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The Marine Division posts $310 million in sales
In the third quarter of 2026, which ended on September 26, Garmin reported $309.9 million in revenue from its marine business, compared with $267 million a year earlier. This 16% growth exceeded the group?s overall growth rate of 12%.
This growth has been accompanied by a significant improvement in profitability. The Marine division?s operating income reached $94 million, compared with $49.4 million in the third quarter of 2025. Its operating margin stood at approximately 30%, while its gross margin reached 64%.
In the first nine months of 2026, the Marine division's revenue exceeded $1 billion, representing a 14% increase.
Pollsters Drive Growth
Garmin attributes the strong performance of its Marine division primarily to sonar equipment, while noting growth in several product categories.
In particular, the manufacturer has launched the LiveScope 2, the next generation of its real-time imaging sonar system. According to Garmin, this upgrade improves the range and clarity of underwater images.
The group has also expanded its product line for sailboats with the GMI 40 instrument display and the SmartDrive autopilot linear actuator, which features a brushless motor.
These product launches demonstrate that Garmin is continuing to expand beyond fishing electronics, particularly into the fields of instrumentation and sailing navigation.
Growth exceeding that of the group
Across all business segments, Garmin reported quarterly revenue of $1.99 billion, up 12%. Its operating income rose 34% to $612 million, representing a margin of 30.8%.
The Fitness and Outdoor segments posted growth of 16% and 20%, respectively. The aviation segment grew by 5%, while the automotive equipment segment declined by 20%.
Garmin therefore has several growth drivers, even though their performance remains mixed.
The Marine division accounts for approximately 15.6% of the group's quarterly sales. It nevertheless contributes about 15.4% of the group's operating income, indicating a level of profitability close to that of the group as a whole.
Garmin Raises Its Forecast for 2026
Following the third quarter, Garmin now expects annual revenue of approximately $8.15 billion, along with adjusted earnings per share of $10.80.
These targets remain projections subject to changes in market conditions and the economic environment.
