Garmin announces first quarter 2022 results

Company reports record first quarter revenue and announces share repurchase plan

Schaffhausen, Switzerland/April 27, 2022/Business Wire – Garmin® Ltd. (NYSE: GRMN), today announced results for the first quarter ended March 26, 2022.

Highlights for first quarter 2022 include:

  • Record consolidated revenue of $1.17 billion, a 9% increase over the prior year quarter with three segments posting double digit growth
  • Gross and operating margins were 56.5% and 19.5%, respectively
  • Operating income of $229 million, an 8% decrease compared to the prior year quarter
  • GAAP EPS was $1.09 and pro forma EPS(1) was $1.11
  • Launched a sweeping update to our lineup of outdoor adventure watches
  • Named the 2022 Associate Member of the Year by the Aircraft Electronics Association, and for the 18th consecutive year, ranked 1st place in Professional Pilot Magazine’s 2022 Avionics Product Support Survey
  • Unveiled LiveScope Plus a high-resolution live sonar that raises the performance bar in the recreational fishing market

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

About Garmin Ltd.

Garmin, the Garmin logo, the Garmin delta, dēzl, fēnix, Instinct are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S. D2, epix, Garmin Connect, GFC, LiveScope and Panoptix 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.

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 25, 2021, 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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