Garmin (GRMN) FY2025 results: revenue $7.2 billion, up 15.1% on the year

Garmin designs, makes and sells navigation, communication and sensor devices, most of them using GPS, into five markets that are also its five reporting segments: fitness, outdoor, aviation, marine and auto OEM. It has been at this for more than 35 years and has delivered over 300 million products since it started, more than 20 million of them in fiscal 2025. The financial year ends in late December. Devices read positions from GPS and from the GLONASS, Galileo and BeiDou satellite systems, with augmentation systems such as WAAS, MSAS and EGNOS used for aviation safety-of-life services, and some products connect to private satellite networks on a subscription. Garmin Connect and Connect Mobile are the web and phone platforms where users store and analyse their activity and wellness data, with Connect+ as the paid tier, and Connect IQ is the kit that lets outside developers write watch faces and apps for Garmin devices.

Fitness

Running watches are the Forerunner series. Cycling covers bike computers, power meters, radars, cameras, smart lights, speed and cadence sensors, and Tacx indoor trainers and a smart bike. Smartwatches run across the Venu, vívoactive, vívomove, Lily, vívosmart and Bounce series, from GPS watches to hybrid analogue-faced models and activity bands, with wrist heart rate, an ECG app, Garmin Pay and round-the-clock health monitoring depending on the model. Accessories include chest strap heart rate monitors, smart scales, blood pressure monitors and sleep monitors.

Outdoor

Adventure watches are the larger business here: fēnix, Instinct for rugged use, tactix with tactical features such as night vision compatibility and stealth mode, Enduro for battery life, and the MARQ collection in finer materials. Many carry solar charging, preloaded topographic, ski resort and golf course mapping, LED flashlights, speakers and microphones. inReach devices add two-way satellite text and voice messaging, weather and an S.O.S. function that reaches Garmin Response, staffed around the clock by the company's own trained associates, anywhere in the world on an active service plan.

Aviation

Avionics are sold both to aircraft manufacturers and through a worldwide dealer network for retrofitting existing aircraft. The markets are general aviation, business aviation, rotorcraft and experimental and light sport, covering everything from small piston and electric aircraft to large business jets and helicopters on public service and oil and gas missions. The company also sells commercial off-the-shelf and mission-specific equipment to military and defence customers, and into commercial air carriers, electric aircraft and the advanced air mobility and eVTOL market. The integrated flight deck is the anchor product and is now in its third generation.

Marine

Chartplotters and multifunction displays are supported by Garmin's own cartography, sold as Navionics Vision+ and Navionics Platinum+ charts that work on most other makers' plotters too. The filing states that their main features are patented Auto Guidance+ routing, satellite imagery and three-dimensional views. The Striker fishfinders use GPS to draw contour maps, and LiveScope is the live-imaging sonar line.

Auto OEM

Garmin is a tier-one supplier of infotainment to carmakers, selling centralised control and multi-display platforms for audio, multimedia, navigation, cameras, phone links, voice recognition and rear-seat entertainment, plus instrument clusters, software, map databases, cameras and wearables.

Making it and selling it

Manufacturing is vertically integrated in the company's own plants in Taiwan, the United States, the Netherlands, the U.K., Poland and China, which the filing puts forward as its advantage on cost, quality and time to market, since high, mid and low volume products share the same lines. Products go out through independent retailers, dealers, distributors, installation and repair shops and equipment makers, and directly through the Garmin webshop, Garmin retail stores and connected-service subscriptions; direct channels were more than 10 percent of total net sales in 2025. Consumer sales peak in the fourth quarter on holiday buying, marine peaks in the first and second quarters before the boating season, and aviation and auto OEM move instead with aircraft certifications, regulatory mandates and car programme timing. There were approximately 23,000 full and part-time employees at 27 December 2025.

From Garmin's annual report on Form 10-K for the year ended 27 December 2025. The filing

Written from the 10-K filed 18 February 2026: read the full 10-K.