Garmin: Expansion in Specialized Wearables & The Venu 4 Launch – Is This the Smartwatch Apple Should Fear?

Garmin Ltd.’s third quarter of 2025 reflected mixed performance across its diverse business segments, yet the results were notable on a number of fronts. Over this quarter, Garmin reported a 12% increase in consolidated revenue, reaching nearly $1.8 billion, marking a record third quarter for the company. This growth was achieved despite a challenging comparison period from last year, which saw a 24% rise in revenue. The company’s gross and operating margins were at 59.1% and 25.8% respectively, contributing to record operating income of $457 million, reflecting a 4% year-over-year increase. The pro forma earnings per share stood at $1.99. With these results, Garmin raised its full-year EPS guidance from $8 to $8.15 per share. Focusing on the segment performance, the Fitness segment stood out with a 30% revenue increase, driven by high demand for advanced wearables.