Filing Flows › Garmin (GRMN) › Q3 2025
Garmin (GRMN) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 29, 2025
Garmin (GRMN) reported revenue of $1.8B for the third quarter 2025 (Q3 2025), +12% from a year earlier and -2% from the quarter before. Operating margin was 25.8%, net earnings $402M (22.7% of revenue).
Garmin, Q3 2025: revenue $1.8B (+12% year over year), operating margin 25.8%, net earnings $402M, operating cash flow $486M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.8B | -2% | +12% |
| Gross profit | $1.0B | -2% | +10% |
| Operating profit | $457M | -3% | +4% |
| Net earnings | $402M | +0.2% | +0.6% |
| Operating cash flow | $486M | +180% | +88% |
| Free cash flow | $425M | — | +94% |
What changed
Revenue was $1.8B in Q3 2025, up 12% year over year and down 2% from the previous quarter. Fitness Segment was the largest line at 34% of revenue. Fitness Segment added $0.14B year over year (up 30%), 74% of the total change. Outdoor Segment declined 5%.
Gross margin was 59.1%, down 0.9 points from a year earlier. Operating profit was $0.46B, a 25.8% margin (down 1.8 points year over year). Of the extra revenue versus a year earlier, 10% reached operating profit, below the 28% margin then. Operating expenses grew 15% against revenue growth of 12%. The fastest-growing cost line was Research & development (+15%). Net earnings were $0.40B, up 1% year over year. The effective tax rate was 21.2%.
Operating cash flow was $0.49B (up 88% year over year), 121% of net earnings. Non-cash charges added back $0.04B of depreciation and $0.04B of share-based compensation. After purchases of property and equipment ($0.06B), free cash flow as the company reports it was $0.43B.
Questions
What was Garmin's revenue in the third quarter 2025?
Garmin (GRMN) reported revenue of $1.8B for the third quarter 2025 (Q3 2025), +12% from a year earlier and -2% from the quarter before.
Was Garmin profitable in the third quarter 2025?
Operating profit was $457M (25.8% of revenue) and net earnings $402M.
Source: Garmin 10-Q on SEC EDGAR.