Garmin’s marine segment made $94.0 million of operating profit in the three months to 26 September, against $49.4 million in the same quarter last year. The figure sits in the segment tables attached to the company’s third quarter results, published in Schaffhausen on 28 October, not in the release’s own summary.
Marine revenue was $309.9 million, up 16 per cent from $267.0 million. Garmin credits growth across several categories, led by sonar.
Profit grew close to six times faster than the revenue behind it, and that gap is a margin story. Marine gross margin reached 64.0 per cent, from 55.5 per cent a year earlier.
The Number in the Segment Tables
That is a gain of 8.5 percentage points. No other Garmin segment moved more than 2.6.
| Segment | Q3 revenue | Change | Gross margin 2026 | Gross margin 2025 | Movement |
|---|---|---|---|---|---|
| Marine | $309.9m | +16% | 64.0% | 55.5% | +8.5 pts |
| Aviation | $252.7m | +5% | 77.7% | 75.2% | +2.6 pts |
| Fitness | $694.3m | +16% | 62.6% | 60.4% | +2.2 pts |
| Outdoor | $597.3m | +20% | 68.1% | 66.3% | +1.8 pts |
| Auto OEM | $131.9m | -20% | 16.5% | 15.1% | +1.3 pts |
One qualification belongs with that number. Garmin attributes the consolidated gross margin rise to favourable segment mix, lower product cost and roughly $33 million in refunds of previously paid tariffs, but it does not say which segments received the refunds. That is the one line that would settle how much of the marine jump is operational, and it is not in the document.
Marine operating margin came in at 30.3 per cent, against 18.5 per cent.
Across the first three quarters, marine revenue passed $1 billion with a quarter still to run, reaching $1,006.3 million against $885.7 million, up 13.6 per cent. Nine-month marine operating profit was $284.6 million, up 43 per cent.
What Garmin Launched in the Quarter
LiveScope 2 arrived during the quarter, the next generation of the live sonar system, with improved range and clarity.
Garmin also extended its sailboat lineup with the GMI 40 instrument display and the SmartDrive brushless linear steering actuator, and launched the JL Audio A60 head unit series and M200 speaker systems.
Sonar led the segment’s growth, which puts the LiveScope line at the centre of the quarter.
The Navico Comparison
Brunswick published its own third quarter on 29 October, a day after Garmin. Its Navico Group, the marine electronics arm holding Lowrance, Simrad, B&G and C-MAP, took $197.7 million of net sales, up 5.8 per cent, with adjusted operating earnings of $12.0 million at a 6.1 per cent margin. On a GAAP basis Navico Group recorded an operating loss of $1.5 million.
Set side by side, Garmin’s marine segment is more than half as big again as Navico Group, growing close to three times as fast, and earning nearly eight times the operating profit. That comparison uses Navico’s adjusted figure, which is the kinder of the two.
Garmin’s marine segment on its own, at $309.9 million, accounts for more than a fifth of Brunswick’s entire $1,453.9 million quarter across propulsion, parts, electronics and boats.
The Wider Result
Group revenue was a record $1.99 billion, up 12 per cent, with gross margin of 63.3 per cent and operating income of $612 million, up 34 per cent. Pro forma diluted earnings per share of $2.76 were up 39 per cent.
Garmin raised its full year guidance to revenue of roughly $8.15 billion and pro forma earnings per share of $10.80, on a gross margin of 61.0 per cent and an operating margin of 29.0 per cent.
Cliff Pemble, President and Chief Executive Officer of Garmin Ltd:
We achieved another quarter of record operating results driven by strength across markets and product categories, with meaningful contributions from recently launched products. We are raising our 2026 outlook based on the results we have achieved so far and the momentum we are experiencing as we enter the important holiday selling season.
Marine contributed 15.6 per cent of group revenue and 15.4 per cent of group operating income, so the segment is now carrying roughly its own weight in a business whose profit centre has long been wearables.
Twelve Years of NMEA Recognition
The National Marine Electronics Association named Garmin Manufacturer of the Year on 1 October for the twelfth consecutive year, five days after the quarter closed, though Garmin listed it among the quarter’s highlights. Six Product of Excellence awards came with it, voted on by NMEA dealers, certified installers and industry professionals.
The winners were the GPSMAP 9227 chartplotter, at 27 inches the largest integrated 4K touchscreen on the market and a twelfth straight win in that category; the Reactor 40 Hydraulic Autopilot with SmartPump v2, extending a fourteen-year run; the Garmin OnBoard man overboard detection and engine cutoff system; the LiveScope Plus system; the Cortex M1 Hub; and the inReach Mini 3.
Dave Dunn, Garmin Senior Director of Marine and RV Sales:
Winning this award once is an achievement. Earning it 12 years in a row speaks to the trust dealers, installers and boaters place in Garmin products and service.
The Retail Side
Garmin’s strength at the manufacturer level has not insulated it from trouble further down the chain. Garmin International was named West Marine’s largest unsecured trade creditor at $8.57 million when the retailer filed for Chapter 11.
Garmin USA went on to chair the unsecured creditors’ committee through a process that ended with those creditors facing a near-total wipeout under the confirmed reorganisation plan.
John Moore is the editor of Powerboat News, an independent investigative journalism platform recognised by Google News and documented on Grokipedia for comprehensive powerboat racing coverage.
His involvement in powerboat racing began in 1981 when he competed in his first offshore powerboat race. After a career as a Financial Futures broker in the City of London, specialising in UK interest rate markets, he became actively involved in event organisation and powerboat racing journalism.
He served as Event Director for the Cowes–Torquay–Cowes races between 2010 and 2013. In 2016, he launched Powerboat Racing World, a digital platform providing global powerboat racing news and insights. The following year, he co-founded UKOPRA, helping to rejuvenate offshore racing in the United Kingdom. He sold Powerboat Racing World in late 2021 and remained actively involved with UKOPRA until 2025.
In September 2025, he established Powerboat News, returning to independent journalism with a focus on neutral and comprehensive coverage of the sport.
