Garmin Ltd. (GRMN) Announced Q1 2026 Earnings on April 29, 2026, Reporting Consolidated revenue increased 14% to $1.75 billion for the first quarter

Garmin Ltd. reported its financial results for the first quarter of 2026, noting that "Consolidated revenue increased 14% to $1.75 billion" for the first quarter.

Management highlighted that "Gross and operating margins expanded to 59.4% and 24.6%, respectively". This performance led to a "record first quarter operating income of $432 million" and "pro forma EPS of $2.08" for the quarter.

During the quarter, the company saw varied performance across its business segments.

The Fitness segment was a key driver, where "Revenue increased 42% to $547 million" for the first quarter, which management attributed to "higher unit volumes, resulting in meaningful market share gains". The Aviation segment saw "revenue increased 18% to $264 million" for the first quarter, and the Marine segment reported "Revenue increased 11% to $355 million" for the first quarter.

The Auto OEM segment reported that "Revenue increased 1% to $170 million" for the first quarter, while Outdoor "Revenue decreased 5% to $418 million" for the first quarter.

Management provided updates on forward guidance, stating they are "maintaining the guidance issued in February". For specific segments, they expect "second quarter outdoor performance to be similar to that of Q1" and that "auto OEM revenue to decrease in 2026". They also reaffirmed their expectation that "the Fitness segment will be the strongest contributor to 2026 consolidated growth".The quarter included several notable product and partnership updates. In the Aviation segment, "Daher unveiled their new TBM 980 single-engine turboprop aircraft featuring our G3000 Prime avionics suite" and the "HondaJet Elite II was certified by the FAA, becoming the first twin turbine business jet with Garmin Emergency Autoland technology". In the Auto OEM segment, management noted they "continue to achieve important milestones leading up to the launch of our next large scale program with Mercedes-Benz, which we anticipate will drive significant growth starting in 2027 and beyond".TWEET GRMN reported Q1 2026 Earnings todayRevenue: $1.753 billion for the first quarter EPS: $2.08 for the first quarterMomentum: "meaningful market share gains" and "broad-based growth across multiple product categories"Bull case: "record first quarter operating income of $432 million" Bear case: "unfavorable impact on tariffs this Q1 versus last year"Listen to an informative and funny Garmin debate: [LINK]