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Form 8-K

sec.gov

8-K — GARMIN LTD

Accession: 0001193125-26-188907

Filed: 2026-04-29

Period: 2026-04-29

CIK: 0001121788

SIC: 3812 (SEARCH, DETECTION, NAVIGATION, GUIDANCE, AERONAUTICAL SYS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — grmn-20260429.htm (Primary)

EX-99.1 (grmn-ex99_1.htm)

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8-K

8-K (Primary)

Filename: grmn-20260429.htm · Sequence: 1

8-K

0001121788false00011217882026-04-292026-04-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 29, 2026

GARMIN LTD.

(Exact name of registrant as specified in its charter)

Switzerland

001-41118

98-0229227

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

Mühlentalstrasse 36/38

8200 Schaffhausen

Switzerland

(Address of principal executive offices)

Registrant’s telephone number, including area code: +41 52 630 1600

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Registered Shares, $0.10 Per Share Par Value

GRMN

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

On April 29, 2026, Garmin Ltd. (“the Company”) issued a press release announcing its financial results for the fiscal first quarter ended March 28, 2026. A copy of the press release is attached as Exhibit 99.1.

The information in Item 2.02 and Exhibit 99.1 to this Current Report on Form 8-K is being furnished and shall not be deemed “filed” for the purposes of or otherwise subject to the liabilities under Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Unless expressly incorporated into a filing of Garmin Ltd. under the Securities Act of 1933, as amended, or the Exchange Act made after the date hereof, the information contained in Item 2.02 and Exhibit 99.1 hereto shall not be incorporated by reference into any filing of the registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits. The following exhibits are furnished herewith.

Exhibit No.

Description

99.1

Press Release dated April 29, 2026

104

The cover page from this Current Report on Form 8-K, formatted in Inline XBRL (included as Exhibit 101)

1

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

GARMIN LTD.

April 29, 2026

/s/ Joshua H. Maxfield

Joshua H. Maxfield

Vice President and General Counsel

2

EX-99.1

EX-99.1

Filename: grmn-ex99_1.htm · Sequence: 2

EX-99.1

EXHIBIT 99.1

Garmin announces first quarter 2026 results

Company reports record first quarter revenue and operating income

Schaffhausen, Switzerland / April 29, 2026 / PR Newswire – Garmin® Ltd. (NYSE: GRMN), today announced results for the first quarter ended March 28, 2026.

Highlights for first quarter 2026 include:

Record consolidated revenue of approximately $1.75 billion, a 14% increase compared to the prior year quarter

Gross and operating margins expanded to 59.4% and 24.6% respectively, compared to the prior year quarter

Record operating income of $432 million, a 30% increase compared to the prior year quarter

GAAP EPS of $2.09 and pro forma EPS(1) of $2.08, representing a 29% increase in pro forma EPS compared to the prior year quarter

Published our 2025 Garmin inReach® SOS Report, highlighting the important role served by inReach devices in remote communications and emergency response coordination around the globe

Fenix® 8 Pro was officially recognized as the “Best Connected Device” at the 2026 Mobile World Congress in Barcelona

(In thousands, except per share information)

13-Weeks Ended

March 28,

March 29,

YoY

2026

2025

Change

Net sales

$

1,753,489

$

1,535,099

14%

Fitness

546,822

384,722

42%

Outdoor

417,530

438,496

(5)%

Aviation

263,841

223,114

18%

Marine

355,016

319,438

11%

Auto OEM

170,280

169,329

1%

Gross profit

1,042,289

884,545

18%

Gross margin %

59.4

%

57.6

%

Operating Income

431,665

332,824

30%

Operating income %

24.6

%

21.7

%

GAAP diluted EPS

$

2.09

$

1.72

22%

Pro forma diluted EPS(1)

$

2.08

$

1.61

29%

(1) See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including pro forma diluted EPS

Executive Overview from Cliff Pemble, President and Chief Executive Officer:

“We achieved remarkable financial results during the opening quarter of 2026 in a continuation of the positive trends we have been experiencing over the long term. This strong financial performance is a direct reflection of our impressive lineup of products that are essential to our customers’ lives, and our unique, highly diversified business model. We are very pleased with our results so far, and we look forward to the opportunities ahead as the year continues to unfold.” - Cliff Pemble, President and Chief Executive Officer of Garmin Ltd.

