US Market News
4月前
Garmin announces fourth quarter and fiscal year 2025 resultsFebruary 18, 2026 7:00 AM
PR Newswire (US)
Reports record fourth quarter and full-year revenue and profit, proposes a 17% dividend increase, and announces new $500 million share repurchase programSCHAFFHAUSEN, Switzerland, Feb. 18, 2026 /PRNewswire/ -- Garmin® Ltd. (NYSE: GRMN), today announced results for the fourth quarter ended December 27, 2025.
Highlights for fourth quarter 2025 include:Consolidated revenue of $2.12 billion, a 17% increase compared to the prior-year quarterGross margin of 59.2% compared to 59.3% in the prior-year quarterOperating margin expanded to 28.9% compared to 28.3% in the prior-year quarterOperating income was $614 million, a 19% increase compared to the prior-year quarterGAAP EPS of $2.73 and pro forma EPS(1) of $2.79, representing 16% growth in pro forma EPS over the prior-year quarterLaunched the GPSMAP® 9000xsv series of superior chartplotters designed for captains and anglers that demand world-class performanceAnnounced collaboration with Truemed to assist customers who wish to use pre-tax Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA) for qualifying purchases of select Garmin productsEnhanced Garmin Connect+ with nutrition tracking and insights powered by AI-based Garmin Active Intelligence™ to help users achieve nutrition goalsHonored with five Consumer Electronic Show (CES) 2026 Innovation Awards for groundbreaking achievements in technology across various categoriesHighlights for fiscal year 2025 include:Achieved record consolidated revenue of $7.25 billion, a 15% increase compared to the prior yearAll segments posted record full-year revenueShipped over 20 million units, a new recordGross margin of 58.7% consistent with the prior yearOperating margin expanded to 25.9% compared to 25.3% in the prior yearRecord operating income of $1.88 billion, an 18% increase compared to the prior yearGAAP EPS of $8.59 and record pro forma EPS(1) of $8.56, representing 16% growth in pro forma EPS over the prior year(In thousands, except
per share information)
13-Weeks Ended
52-Weeks Ended
December 27,
December 28,
YoY
December 27,
December 28,
YoY
2025
2024
Change
2025
2024
Change
Net sales
$2,124,955
$1,822,560
17%
$7,245,519
$6,296,903
15%Fitness
765,839
539,305
42%
2,357,000
1,774,487
33%Outdoor
627,611
629,373
—%
2,054,061
1,961,990
5%Aviation
274,236
236,875
16%
987,161
876,614
13%Marine
296,911
251,259
18%
1,182,615
1,073,192
10%Auto OEM
160,358
165,748
(3)%
664,682
610,620
9%
Gross profit
1,258,260
1,079,926
17%
4,256,303
3,696,555
15%Gross margin %
59.2%
59.3%
58.7%
58.7%
Operating income
614,154
516,082
19%
1,876,076
1,593,994
18%Operating margin %
28.9%
28.3%
25.9%
25.3%
GAAP diluted EPS
$2.73
$2.25
21%
$8.59
$7.30
18%Pro forma diluted EPS (1)
$2.79
$2.41
16%
$8.56
$7.39
16%
(1) See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including pro forma diluted EPSExecutive Overview from Cliff Pemble, President and Chief Executive Officer:"2025 was another year of remarkable growth and achievement for Garmin with record consolidated revenue, record revenue in all five of our segments, and record consolidated operating income. We attribute this strong performance to our strategic focus on market diversification and creating superior products that are essential to our customers' lives. Looking forward, we anticipate building on this momentum with many exciting new product launches throughout the year. I am very proud of what we accomplished in 2025 and look forward to seizing the opportunities ahead." - Cliff Pemble, President and Chief Executive Officer of Garmin Ltd.Fitness:Revenue from the fitness segment increased 42% in the fourth quarter primarily due to strong demand for wearables driven by both market share gains and market growth. Gross and operating margins were 59% and 34%, respectively, resulting in $257 million of operating income. During the quarter, we announced our collaboration with healthcare payments provider Truemed to assist customers who wish to use pre-tax HSA/FSA funds for qualifying purchases of select Garmin products. We recently published our annual Garmin Connect™ Data Report which shows that, on average, our users increased activity levels by 8% during the year reflecting a high level of engagement with our products and app platforms. At the recent CES, the Venu® 4 and Forerunner® 970 received Innovation Awards for novel features in digital health and fitness, and we announced exciting enhancements to our premium Connect+ offering with nutrition tracking and insights powered by AI-based Garmin Active Intelligence to help users achieve nutrition and overall wellness goals.Outdoor:Revenue from the outdoor segment was flat when compared to the prior year quarter as we compare