Short answer
Garmin (GRMN) filed its Q3 2025 10-Q quarterly report on Oct 29, 2025 for the quarter ended Sep 27, 2025. Quarterly revenue was $1.8B (up 11.7% year over year) with net income of $402M.
Q3 2025 key financials · XBRL
- Revenue
- $1.8B
- +11.7% YoY · −2.4% QoQ
- Net income
- $402M
- +0.6% YoY · +0.2% QoQ
- Operating margin
- 25.8%
- Gross margin
- 59.1%
- EPS (diluted)
- $2.08
- +0.5% YoY · +0.5% QoQ
Source: XBRL data from the Garmin (GRMN) Q3 2025 10-Q on SEC EDGAR. USD.
Garmin Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Q3 revenue $1.771B, up 12% YoY from $1.586B; fitness grew 30% to $601M, outdoor declined 5% to $498M
- Operating margin 25.8% vs 27.6% YoY; fitness margin steady ~32.2%, outdoor margin down 190 bps due to costs
- Best segment fitness: operating income $194M (32.2% margin), worst segment auto OEM operating loss $(17M) with (10%) margin
- Cash, cash equivalents and securities $3.9B; operating cash flow $1.080B up from $949M YoY; capex and acquisitions increased to $514M
- Management notes increased R&D capitalization requirements from new U.S. legislation, expects sufficient liquidity, and flags geopolitical risks impacting operations
Risk Factors
- New risk: Updated trade regulation risks due to more volatile international trade environment impacting operations and economics
- Most materially updated: Increased tariffs or duties on imports from Taiwan and China now emphasized, possibly raising costs significantly
- Most impactful regulatory risk: Customs reclassification of imported goods could lead to higher tariffs or restrictions, harming financial results
- Operational risk: Dependency on multiple jurisdictions for manufacturing and sourcing raises supply chain uncertainties and trade exposure
- Financial risk: Tariffs and duties may increase input costs, negatively affecting margins and overall financial performance
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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