Fitness:

Revenue from the fitness segment increased 42% in the first quarter with growth across all product categories, led by strong demand for advanced wearables. Gross and operating margins were 62% and 29%, respectively, resulting in $158 million of operating income. During the quarter, we launched the VariaTM RearVue 820, our brightest and most powerful radar tail light for cyclists. We also announced a new Connect IQTM messaging app for select smartwatches that allows customers to read, reply and react to WhatsApp messages right from their wrist, and the integration of select wearables with the Natural Cycles birth control and cycle tracking app, empowering women to better understand and manage their reproductive health.

Outdoor:

Revenue from the outdoor segment decreased 5% in the first quarter as we compared against a strong prior year quarter which included the launch of the Instinct® 3 smartwatch family. Gross and operating margins were 67% and 28%, respectively, resulting in $119 million of operating income. During the quarter, we released the Approach® G82 premium GPS handheld with a built-in launch monitor, and the Approach J1, our first GPS watch specifically designed for junior golfers. Also during the quarter, we launched the zūmo® XT3, our newest and most advanced motorcycle-focused GPS device, and CatalystTM 2, a compact device for motorsports that helps high-performance drivers achieve faster times on the track.

Aviation:

Revenue from the aviation segment increased 18% in the first quarter with growth in both the OEM and aftermarket product categories. Gross and operating margins were 75% and 27%, respectively, resulting in $71 million of operating income. During the quarter, Daher unveiled their new TBM 980 single engine turboprop aircraft featuring our G3000® PRIME avionics suite. Also, the HondaJet Elite II was certified by the FAA becoming the first twin-turbine business jet with Garmin Emergency Autoland technology.

Marine:

Revenue from the marine segment increased 11% in the first quarter with broad-based growth across multiple categories. Gross and operating margins were 56% and 26%, respectively, resulting in $91 million of operating income. During the quarter, we launched a new 360-degree scanning sonar system with the revolutionary SpyTM pole, allowing anglers to see a birds-eye view of fish and underwater structure in every direction. Also, we launched the quatix® 8 Pro, our purpose-built nautical smartwatch with inReach technology for two-way satellite and cellular connectivity.

Auto OEM:

Revenue from the auto OEM segment increased 1% during the first quarter with growth primarily driven by infotainment programs. The operating loss narrowed to $6 million in the quarter due to gross profit improvement and lower research and development expenses.

Additional Financial Information:

Total operating expenses in the first quarter were $611 million, a 11% increase over the prior year. Research and development and selling, general and administrative expenses increased 10% and 11%, respectively, driven primarily by personnel related costs.

The effective tax rate in the first quarter was 14.3%, which is comparable to the effective tax rate of 14.5% in the prior year quarter.

In the first quarter of 2026, we generated operating cash flows of $536 million and free cash flow(1) of $469 million. We paid a quarterly dividend of $174 million and repurchased $40 million of the Company’s shares within the quarter, of which $9 million was from the $500 million share repurchase program authorized through December 2028, leaving $491 million remaining in that repurchase program as of March 28, 2026. We ended the quarter with cash and marketable securities of approximately $4.3 billion.

(1)

See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including pro forma effective tax rate and free cash flow.

Fiscal Year 2026 Guidance:

We are maintaining our fiscal year 2026 guidance of approximately $7.9 billion revenue and pro forma EPS of $9.35 (see attached discussion on Forward-looking Financial Measures).

Dividend Recommendation:

As announced in February 2026, the Board will recommend to the shareholders for approval at the annual meeting to be held on June 5, 2026, a cash dividend in the total amount of $4.20 per share payable in four equal quarterly installments.

Webcast Information/Forward-Looking Statements:

The information for Garmin Ltd.’s earnings call is as follows:

When:

Wednesday, April 29, 2026 10:30 a.m. Eastern

Where:

Join a live stream of the call at the following link

https://www.garmin.com/en-US/investors/events/

An archive of the live webcast will be available until April 28, 2027 on the Garmin website at www.garmin.com. To access the replay, click on the Investors link and click over to the Events page.

