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Segment Information and Geographic Data
 9 Months Ended
Sep. 27, 2025
Segment Reporting [Abstract]  
Segment Information and Geographic Data

11. Segment Information and Geographic Data

Garmin is organized in the five operating segments of fitness, outdoor, aviation, marine, and auto OEM, which represent the primary markets served by the Company. These operating segments are also the Company's reportable segments.

 

The Company’s Chief Executive Officer, who has been identified as the Company’s Chief Operating Decision Maker (CODM), primarily uses operating income as the measure of profit or loss to assess segment performance and allocate resources. Operating income represents net sales less costs of goods sold and operating expenses. Net sales are directly attributed to each segment. Most costs of goods sold and the majority of operating expenses are also directly attributed to each segment, while certain other costs of goods sold and operating expenses are allocated to the

segments in a reasonable manner considering the specific facts and circumstances of the expenses being allocated. The accounting policies of the segments are the same as those described in Note 1 - Accounting Policies. There are no inter-segment sales or transfers.

The Company’s segments share many common resources, infrastructures and assets in the normal course of business, and certain assets are therefore not separately tracked by segment. Thus, the Company does not report accounts receivable, inventories, property and equipment, intangible assets, capital expenditures, depreciation expense, or amortization expense by segment to the CODM.

The CODM utilizes operating income to assess segment performance and make strategic decisions about the allocation of operating and capital resources by analyzing future opportunities and recent operating income results, trends, and variances of each segment in relation to forecasts and historical performance.

 

Net sales (“revenue”), cost of goods sold, gross profit, significant segment expenses, and operating income (loss) for each of the Company’s five reportable segments are presented below.

 

 

 

Fitness

 

 

Outdoor

 

 

Aviation

 

 

Marine

 

 

Auto OEM

 

 

Total

 

13-Weeks Ended September 27, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

601,013

 

 

$

497,598

 

 

$

240,445

 

 

$

267,005

 

 

$

164,840

 

 

$

1,770,901

 

Cost of goods sold

 

 

238,164

 

 

 

167,849

 

 

 

59,737

 

 

 

118,767

 

 

 

139,897

 

 

 

724,414

 

Gross profit

 

 

362,849

 

 

 

329,749

 

 

 

180,708

 

 

 

148,238

 

 

 

24,943

 

 

 

1,046,487

 

Research and development expense

 

 

55,192

 

 

 

68,497

 

 

 

85,655

 

 

 

47,986

 

 

 

29,134

 

 

 

286,464

 

Selling, general and administrative expenses

 

 

114,057

 

 

 

91,518

 

 

 

34,285

 

 

 

50,856

 

 

 

12,504

 

 

 

303,220

 

Operating income (loss)

 

 

193,600

 

 

 

169,734

 

 

 

60,768

 

 

 

49,396

 

 

 

(16,695

)

 

 

456,803

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13-Weeks Ended September 28, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

463,887

 

 

$

526,551

 

 

$

204,631

 

 

$

222,244

 

 

$

168,709

 

 

$

1,586,022

 

Cost of goods sold

 

 

180,562

 

 

 

167,858

 

 

 

50,493

 

 

 

99,811

 

 

 

135,699

 

 

 

634,423

 

Gross profit

 

 

283,325

 

 

 

358,693

 

 

 

154,138

 

 

 

122,433

 

 

 

33,010

 

 

 

951,599

 

Research and development expense

 

 

46,004

 

 

 

60,882

 

 

 

79,795

 

 

 

39,844

 

 

 

22,637

 

 

 

249,162

 

Selling, general and administrative expenses

 

 

89,553

 

 

 

88,945

 

 

 

30,065

 

 

 

44,750

 

 

 

11,649

 

 

 

264,962

 

Operating income (loss)

 

 

147,768

 

 

 

208,866

 

 

 

44,278

 

 

 

37,839

 

 

 

(1,276

)

 

 

437,475

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

39-Weeks Ended September 27, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

1,591,159

 

 

$

1,426,451

 

 

$

712,926

 

 

$

885,704

 

 

$

504,324

 

 

$

5,120,564

 

Cost of goods sold

 

 

643,498

 

 

 

489,738

 

 

 

178,844

 

 

 

389,195

 

 

 

421,246

 

 

 

2,122,521

 

Gross profit

 

 

947,661

 

 

 

936,713

 

 

 

534,082

 

 

 

496,509

 

 

 

83,078

 

 

 

2,998,043

 

Research and development expense

 

 

158,344

 

 

 

198,557

 

 

 

254,980

 

 

 

138,894

 

 

 

80,472

 

 

 

831,247

 

Selling, general and administrative expenses

 

 

320,374

 

 

 

281,754

 

 

 

106,594

 

 

 

158,434

 

 

 

37,718

 

 

 

904,874

 

Operating income (loss)

 

 

468,943

 

 

 

456,402

 

 

 

172,508

 

 

 

199,181

 

 

 

(35,112

)

 

 

1,261,922

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

39-Weeks Ended September 28, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

1,235,182

 

 

$

1,332,617

 

 

$

639,739

 

 

$

821,933

 

 

$

444,871

 

 

$

4,474,342

 

Cost of goods sold

 

 

511,807

 

 

 

446,971

 

 

 

161,608

 

 

 

372,461

 

 

 

364,865

 

 

 

1,857,712

 

Gross profit

 

 

723,375

 

 

 

885,646

 

 

 

478,131

 

 

 

449,472

 

 

 

80,006

 

 

 

2,616,630

 

Research and development expense

 

 

134,818

 

 

 

176,444

 

 

 

235,336

 

 

 

118,242

 

 

 

70,008

 

 

 

734,848

 

Selling, general and administrative expenses

 

 

265,046

 

 

 

257,794

 

 

 

95,896

 

 

 

145,808

 

 

 

39,325

 

 

 

803,869

 

Operating income (loss)

 

 

323,511

 

 

 

451,408

 

 

 

146,899

 

 

 

185,422

 

 

 

(29,327

)

 

 

1,077,913

 

Net sales to external customers by geographic region for the 13-week and 39-week periods ended September 27, 2025 and September 28, 2024 are presented below. Note that Americas includes North America and South America, EMEA includes Europe, the Middle East and Africa, and APAC includes Asia Pacific and Australian Continent.

 

 

 

13-Weeks Ended

 

 

39-Weeks Ended

 

 

 

September 27, 2025

 

 

September 28, 2024

 

 

September 27, 2025

 

 

September 28, 2024

 

Americas (1)

 

$

795,624

 

 

$

724,572

 

 

$

2,419,371

 

 

$

2,181,266

 

EMEA

 

 

692,557

 

 

 

612,658

 

 

 

1,938,912

 

 

 

1,618,058

 

APAC

 

 

282,720

 

 

 

248,792

 

 

 

762,281

 

 

 

675,018

 

Net sales to external customers

 

$

1,770,901

 

 

$

1,586,022

 

 

$

5,120,564

 

 

$

4,474,342

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) The United States is the only country which constitutes greater than 10% of net sales to external customers.