Garmin Raises 2026 Forecast After Strong Second Quarter Earnings

Garmin Ltd raised its full-year 2026 revenue guidance to approximately $8.05 billion and pro forma earnings per share to $10.00, up from previous estimates of $7.9 billion and $9.35. The adjustment follows second-quarter results ending June 27 that exceeded analyst expectations, with adjusted earnings per share reaching $2.81 against a Wall Street estimate of $2.29.

Quarterly revenue rose 11.5% year-over-year to $2.022 billion, while net income increased 35% to $541.92 million. Growth was primarily driven by the fitness segment, which saw a 25% revenue surge to $757 million. This performance was fueled by demand for advanced wearables, including the Forerunner 70 and Forerunner 170 GPS running smartwatches and the screenless CIRQA Smart Band. Marine sales also grew 14% to $341 million, aided by new Signal VHF marine radios.

To expand its ecosystem, the company recently acquired the TrainingPeaks and TrainHeroic platforms, though financial terms were not disclosed. Shares of the company rose on Wednesday following the announcement of the boosted forecasts.