Garmin yesterday reported third quarter consolidated revenue of approximately $1.8 billion, a 12% increase compared with the prior year quarter. Gross and operating margins were 59.1% and 25.8%, respectively, and the company posted a record operating income of $457 million, a 4% increase year-over-year.
“We achieved another quarter of strong financial results with growth in both consolidated revenue and operating income, and we experienced strong, double-digit revenue growth in three business segments reflecting the strength of our unique, diversified business model,” CEO Cliff Pemble said in a statement. “Looking ahead, we are well-positioned for the holiday selling season, with a strong lineup of innovative products.”
Marine-segment revenue increased 20% in the third quarter, with growth across multiple categories, the company said. Gross and operating margins were 56% and 19%, respectively, resulting in $49 million of operating income.
The company launched the Force Current hands-free kayak propulsion system during the quarter, and expanded the Force Kraken trolling motor lineup. Garmin also launched the Echomap Ultra 2 plotter with a 16-inch display with premium mapping and sonar capabilities.
“Based on our performance in the first three quarters of 2025 and recent trends, we are updating our full-year 2025 guidance,” Garmin said. “We anticipate revenue of approximately $7.1 billion and pro forma EPS of $8.15 based on gross margin of 58.5%, operating margin of 25.2% and a pro forma effective tax rate of 17.5%.”