This release includes projections and other forward-looking statements regarding Garmin Ltd. and its business that are commonly identified by words such as “anticipates,” “would,” “may,” “expects,” “estimates,” “plans,” “intends,” “projects,” and other words or phrases with similar meanings. Any statements regarding the Company’s expected fiscal 2026 GAAP and pro forma estimated earnings, EPS, and effective tax rate, and the Company’s expected segment revenue growth rates, consolidated revenue, gross margins, operating margins, tariffs and other global trade related impacts, potential future acquisitions, share repurchase programs, currency movements, expenses, pricing, new product launches, market reach, statements relating to possible future dividends, and the Company’s plans and objectives are forward-looking statements. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors that are described in the Annual Report on Form 10-K for the year ended December 27, 2025 filed by Garmin with the Securities and Exchange Commission (Commission file number 001-41118). A copy of Garmin’s 2025 Form 10-K can be downloaded from https://www.garmin.com/en-US/investors/sec/. All information provided in this release and in the attachments is as of March 28, 2026. We undertake no duty to update this information unless required by law.

This release and the attachments contain non-GAAP financial measures. A reconciliation to the nearest GAAP measure and a discussion of the Company’s use of these measures are included in the attachments.

Garmin, the Garmin logo, the Garmin delta, Approach, fēnix, inReach, G3000, Instinct, and zumo are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S. Connect IQ, Varia, Catalyst, and Spy are trademarks of Garmin Ltd. or its subsidiaries. Garmin Response is a service mark of Garmin Ltd. or its subsidiaries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.

Investor Relations Contact:

Media Relations Contact:

Teri Seck

Krista Klaus

913/397-8200

913/397-8200

investor.relations@garmin.com

media.relations@garmin.com

Garmin Ltd. and Subsidiaries

Condensed Consolidated Statements of Income (Unaudited)

(In thousands, except per share information)

13-Weeks Ended

March 28,

March 29,

2026

2025

Net sales

$

1,753,489

$

1,535,099

Cost of goods sold

711,200

650,554

Gross profit

1,042,289

884,545

Research and development expense

295,818

268,120

Selling, general and administrative expenses

314,806

283,601

Total operating expense

610,624

551,721

Operating income

431,665

332,824

Other income (expense):

Interest income

35,974

30,507

Foreign currency gains

3,122

24,760

Other income

1,768

987

Total other income (expense)

40,864

56,254

Income before income taxes

472,529

389,078

Income tax provision

67,451

56,309

Net income

$

405,078

$

332,769

Net income per share:

Basic

$

2.10

$

1.73

Diluted

$

2.09

$

1.72

Weighted average common shares outstanding:

Basic

192,674

192,544

Diluted

193,565

193,717

Garmin Ltd. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands)

March 28,

2026

December 27, 2025

Assets

Current assets:

Cash and cash equivalents

$

2,289,916

$

2,278,646

Marketable securities

411,034

459,202

Accounts receivable, net

940,959

1,253,015

Inventories

1,850,282

1,772,257

Deferred costs

15,324

17,538

Prepaid expenses and other current assets

489,654

467,558

Total current assets

5,997,169

6,248,216

Property and equipment, net

1,383,770

1,375,348

Operating lease right-of-use assets

203,390

196,183

Noncurrent marketable securities

1,612,323

1,396,929

Deferred income tax assets

721,894

718,094

Noncurrent deferred costs

4,046

4,373

Goodwill

750,633

760,241

Other intangible assets, net

186,866

198,362

Other noncurrent assets

92,347

95,923

Total assets

$

10,952,438

$

10,993,669

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

344,724

$

347,493

Salaries and benefits payable

224,693

228,267

Accrued warranty costs

70,932

72,921

Accrued sales program costs

92,504

153,193

Other accrued expenses

233,248

257,651

Deferred revenue

100,843

105,646

Income taxes payable

308,301

381,549

Dividend payable

173,351

Total current liabilities

1,375,245

1,720,071

Deferred income tax liabilities

111,744

109,701

Noncurrent income taxes payable

3,645

3,596

Noncurrent deferred revenue

22,530

22,277

Noncurrent operating lease liabilities

167,612

164,835

Other noncurrent liabilities

638

625

Stockholders’ equity:

Common shares, $0.10 par value (194,901 and 194,901 shares authorized and

issued; 192,901 and 192,620 shares outstanding)

