Filing Flows › Garmin (GRMN) › Q2 2025
Garmin (GRMN) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 30, 2025
Garmin (GRMN) reported revenue of $1.8B for the second quarter 2025 (Q2 2025), +20% from a year earlier and +18% from the quarter before. Operating margin was 26.0%, net earnings $401M (22.1% of revenue).
Garmin, Q2 2025: revenue $1.8B (+20% year over year), operating margin 26.0%, net earnings $401M, operating cash flow $173M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.8B | +18% | +20% |
| Gross profit | $1.1B | +21% | +24% |
| Operating profit | $472M | +42% | +38% |
| Net earnings | $401M | +20% | +33% |
| Operating cash flow | $173M | -59% | -32% |
| Free cash flow | $127M | — | -42% |
What changed
Revenue was $1.8B in Q2 2025, up 20% year over year and up 18% from the previous quarter. Fitness Segment was the largest line at 33% of revenue. Fitness Segment added $0.18B year over year (up 41%), 57% of the total change.
Gross margin was 58.8%, up 1.5 points from a year earlier. Operating profit was $0.47B, a 26.0% margin (up 3.3 points year over year). Of the extra revenue versus a year earlier, 42% reached operating profit, above the 23% margin then. Operating expenses grew 14% against revenue growth of 20%. The fastest-growing cost line was SG&A (+15%). Net earnings were $0.40B, up 33% year over year. The effective tax rate was 16.5%.
Operating cash flow was $0.17B (down 32% year over year), 43% of net earnings. Non-cash charges added back $0.04B of depreciation and $0.04B of share-based compensation. Working capital and other items used $0.31B. After purchases of property and equipment ($0.05B), free cash flow as the company reports it was $0.13B.
Questions
What was Garmin's revenue in the second quarter 2025?
Garmin (GRMN) reported revenue of $1.8B for the second quarter 2025 (Q2 2025), +20% from a year earlier and +18% from the quarter before.
Was Garmin profitable in the second quarter 2025?
Operating profit was $472M (26.0% of revenue) and net earnings $401M.
Source: Garmin 10-Q on SEC EDGAR.