Garmin Ltd. (NYSE: GRMN) announced its record-breaking first quarter financial results for the period ended March 29, 2025, showcasing robust growth across multiple business segments and maintaining optimistic full-year guidance despite global trade uncertainties. (Source: Garmin 8-K Report)
Total consolidated revenue reached an all-time high of \(1.54 billion, marking an impressive 11% year-over-year increase compared to Q1 2024's \)1.38 billion.
Gross profit stood at $884.5 million, reflecting a 10% increase from the previous year, with a gross margin of 57.6%, slightly down from 58.1% in Q1 2024.
Operating income climbed by 12% to a record $333 million, enhancing the operating margin marginally to 21.7% from 21.6% in Q1 2024.
GAAP diluted EPS surged 20% to \(1.72, while pro forma diluted EPS grew 13% to \)1.61, underlining Garmin’s strong earnings momentum.
Fitness segment revenue surged 12% to $384.7 million fueled by strong demand for advanced wearables, supported by the launch of Garmin Connect+, an AI-powered premium health and fitness insights platform.
Outdoor segment revenue jumped 20% to $438.5 million, led by new product launches including the Instinct 3, Descent G2, and the Montana GPS series with satellite SOS capabilities.
Aviation segment revenue increased 3% to $223.1 million, highlighted by the selection of the G3000 PRIME integrated flight deck for Pilatus aircraft, signaling future growth potential.
Marine segment saw a slight 2% decline to $319.4 million due to promotion timing but maintained strong operational margins and launched innovations like the Force Pro trolling motor.
Auto OEM segment exhibited a robust 31% revenue increase to $169.3 million, driven primarily by domain controller sales and new product integrations such as the Honda 2025 Gold Wing motorcycle infotainment system.
Americas contributed $745.7 million, showing a modest 4% increase.
EMEA region achieved a significant 23% revenue growth to $569 million, reflecting strong market penetration.
APAC region recorded 9% growth to $220.4 million.
The company reported Q1 2025 results on April 30, 2025, continuing the momentum from prior earnings.
Garmin updated its full-year 2025 revenue guidance to approximately \(6.85 billion while maintaining pro forma EPS guidance of \)7.80, expecting gross margin of 58.5% and operating margin of 24.8%.
Operating cash flow for Q1 2025 totaled \(421 million with free cash flow of \)381 million, demonstrating strong liquidity.
The company paid \(145 million in dividends and repurchased \)27 million in shares during the quarter, with $210 million remaining in the repurchase program.
Garmin’s CEO Cliff Pemble emphasized resilience and flexibility in its vertically integrated and diversified business model amid global trade uncertainties. The strong financial results align with previous management commentary about focusing on innovation, AI integration, and expanding product portfolios across sectors.
Garmin Ltd.’s first quarter 2025 results exhibit substantive growth fueled by strategic product innovation and market expansion. The company’s robust financial health and confident guidance position Garmin well to capitalize on emerging opportunities throughout 2025 despite external economic challenges.
For complete details, visit the original Garmin 8-K Filing.