Filing Flows › Garmin (GRMN) › Q2 2026 › vs Q2 2025
Garmin (GRMN) Q2 2026 vs Q2 2025 (year over year)
Garmin's revenue rose $208M (+11%) from $1.8B in Q2 2025 to $2.0B in Q2 2026. The biggest changes: Fitness Segment +$151M (+25%); Marine Segment +$42.1M (+14%); Aviation Segment +$19.4M (+8%). Gross margin 62.4% against 58.8% (+3.6 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 62.4% | 58.8% | +3.6 pts |
| Operating margin | 30.4% | 26.0% | +4.4 pts |
| Net margin | 26.8% | 22.1% | +4.7 pts |
| Free cash flow margin | 13.6% | 7.0% | +6.6 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Fitness Segment | $757M | $605M | $151M | +25% |
| Outdoor Segment | $483M | $490M | −$7.6M | -2% |
| Marine Segment | $341M | $299M | $42.1M | +14% |
| Aviation Segment | $269M | $249M | $19.4M | +8% |
| Auto Oem Segment | $172M | $170M | $2.3M | +1% |
| Revenue | $2.0B | $1.8B | $208M | +11% |
| Gross profit | $1.3B | $1.1B | $195M | +18% |
| Cost of revenue | $760M | $748M | $12.5M | +2% |
| Other income, net | $35.6M | $8.0M | $27.6M | +347% |
| Operating profit | $616M | $472M | $143M | +30% |
| Operating expenses | $647M | $595M | $51.8M | +9% |
| Pre-tax earnings | $651M | $480M | $171M | +36% |
| Research & development | $304M | $277M | $27.3M | +10% |
| SG&A | $343M | $318M | $24.5M | +8% |
| Net earnings | $542M | $401M | $141M | +35% |
| Income tax | $109M | $79.4M | $29.7M | +37% |
| Depreciation | $40.9M | $38.5M | $2.3M | +6% |
| Share-based compensation | $45.5M | $44.5M | $963K | +2% |
| Working capital & other | $225M | $311M | −$86.0M | -28% |
| Operating cash flow | $404M | $173M | $230M | +133% |
| Free cash flow (company-reported) | $276M | $127M | $148M | +116% |
| Purchases of property and equipment | $128M | $45.7M | $82.1M | +180% |
Questions
How much did Garmin's revenue grow year over year in Q2 2026?
Garmin's revenue rose $208M (+11%) from $1.8B in Q2 2025 to $2.0B in Q2 2026.
What drove Garmin's revenue change in Q2 2026?
Fitness Segment +$151M (+25%); Marine Segment +$42.1M (+14%); Aviation Segment +$19.4M (+8%).