Filing Flows › Garmin (GRMN) › Q3 2026 › vs Q3 2025
Garmin (GRMN) Q3 2026 vs Q3 2025 (year over year)
Garmin's revenue rose $215M (+12%) from $1.8B in Q3 2025 to $2.0B in Q3 2026. The biggest changes: Outdoor Segment +$99.7M (+20%); Fitness Segment +$93.3M (+16%); Marine Segment +$42.9M (+16%). Gross margin 63.3% against 59.1% (+4.2 pts).
Garmin, Q3 2026: revenue $2.0B (+12% year over year), operating margin 30.8%, net earnings $542M, operating cash flow $394M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 63.3% | 59.1% | +4.2 pts |
| Operating margin | 30.8% | 25.8% | +5.0 pts |
| Net margin | 27.3% | 22.7% | +4.6 pts |
| Free cash flow margin | 14.8% | 24.0% | -9.2 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Fitness Segment | $694M | $601M | $93.3M | +16% |
| Outdoor Segment | $597M | $498M | $99.7M | +20% |
| Marine Segment | $310M | $267M | $42.9M | +16% |
| Aviation Segment | $253M | $240M | $12.2M | +5% |
| Auto Oem Segment | $132M | $165M | −$32.9M | -20% |
| Revenue | $2.0B | $1.8B | $215M | +12% |
| Gross profit | $1.3B | $1.0B | $211M | +20% |
| Cost of revenue | $728M | $724M | $3.9M | +0.5% |
| Other income, net | $49.5M | $53.0M | −$3.5M | -7% |
| Operating profit | $612M | $457M | $155M | +34% |
| Operating expenses | $646M | $590M | $56.4M | +10% |
| Pre-tax earnings | $661M | $510M | $151M | +30% |
| Research & development | $313M | $286M | $26.5M | +9% |
| SG&A | $333M | $303M | $30.0M | +10% |
| Net earnings | $542M | $402M | $140M | +35% |
| Income tax | $119M | $108M | $11.3M | +10% |
| Depreciation | $41.2M | $39.7M | $1.6M | +4% |
| Share-based compensation | $44.7M | $42.7M | $2.0M | +5% |
| Working capital & other | $234M | −$1.6M | $235M | — |
| Operating cash flow | $394M | $486M | −$91.8M | -19% |
| Free cash flow (company-reported) | $293M | $425M | −$132M | -31% |
| Purchases of property and equipment | $101M | $60.5M | $40.1M | +66% |
Questions
How much did Garmin's revenue grow year over year in Q3 2026?
Garmin's revenue rose $215M (+12%) from $1.8B in Q3 2025 to $2.0B in Q3 2026.
What drove Garmin's revenue change in Q3 2026?
Outdoor Segment +$99.7M (+20%); Fitness Segment +$93.3M (+16%); Marine Segment +$42.9M (+16%).