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Garmin GRMN Outdoor — Operating Income

Other segment segments

Fitness
$277.04M+40.2%
Marine
$99.85M+58.7%
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$72.17M+13.9%
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$2.87M+130%

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Other financials

Income statement

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Revenue$2.0B+11.4%
Gross profit$1.3B+18.3%
Operating income$615.5M+30.3%
Net income$541.9M+35.2%
EPS (diluted)$2.80+35.3%

Balance sheet

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Cash & equivalents$2.3B+12.6%
Total debt$178.0M+19.7%
Total equity$9.0B+11.1%
Total assets$11.4B+10.7%

Cash flow

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Operating cash flow$403.6M+133%
CapEx$127.8M+180%
Free cash flow$275.8M+116%

Valuation

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Market cap$58.35B+31.7%
Enterprise value$56.19B+32.6%
P/E31.1×+2.8×
P/S7.6×+1.1×

Profitability

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Gross margin60.1%+1.1pp
Operating margin27.6%+1.6pp
Net margin24.5%+1.3pp
FCF margin20.9%+4.2pp

Returns & leverage

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Return on equity21.9%+1.2pp
Debt / equity0.0×
Current ratio0.0×

Where this comes from

Reported directly by Garmin in its filing.

Tagged under the XBRL concept us-gaap:OperatingIncomeLoss.

The source filing: Garmin’s 10-Q, filed July 29, 2026.

Filed
Jul 29, 2026, 7:00 AM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001193125-26-322114
13-Weeks Ended June 27, 2026FitnessOutdoorAviationMarineAuto OEMTotal
Gross profit480,723332,319201,971208,96438,0451,262,022
Research and development expense64,36174,19891,29051,08923,002303,940
Selling, general and administrative expenses139,32394,53838,51558,02712,171342,574
Operating income (loss)$277,039$163,583$72,166$99,848$2,872$615,508
13-Weeks Ended June 28, 2025
Net sales$605,425$490,357$249,366$299,262$170,154$1,814,564
Cost of goods sold240,755165,92863,894134,924142,051747,552
Gross profit364,670324,429185,472164,33828,1031,067,012

Item 1 - Condensed Consolidated Financial Statements

FAQ

What is Garmin's outdoor — operating income?
Garmin (GRMN) reported outdoor — operating income of $163.58M in Q2 2026.
How has Garmin's outdoor — operating income changed year-over-year?
Garmin's outdoor — operating income increased by 3.6% year-over-year, from $157.88M to $163.58M.
What is the long-term trend for Garmin's outdoor — operating income?
Over 4 years (2021 to 2025), Garmin's outdoor — operating income has grown at a 9.5% compound annual growth rate (CAGR), from $480.78M to $690.35M.
What does outdoor — operating income mean?
Operating income represents the profit generated by the Outdoor segment after deducting both the cost of goods sold and all operating expenses (R&D, SG&A). It serves as the primary measure of the segment's operational performance and profitability. This metric excludes interest, taxes, and non-operating items, focusing purely on the core business performance.

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