Garmin announces first quarter 2023 results

Four segments post double-digit revenue growth

Schaffhausen, Switzerland / May 3, 2023/ PR Newswire – Garmin® Ltd. (NYSE: GRMN), today announced results for the first quarter ended April 1, 2023.

Highlights for the first quarter 2023 include:

  • Consolidated revenue of $1.15 billion, a 2% decrease compared to the prior year quarter
  • Gross margin increased to 56.9%, and operating margin was 17.2%
  • Operating income was $197 million, a 14% decrease compared to the prior year quarter
  • GAAP EPS was $1.05 and pro forma EPS(1) was $1.02
  • Launched the next-gen Forerunner 265 and Forerunner 965, our first running watches with a bright AMOLED display
  • Announced the fēnix 7 adventure watches will be worn by crew members on the upcoming Polaris Dawn space mission to help scientists understand how space travel affects the human body
  • We were recently named the “Best of the Best” supplier to Embraer, and also received two top supplier awards in the categories of Systems as well as Services & Support

View the PDF for the full press release and financial statements.

About Garmin International, Inc.

Garmin International Inc. is a subsidiary of Garmin Ltd. (NYSE: GRMN). Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin is a registered trademark.

All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.

Notice on Forward-Looking Statements

This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management’s current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 31, 2022, filed by Garmin with the Securities and Exchange Commission (Commission file number 0001-411180). A copy of such Form 10-K is available at No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.


Investor Relations Contact: Teri Seck
Garmin International, Inc.
Phone | 913-397-8200
E-Mail | [email protected] 

Media Relations Contact: Krista Klaus
Garmin International, Inc.
Phone | 913-397-8200
E-Mail | [email protected]

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