Garmin Announces First Quarter 2023 Results

Schaffhausen, Switzerland – Garmin® Ltd. (NYSE: GRMN), today announced results for the first quarter ended April 1, 2023.

Highlights for the first quarter 2023 include:

  • Consolidated revenue of $1.15 billion, a 2% decrease compared to the prior year quarter
  • Gross margin increased to 56.9%, and operating margin was 17.2%
  • Operating income was $197 million, a 14% decrease compared to the prior year quarter
  • GAAP EPS was $1.05 and pro forma EPS(1) was $1.02
  • Launched the next-gen Forerunner 265 and Forerunner 965, our first running watches with a bright AMOLED display
  • Announced the fēnix 7 adventure watches will be worn by crew members on the upcoming Polaris Dawn space mission to help scientists understand how space travel affects the human body
  • We were recently named the “Best of the Best” supplier to Embraer, and also received two top supplier awards in the categories of Systems as well as Services & Support

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


Garmin International, Inc. is a subsidiary of Garmin Ltd. (NYSE: GRMN). Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin, ActiveCaptain, BlueChart, Fusion and Navionics are registered trademarks and ECHOMAP, Garmin Navionics+, ClearVü, SideVü and LiveScope are trademarks of Garmin Ltd. or its subsidiaries.