Garmin: Successful and growing thanks to new wearables

Garmin is a very broadly positioned company, and its products are frequently the subject of reports and reviews here at Notebookcheck. That said, Garmin has just released its financial figures for the second quarter of 2025 (PDF). According to these figures, the company had a very strong quarter. Comparisons of quarterly figures refer to the same quarter of the previous year.

Compared to the same quarter of 2024, revenue increased by an impressive 20% to $1.81 billion. Gross profit grew from 57.3 to 58.8%, and operating profit margin from 22.7 to 26%. Operating profit represents the profit from the company's core business activities, excluding interest or special income. Operating profit in the past quarter was $472.3 million. For comparison, Apple recorded $28.20 billion in operating profit (PDF). Perhaps an unfair comparison, but Apple is also a wearable manufacturer. Zepp Health reached revenue of $59.4 million in the second quarter of 2025, a whopping 46.2% increase compared to the same quarter last year, significantly outperforming Garmin in percentage terms.

Garmin divides its business activities into five subcategories: Fitness, Outdoor, Aviation, Marine and Auto OEM. This means that Garmin does not divide its business segments into device categories. For example, different smartwatch models are listed in different categories. Forerunner smartwatches are categorized under the Fitness segment, while Instinct wearables are categorized under the Outdoor segment, making it difficult to determine the actual development of the smartwatch business as a whole. However, the body of the annual report emphasizes strong growth in wearables. All segments grew year-on-year, with the Fitness segment leading the way with net sales of approximately $605 million.