Garmin (NYSE:GRMN) reported record-breaking financial results for the first quarter ended March 28, 2026, on Wednesday, April 29, 2026.
The Swiss-domiciled technology leader posted total revenue of $1.75 billion, representing a 14% increase year-over-year, as the company’s diversified portfolio of GPS-enabled products continued to capture market share across the fitness, aviation, and marine sectors.
The company’s profitability metrics showed significant expansion during the period.
Operating income reached $432 million, a 30% jump compared to the first quarter of 2025.
This growth was supported by a strong gross margin of 59.4% and an operating margin of 24.6%.
Garmin reported GAAP diluted earnings per share (EPS) of $2.09, while pro forma diluted EPS rose 29% year-over-year to $2.08.
Garmin’s financial health was further evidenced by its robust cash generation.
The company produced $536 million in operating cash flow and $469 million in free cash flow during the quarter.
This liquidity allowed for substantial shareholder returns, including $174 million in dividend payments and $40 million in share repurchases.
The company entered the second quarter with approximately $491 million remaining under its current $500 million repurchase authorization.
The quarterly performance was characterized by double-digit growth in the Fitness and Aviation segments.
Fitness revenue was bolstered by the continued rollout of advanced wellness and performance-tracking wearables, while the Aviation segment benefited from high demand for both OEM and aftermarket flight deck upgrades.
The Marine and Outdoor segments also contributed to the record results, driven by seasonal demand and the introduction of new sonar and handheld navigation technologies.