Garmin (GRMN) Q3 2025 10-Q Quarterly Report
Filed: Oct 29, 2025Period ending Sep 27, 2025
Health Care
Search, Detection, Navigation, Guidance, Aeronautical SysSEC EDGAR Garmin (GRMN) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Oct 29, 2025 for the fiscal period ending Sep 27, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
Garmin Q3 2025 10-Q Analysis
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
Garmin Q3 2025 Quarterly FinancialsXBRL
Revenue
$1.8B
▲ +11.7% YoY▼ -2.4% QoQ
Net Income
$402M
▲ +0.6% YoY▲ +0.2% QoQ
Gross Margin
59.1%
▼ -91bp YoY▲ +29bp QoQ
Operating Margin
25.8%
▼ -179bp YoY▼ -23bp QoQ
Net Margin
22.7%
▼ -249bp YoY▲ +59bp QoQ
ROE
4.7%
Total Assets
$10.5B
EPS (Diluted)
$2.08
▲ +0.5% YoY▲ +0.5% QoQ
Operating Cash Flow
$486M
▲ +88.3% YoY▲ +180.4% QoQ
Source: XBRL data from Garmin Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.
Other Garmin Quarterly Reports
Get deeper insights on Garmin
Access full AI analysis, insider trading data, fund holdings, and cross-signal detection on SignalX.