Garmin today reported its second quarter financial results.
The company posted record consolidated revenue of $1.81 billion, a 20% increase over the prior-year quarter. Other highlights include an expansion in gross margin to 58.8%, compared with 57.3% a year prior, and record operating income of $472 million, a 38% increase year-over-year.
“We delivered another quarter of outstanding financial results with double-digit growth in every segment, driven by our strong lineup of innovative and highly differentiated products that customers desire,” president and CEO Cliff Pemble said in a statement. “We are very pleased with our results so far in 2025, which have exceeded our expectations and give us confidence to raise our full year guidance.”
Revenue from the marine segment increased 10% in the quarter, with growth across multiple categories, led by chart plotters. Gross and operating margins were 55% and 21%, respectively, resulting in $63 million of operating income.
Also, Garmin launched the GPSMAP 15×3 chart plotter and the quatix 8 marine smartwatch during the second quarter.
“Based on our performance in the first half of 2025,” the statement said, “we are raising our full-year 2025 guidance. We now anticipate revenue of approximately $7.1 billion and pro forma EPS of $8 based on gross margin of 58.5%, operating margin of 24.8% and a full-year tax rate of 17.5%.”
