Garmin today reported record second-quarter results, with consolidated revenue climbing 11% to roughly $2.02 billion and operating income increasing 30% to $616 million.
Garmin said in a statement that the marine segment turned in one of the quarter’s standout performances, with revenue rising 14% to $341.4 million, compared with $299.3 million a year earlier. Marine operating income also grew, climbing 59% year-over-year to nearly $100 million, as gross and operating margins expanded to 61% and 29%, respectively.
Garmin attributed the marine strength to “broad-based growth across multiple categories.” The company also introduced new products in the quarter: Signal VHF radios, with color touch screens and upgraded communication tools, and the next-generation LiveScope 2 sonar.
For the first half of 2026, marine revenue of $696.4 million was up 13% from $618.7 million in the same period last year, with operating income increasing to $190.6 million from $149.8 million, underscoring sustained momentum in the category rather than a one-quarter blip.
“Each business segment contributed to these impressive results,” president and CEO Cliff Pemble said in the statement, pointing to the company’s first-half performance as the basis for its increased full-year outlook.
Beyond marine, Garmin’s other segments posted mixed results: Aviation grew 8%, Auto OEM inched up 1% and returned to profitability, and Outdoor revenue slipped 2% amid softer demand in consumer auto and adventure watch categories. Companywide gross margin expanded 360 basis points to 62.4%, aided in part by roughly $21 million in tariff refunds.
Garmin ended the quarter with approximately $4.4 billion in cash and marketable securities, and generated $276 million in free cash flow, while continuing its quarterly dividend program and share buybacks.
The company’s full-year guidance is now projected at annual revenue of about $8.05 billion and pro forma earnings per share of $10.
