v3.26.1
Segment Information and Geographic Data
 6 Months Ended
Jun. 27, 2026
Segment Reporting [Abstract]  
Segment Information and Geographic Data

11. Segment Information and Geographic Data

Garmin is organized in the five operating segments of fitness, outdoor, aviation, marine, and auto OEM, which represent the primary markets served by the Company. These operating segments are also the Company's reportable segments.

 

The Company’s Chief Executive Officer, who has been identified as the Chief Operating Decision Maker (CODM), uses operating income (loss) as the primary measure of profit or loss to assess segment performance. Operating income (loss) represents net sales less costs of goods sold and operating expenses. Net sales are directly attributed to each segment. Most costs of goods sold and the majority of operating expenses are also directly attributed to each segment, while certain other costs of goods sold and operating expenses are allocated to the segments in a reasonable manner considering the specific facts and circumstances of the costs or expenses being allocated. The accounting policies of the segments are the same as those described in Note 1 - Accounting Policies. There are no inter-segment sales or transfers.

The Company’s segments share many common resources, infrastructures and assets in the normal course of business, and certain assets are therefore not separately tracked by segment. Thus, the Company does not report accounts receivable, inventories, property and equipment, intangible assets, capital expenditures, depreciation expense, or amortization expense by segment to the CODM.

The CODM utilizes operating income (loss) to assess segment performance and make decisions about the allocation of operating and capital resources by analyzing future opportunities and recent operating income (loss) results, trends, and variances of each segment in relation to forecasts and historical performance.

 

Net sales, cost of goods sold, gross profit, significant segment expenses, and operating income (loss) for each of the Company’s five reportable segments are presented below.

 

 

 

Fitness

 

 

Outdoor

 

 

Aviation

 

 

Marine

 

 

Auto OEM

 

 

Total

 

13-Weeks Ended June 27, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

756,823

 

 

$

482,740

 

 

$

268,749

 

 

$

341,369

 

 

$

172,411

 

 

$

2,022,092

 

Cost of goods sold

 

 

276,100

 

 

 

150,421

 

 

 

66,778

 

 

 

132,405

 

 

 

134,366

 

 

 

760,070

 

Gross profit

 

 

480,723

 

 

 

332,319

 

 

 

201,971

 

 

 

208,964

 

 

 

38,045

 

 

 

1,262,022

 

Research and development expense

 

 

64,361

 

 

 

74,198

 

 

 

91,290

 

 

 

51,089

 

 

 

23,002

 

 

 

303,940

 

Selling, general and administrative expenses

 

 

139,323

 

 

 

94,538

 

 

 

38,515

 

 

 

58,027

 

 

 

12,171

 

 

 

342,574

 

Operating income (loss)

 

$

277,039

 

 

$

163,583

 

 

$

72,166

 

 

$

99,848

 

 

$

2,872

 

 

$

615,508

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13-Weeks Ended June 28, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

605,425

 

 

$

490,357

 

 

$

249,366

 

 

$

299,262

 

 

$

170,154

 

 

$

1,814,564

 

Cost of goods sold

 

 

240,755

 

 

 

165,928

 

 

 

63,894

 

 

 

134,924

 

 

 

142,051

 

 

 

747,552

 

Gross profit

 

 

364,670

 

 

 

324,429

 

 

 

185,472

 

 

 

164,338

 

 

 

28,103

 

 

 

1,067,012

 

Research and development expense

 

 

52,696

 

 

 

66,997

 

 

 

85,126

 

 

 

46,920

 

 

 

24,924

 

 

 

276,663

 

Selling, general and administrative expenses

 

 

114,344

 

 

 

99,551

 

 

 

36,963

 

 

 

54,497

 

 

 

12,699

 

 

 

318,054

 

Operating income (loss)

 

$

197,630

 

 

$

157,881

 

 

$

63,383

 

 

$

62,921

 

 

$

(9,520

)

 

$

472,295

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26-Weeks Ended June 27, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

1,303,646

 

 

$

900,270

 

 

$

532,590

 

 

$

696,385

 

 

$

342,691

 

 

$

3,775,582

 

Cost of goods sold

 

 

484,400

 

 

 

290,009

 

 

 

133,311

 

 

 

290,045

 

 

 

273,507

 

 

 

1,471,272

 

Gross profit

 

 

819,246

 

 

 

610,261

 

 

 

399,279

 

 

 

406,340

 

 

 

69,184

 

 

 

2,304,310

 

Research and development expense

 

 

126,666

 

 

 

144,494

 

 

 

180,750

 

 

 

100,040

 

 

 

47,808

 

 

 

599,758

 

Selling, general and administrative expenses

 

 

257,921

 

 

 

183,394

 

 

 

75,429

 

 

 

115,694

 

 

 

24,941

 

 

 

657,379

 

Operating income (loss)

 

$

434,659

 

 

$

282,373

 

 

$

143,100

 

 

$

190,606

 

 

$

(3,565

)

 

$

1,047,173

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26-Weeks Ended June 28, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

990,147

 

 

$

928,853

 

 

$

472,481

 

 

$

618,699

 

 

$

339,483

 

 

$

3,349,663

 

Cost of goods sold

 

 

405,334

 

 

 

321,889

 

 

 

119,107

 

 

 

270,428

 

 

 

281,348

 

 

 

1,398,106

 

Gross profit

 

 

584,813

 

 

 

606,964

 

 

 

353,374

 

 

 

348,271

 

 

 

58,135

 

 

 

1,951,557

 

Research and development expense

 

 

103,153

 

 

 

130,060

 

 

 

169,324

 

 

 

90,907

 

 

 

51,339

 

 

 

544,783

 

Selling, general and administrative expenses

 

 

206,316

 

 

 

190,236

 

 

 

72,311

 

 

 

107,579

 

 

 

25,213

 

 

 

601,655

 

Operating income (loss)

 

$

275,344

 

 

$

286,668

 

 

$

111,739

 

 

$

149,785

 

 

$

(18,417

)

 

$

805,119

 

Net sales to external customers by geographic region for the 13-week and 26-week periods ended June 27, 2026 and June 28, 2025 are presented below. Note that Americas includes North America and South America, EMEA includes Europe, the Middle East and Africa, and APAC includes Asia Pacific and Australian Continent.

 

 

 

13-Weeks Ended

 

 

26-Weeks Ended

 

 

 

June 27, 2026

 

 

June 28, 2025

 

 

June 27, 2026

 

 

June 28, 2025

 

Americas (1)

 

$

979,390

 

 

$

878,014

 

 

$

1,801,019

 

 

$

1,623,747

 

EMEA

 

 

766,069

 

 

 

677,402

 

 

 

1,422,914

 

 

 

1,246,355

 

APAC

 

 

276,633

 

 

 

259,148

 

 

 

551,649

 

 

 

479,561

 

Net sales to external customers

 

$

2,022,092

 

 

$

1,814,564

 

 

$

3,775,582

 

 

$

3,349,663

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) The United States is the only country which constitutes greater than 10% of net sales to external customers.