Guidance
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FY2026 Q2
Повышен
Отчётный звонок Garmin Ltd.
Вывод Buzzberg
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.
Вывод Buzzberg 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. Читать полный анализСвернуть анализ
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 Выручка$0.172BФакт
AVIATION Выручка$0.269BФакт
FITNESS Выручка$0.757BФакт
MARINE Выручка$0.341BФакт
6 подтверждённых тезисов
Что важно сейчас
Самые значимые изменения по итогам звонка.
Demand
Circa smartband demand exceeded expectations, backorders being chased.
Margins
Margins face memory cost headwind in second half.
Показать ещё 3 тезиса
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.
Отчётный период
Фактические результаты
| Показатель | Факт | Изменение |
|---|---|---|
| AUTO_OEM Выручка | $0.172B | Факт |
| AVIATION Выручка | $0.269B | Факт |
| FITNESS Выручка | $0.757B | Факт |
| MARINE Выручка | $0.341B | Факт |
| OUTDOOR Выручка | $0.483B | Факт |
| Выручка | $2.0221B | +15% к/к |
Прогнозные данные
Прогноз компании
| Показатель | Период | Диапазон | Середина | Статус |
|---|---|---|---|---|
| Капзатраты | FY2026 | $0.55B | $0.55B | Обозначен |
| EPS | FY2026 | $10.00 | $10.00 | Повышен |
| Свободный денежный поток | FY2026 | $1.4B | $1.4B | Обозначен |
| Валовая маржа | FY2026 | 59.7% | 59.7% | Повышен |
| Операционная маржа | FY2026 | 27% | 27% | Повышен |
| Выручка | FY2026 | $8.05B | $8.05B | Повышен |
AI, капзатраты и спрос
Оценка менеджмента
Bullish
Management expressed strong confidence, highlighted record-breaking results, raised full-year guidance, and detailed robust demand and successful product launches.
Оценка AI от менеджмента
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.
Инвестиции и мощности
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.
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Компаниис момента звонка
Клиенты
Клиенты
Clif Pemble
While largely praise, this signals continued strong demand and co-development with Embraer, supporting Garmin's aviation growth outlook.
Доказательства
“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.”
Клиенты
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.
Доказательства
“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.”
Клиенты
Clif Pemble
Garmin's auto OEM business is past the peak of BMW volumes, which will drive a decline in that segment in 2H26.
Доказательства
“We do expect back half revenue to decline versus 2025 as we've reached the peak of our BMW volumes.”
Цепочка поставок
Цепочка поставок
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.
Доказательства
“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.”
Внешние сигналы
Альфа цепочки поставок · 3с момента звонка
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.
Доказательства
“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.
Доказательства
“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.
Методология и полнота
Анализ основан только на заявлениях менеджмента. Показаны все подтверждённые упоминания компаний: 5. Фактические результаты и прогнозы разделены. Публичные доказательства ограничены восемью короткими атрибутированными цитатами. AI-анализ может быть неполным или ошибочным — проверяйте важные утверждения по первоисточнику.