against strong prior year product launch cycles. Gross and operating margins were 66% and 37%, respectively, resulting in $234 million of operating income. During the quarter we launched the Garmin DriveTrack™ 72, a multifunction GPS navigator that tracks up to 20 dogs. Also during the quarter, we launched the inReach® Mini 3 Plus satellite communicator with voice, text and photo sharing. This compact and rugged communicator offers essential SOS safety features and helps explorers stay connected with loved ones while adventuring beyond cellphone coverage. Several outdoor products received CES Innovation Awards including the fenix® 8 Pro-MicroLED, the Blaze™ Equine Wellness System and the Descent™ S1 Buoy which highlights our commitment to explore new product categories and develop groundbreaking technologies.Aviation:Revenue from the aviation segment increased 16% in the fourth quarter with growth contributions from both the OEM and aftermarket product categories. Gross and operating margins were 76% and 31%, respectively, resulting in $85 million of operating income. During the quarter, we launched the D2™ Air X15 and the D2 Mach 2, our latest aviator smartwatches with cockpit connectivity and advanced aviation, health, fitness and smartwatch features. Also, we announced that the Garmin G5000H™ cockpit system was selected for Brazilian Air Force UH-60 Black Hawk helicopters, part of a growing list of military modernization programs based on our advanced commercially available integrated cockpit systems. Our Garmin Autoland system was used for the first time to return an aircraft safely to the ground following an in-flight malfunction, demonstrating the extraordinary potential of this groundbreaking system to improve aviation safety and save lives.Marine:Revenue from the marine segment increased 18% in the fourth quarter with growth across multiple categories led by chartplotters. Gross and operating margins were 52% and 18%, respectively, resulting in $52 million of operating income. During the quarter, we expanded our chartplotter lineup with the flagship GPSMAP 9000xsv, offering stunning 4K resolution displays, 5Ghz Wi-Fi networking, and industry-leading sonar performance. Also during the quarter, we launched Garmin OnBoard™, a versatile man overboard and engine cutoff solution for boaters that uses wireless technology, offering users the freedom to move around the boat while still enjoying the protection of this important safety system. Gamin OnBoard was selected as the winner of the Safety & Security Aboard category in the 2025 DAME Design Award. Additionally, we were awarded a 2025 National Boating Safety Award from the Sea Tow Foundation and were named Most Innovative Marine Company by Soundings Trade Only.Auto OEM:Revenue from the auto OEM segment decreased 3% during the fourth quarter as certain legacy programs approach end-of-life and were partially offset by growth in our most recent BMW domain controller program. Gross margin was 17%, and we recorded an operating loss of $14 million in the quarter. At the recent CES, we introduced our next-gen Garmin Unified Cabin™ domain controller that adds digital key capability, seat specific audio/video, and an AI assistant designed to make vehicle interactions more conversational and powerful. We also announced our collaboration with Meta to explore new ways of interacting with the automobile.Additional Financial Information:Total operating expenses in the fourth quarter were $644 million, a 14% increase over the prior year. Research and development increased 14% primarily due to engineering personnel costs. Selling, general and administrative expenses increased 14%, driven primarily by increased advertising investments and personnel related costs.The effective tax rate in the fourth quarter was 16.8% compared to the effective tax rate of 15.6% in the prior year quarter. The increase in the current quarter effective tax rate compared to the prior year is primarily due to the new U.S. tax legislation, resulting in a reduction in U.S. tax deductions and credits.In the fourth quarter of 2025, we generated operating cash flow of $554 million and free cash flow(1) of $430 million. We paid a quarterly dividend of approximately $173 million and repurchased $51 million of the Company's shares within the quarter. We ended the quarter with cash and marketable securities of approximately $4.1 billion.(1)See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including pro forma effective tax rate and free cash flow.2026 Fiscal Year Guidance(2):We expect full-year 2026 revenue of $7.9 billion, an increase of 9% over 2025. We expect our full-year pro forma EPS to be $9.35 based upon gross margin of 58.5%, operating margin of 25.5% and pro forma effective tax rate of 16.0%.
