What Garmin's latest 10-Q says: 9 signals
Garmin filed its latest 10-Q with the SEC on Jul 29, 2026. It discusses backlog growth, capex increase and cash flow concern.
Public (GRMN)Computers and Electronics Manufacturing10,000+ employeesgarmin.comLinkedIn
- Filed
- Jul 29, 2026
- Filings
- 2
- Signals
- 18
10-Q · latest 10
What Garmin's 10-Q filings say
- SEC EDGAR
10-Q
Filed · 9 signals
Garmin more than doubles CapEx to $194.4M, investing heavily in infrastructure.
Garmin's capital expenditures surged 127% YoY to $194.4 million in the first half of 2026.
$194.4M
Purchases of property and equipment in H1 2026
127%
YoY increase in property and equipment purchases
Garmin's Fitness segment revenue surges 28% to $1.3B, driven by advanced wearables.
The Fitness segment became Garmin's largest revenue source, growing 28% YoY and now representing 35% of total sales.
$1.3B
Fitness segment net sales for H1 2026
28%
YoY revenue growth for Fitness segment
advanced wearables
Garmin's inventory balloons by $209M in H1 2026, straining working capital.
A $209.4 million increase in inventory during the first half of 2026 represents a major use of operating cash and a potential liability.
$209.4M
Use of cash for inventories in H1 2026
Garmin's Outdoor segment revenue drops 3% YoY amid weakness in adventure watches.
The Outdoor segment, a core business, saw revenue fall 3% and operating income dip 1% year-over-year, directly contrasting with strong growth in other divisions.
-3%
Year-over-year revenue change for the Outdoor segment in H1 2026
Garmin's Auto OEM segment growth is fueled by new domain controller products.
Garmin is successfully penetrating the automotive market, with its Auto OEM segment growth now 'primarily driven by growth in domain controllers.' This strategic focus on a high-tech component represents a key product initiative to secure partnerships with automakers, creating needs for embedded software, testing, and specialized component suppliers.
$342.7M
Auto OEM segment net sales for H1 2026
1%
YoY revenue growth for Auto OEM segment
domain controllers
Garmin reports over $2B in committed purchase obligations for the next 12 months.
The company has disclosed $1.17 billion in inventory purchase obligations and $277.9 million in other purchase obligations (including capital expenditures) due within 12 months.
$1.4B
Total inventory and other purchase obligations payable within 12 months ($1,170.1M + $277.9M)
Garmin increases R&D spending by 10% to $600M, fueling engineering hiring.
The company increased R&D expense by 10% year-over-year, primarily for engineering personnel.
$599.8M
Research and development expense for 26-weeks ended June 27, 2026
10%
Year-over-year increase in R&D expense
Garmin's inventory levels surge by $209M, increasing working capital pressure.
The company's inventory increased by $209.4 million in the first half of 2026, a significant use of operating cash.
$209.4M
Increase in inventories during 26-weeks ended June 27, 2026
- SEC EDGAR
10-Q
Filed · 9 signals
Garmin increases Q1 CapEx by 66% YoY to $66.6M for property and equipment.
Capital expenditures rose significantly from $40.1M in the prior year's quarter, indicating substantial investment in infrastructure and facilities.
$66.6M
Purchases of property and equipment for the 13-weeks ended March 28, 2026
66%
Year-over-year increase in purchases of property and equipment
Garmin discloses $1.75B in near-term inventory and other purchase obligations.
The company reported $1.12B in inventory purchase obligations and $635M in other purchase obligations, signaling strong production forecasts and significant supply chain activity.
$1.8B
Total inventory and other purchase obligations as of March 28, 2026
Showing 10 of 18 filing signals. The Signal API returns all of them.
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Garmin earnings headlines
From earnings call transcripts (Signal API type earnings-transcripts).
| Call date | What the company said |
|---|---|
| Holding nearly $4 billion in cash and marketable securities.With $3.9 billion in cash reserves, the company has significant capital available for investments, acquisitions, infrastructure projects, and technology upgrades. This massive liquidity makes them a prime target for high-value solutions. | |
| Increasing inventory to mitigate potential tariff impacts and rising product costsGarmin is proactively increasing inventory to offset potential tariff hikes and is experiencing margin pressure from higher product costs, including currency fluctuations. This indicates a focus on supply chain resilience and cost control, opening doors for logistics, supply chain optimization, and financial hedging solutions. | |
| Entered new equine wellness market with 'Blaze' system.The launch of the Blaze equine wellness system marks an entry into a completely new market, which they believe is underserved by technology. This strategic initiative will require investment in new sales channels, marketing, and product development, creating vendor opportunities. | |
| Partnering with King's College London for large-scale women's health studyGarmin is the exclusive wearable partner for a major King's College London study on pregnancy health, one of the largest of its kind. This strategic move into clinical research applications creates opportunities for vendors in health data analytics, clinical trial support, and secure data management. | |
| Outdoor segment growth more challenging than anticipated after major launchLeadership acknowledged that achieving growth in the key Outdoor segment is proving difficult due to tough year-over-year comparisons with a previous blockbuster product launch. This challenge in maintaining momentum could make them receptive to solutions for demand generation, marketing analytics, or customer retention. | |
| Launched multiple new products, including first-ever with microLED display.The company launched several new products, including the fenix 8 Pro with microLED display technology, a first of its kind. This focus on R&D and bringing cutting-edge technology to market indicates ongoing investment in innovation and supply chain capabilities. |
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Source. Quarterly reports (Form 10-Q) filed with the SEC. Every card links to the filing on EDGAR.
Method. Insights are extracted from the filing text and grouped by category. Numbers are quoted from the filing.
Data as of .