← 실적 발표
GRMN FY2026 Q1 개선

Garmin Ltd. 실적 발표

Apr 29, 2026 · 10:30 ET Cliff PembleDoug BessonTerry Sack earningscall_biz
Buzzberg 분석

Fitness segment grew 42% with broad-based demand

Garmin reported a strong Q1 2026 with revenue up 14% to $1.75B, led by fitness segment growth of 42%. Management maintained full-year guidance despite the strong start and discussed significant program ramps with Mercedes-Benz, offsetting the BMW wind-down. They also noted that component cost inflation is expected to be muted in 2026 due to safety stock but will hit in 2027. Consolidated revenue grew 14% to a record $1.75B, with fitness up 42%, aviation up 18%, and marine up 11%.

Buzzberg 분석 Fitness segment grew 42% with broad-based demand Garmin reported a strong Q1 2026 with revenue up 14% to $1.75B, led by fitness segment growth of 42%. Management maintained full-year guidance despite the strong start and discussed significant program ramps with Mercedes-Benz, offsetting the BMW wind-down. They also noted that component cost inflation is expected to be muted in 2026 due to safety stock but will hit in 2027. Consolidated revenue grew 14% to a record $1.75B, with fitness up 42%, aviation up 18%, and marine up 11%. 전체 분석 보기분석 접기

Garmin reported a strong Q1 2026 with revenue up 14% to $1.75B, led by fitness segment growth of 42%. Management maintained full-year guidance despite the strong start and discussed significant program ramps with Mercedes-Benz, offsetting the BMW wind-down. They also noted that component cost inflation is expected to be muted in 2026 due to safety stock but will hit in 2027. Consolidated revenue grew 14% to a record $1.75B, with fitness up 42%, aviation up 18%, and marine up 11%.

  • Gross margin expanded 180 bps to 59.4%; operating margin expanded 290 bps to 24.6%.
  • Auto OEM revenue was flat, but the BMW program is ramping down while the Mercedes-Benz program is expected to drive significant growth starting in 2027.
  • Garmin has built substantial safety stock to mitigate 2026 component cost inflation, but expects the impact to manifest in 2027.
AVIATION 매출$264M보고값
FITNESS 매출$547M보고값
MARINE 매출$355M보고값
OUTDOOR 매출$418M보고값
근거 있는 핵심 내용 6개

지금 중요한 점

이번 발표에서 가장 의미 있는 변화를 정리했습니다.

01
Demand

Fitness segment grew 42% with broad-based demand

02
Supply

Component cost pressure expected to hit more in 2027

03
Margins

Tariff refunds not yet recorded as benefit

핵심 내용 3개 더 보기
04
Guidance

Auto OEM revenue to decline in 2026 ahead of Mercedes ramp

05
Margins

Marine margin compression due to higher tariff costs

06
Guidance

Mercedes program to drive growth starting 2027

보고 기간

보고 실적

지표보고값변화
AVIATION 매출$264M보고값
FITNESS 매출$547M보고값
MARINE 매출$355M보고값
OUTDOOR 매출$418M보고값
매출$1.7535B-17% 전분기 대비
주당순이익(EPS)$2.08-25% 전분기 대비
AI, 자본지출 및 수요 분석

경영진 분석

톤

Confident

Management expressed satisfaction with strong Q1 results and optimism about new product launches and long-term growth, despite acknowledging geopolitical uncertainties.

AI

경영진의 AI 분석

AI is not explicitly discussed, but management mentions expanding on-device messaging with WhatsApp integration and subscription-based services like Garmin Connect Plus as areas of enhanced focus.

자본지출

투자 및 생산능력

Capital expenditures for Q1 2026 were $67 million, approximately $27 million higher than the prior year quarter, reflecting increased investment.

아래에 언급된 기업 2개 모두 표시

기업발표 이후 수익률

고객

MBG.DE
고객

Mercedes-Benz is a major growth catalyst; the new program is more complex with higher ASPs and expected to drive significant revenue growth starting in 2027.

근거
“We 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.”
Cliff Pemble
BMW.DE -22.8%
고객

BMW's program is at peak volumes and ramping down, which will drag on Garmin's Auto OEM segment revenue in 2026.

근거
“As a reminder, we expect AutoEM revenue to decrease in 2026 as the BMW program has reached peak volumes and as certain legacy programs approach end of life.”
Cliff Pemble
외부 신호

공급망 알파 · 1발표 이후 수익률

A1

Garmin has substantial safety stock of components under pricing pressure, expecting the impact of higher input costs to be muted in 2026 but to appear in 2027.

Cliff Pemble
GRMN+25.8%
근거
“We do have significant safety stock. of some components that are under pricing pressure. So I would expect that 2026 is still going to be somewhat muted and we'll start to see some effect in 2027.”
방법론 및 범위

경영진 발언만 분석합니다. 검증된 기업 언급 2개를 모두 표시하며, 보고 실적과 향후 가이던스를 분리합니다. 공개 근거는 화자가 표시된 짧은 인용문 8개로 제한됩니다. AI 분석은 불완전하거나 틀릴 수 있으므로 중요한 주장은 원문에서 확인하세요.