Slide 1: Second Quarter 2026 Earnings
Second Quarter 2026 Earnings July 29, 2026
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation includes 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 wit
Slide 3: Business Update
Business Update Cliff Pemble President and CEO
Slide 4: Consolidated Results
Consolidated Revenue Operating income Operating margin Q2 2026 $2.02B $616M 30.4% 11% y/y growth 30% y/y growth BUSINESS INSIGHTS • Record second quarter consolidated revenue • Gross and operating margins expanded, resulting in record second quarter operating income • Record second quarter pro forma
Slide 5: Fitness
Fitness Revenue Operating income Operating margin Q2 2026 $757M $277M 37% 25% y/y growth 40% y/y growth SEGMENT INSIGHTS • Revenue growth across all product categories led by strong demand for advanced wearables • Launched Forerunner® 70 and Forerunner 170 running smartwatches • Recently announced C
Slide 6: Outdoor
Outdoor Revenue Operating income Operating margin Q2 2026 $483M $164M 34% 2% y/y decline 4% y/y growth SEGMENT INSIGHTS • Revenue declined primarily due to consumer auto and adventure watches product categories • Expanded our golf offering with the Approach® Z10 compact laser rangefinder • Released
Slide 7: Aviation
Aviation Revenue Operating income Operating margin Q2 2026 $269M $72M 27% 8% y/y growth 14% y/y growth SEGMENT INSIGHTS • Revenue growth driven by both OEM and aftermarket product categories • Named Best Supplier of the Year by Embraer for the 11 th consecutive year • Launched the D2TM Mach 2 Pro, o
Slide 8: Marine
Marine Revenue Operating income Operating margin Q2 2026 $341M $100M 29% 14% y/y growth 59% y/y growth SEGMENT INSIGHTS • Revenue growth driven by multiple product categories • Launched the Garmin SignalTM VHF marine radio • Recently announced the next generation LiveScopeTM 2
Slide 9: Auto OEM
Auto OEM Revenue Operating income Operating margin Q2 2026 $172M $3M 2% 1% y/y growth SEGMENT INSIGHTS • Revenue growth primarily driven by domain controllers • Achieved profitability driven by improved gross profit and lower research and development expenses • Continue to work towards the launch of
Slide 10: Financial Update
Financial Update Doug Boessen CFO and Treasurer
Slide 11: Income Statement Q2
Income Statement Q2 (in millions) Q2 2026 Q2 2025 Y/Y Net sales $2,022 $1,815 11% Gross profit 1,262 1,067 18% Margin % 62.4% 58.8% 360 bps Operating expenses 647 595 9% Operating income $616 $472 30% Margin % 30.4% 26.0% 440 bps GAAP EPS $2.80 $2.07 35% Pro Forma EPS $2.81 $2.17 29%
Slide 12: Revenue Q2
Revenue Q2 (in millions) Q2 2026 Q2 2025 Change Fitness $757 $605 25% Outdoor 483 490 (2%) Aviation 269 249 8% Marine 341 299 14% Auto OEM 172 170 1% Total $2,022 $1,815 11% (in millions) Q2 2026 Q2 2025 Change Americas $979 $878 12% EMEA 766 677 13% APAC 277 259 7% Total $2,022 $1,815 11%
Slide 13: Operating Expenses
Operating Expenses R&D SG&A $400 $350 $343 $318 $304 $300 $277 $250 (in millions) $200 $150 $100 $50 $0 Q2 2026 Q2 2025
Slide 14: Other Financial Items
Other Financial Items Q2 2026 Balance Sheet Cash Flow Taxes Cash and Marketable Securities Free Cash Flow Effective Tax Rate $4.37B $276M 16.8% Accounts Receivable Capital Expenditures $1.15B $128M Inventory Dividends Paid $1.97B $202M Share Repurchases $43M
Slide 15: Guidance 2026
Guidance 2026 Revenue $8.05 billion Gross margin 59.7% Operating margin 27.0% Tax rate 16.5% EPS $10.00 All amounts and %’s are approximate.
Slide 16: Garmin
A GARMIN.
Slide 17: Appendix
Appendix July 29, 2026
Slide 18: Non-GAAP Financial Information: Pro forma effective tax rate
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 2026 guidance do not consider the potential future net effect of foreign currency exchange gains and losses, certain discrete tax items and any other impacts that may be identified as pro forma adjustments in calculatin