Q4 2025 Garmin Ltd Earnings Call Transcript
Key Points
- Garmin Ltd (GRMN) achieved record consolidated revenue of $7.25 billion in 2025, marking a 15% increase from the previous year.
- The company reported a record fourth-quarter operating income of $614 million, up 19% year over year.
- The fitness segment saw a significant revenue increase of 33% to $2.36 billion, driven by strong demand for wearables.
- Garmin Ltd (GRMN) announced a proposed annual dividend increase of 17% to $4.20 per share.
- The company has strong relationships with suppliers and has increased inventory levels to mitigate supply chain challenges.
- The auto OEM segment reported an operating loss of $49 million for the year, with expectations of revenue decline in 2026.
- Gross margin is expected to decrease slightly in 2026 due to higher product costs.
- The company faces pressure from industry-wide memory constraints, impacting cost structures.
- Tariff impacts remain a significant cost adder, although Garmin Ltd (GRMN) has managed to mitigate some effects.
- The aviation segment's growth is expected to align with historical norms, indicating potential slower growth compared to other segments.
Hello everyone, thank you for joining us and welcome to the Garmin Limited fourth-quarter and full-year 2025 earnings conference call. (Operator Instructions)
I will now hand the call over to Teri Seck, Director of Investor Relations. Please go ahead.
Good morning. We would like to welcome you to Garmin Limited's fourth-quarter full-year 2025 earnings call. Please note that the earnings press release and related slides are available at Garmin's Investor relations site on the internet at www.garmin.com/stock. An archive of the webcast and related transcript will also be available on our website. This morning's earnings call includes projections and other forward-looking statements regarding Garment Limited and its business.
Any statements regarding our future financial position, revenues, segment growth rates, earnings, gross margins, operating margins, future dividends or share repurchase, market shares, product
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