Garmin has reported record second-quarter financial results, with its marine division posting double-digit growth, benefiting from strong demand across multiple product categories.
The technology company generated consolidated revenue of approximately $2.02bn in the second quarter of 2026, up 11 per cent year-on-year, while operating income rose 30 per cent to a record $616m. Gross margin expanded to 62.4 per cent, with operating margin reaching 30.4 per cent, reflecting improved profitability across the business.
Within the marine segment, revenue increased 14 per cent to $341.4m, up from $299.3m in the same period last year. Garmin says the performance was driven by broad-based growth across multiple marine product categories, with the division generating operating income of approximately $100m and achieving operating and gross margins of 29 per cent and 61 per cent respectively.
During the quarter, Garmin expanded its marine electronics portfolio with the launch of Garmin Signal VHF marine radios, featuring colour touchscreens and new communication capabilities for recreational and professional users. The company also introduced the next-generation LiveScope 2, launched earlier this month, a live sonar system designed to deliver improved range and greater image clarity for anglers.
Commenting on the results, Garmin president and chief executive officer Cliff Pemble says the company’s strong first-half performance had given it confidence to increase its full-year outlook.
“We delivered another quarter of outstanding financial results with double-digit revenue growth and robust margin expansion, which resulted in record revenue and operating income. Each business segment contributed to these impressive results. Our performance in the first half of 2026 was very strong, giving us confidence to raise our full year 2026 consolidated revenue and EPS guidance,” Pemble notes.
Across the wider business, Garmin’s fitness segment delivered the strongest growth, with revenue rising 25 per cent, while aviation revenue increased 8 per cent. The outdoor segment declined 2 per cent, and the automotive OEM division recorded 1 per cent growth.
Garmin also completed the strategic acquisition of athlete training platforms TrainingPeaks and TrainHeroic during the quarter. For the aviation market, it unveiled AXIS, a new family of scalable flight displays, and launched the CIRQA Smart Band, its first screenless wearable focused on health and wellness.
Reflecting its strong first-half performance, Garmin has raised its full-year 2026 guidance to approximately $8.05 bn in annual revenue and $10.00 in pro forma earnings per share. The company forecasts a full-year gross margin of 59.7 per cent and an operating margin of 27 per cent.
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