ne
Slide 10: Financial Update
Financial Update Doug Boessen CFO and Treasurer
Slide 11: Income Statement Q2
Income Statement Q2 (in millions) Q2 2025 Q2 2024 Y/Y Net sales $1,815 $1,507 20% Gross profit 1,067 863 24% Margin % 58.8% 57.3% 150 bps Operating expenses 595 521 14% Operating income $472 $342 38% Margin % 26.0% 22.7% 330 bps GAAP EPS $2.07 $1.56 33% Pro Forma EPS $2.17 $1.58 37%
Slide 12: Revenue Q2
Revenue Q2 (in millions) Q2 2025 Q2 2024 Change Fitness $605 $428 41% Outdoor 490 440 11% Aviation 249 218 14% Marine 299 273 10% Auto OEM 170 147 16% Total $1,815 $1,507 20% (in millions) Q2 2025 Q2 2024 Change Americas $878 $741 19% EMEA 677 542 25% APAC 259 224 16% Total $1,815 $1,507 20%
Slide 13: Operating Expenses
Operating Expenses R&D SG&A $350 $325 $318 $300 $277 $278 $275 $250 $243 $225 $200 (in millions) $175 $150 $125 $100 $75 $50 $25 $0 Q2 2025 Q2 2024
Slide 14: Other Financial Items Q2 2025
Other Financial Items Q2 2025 Balance Sheet Cash Flow Taxes Cash and Marketable Securities Free Cash Flow Pro Forma $3.87B $127M Effective Tax Rate Accounts Receivable Capital Expenditures 16.5% $1.01B $46M Inventory Dividends Paid $1.79B $173M Share Repurchases $67M
Slide 15: Guidance
Guidance 2025 Revenue $7.1B Gross margin 58.5% Operating margin 24.8% Tax rate 17.5% EPS $8.00 All amounts and %’s are approximate.
Slide 16: Garmin
A GARMIN.
Slide 17: Appendix
Appendix July 30, 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: Pro forma net income per share
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: Free cash flow
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