Filing Flows › Garmin (GRMN) › How it makes money
How Garmin (GRMN) makes money
Garmin (GRMN) made $2.0B of revenue in the third quarter 2026 (Q3 2026), +12% from a year earlier. Fitness Segment brought in $694M (35%); Outdoor Segment brought in $597M (30%); Marine Segment brought in $310M (16%). Of every dollar of revenue, 63¢ was left as gross profit, 31¢ was left as operating profit, 27¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Fitness Segment | $694M | 35.0% | -8% | +16% |
| Outdoor Segment | $597M | 30.1% | +24% | +20% |
| Marine Segment | $310M | 15.6% | -9% | +16% |
| Aviation Segment | $253M | 12.7% | -6% | +5% |
| Auto Oem Segment | $132M | 6.6% | -23% | -20% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $2.0B | 100.0% |
| Cost of revenue | $728M | 36.7% |
| Gross profit | $1.3B | 63.3% |
| Operating expenses | $646M | 32.5% |
| Operating profit | $612M | 30.8% |
| Income tax | $119M | 6.0% |
| Net earnings | $542M | 27.3% |
| Operating cash flow | $394M | 19.8% |
| Free cash flow | $293M | 14.8% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $2.0B | +12% |
| Q2 2026 | $2.0B | +11% |
| Q1 2026 | $1.8B | +14% |
| Q4 2025 | $2.1B | +17% |
| Q3 2025 | $1.8B | +12% |
| Q2 2025 | $1.8B | +20% |
| Q1 2025 | $1.5B | +11% |
From Garmin's 10-Q filed Oct 28, 2026 (on EDGAR).
Questions
How does Garmin make money?
Garmin (GRMN) made $2.0B of revenue in the third quarter 2026 (Q3 2026), +12% from a year earlier. Fitness Segment brought in $694M (35%); Outdoor Segment brought in $597M (30%); Marine Segment brought in $310M (16%). Of every dollar of revenue, 63¢ was left as gross profit, 31¢ was left as operating profit, 27¢ was left as net earnings.
What is Garmin's biggest business?
Fitness Segment: $694M in the third quarter 2026, 35% of revenue, +16% from a year earlier.
What is Garmin's profit margin?
Net earnings were $542M, 27.3% of revenue, in the third quarter 2026; the operating margin was 30.8%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.