Garmin Ltd
GRMN
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+ FollowMarket Cap$59.82B
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Earnings Call Q2 2026
July 29, 2026 - AI Summary
Record results + margin strength (core “good”): Garmin delivered another quarter of record breaking results with consolidated revenue up 11% YoY to $2.02B. Operating income +30% to $616M and pro forma EPS +29% to $2.81. Gross margin 62.4% (+360 bps YoY) and operating margin 30.4% (+440 bps YoY), driven mainly by favorable product mix and tariff-related tailwind.
Tariff refund helped near-term (the “surprising/temporary” factor + outlook not assuming more): Management cited a ~$21M tariff refund recognized in Q2 as a positive contributor. Importantly, updated full-year gross margin guidance explicitly does *not* assume additional tariff refund benefits beyond what’s already recorded—so investors should treat margin upside as more than just one-off support.
Full-year 2026 guidance raised (the key forecasts): Based on strong first half performance, Garmin raised guidance to:
- Revenue ~ $8.05B (raised from ~$7.9B prior guide)
- Pro forma EPS ~ $10.00 (raised from ~$9.65)
- Gross margin ~ 59.7% (raised; +120 bps vs prior guidance; +100 bps vs full-year 2025)
- Operating margin ~ 27% (raised)
- Pro forma effective tax rate ~16.5% (up vs prior guide; mainly jurisdiction/income mix)
- Free cash flow expectations: ~$1.4B FCF with ~$550M capex.
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$170.66
45.3% downside
Current Fair Value
45.3% downsideOvervalued by 45.3% based on the discounted cash flow analysis.
Share Statistics
| Market cap | $59.82 Billion |
|---|---|
| Enterprise Value | $58.10 Billion |
| Dividend Yield | $3.75 (1.21%) |
| Earnings per Share | $8.65 |
| Beta | 0.89 |
| Outstanding Shares | 192,836,000 |
Return
| Return on Equity | 20.79% |
|---|---|
| Return on Assets | 16.43% |
| Return on Invested Capital | 24.06% |
Valuation & Multiples
| P/E Ratio | 31.82 |
|---|---|
| PEG | 90.38 |
| Price to Sales | 8.0 |
| Price to Book Ratio | 6.78 |
| Enterprise Value to Revenue | 7.57 |
| Enterprise Value to EBIT | 25.85 |
| Enterprise Value to Net Income | 30 |
| Total Debt to Enterprise | 0.01 |
| Debt to Equity | 0.07 |
Revenue Sources
No data
Insider Trades
Last Earnings Call
Report Date
July 29, 2026
EPS Estimate
$2.30
Average shareholder expectationRevenue Estimate
$1.93 B
Average shareholder expectationNext Earnings Call
Expected Date
November 4, 2026
EPS Estimate
$2.38
Average shareholder expectationRevenue Estimate
$1.99 B
Average shareholder expectationInstitutional Put/Call Ratio
Market sentiment based on institutional option activity.
| Put/Call Ratio | 0.1083▼ 72.42% |
|---|---|
| Total Calls | 93,300▼ 79.48% |
| Total Puts | 10,100▼ 97.33% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 17.54%▼ 38.94% |
|---|---|
| Total Invested | $8.03B▼ 68.06% |
| Investors Holding | 568▼ 467.00% |
ESG Score
No data
About Garmin Ltd
13,000 employees
CEO: Clifton Pemble Garmin, formerly known as ProNav, is an American multinational technology company founded in 1989, with headquarters in Olathe, Kansas. The company specializes in GPS technology for automotive, aviation, marine, outdoor, and sport activi...