2026 GuidanceRevenue
$7.9 billionGross Margin
58.5 %Operating Margin
25.5 %Pro forma Effective Tax Rate
16.0 %Pro forma EPS
$9.35
(2)All amounts and percentages in our 2026 Fiscal Year Guidance are approximate. Also, see attached discussion on Forward-looking Financial Measures.Dividend Recommendation and New Share Repurchase Program:The Board of Directors intends to recommend to the shareholders for approval at the annual meeting to be held on June 5, 2026, a cash dividend in the amount of $4.20 per share, payable in four equal installments on dates to be determined by the Board. The Board currently anticipates the scheduling of the dividend in four installments as follows:Dividend Date
Record Date
Dividend Per ShareJune 26, 2026
June 15, 2026
$1.05September 25, 2026
September 11, 2026
$1.05December 24, 2026
December 11, 2026
$1.05March 26, 2027
March 12, 2027
$1.05In addition, the Board has established March 27, 2026 as the payment date and March 13, 2026 as the record date for the final dividend installment of $0.90 per share, per the prior dividend approval at the 2025 annual shareholders' meeting. The first, second and third payments of $0.90 per share were made on June 27, 2025, September 26, 2025, and December 26, 2025, respectively. On February 13, 2026, the Board authorized the Company to repurchase up to $500 million of the Company's shares through December 30, 2028 pursuant to a new share repurchase program effective February 20, 2026. This new share repurchase program replaces the $300 million share repurchase program authorized by the Board on February 16, 2024, pursuant to which the Company repurchased $244 million of Company shares through December 27, 2025, which was terminated by the Board effective February 19, 2026 in connection with the Board's authorization of the new share repurchase program. The timing and volume of any share repurchases under this authorization will be determined by management at its discretion. Share repurchases, which are subject to market conditions, other business conditions and applicable legal requirements, may be made from time to time in the open market or in privately negotiated transactions, including under plans complying with the provisions of Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The share repurchase authorization does not obligate the Company to repurchase any specific number of shares and may be suspended, modified or terminated at any time.Webcast Information/Forward-Looking Statements:The information for Garmin Ltd.'s earnings call is as follows:When:
Wednesday, February 18, 2026 at 10:30 a.m. EasternWhere:
https://www.garmin.com/en-US/investors/events/How:
Simply log on to the web at the address aboveAn archive of the live webcast will be available until February 17, 2027 on the Garmin website at www.garmin.com. To access the replay, click on the Investors link and click over to the Events Calendar page.This release includes projections and other forward-looking statements regarding Garmin Ltd. and its business that are commonly identified by words such as "anticipates," "would," "may," "expects," "estimates," "plans," "intends," "projects," and other words or phrases with similar meanings. Any statements regarding the Company's expected fiscal 2026 GAAP and pro forma estimated earnings, EPS, and effective tax rate, and the Company's expected segment revenue growth rates, consolidated revenue, gross margins, operating margins, potential future acquisitions, share repurchase programs, currency movements, expenses, pricing, new product launches, market reach, statements relating to possible future dividends, and the Company's plans and objectives are forward-looking statements. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors that are described in the Annual Report on Form 10-K for the year ended December 27, 2025 filed by Garmin with the Securities and Exchange Commission (Commission file number 001-41118). A copy of Garmin's 2025 Form 10-K can be downloaded from https://www.garmin.com/en-US/investors/sec/. All information provided in this release and in the attachments is as of December 27, 2025. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.This release and the attachments contain non-GAAP financial measures. A reconciliation to the nearest GAAP measure and a discussion of the Company's use of these measures are included in the attachments.Garmin, the Garmin logo, GPSMAP, Venu, fenix, Forerunner, and inReach are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S. D2, DriveTrack, Descent, Blaze, Garmin Connect, Garmin Active Intelligence, Garmin G5000H, Garmin Unified Cabin and Garmin OnBoard are trademarks of Garmin Ltd. or its subsidiaries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.Investor Relations Contact:
