Garmin Posts Record Q3 Operating Income of $612 Million and Raises Full Year Guidance

Garmin Ltd. reported record third-quarter results on October 28, 2026, with consolidated revenue of $1.99 billion, up 12% year over year, and record operating income of $612 million, a 34% increase from the prior year period. Adjusted earnings per share came in at $2.76, beating the analyst consensus estimate of $2.40 by a wide margin and rising 39% from $1.99 a year earlier. GAAP EPS was $2.80. Gross margin expanded 420 basis points to 63.3%, compared with 59.1% in Q3 2025, while operating margin improved to 30.8% from 25.8%.

Four of five business segments posted double-digit revenue growth. Fitness led in dollar terms at $694.3 million, up 16%, while Outdoor grew 20% to $597.3 million, driven by products including the recently launched fenix 9 series. Marine rose 16% to $309.9 million and Aviation climbed 5% to $252.7 million. Auto OEM was the lone decliner, falling 20% to $131.9 million. Operating cash flow for the quarter was $394 million.

On the aviation side, the company reached two milestones: delivery of the 1,000th King Air G1000 retrofit and installation of the Garmin Autoland autonomous landing system on more than 2,500 aircraft.

Following the beat, management raised full-year 2026 guidance, setting revenue at approximately $8.15 billion, above the prior consensus of $8.09 billion, and lifting adjusted EPS guidance to $10.80 from a prior implied figure, against analyst expectations of $10.13. The company cited momentum heading into the holiday selling season. Garmin shares rose roughly 3% in pre-market trading on the news, though the stock underperformed peers during the regular Wednesday session.