Filing Flows › Garmin (GRMN) › Q2 2026 › vs Q1 2026
Garmin (GRMN) Q2 2026 vs Q1 2026 (quarter over quarter)
Garmin's revenue rose $269M (+15%) from $1.8B in Q1 2026 to $2.0B in Q2 2026. The biggest changes: Fitness Segment +$210M (+38%); Outdoor Segment +$65.2M (+16%); Marine Segment −$13.6M (-4%). Gross margin 62.4% against 59.4% (+3.0 pts).
Garmin, Q2 2026: revenue $2.0B (+11% year over year), operating margin 30.4%, net earnings $542M, operating cash flow $404M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 62.4% | 59.4% | +3.0 pts |
| Operating margin | 30.4% | 24.6% | +5.8 pts |
| Net margin | 26.8% | 23.1% | +3.7 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Fitness Segment | $757M | $547M | $210M | +38% |
| Outdoor Segment | $483M | $418M | $65.2M | +16% |
| Marine Segment | $341M | $355M | −$13.6M | -4% |
| Aviation Segment | $269M | $264M | $4.9M | +2% |
| Auto Oem Segment | $172M | $170M | $2.1M | +1% |
| Revenue | $2.0B | $1.8B | $269M | +15% |
| Gross profit | $1.3B | $1.0B | $220M | +21% |
| Cost of revenue | $760M | $711M | $48.9M | +7% |
| Other income, net | $35.6M | $40.9M | −$5.3M | -13% |
| Operating profit | $616M | $432M | $184M | +43% |
| Operating expenses | $647M | $611M | $35.9M | +6% |
| Pre-tax earnings | $651M | $473M | $179M | +38% |
| Research & development | $304M | $296M | $8.1M | +3% |
| SG&A | $343M | $315M | $27.8M | +9% |
| Net earnings | $542M | $405M | $137M | +34% |
| Income tax | $109M | $67.5M | $41.7M | +62% |
| Depreciation | $40.9M | $40.4M | $434K | +1% |
| Share-based compensation | $45.5M | $43.3M | $2.1M | +5% |
| Working capital & other | $225M | −$47.2M | $272M | — |
| Operating cash flow | $404M | $536M | −$132M | -25% |
Questions
How much did Garmin's revenue grow quarter over quarter in Q2 2026?
Garmin's revenue rose $269M (+15%) from $1.8B in Q1 2026 to $2.0B in Q2 2026.
What drove Garmin's revenue change in Q2 2026?
Fitness Segment +$210M (+38%); Outdoor Segment +$65.2M (+16%); Marine Segment −$13.6M (-4%).