Filing Flows › Garmin (GRMN) › Q1 2026
Garmin (GRMN) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 29, 2026
Garmin (GRMN) reported revenue of $1.8B for the first quarter 2026 (Q1 2026), +14% from a year earlier and -17% from the quarter before. Operating margin was 24.6%, net earnings $405M (23.1% of revenue).
Garmin, Q1 2026: revenue $1.8B (+14% year over year), operating margin 24.6%, net earnings $405M, operating cash flow $536M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.8B | -17% | +14% |
| Gross profit | $1.0B | -17% | +18% |
| Operating profit | $432M | -30% | +30% |
| Net earnings | $405M | -23% | +22% |
| Operating cash flow | $536M | -3% | +27% |
| Free cash flow | $469M | — | +23% |
What changed
Revenue was $1.8B in Q1 2026, up 14% year over year and down 17% from the previous quarter. Fitness Segment was the largest line at 31% of revenue. Fitness Segment added $0.16B year over year (up 42%), 74% of the total change. Outdoor Segment declined 5%.
Gross margin was 59.4%, up 1.8 points from Q1 2025. Operating profit was $0.43B, a 24.6% margin (up 2.9 points year over year). Of the extra revenue versus Q1 2025, 45% reached operating profit, above the 22% margin then. Operating expenses grew 11% against revenue growth of 14%. The fastest-growing cost line was SG&A (+11%). Net earnings were $0.41B, up 22% year over year. The effective tax rate was 14.3%.
Operating cash flow was $0.54B (up 27% year over year), 132% of net earnings. Non-cash charges added back $0.04B of depreciation and $0.04B of share-based compensation. Working capital and other items added $0.05B. After purchases of property and equipment ($0.07B), free cash flow as the company reports it was $0.47B.
Questions
What was Garmin's revenue in the first quarter 2026?
Garmin (GRMN) reported revenue of $1.8B for the first quarter 2026 (Q1 2026), +14% from a year earlier and -17% from the quarter before.
Was Garmin profitable in the first quarter 2026?
Operating profit was $432M (24.6% of revenue) and net earnings $405M.
Source: Garmin 10-Q on SEC EDGAR.