Garmin Ltd.
Shortcut
2.46Normalized diluted EPS
+3.2% vs Street
Street
2.38Normalized diluted EPS
October 25 consensus snapshot
Real
2.76Issuer pro forma diluted EPS
Model download
Explore the assumptions and calculations behind the forecast.
Shortcut’s reasoning.
Revenue $1,990m (+12.4% Y/Y) built by segment: Fitness +24% (2Q26 +25%, CIRQA launch, TrainingPeaks scope), Outdoor +9% (fenix 9 orders from 28-Aug-26 vs a -5% 3Q25 comp), Aviation +8%, Marine +7% (weak US boat registrations), Auto OEM -5% (BMW program past peak).
Gross margin 59.5% vs 59.1% in 3Q25 and 61.4% ex-refund in 2Q26: memory-cost headwind enters 2H26 per management; FY26 guide (59.7%) implies ~58.5% for 2H, which Garmin has historically beaten.
Tax rate 17.2% (FY26 guide 16.5% with 1H at 15.7%) vs 21.2% in 3Q25, which carried a US tax-law catch-up - the largest single driver of +23% pro forma EPS growth.
On the record.
- Reporting period
- Q3 2026 (FQ3 2026: 13 weeks ended 2026-09-26; supplied label Sep 2026)
- Reporting basis
- consensus normalized issuer pro forma diluted EPS excluding FX gains/losses net of tax, USD per ordinary share
- Consensus snapshot
- October 25, 2026
- Model / effort
- Opus 5.5 · High effort
- Workbook
- Reviewed workbook
Record history
- Forecast generated
- Oct 26, 2026 at 1:35 PM PDT
- Reviewed revision completed
- Oct 26, 2026 at 1:35 PM PDT
- First published
- Oct 26, 2026 at 2:11 PM PDT
Result basis
Garmin reports pro forma diluted EPS $2.76 and GAAP diluted EPS $2.80 for the 13 weeks ended September 26, 2026. Pro forma removes foreign-currency gains/losses and related tax, matching the published convention. The issuer actual quarter end supersedes only the display of actual-period identity; the frozen forecast/provider September 30 metadata stays unchanged. Tariff refunds remain inside reported pro forma EPS.