Garmin (NYSE:GRMN) Issues Quarterly Earnings Results, Beats Estimates By $0.51 EPS

Key Points

• Garmin beat quarterly expectations: EPS came in at $2.81, $0.51 above consensus, while revenue reached $2.02 billion, up 11.4% year over year and ahead of estimates.
• Fiscal 2026 guidance was raised: The company now expects full-year EPS of $10.00 and approximately $8.1 billion in revenue, supported by strong fitness growth and expanded training-software offerings.
• Shares surged but valuation concerns remain: Garmin stock climbed near its 52-week high after the results, while recent insider selling and an average analyst price target below the current share price may limit near-term upside.

Garmin (NYSE:GRMN - Get Free Report) posted its quarterly earnings results on Wednesday. The scientific and technical instruments company reported $2.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.30 by $0.51, FiscalAI reports. The business had revenue of $2.02 billion for the quarter, compared to analysts' expectations of $1.93 billion. Garmin had a return on equity of 20.07% and a net margin of 23.26%.The firm's quarterly revenue was up 11.4% compared to the same quarter last year. During the same quarter last year, the business earned $2.17 earnings per share. Garmin updated its FY 2026 guidance to 10.000-10.000 EPS.

Garmin Price Performance

Shares of Garmin stock traded up $42.37 during trading on Wednesday, hitting $296.02. 945,431 shares of the company were exchanged, compared to its average volume of 893,800. The firm has a market capitalization of $57.09 billion, a P/E ratio of 32.84, a price-to-earnings-growth ratio of 2.86 and a beta of 0.90. The firm's fifty day moving average price is $239.62 and its 200 day moving average price is $235.51. Garmin has a 1-year low of $186.67 and a 1-year high of $298.75.

Insider Activity at Garmin

In other Garmin news, CFO Douglas G. Boessen sold 2,000 shares of the company's stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $237.91, for a total value of $475,820.00. Following the completion of the sale, the chief financial officer owned 26,049 shares of the company's stock, valued at approximately $6,197,317.59. This represents a 7.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joseph J. Hartnett sold 643 shares of Garmin stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $263.57, for a total transaction of $169,475.51. Following the transaction, the director directly owned 21,277 shares in the company, valued at approximately $5,607,978.89. This represents a 2.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 14.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Garmin

Institutional investors have recently modified their holdings of the business. Atlas Capital Advisors Inc. acquired a new stake in Garmin during the 4th quarter worth approximately $34,000. DV Equities LLC acquired a new stake in shares of Garmin in the 4th quarter valued at about $46,000. Itau Unibanco Holding S.A. raised its stake in Garmin by 23.0% in the fourth quarter. Itau Unibanco Holding S.A. now owns 283 shares of the scientific and technical instruments company's stock valued at $57,000 after buying an additional 53 shares during the period. Garton & Associates Financial Advisors LLC acquired a new position in shares of Garmin in the fourth quarter valued at approximately $62,000. Finally, State of Wyoming grew its stake in shares of Garmin by 26.2% in the fourth quarter. State of Wyoming now owns 352 shares of the scientific and technical instruments company's stock valued at $71,000 after acquiring an additional 73 shares in the last quarter. Institutional investors own 81.60% of the company's stock.

Key Garmin News

Here are the key news stories impacting Garmin this week:

• Positive Sentiment: Quarterly results exceeded expectations: Garmin reported adjusted EPS of $2.81, up from $2.17 a year earlier and above the $2.27-$2.30 analyst consensus. Revenue rose 11.4% year over year to a record $2.02 billion, surpassing estimates of approximately $1.93 billion. Garmin Announces Second Quarter 2026 Results
• Positive Sentiment: Fitness segment accelerated: Garmin’s fitness business reportedly grew 25%, reinforcing investor confidence that demand for wearables and connected health products remains strong. Garmin's Fitness Business Explodes 25%, Stock Surges
• Positive Sentiment: Full-year guidance was raised: Garmin now expects fiscal 2026 EPS of $10.00, above the prior outlook and roughly $9.57-$9.53 analyst expectations. Revenue guidance was set at approximately $8.1 billion, also ahead of the roughly $8.0 billion consensus. Garmin Q2 Earnings and Revenues Beat Estimates
• Positive Sentiment: Broader growth initiatives support the outlook: Recent acquisitions of TrainingPeaks and TrainHeroic expand Garmin’s training-software ecosystem and recurring digital revenue opportunity, while new aviation, marine, golf and wearable products provide additional growth drivers.
• Neutral Sentiment: At approximately $296.81, Garmin was near its 52-week high of $298.75 and trading well above its 50-day and 200-day moving averages, suggesting strong momentum but also elevated expectations.
• Negative Sentiment: Recent insider activity showed selling rather than buying, with executives collectively selling shares over the past six months. In addition, the reported median analyst price target of $268.50 is below the current share level, potentially limiting near-term upside.

Wall Street Analyst Weigh In

GRMN has been the topic of a number of research reports. Weiss Ratings restated a "buy (b)" rating on shares of Garmin in a research report on Monday, June 8th. Tigress Financial lifted their price target on shares of Garmin from $320.00 to $325.00 and gave the stock a "strong-buy" rating in a research report on Wednesday, May 20th. Zacks Research downgraded shares of Garmin from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 1st. JPMorgan Chase & Co. increased their price objective on shares of Garmin from $265.00 to $285.00 and gave the company a "neutral" rating in a report on Thursday, April 16th. Finally, Morgan Stanley set a $249.00 price objective on shares of Garmin in a research note on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $269.40.

About Garmin

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin's products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin's product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.

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