Garmin announced record third quarter consolidated revenue of $1.99 billion, a 12% increase year-over-year, and record operating income of $612 million, a 34% increase. Gross and operating margins expanded to 63.3% and 30.8% respectively, compared with the prior-year quarter.
“We achieved another quarter of record operating results driven by strength across markets and product categories, with meaningful contributions from recently launched products,” president and CEO Cliff Pemble said in a press release. “Our results were further enhanced by strong operational execution resulting in record consolidated gross margin and impressive operating profit leverage. We are raising our 2026 outlook based on the results we have achieved so far and the momentum we are experiencing as we enter the important holiday selling season.”
Marine segment revenue increased 16% in the third quarter, with broad-based growth across multiple categories, led by sonar. Gross and operating margins were 64% and 30%, respectively, resulting in $94 million of operating income.
“During the quarter,” Pemble said, “we launched the next generation LiveScope 2, delivering live sonar images with improved range and clarity. Also during the quarter, we expanded our sailboat product lineup with the GMITM 40 instrument display and the SmartDrive brushless linear steering actuator. We also launched the JL Audio A60 head unit series, and M200 speaker systems.”
Based on the first three quarters of 2026 and a positive outlook for the remainder of the year, Garmin is raising its full-year guidance. “We now anticipate revenue of approximately $8.15 billion and pro forma EPS of $10.80 based on gross margin of 61%, operating margin of 29% and a full year tax rate of 16.5%,” Pemble said in the release.