Media Relations Contact:Teri Seck
Krista Klaus913/397-8200
913/397-8200investor.relations@garmin.com
media.relations@garmin.com Garmin Ltd. and Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
(In thousands, except per share information)
13-Weeks Ended
52-Weeks Ended
December 27,
December 28,
December 27,
December 28,
2025
2024
2025
2024
Net sales
$2,124,955
$1,822,560
$7,245,519
$6,296,903
Cost of goods sold
866,695
742,634
2,989,216
2,600,348
Gross profit
1,258,260
1,079,926
4,256,303
3,696,555
Research and development expense
294,984
258,752
1,126,231
993,601
Selling, general and administrative expenses
349,122
305,092
1,253,996
1,108,960
Total operating expenses
644,106
563,844
2,380,227
2,102,561
Operating income
614,154
516,082
1,876,076
1,593,994
Other income (expense):
Interest income
34,558
30,377
128,874
113,520
Foreign currency gains (losses)
(13,734)
(36,184)
7,847
(20,599)
Other income
408
5,864
1,738
8,486
Total other income (expense)
21,232
57
138,459
101,407
Income before income taxes
635,386
516,139
2,014,535
1,695,401
Income tax provision
106,705
80,405
350,648
283,965
Net income
$528,681
$435,734
$1,663,887
$1,411,436
Net income per share:
Basic
$2.75
$2.27
$8.65
$7.35
Diluted
$2.73
$2.25
$8.59
$7.30
Weighted average common shares outstanding:
Basic
192,336
192,075
192,467
192,060
Diluted
193,777
193,759
193,616
193,281
Garmin Ltd. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands)
December 27,2025
December 28,
2024
Assets
Current assets:
Cash and cash equivalents
$2,278,646
$2,079,468
Marketable securities
459,202
421,270
Accounts receivable, net
1,253,015
983,404
Inventories
1,772,257
1,473,978
Deferred costs
17,538
24,040
Prepaid expenses and other current assets
467,558
353,993
Total current assets
6,248,216
5,336,153
Property and equipment, net
1,375,348
1,236,884
Operating lease right-of-use assets
196,183
164,656
Noncurrent marketable securities
1,396,929
1,198,331
Deferred income tax assets
718,094
822,521
Noncurrent deferred costs
4,373
6,898
Goodwill
760,241
603,947
Other intangible assets, net
198,362
154,163
Other noncurrent assets
95,923
106,974
Total assets
$10,993,669
$9,630,527
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$347,493
$359,365
Salaries and benefits payable
228,267
210,879
Accrued warranty costs
72,921
62,473
Accrued sales program costs
153,193
108,492
Other accrued expenses
257,651
216,721
Deferred revenue
105,646
110,997
Income taxes payable
381,549
294,582
Dividend payable
173,351
144,349
Total current liabilities
1,720,071
1,507,858
Deferred income tax liabilities
109,701
103,274
Noncurrent income taxes payable
3,596
7,014
Noncurrent deferred revenue
22,277
28,321
Noncurrent operating lease liabilities
164,835
134,886
Other noncurrent liabilities
625
776
Stockholders' equity:
Common shares, $0.10 par value (194,901 and 194,901 shares authorized andissued;192,620 and 192,468 shares outstanding)
19,490
19,490
Additional paid-in capital
2,368,670
2,247,484
Treasury shares (2,281 and 2,433 shares)
(406,423)
(270,521)
Retained earnings
6,970,182
5,999,183
Accumulated other comprehensive income (loss)
20,645
(147,238)
Total stockholders' equity
8,972,564
7,848,398
Total liabilities and stockholders' equity
$10,993,669
$9,630,527
Garmin Ltd. and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
52-Weeks Ended
December 27,
2025
December 28,
2024
Operating Activities:
Net income
$1,663,887
$1,411,436
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
152,611
140,494
Amortization
36,148
39,241
Loss (gain) on sale or disposal of property and equipment
881
(4,903)
Unrealized foreign currency (gains) losses
(36,170)
26,889
Deferred income taxes
82,546
(88,137)
Stock compensation expense
166,003
137,162
Realized losses on marketable securities
899
8
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net of allowance for doubtful accounts
(222,809)