19,490

19,490

Additional paid-in capital

2,335,119

2,368,670

Treasury shares (1,998 and 2,281 shares)

(415,600

)

(406,423

)

Retained earnings

7,374,974

6,970,182

Accumulated other comprehensive income (loss)

(42,959

)

20,645

Total stockholders’ equity

9,271,024

8,972,564

Total liabilities and stockholders’ equity

$

10,952,438

$

10,993,669

Garmin Ltd. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

13-Weeks Ended

March 28, 2026

March 29, 2025

Operating Activities:

Net income

$

405,078

$

332,769

Adjustments to reconcile net income to net cash provided by

operating activities:

Depreciation

40,418

37,463

Amortization

8,707

8,835

Loss (gain) on sale or disposal of property and equipment

42

(15

)

Unrealized foreign currency losses (gains)

1,525

(38,983

)

Deferred income taxes

3,301

(11,593

)

Stock compensation expense

43,323

37,772

Realized (gains) losses on marketable securities

(318

)

98

Changes in operating assets and liabilities, net of acquisitions:

Accounts receivable, net of allowance for doubtful accounts

301,791

213,089

Inventories

(95,064

)

(102,239

)

Other current and noncurrent assets

(29,068

)

(17,510

)

Accounts payable

3,407

(12,629

)

Other current and noncurrent liabilities

(90,378

)

(57,318

)

Deferred revenue

(4,483

)

(8,160

)

Deferred costs

2,543

4,102

Income taxes

(54,836

)

35,107

Net cash provided by operating activities

535,988

420,788

Investing activities:

Purchases of property and equipment

(66,617

)

(40,062

)

Purchase of marketable securities

(333,342

)

(179,827

)

Redemption of marketable securities

147,896

88,788

Net payments for acquisitions

(2,100

)

Other investing activities, net

(307

)

599

Net cash used in investing activities

(252,370

)

(132,602

)

Financing activities:

Dividends

(173,637

)

(144,566

)

Purchase of treasury shares related to equity awards

(46,839

)

(33,144

)

Purchase of treasury shares under share repurchase plan

(39,577

)

(27,098

)

Net cash used in financing activities

(260,053

)

(204,808

)

Effect of exchange rate changes on cash and cash equivalents

(12,286

)

12,672

Net increase in cash, cash equivalents, and restricted cash

11,279

96,050

Cash, cash equivalents, and restricted cash at beginning of period

2,279,360

2,080,154

Cash, cash equivalents, and restricted cash at end of period

$

2,290,639

$

2,176,204

Garmin Ltd. and Subsidiaries

Net Sales, Gross Profit and Operating Income by Segment (Unaudited)

(In thousands)

Fitness

Outdoor

Aviation

Marine

Auto OEM

Total

13-Weeks Ended March 28, 2026

Net sales

$

546,822

$

417,530

$

263,841

$

355,016

$

170,280

$

1,753,489

Gross profit

338,522

277,943

197,309

197,376

31,139

1,042,289

Operating income (loss)

157,620

118,791

70,934

90,757

(6,437

)

431,665

13-Weeks Ended March 29, 2025

Net sales

$

384,722

$

438,496

$

223,114

$

319,438

$

169,329

$

1,535,099

Gross profit

220,142

282,536

167,902

183,933

30,032

884,545

Operating income (loss)

77,712

128,788

48,356

86,865

(8,897

)

332,824

Garmin Ltd. and Subsidiaries

Net Sales by Geography (Unaudited)

(In thousands)

13-Weeks Ended

March 28,

March 29,

YoY

2026

2025

Change

Net sales

$

1,753,489

$

1,535,099

14%

Americas

821,629

745,733

10%

EMEA

656,844

568,953

15%

APAC

275,016

220,413

25%

Americas - North America & South America; EMEA - Europe, Middle East & Africa; APAC - Asia Pacific & Australian Continent

Non-GAAP Financial Information

To supplement our financial results presented in accordance with GAAP, this release includes the following measures defined by the Securities and Exchange Commission as non-GAAP financial measures: pro forma effective tax rate, pro forma net income (earnings) per share and free cash flow. These non-GAAP measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP measures used by other companies, limiting the usefulness of the measures for comparison with other companies. Management believes providing investors with an operating view consistent with how it manages the Company provides enhanced transparency into the operating results of the Company, as described in more detail by category below.

