Garmin (GRMN) Earnings: Q3 Fiscal 2026 Results

The quarter ended September 26, 2026 and Garmin published the results on October 28, 2026. Revenue and diluted EPS are shown against Q3 fiscal 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Garmin reports EPS two ways: GAAP, under the accounting rules every US filer follows, and pro forma, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Garmin's fiscal year is 52 or 53 weeks ending on the last Saturday of the calendar year. Q3 fiscal 2026 ended September 26, 2026 and Q3 fiscal 2025 ended September 27, 2025; both quarters were 13 weeks.
• Garmin's pro forma EPS excludes foreign currency gains and losses and their tax effect, plus certain discrete tax items. No discrete tax items were identified in the first three quarters of 2026.

Source: Garmin Q3 fiscal 2026 results, October 28, 2026. Also in the Form 10-Q for the quarter ended September 26, 2026. Figures as reported; checked against the release on November 10, 2026.

How Garmin splits revenue in its own release, under its own labels, for Q3 fiscal 2026 against Q3 fiscal 2025. Indented lines are parts of the line above them.

• Garmin's Fitness revenue was $694 million in Q3 fiscal 2026, up 16% from $601 million in Q3 fiscal 2025, 35% of total revenue.
• Garmin's Outdoor revenue was $597 million in Q3 fiscal 2026, up 20% from $498 million in Q3 fiscal 2025, 30% of total revenue.
• Garmin's Aviation revenue was $253 million in Q3 fiscal 2026, up 5% from $240 million in Q3 fiscal 2025, 13% of total revenue.
• Garmin's Marine revenue was $310 million in Q3 fiscal 2026, up 16% from $267 million in Q3 fiscal 2025, 16% of total revenue.
• Garmin's Auto OEM revenue was $132 million in Q3 fiscal 2026, down 20% from $165 million in Q3 fiscal 2025, 7% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 fiscal 2026 release, Garmin said:

“Based on our performance in the first three quarters of 2026 and our positive outlook for the remainder of the year, we are raising our full year 2026 guidance.”

“We now anticipate revenue of approximately $8.15 billion and pro forma EPS of $10.80 based on gross margin of 61.0%, operating margin of 29.0% and a full year tax rate of 16.5% (see attached discussion on Forward-looking Financial Measures).”

Source: Garmin Q3 2026 release, Oct 28, 2026.

This is the company's own guidance as of Oct 28, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the GRMN forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP net sales in millions and diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for Garmin's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 fiscal 2026 (this page), reported Oct 28, 2026

Garmin reports five segments. In Q3 fiscal 2026 Fitness was the largest at $694.3 million of $1,986.1 million in net sales (35%), followed by Outdoor at $597.3 million (30%), Marine at $309.9 million (15%), Aviation at $252.7 million (13%) and Auto OEM at $131.9 million (7%). Total net sales rose 12%. (Garmin Q3 2026 release, Oct 28, 2026; Garmin Form 10-Q, Q3 2026, Oct 28, 2026)

Garmin said Fitness grew 16% on strong demand for wearables, Outdoor grew 20% mainly on adventure watches, Marine grew 16% led by sonar, and Aviation grew 5% on OEM product categories. Auto OEM fell 20%, mainly because of lower sales of domain controllers, and posted an operating loss of $12 million. (Garmin Q3 2026 release, Oct 28, 2026; Garmin Form 10-Q, Q3 2026, Oct 28, 2026)

Unit sales grew more slowly than revenue. Garmin's total unit sales rose about 9%, to 5,440 from 4,982 in its 10-Q's count, and Garmin put the gap with revenue growth down to shifts in segment and product mix. (Garmin Form 10-Q, Q3 2026, Oct 28, 2026)

By region, Americas net sales were $913.1 million (up 15%), EMEA $778.0 million (up 12%) and APAC $295.0 million (up 4%). No single customer accounted for 10% or more of Garmin's consolidated net sales in 2025, 2024 or 2023. (Garmin Q3 2026 release, Oct 28, 2026; Garmin Form 10-K, fiscal 2025, Feb 18, 2026)

Garmin's GAAP diluted EPS was $2.80 and its pro forma EPS $2.76 in Q3 fiscal 2026, against $2.08 and $1.99 a year earlier. Pro forma EPS removes foreign currency gains and losses and their tax effect; the quarter's currency gain was $9.8 million, mainly from the U.S. Dollar strengthening against the Swiss Franc. (Garmin Q3 2026 release, Oct 28, 2026; Garmin Form 10-Q, Q3 2026, Oct 28, 2026)

Gross margin widened 420 basis points to 63.3%. Garmin attributed the gain to favorable segment mix, lower product costs and approximately $33 million of refunds of previously paid tariffs, a 160 basis point benefit, of which approximately $20 million was in Marine. Over the first 39 weeks Garmin recognized about $54 million of IEEPA tariff refunds, after the U.S. Supreme Court ruled on February 20, 2026 that those tariffs were unauthorized. (Garmin Q3 2026 release, Oct 28, 2026; Garmin Form 10-Q, Q3 2026, Oct 28, 2026)

The effective tax rate fell to 18.1% from 21.2%, which Garmin attributed to higher expected U.S. deductions under tax legislation enacted in 2025 that took effect in 2026. Diluted shares were 193,617 thousand against 193,533 thousand. Garmin repurchased $41 million of shares in the quarter, leaving approximately $407 million in its $500 million program authorized through December 2028. (Garmin Q3 2026 release, Oct 28, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Garmin gives a full-year outlook in its release, not a quarterly one. After Q3 fiscal 2026 it raised its 2026 guidance to revenue of approximately $8.15 billion and pro forma EPS of $10.80, based on gross margin of 61.0%, operating margin of 29.0% and a full-year tax rate of 16.5%. That guidance does not include future foreign currency gains or losses or discrete tax items. (Garmin Q3 2026 release, Oct 28, 2026)

Through the first 39 weeks of fiscal 2026 Garmin had net sales of $5,761.7 million, pro forma EPS of $7.65 and an operating margin of 28.8%, against the 29.0% full-year guide. Garmin's CEO said the raise reflected results so far and momentum going into the holiday selling season. (Garmin Q3 2026 release, Oct 28, 2026)

A consensus figure is the average of the models published by the analysts who cover Garmin, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Garmin's own release and filings put weight on for Q3 fiscal 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning GRMN is on is GRMN a buy or a sell?, what analysts expect next is on the GRMN forecast, and what the company does is on the Garmin (GRMN) stock page.

Every number on this page can be traced to a document Garmin published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.