Electronics giant Garmin has reported its financial results for the first quarter of 2025. Overall, Garmin posted record consolidated revenue of $1.54bn in Q1, an increase of 11 per cent year-on-year. Net income rose by 21 per cent during the same period.

Operating income reached $333m, up 12 per cent, while GAAP diluted earnings per share (EPS) stood at $1.72. Gross margin was 57.6 per cent, slightly below the 58.1 per cent recorded in Q1 2024. The company generated $421m in operating cash flow and $381m in free cash flow.

Revenue from marine decreased 2 per cent compared to the same period in 2024, primarily due to the timing of promotions that affected multiple product categories. Gross margin in the marine segment stood at 58 per cent, while operating margin was 27 per cent, resulting in $87m of operating income.

Other segment highlights include a 12 per cent increase in fitness revenue, driven by demand for advanced wearables. Outdoor revenue rose 20 per cent, largely from growth in adventure watches. Aviation increased 3 per cent, supported by OEM product demand. The auto OEM segment posted the highest growth at 31 per cent, with domain controllers as the main contributor.

Garmin acquires UK marine lighting company Lumishore 23 October 2024

Garmin introduced several new products during the quarter, including the Force Pro trolling motor. The new model incorporates multi-band GPS for improved control, reverse thrust capabilities and a built-in sonar transducer. The company was also named 2025 Supplier of the Year by Independent Boat Builders, Inc. (IBBI) for the second consecutive year.

The company received several industry recognitions and was listed among Newsweek’s Top 10 Most Trustworthy Companies in America within its industry.

CEO Cliff Pemble says, “We delivered another quarter of outstanding financial results, which we attribute to our strong lineup of highly differentiated products that customers desire. While recent developments in global trade have created an atmosphere of uncertainty for many companies, we remain optimistic because of the resilience and flexibility our vertically integrated and highly diversified business model offers.

“We are very pleased with our results so far, and we look forward to the opportunities ahead as the year continues to unfold.”

Garmin has updated its 2025 revenue forecast to $6.85bn.