Guidance
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FY2026 Q2
상향
Garmin Ltd. 실적 발표
Buzzberg 분석
Raised full-year 2026 guidance to $8.05B revenue and $10 proforma EPS.
Garmin delivered a record-breaking Q2 2026 with revenue of $2.02B (+11% YoY), driven by strong fitness wearable demand and robust margins, leading to a further raise in full-year guidance. The call highlighted strong performance in the aviation and marine segments, while auto OEM faces a temporary decline ahead of the Mercedes-Benz program launch. Fitness segment delivered standout performance (+25% YoY) on demand for advanced wearables, leading to a raised full-year guidance.
Buzzberg 분석 Raised full-year 2026 guidance to $8.05B revenue and $10 proforma EPS. Garmin delivered a record-breaking Q2 2026 with revenue of $2.02B (+11% YoY), driven by strong fitness wearable demand and robust margins, leading to a further raise in full-year guidance. The call highlighted strong performance in the aviation and marine segments, while auto OEM faces a temporary decline ahead of the Mercedes-Benz program launch. Fitness segment delivered standout performance (+25% YoY) on demand for advanced wearables, leading to a raised full-year guidance. 전체 분석 보기분석 접기
Garmin delivered a record-breaking Q2 2026 with revenue of $2.02B (+11% YoY), driven by strong fitness wearable demand and robust margins, leading to a further raise in full-year guidance. The call highlighted strong performance in the aviation and marine segments, while auto OEM faces a temporary decline ahead of the Mercedes-Benz program launch. Fitness segment delivered standout performance (+25% YoY) on demand for advanced wearables, leading to a raised full-year guidance.
- Management raised full-year 2026 revenue guidance to $8.05B, up from $7.9B, and EPS to $10.00, up from $9.35.
- Gross margin improved to 62.4%, boosted by a $21M tariff refund and favorable product mix; guidance assumes headwinds from higher memory costs in 2H26.
- Auto OEM segment will decline in 2H26 and return to operating loss, but is expected to return to growth in 2027 with the launch of a major Mercedes-Benz program.
AUTO_OEM 매출$0.172B보고값
AVIATION 매출$0.269B보고값
FITNESS 매출$0.757B보고값
MARINE 매출$0.341B보고값
근거 있는 핵심 내용 6개
지금 중요한 점
이번 발표에서 가장 의미 있는 변화를 정리했습니다.
Demand
Circa smartband demand exceeded expectations, backorders being chased.
Margins
Margins face memory cost headwind in second half.
핵심 내용 3개 더 보기
Auto OEM
Auto OEM to decline and return to operating loss before Mercedes launch.
Capex
Thailand facility capex at highest intensity, on track.
Products
New AXIS cockpit displays set new standard and strong reception.
보고 기간
보고 실적
| 지표 | 보고값 | 변화 |
|---|---|---|
| AUTO_OEM 매출 | $0.172B | 보고값 |
| AVIATION 매출 | $0.269B | 보고값 |
| FITNESS 매출 | $0.757B | 보고값 |
| MARINE 매출 | $0.341B | 보고값 |
| OUTDOOR 매출 | $0.483B | 보고값 |
| 매출 | $2.0221B | +15% 전분기 대비 |
향후 전망
향후 가이던스
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| 자본지출 | FY2026 | $0.55B | $0.55B | 제시 |
| 주당순이익(EPS) | FY2026 | $10.00 | $10.00 | 상향 |
| 잉여현금흐름 | FY2026 | $1.4B | $1.4B | 제시 |
| 매출총이익률 | FY2026 | 59.7% | 59.7% | 상향 |
| 영업이익률 | FY2026 | 27% | 27% | 상향 |
| 매출 | FY2026 | $8.05B | $8.05B | 상향 |
AI, 자본지출 및 수요 분석
경영진 분석
Bullish
Management expressed strong confidence, highlighted record-breaking results, raised full-year guidance, and detailed robust demand and successful product launches.
경영진의 AI 분석
Management highlighted the launch of the Circa smartband, which offers wellness and fitness insights without a subscription, while noting that users can add Connect+ for AI features and other benefits. The company emphasized its rich out-of-the-box features as a differentiator compared to competitors, and hinted at future product roadmap expansion.
투자 및 생산능력
Capital expenditures for Q2 2026 were $128 million, up $82 million year-over-year, with full-year capex expected to be approximately $550 million. The company is in the most intense part of capital expenditures to support the Thailand facility, which will provide additional manufacturing options and diversification.
아래에 언급된 기업 5개 모두 표시
기업발표 이후 수익률
고객
고객
Clif Pemble
While largely praise, this signals continued strong demand and co-development with Embraer, supporting Garmin's aviation growth outlook.
근거
“For the 11th consecutive year, we were named Best Supplier of the Year by Embraer, who recognized us for outstanding performance as a supplier of electrical and electronic systems for their Phenom business jets.”
고객
Clif Pemble
Management explicitly plans for the auto OEM segment to hit an air pocket in 2H26 before a major Mercedes-Benz program launch in early 2027, indicating a specific capex/development cycle for the auto OEM.
근거
“we are expecting revenue to decline and the return to an operating loss in the back half of 2026, leading up to the launch of our next major program with Mercedes-Benz in 2027.”
고객
Clif Pemble
Garmin's auto OEM business is past the peak of BMW volumes, which will drive a decline in that segment in 2H26.
근거
“We do expect back half revenue to decline versus 2025 as we've reached the peak of our BMW volumes.”
공급망
공급망
Doug Boessen
Despite global memory cost inflation, Garmin has been insulated so far due to strategic inventory, but expects costs to hit in 2H26, narrowing margin expansion. — Signals that the memory cost spike is real but will be offset by consumption of cheap inventory for ~3-6 months, warning of a potential inventory re-stocking spike for component suppliers in 2H26.
근거
“Your day results have not been significantly impacted by higher memory costs. However, we do expect higher memory costs impact the second half, which has been factored into our full year gross margin guidance.”
외부 신호
공급망 알파 · 3발표 이후 수익률
The launch of the 'Circus Smartband' (likely a typo for 'Circa Smartband') sold out immediately, pushing ship times to 5-8 weeks, which is demand-led and shows a new market opportunity.
근거
“I noticed on the website, on your website it seems that the product sold out and now the ship wait times five to eight weeks... the actual result, once we announced the product, was very strong ahead of our expectations.”
Garmin is in its peak capital expenditure phase for its new Thailand manufacturing facility, shifting management focus toward production diversification. This is visible in a $82M YoY increase in quarterly capex and has not yet been fully reflected in margins.
근거
“We expect full year 2026 free cash flow to be approximately $1.4 billion, with capital expenditures of approximately $550 million.”
Despite global memory cost inflation, Garmin has been insulated so far due to strategic inventory, but expects costs to hit in 2H26, narrowing margin expansion.
방법론 및 범위
경영진 발언만 분석합니다. 검증된 기업 언급 5개를 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.