Schaffhausen, Switzerland — Garmin® Ltd. (NYSE: GRMN), announced results for the second quarter ended June 28, 2025.

Highlights for second quarter 2025 include:

• Record consolidated revenue of $1.81 billion, a 20% increase compared to the prior year quarter
• Gross margin expanded to 58.8% compared to 57.3% in the prior year quarter
• Operating margin expanded to 26.0% from 22.7% in the prior year quarter
• Record operating income of $472 million, a 38% increase compared to the prior year quarter
• GAAP EPS of $2.07 and pro forma EPS(1) of $2.17, representing 37% growth in pro forma EPS over the prior year quarter
• Launched the next-generation Forerunner® 570 and Forerunner 970, adding new training tools and recovery insights
• Launched SmartCharts, the first dynamic, data-driven aviation charts tailored to simplify terminal procedures for pilots
• Announced our revolutionary Autoland has been certified for the Cirrus SR Series G7+, the first piston-powered aircraft with Garmin’s autonomous emergency landing system
• Recently completed the strategic acquisition of MYLAPS, a global market leader in sports timing and performance analysis

Executive Overview from Cliff Pemble, President and Chief Executive Officer

“We delivered another quarter of outstanding financial results with double-digit growth in every segment, driven
by our strong lineup of innovative and highly differentiated products that customers desire. We are very pleased
with our results so far in 2025, which have exceeded our expectations and give us confidence to raise our full
year guidance.” – Cliff Pemble, President and Chief Executive Officer of Garmin Ltd.

Outdoor

Revenue from the outdoor segment increased 11% in the second quarter primarily due to growth in adventure
watches. Gross and operating margins were 66% and 32%, respectively, resulting in $158 million of operating
income. During the quarter, we launched the Instinct® 3 Tactical Edition, adding a bright AMOLED display and
metal-reinforced bezel, a built-in LED flashlight, and a rucking activity. Also during the quarter, we launched
Tread® 2, our latest all-terrain navigator, offering larger touchscreens and additional mapping options to enrich
off-road adventures.

Marine

Revenue from the marine segment increased 10% in the second quarter with growth across multiple categories
led by chartplotters. Gross and operating margins were 55% and 21%, respectively, resulting in $63 million of
operating income. During the quarter, we launched the GPSMAP® 15×3 chartplotters, with a premium ultrawide
display. Also, we launched quatix® 8, our most advanced purpose-built smartwatch for mariners.