Garmin today announced its fiscal first quarter results. The company reported record consolidated revenue of $1.75 billion, a 14% increase year-over-year. Gross and operating margins expanded to 59.4% and 24.6%, respectively, compared with the prior-year quarter. The company reported record operating income of $432 million, a 30% increase year-over-year.
“We achieved remarkable financial results during the opening quarter of 2026 in a continuation of the positive trends we have been experiencing over the long term,” president and CEO Cliff Pemble said in a statement. “This strong financial performance is a direct reflection of our impressive lineup of products that are essential to our customers’ lives, and our unique, highly diversified business model.”
Revenue from the marine segment increased 11% in the first quarter with broad-based growth across multiple categories. Net sales in the segment were approximately $355 million compared with $319 million in 2025. Gross and operating margins were 56% and 26%, respectively, resulting in $91 million of operating income.
Garmin launched a new 360-degree scanning sonar with the Spy pole, allowing anglers to see fish and underwater structure in every direction. The company also launched the quatix 8 Pro smartwatch with inReach technology for two-way satellite and cellular connectivity.
Garmin is maintaining its fiscal 2026 guidance of approximately $7.9 billion revenue and pro forma EPS of $9.35.
