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Garmin ended the 2025 financial year with unprecedented levels of sales, driven in particular by marine electronics, but a detailed analysis of margins and segments provides useful lessons for yachting manufacturers.
Consolidated results up
In the fourth quarter ended December 27, 2025, Garmin recorded sales of $2.12 billion, up 17% year-on-year. Operating income rose by 19% to $614 million.
For the full year 2025, consolidated sales reached $7.25 billion, up 15%. Operating income came to $1.88 billion, with an operating margin of 25.9%, compared with 25.3% the previous year.
Fourth-quarter gross margin was 59.2%, virtually unchanged from 59.3% a year earlier. Operating margin for the quarter was 28.9%, up from 28.3% a year earlier.
For B2B players in the marine sector, these indicators reflect their ability to maintain prices and absorb industrial costs, against a backdrop of pressure on electronic components and international logistics.
Marine, a $1.18 billion segment driven by chartplotters
The marine segment grew by 18% in the fourth quarter, to $296.9 million. Growth was achieved across several product families, with chartplotters playing a key role.
The segment's gross margin was 52%, with an operating margin of 18%, giving operating income of $52 million for the quarter. For the full year 2025, marine sales will reach $1.18 billion, up 10%.
For shipyards and distributors of onboard electronics, these figures confirm the central role of multifunction displays in both new-build and refit programs. Dependence on this equipment remains high, especially on units over 8 meters long, where network integration and NMEA 2000 compatibility have become standard.
Range extension and on-board safety, towards greater integration
During the quarter, Garmin expanded its range of chartplotters with the GPSMAP 9000xsv series, incorporating updated sonar functions. The development of underwater detection capabilities, particularly for fishing and coastal navigation, remains a key market driver.
The Group has also launched Garmin OnBoard, a wireless system combining man overboard and engine kill switch. The principle is based on a permanent connection between the crew member and the safety function, allowing movement on board without deactivating the protection.
This device was awarded the Safety and Security Aboard prize at the DAME Design Award 2025. For manufacturers, the native integration of this type of solution raises the question of standardizing electronic circuit breakers and ensuring their compatibility with existing engine controls.
Segment diversification, a buffer against nautical cycles
In the fourth quarter, Garmin's fitness segment grew by 42% to $765.8 million, driven by connected objects. Aviation sales rose by 16% to $274.2 million, buoyed by OEM and aftermarket sales.
The outdoor segment remained stable at $627.6 million, while OEM automotive sales were down 3% at $160.4 million.
This diversification is a balancing lever for the Group. For yachting professionals, it means that the marine branch is not isolated, but integrated into a global strategy, capable of absorbing the cyclical variations specific to yachting.
Outlook for 2026: expected growth
For fiscal 2026, Garmin anticipates sales of $7.9 billion, an increase of 9%. The Group is targeting pro forma earnings per share of $9.35, with an estimated gross margin of 58.5%, an operating margin of 25.5% and an effective tax rate of 16%.
For equipment manufacturers and construction sites, these forecasts signal continuity rather than disruption. Growth is still expected, but at a more moderate pace.
And the question remains for the yachting industry: how to maintain the pace of equipment in a more selective new-boat market, while capitalizing on refits and modernization of existing fleets.