(196,256)
Inventories
(218,063)
(178,815)
Other current and noncurrent assets
1,921
(42,130)
Accounts payable
(30,518)
120,637
Other current and noncurrent liabilities
85,206
24,546
Deferred revenue
(11,843)
2,223
Deferred costs
9,092
(3,615)
Income taxes
(46,432)
43,691
Net cash provided by operating activities
1,633,359
1,432,471
Investing activities:
Purchases of property and equipment
(270,446)
(193,571)
Purchase of marketable securities
(839,852)
(507,518)
Redemption of marketable securities
640,396
309,166
Acquisitions, net of cash acquired
(175,655)
(16,444)
Other investing activities, net
322
15,034
Net cash used in investing activities
(645,235)
(393,333)
Financing activities:
Dividends
(663,885)
(572,355)
Proceeds from issuance of treasury shares related to equity awards
58,009
49,963
Purchase of treasury shares related to equity awards
(57,194)
(42,117)
Purchase of treasury shares under share repurchase plan
(181,011)
(62,348)
Net cash used in financing activities
(844,081)
(626,857)
Effect of exchange rate changes on cash and cash equivalents
55,163
(26,283)
Net increase in cash, cash equivalents, and restricted cash
199,206
385,998
Cash, cash equivalents, and restricted cash at beginning of year
2,080,154
1,694,156
Cash, cash equivalents, and restricted cash at end of year
$2,279,360
$2,080,154
Garmin Ltd. and SubsidiariesNet Sales, Gross Profit and Operating Income by Segment (Unaudited)(In thousands)
Fitness
Outdoor
Aviation
Marine
Auto OEM
Total
13-Weeks Ended December 27, 2025
Net sales
$765,839
$627,611
$274,236
$296,911
$160,358
$2,124,955
Gross profit
454,923
414,517
207,426
153,398
27,996
1,258,260
Operating income (loss)
256,938
233,949
84,720
52,069
(13,522)
614,154
13-Weeks Ended December 28, 2024
Net sales
$539,305
$629,373
$236,875
$251,259
$165,748
$1,822,560
Gross profit
308,632
420,759
178,379
144,655
27,501
1,079,926
Operating income (loss)
159,161
251,322
64,469
50,588
(9,458)
516,082
52-Weeks Ended December 27, 2025
Net sales
$2,357,000
$2,054,061
$987,161
$1,182,615
$664,682
$7,245,519
Gross profit
1,402,585
1,351,230
741,507
649,907
111,074
4,256,303
Operating income (loss)
725,881
690,352
257,227
251,250
(48,634)
1,876,076
52-Weeks Ended December 28, 2024
Net sales
$1,774,487
$1,961,990
$876,614
$1,073,192
$610,620
$6,296,903
Gross profit
1,032,007
1,306,405
656,509
594,127
107,507
3,696,555
Operating income (loss)
482,672
702,730
211,367
236,010
(38,785)
1,593,994
Garmin Ltd. and Subsidiaries
Net Sales by Geography (Unaudited)
(In thousands)
13-Weeks Ended
52-Weeks Ended
December 27,
December 28,
YoY
December 27,
December 28,
YoY
2025
2024
Change
2025
2024
Change
Net sales
$2,124,955
$1,822,560
17 %
$7,245,519
$6,296,903
15 %
Americas
1,034,565
854,816
21 %
3,453,936
3,036,083
14 %
EMEA
802,668
701,252
14 %
2,741,580
2,319,310
18 %
APAC
287,722
266,492
8 %
1,050,003
941,510
12 %
Americas - North America & South America; EMEA - Europe, Middle East & Africa; APAC - Asia Pacific & Australian ContinentNon-GAAP Financial InformationTo supplement our financial results presented in accordance with GAAP, this release includes the following measures defined by the Securities and Exchange Commission as non-GAAP financial measures: pro forma effective tax rate, pro forma net income (earnings) per share and free cash flow. These non-GAAP measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP measures used by other companies, limiting the usefulness of the measures for comparison with other companies. Management believes providing investors with an operating view consistent with how it manages the Company provides enhanced transparency into the operating results of the Company, as described in more detail by category below. The tables below provide reconciliations between the GAAP and non-GAAP measures.Pro forma effective tax rateThe Company's income tax expense is periodically impacted by discrete tax items that are not reflective of income tax expense incurred as a result of current period earnings. Therefore, management believes the effective tax rate and income tax provision before the effect of certain discrete tax items are important measures to permit a consistent comparison between periods. In the full year 2025 and 2024 there were no such discrete tax items identified.Pro forma net income (earnings) per shareManagement believes that net income (earnings) per share before the impact of foreign currency gains or losses and certain discrete income tax items, as discussed above, is an important measure in order to permit a consistent comparison of the Company's performance between periods.(In thousands, except per share information)
