Key Takeaways
1. Garmin’s revenue increased by 20% in Q2 2024, reaching $1.81 billion.
2. The gross profit margin improved from 57.3% to 58.8%, and the operating profit margin rose from 22.7% to 26%.
3. Operating profit for the last quarter was $472.3 million, highlighting strong core business performance.
4. Garmin’s business is divided into five categories: Fitness, Outdoor, Aviation, Marine, and Auto OEM, making it hard to assess smartwatch market performance.
5. All segments showed year-on-year growth, with the Fitness segment leading at approximately $605 million in net sales.
Garmin has a wide range of products, and we often cover their news and reviews at Notebookcheck. Recently, the company announced its financial results for the second quarter of 2025 (PDF). These results show that Garmin had a very successful quarter. When comparing quarterly results, they are measured against the same period from the previous year.
Strong Revenue Growth
When looking at the second quarter of 2024, Garmin saw its revenue rise a remarkable 20%, reaching $1.81 billion. The gross profit margin also improved, moving from 57.3% to 58.8%, while the operating profit margin increased from 22.7% to 26%. Operating profit, which reflects earnings from core business operations excluding interest and special income, hit $472.3 million in the last quarter. In contrast, Apple reported an operating profit of $28.20 billion (PDF). While this comparison may seem a bit unfair, Apple is also in the wearable market. Zepp Health, on the other hand, generated $59.4 million in revenue during the second quarter of 2025, marking an impressive 46.2% increase year-over-year, which is a significant leap compared to Garmin’s percentage.
Business Segmentation
Garmin organizes its operations into five main categories: Fitness, Outdoor, Aviation, Marine, and Auto OEM. This structure means the company does not categorize its products strictly by type. For instance, various models of smartwatches fall under different segments. Forerunner smartwatches belong to the Fitness category, while Instinct wearables fall under Outdoor. This approach makes it challenging to assess the overall performance of the smartwatch market within Garmin. Nevertheless, the annual report highlights substantial growth in wearables. Every segment experienced year-on-year growth, with the Fitness segment leading, achieving net sales of around $605 million.
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