• Garmin Ltd. recently announced its second quarter 2025 results, reporting sales of US$1.81 billion and net income of US$400.82 million, alongside increased full-year revenue guidance to US$7.1 billion and an update on its ongoing share repurchase program.
• A key contributor to these results was the company's international operations, with revenue in the EMEA region surpassing analyst expectations by over 13%, highlighting growing overseas market momentum.
• We’ll examine how Garmin’s raised full-year revenue outlook, driven by strong international sales, shapes its investment narrative going forward.

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Garmin Investment Narrative Recap

To be a Garmin shareholder, you need to believe in the company’s ability to grow internationally, expand its innovative product lineup, and successfully manage margins despite rising costs and dynamic currency fluctuations. This quarter’s earnings beat and raised revenue guidance reinforce optimism around overseas growth, especially with EMEA sales outpacing expectations. However, the most important short-term catalyst, continued momentum in international markets, faces an ongoing risk from currency volatility, which remains largely unchanged following this report.

Among Garmin’s recent announcements, the updated share repurchase program stands out. The company has now completed the repurchase of 827,000 shares for US$156.8 million since February 2024. While buybacks can be a positive sign for shareholder returns, the core catalysts for Garmin’s near-term performance remain rooted in the strength of sales outside the US and the ability to weather potential margin pressure from global economic shifts.

But even with upbeat international sales figures, investors should be aware that unexpected shifts in currency rates can quickly affect earnings and future guidance...

Read the full narrative on Garmin (it's free!)

Garmin's narrative projects $8.2 billion revenue and $1.9 billion earnings by 2028. This requires 8.2% yearly revenue growth and a $0.4 billion earnings increase from $1.5 billion today.

Uncover how Garmin's forecasts yield a $205.33 fair value, a 11% downside to its current price.

Exploring Other Perspectives

Nine fair value estimates from the Simply Wall St Community range from US$75 to US$285 per share, showing extensive variation in outlooks. As you consider these differing viewpoints, remember that foreign currency fluctuations remain central to Garmin’s earnings outlook and can influence financial results more than many expect.

Explore 9 other fair value estimates on Garmin - why the stock might be worth less than half the current price!

Build Your Own Garmin Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Garmin research is our analysis highlighting 3 key rewards that could impact your investment decision.
• Our free Garmin research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Garmin's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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