Slide 1: First Quarter 2026 Earnings
First Quarter 2026 Earnings April 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
Consolidated Revenue Operating income Operating margin Q1 2026 $1.75B $432M 24.6% 14% y/y growth 30% y/y growth BUSINESS INSIGHTS • Record first quarter consolidated revenue with three segments achieving double-digit growth rates • Gross and operating margins expanded, resulting in record first quar
Slide 5: Fitness
Fitness Revenue Operating income Operating margin Q1 2026 $547M $158M 29% 42% y/y growth 103% y/y growth SEGMENT INSIGHTS • Revenue growth across all product categories led by strong demand for advanced wearables • Launched Varia RearVue 820, our brightest and most powerful radar tail light for cycl
Slide 6: Outdoor
Outdoor Revenue Operating income Operating margin Q1 2026 $418M $119M 28% 5% y/y decline 8% y/y decline SEGMENT INSIGHTS • Revenue declined as we compared against a strong prior year which included the launch of the Instinct 3 smartwatch family • Expanded our golf offering with the Approach G82 GPS
Slide 7: Aviation
Aviation Revenue Operating income Operating margin Q1 2026 $264M $71M 27% 18% y/y growth 47% y/y growth SEGMENT INSIGHTS • Revenue growth driven by both OEM and aftermarket product categories • Daher TBM 980 with G3000 PRIME integrated flight deck received airworthiness certification by the European
Slide 8: Marine
Marine Revenue Operating income Operating margin Q1 2026 $355M $91M 26% 11% y/y growth 4% y/y growth SEGMENT INSIGHTS • Revenue growth driven by multiple categories • Launched new 360-degree scanning sonar system with revolutionary Spy pole, allowing anglers to see a birds-eye view of fish and struc
Slide 9: Auto OEM
Auto OEM Revenue Operating income Operating margin Q1 2026 $170M ($6M) (4%) 1% y/y growth SEGMENT INSIGHTS • Revenue growth driven by infotainment programs • Operating loss narrowed due to gross profit improvement and lower R&D expenses • Continue to achieve important milestones leading up to the la
Slide 10: Financial Update
Financial Update Doug Boessen CFO and Treasurer
Slide 11: Income Statement
Income Statement Q1 (in millions) Q1 2026 Q1 2025 Y/Y Net sales $1,753 $1,535 14% Gross profit 1,042 885 18% Margin % 59.4% 57.6% 180 bps Operating expenses 611 552 11% Operating income $432 $333 30% Margin % 24.6% 21.7% 290 bps GAAP EPS $2.09 $1.72 22% Pro Forma EPS $2.08 $1.61 29%
Slide 12: Revenue
Revenue Q1 (in millions) Q1 2026 Q1 2025 Change Fitness $547 $385 42% Outdoor 418 438 (5%) Aviation 264 223 18% Marine 355 319 11% Auto OEM 170 169 1% Total $1,753 $1,535 14% (in millions) Q1 2026 Q1 2025 Change Americas $822 $746 10% EMEA 657 569 15% APAC 275 220 25% Total $1,753 $1,535 14%
Slide 13: Operating Expenses
Operating Expenses R&D SG&A $400 $350 $315 $296 $300 $284 $268 $250 (in millions) $200 $150 $100 $50 $0 Q1 2026 Q1 2025
Slide 14: Other Financial Items
Other Financial Items Q1 2026 Balance Sheet Cash Flow Taxes Cash and Marketable Securities Free Cash Flow Effective Tax Rate $4.31B $469M 14.3% Accounts Receivable Capital Expenditures $941M $67M Inventory Dividends Paid $1.85B $174M Share Repurchases $40M
Slide 15: Garmin
A GARMIN.
Slide 16: Appendix
Appendix April 29, 2026
Slide 17: 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 18: 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 19: 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 20: 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