13-Weeks Ended
52-Weeks Ended
December 27,
December 28,
December 27,
December 28,
2025
2024
2025
2024
GAAP net income
$528,681
$435,734
$1,663,887
$1,411,436
Foreign currency gains / losses (1)
13,734
36,184
(7,847)
20,599
Tax effect of foreign currency gains / losses
(2)
(2,306)
(5,637)
1,366
(3,450)
Pro forma net income
$540,109
$466,281
$1,657,406
$1,428,585
GAAP net income per share:
Basic
$2.75
$2.27
$8.65
$7.35
Diluted
$2.73
$2.25
$8.59
$7.30
Pro forma net income per share:
Basic
$2.81
$2.43
$8.61
$7.44
Diluted
$2.79
$2.41
$8.56
$7.39
Weighted average common shares
outstanding:
Basic
192,336
192,075
192,467
192,060
Diluted
193,777
193,759
193,616
193,281
(1) Foreign currency gains and losses for the Company are driven by movements of a number of currencies in relation to the U.S. Dollar and the related exchange rate impact on the significant cash, receivables, and payables held in a currency other than the functional currency at a given legal entity. However, there is minimal cash impact from such foreign currency gains and losses.
(2) The tax effect of foreign currency gains and losses was calculated using the pro forma effective tax rate of 16.8% and 17.4% for the 13-weeks and fiscal year ended December 27, 2025, respectively, and the pro forma effective tax rate of 15.6% and 16.7% for the 13-weeks and fiscal year ended December 28, 2024, respectively.Free cash flowManagement believes that free cash flow is an important liquidity measure because it represents the amount of cash provided by operations that is available for investing and defines it as operating cash flows less capital expenditures for property and equipment. Management believes that excluding purchases of property and equipment provides a better understanding of the underlying trends in the Company's operations and allows more accurate comparisons of the Company's results between periods. This metric may also be useful to investors but should not be considered in isolation as it is not a measure of cash flow available for discretionary expenditures. The most comparable GAAP measure is net cash provided by operating activities.(In thousands)
13-Weeks Ended
52-Weeks Ended
December 27,
December 28,
December 27,
December 28,
2025
2024
2025
2024
Net cash provided by operating activities
$553,785
$483,890
$1,633,359
$1,432,471
Less: purchases of property and equipment
(124,173)
(84,702)
(270,446)
(193,571)
Free Cash Flow
$429,612
$399,188
$1,362,913
$1,238,900
Forward-looking Financial MeasuresThe forward-looking financial measures in our 2026 guidance include certain economic assumptions such as foreign currency exchange rates and tariffs which are fluid and can rapidly change favorably or unfavorably.The forward-looking financial measures in our 2026 guidance provided above do not consider the potential future net effect of foreign currency exchange gains and losses, certain discrete tax items and any other impacts that may be identified as pro forma adjustments in calculating the non-GAAP measures described above. The estimated impact of foreign currency gains and losses cannot be reasonably estimated on a forward-looking basis due to the high variability and low visibility with respect to non-operating foreign currency exchange gains and losses and the related tax effects of such gains and losses. The impact on diluted net income per share of foreign currency gains and losses, net of tax effects, was $0.03 per share for the 52 weeks ended December 27, 2025.At this time, management is unable to determine whether or not significant discrete tax items will occur in fiscal 2026 or anticipate the impact of any other events that may be considered in the calculation of non-GAAP financial measures.
View original content to download multimedia:https://www.prnewswire.com/news-releases/garmin-announces-fourth-quarter-and-fiscal-year-2025-results-302691157.htmlSOURCE Garmin Ltd.
Original: Garmin announces fourth quarter and fiscal year 2025 results
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