The tables below provide reconciliations between the GAAP and non-GAAP measures.

Pro forma effective tax rate

The Company’s income tax expense is occasionally impacted by discrete tax items that are not reflective of income tax expense incurred as a result of current period earnings. Therefore, management believes the effective tax rate and income tax provision before the effect of certain discrete tax items are important measures to permit investors' consistent comparison between periods. In the first quarter of 2026 and 2025 there were no such discrete tax items identified.

Pro forma net income (earnings) per share

Management believes net income (earnings) per share before the impact of foreign currency gains or losses and certain discrete income tax items, as discussed above, is an important measure to permit a consistent comparison of the Company’s performance between periods.

(In thousands, except per share information)

13-Weeks Ended

March 28,

March 29,

2026

2025

GAAP net income

$

405,078

$

332,769

Foreign currency gains / losses(1)

(3,122

)

(24,760

)

Tax effect of foreign currency gains / losses(2)

446

3,583

Pro forma net income

$

402,402

$

311,592

GAAP net income per share:

Basic

$

2.10

$

1.73

Diluted

$

2.09

$

1.72

Pro forma net income per share:

Basic

$

2.09

$

1.62

Diluted

$

2.08

$

1.61

Weighted average common shares outstanding:

Basic

192,674

192,544

Diluted

193,565

193,717

(1) Foreign currency gains and losses for the Company are driven by movements of a number of currencies in relation to the U.S. Dollar and the related exchange rate impact on the significant cash, receivables, and payables held in a currency other than the functional currency at a given legal entity. However, there is minimal cash impact from such foreign currency gains and losses.

(2) The tax effect of foreign currency gains was calculated using the effective tax rates of 14.3% for the 13-weeks ended March 28, 2026 and 14.5% for the 13-weeks ended March 29, 2025.

Free cash flow

Management believes free cash flow is an important liquidity measure because it represents the amount of cash provided by operations that is available for investing and defines it as operating cash flows less capital expenditures for property and equipment. Management believes excluding purchases of property and equipment provides a better understanding of the underlying trends in the Company’s operations and allows more accurate comparisons of the Company’s results between periods. This metric may also be useful to investors but should not be considered in isolation as it is not a measure of cash flow available for discretionary expenditures. The most comparable GAAP measure is net cash provided by operating activities.

(In thousands)

13-Weeks Ended

March 28,

March 29,

2026

2025

Net cash provided by operating activities

$

535,988

$

420,788

Less: purchases of property and equipment

(66,617

)

(40,062

)

Free cash flow

$

469,371

$

380,726

Forward-looking Financial Measures

The forward-looking financial measures in our 2026 guidance include certain economic assumptions such as foreign currency exchange rates and tariffs which are fluid and can rapidly change favorably or unfavorably.

The forward-looking financial measures in our 2026 guidance provided above do not consider the potential future net effect of foreign currency exchange gains and losses, certain discrete tax items and any other impacts that may be identified as pro forma adjustments in calculating the non-GAAP measures described above.

The estimated impact of foreign currency gains and losses cannot be reasonably estimated on a forward-looking basis due to the high variability and low visibility with respect to non-operating foreign currency exchange gains and losses and the related tax effects of such gains and losses. The impact on diluted net income per share of foreign currency gains and losses, net of tax effects, was $0.01 per share for the 13-week period ended March 28, 2026.

At this time, management is unable to determine whether or not significant discrete tax items will occur in fiscal 2026, estimate the impact of any such items, or anticipate the impact of any other events that may be considered in the calculation of non-GAAP financial measures.

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Apr. 29, 2026

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The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

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Address Line 1 such as Attn, Building Name, Street Name

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Name of the City or Town

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ISO 3166-1 alpha-2 country code.

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Code for the postal or zip code

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A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

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Indicate if registrant meets the emerging growth company criteria.

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Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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Two-character EDGAR code representing the state or country of incorporation.

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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Local phone number for entity.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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Title of a 12(b) registered security.

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Name of the Exchange on which a security is registered.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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Trading symbol of an instrument as listed on an exchange.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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