GPS tech giant Garmin is continuing to cash in on the boom in wearable fitness products, the company reporting record revenue in the third quarter of 2025 and enjoying sales growth of 14 per cent compared with the first nine months of last year.
Consolidated revenue in the third quarter of 2025 rose 12 per cent on last year, climbing to a record mark of $1.77 billion (£1.33bn). This was led by Garmin’s fitness sector enjoying a revenue rise of 30 per cent, soaring to $601 million (£450.8m) during the summer months.
This rise of almost a third was predominantly due to “strong demand for advanced wearables”, the boom in smartwatches and fitness-specific wearable devices continuing. During the summer, Garmin launched its new Edge 550 and Edge 850 cycling computers, however the emphasis on “wearable” tech suggests it is the company’s smartwatches that led the growth.
The brand also saw revenue growth in its marine and aviation product departments, even if there was a slight dip in sales of its auto and outdoor products.
Overall in 2025, the first nine months have seen revenue soar to $5.1bn (£3.8bn), up 14 per cent on the $4.5bn (£3.4bn) achieved at this stage of last year.
Cliff Pemble, Garmin’s president and CEO said it was “another quarter of strong financial results” and highlighted the growth in consolidated revenue and operating income.
“We experienced strong double-digit revenue growth in three business segments reflecting the strength of our unique, diversified business model,” he said. “Looking ahead, we are well positioned for the holiday selling season with a strong line-up of innovative products.”
After noting the cost of goods sold as $724m (£543m) and some other costs, Garmin reports its net profit for Q3 was $401.6m (£301m). For 2025 so far, Garmin’s net profit has surpassed the billion-dollar mark at $1.1bn (£851m), up from $976m (£732.5m) at the same stage last year.
Garmin’s sales growth was consistent across region, with the Americas remaining its biggest market and rising 10 per cent in Q3 compared with last year. EMEA (Europe, Middle East and Africa) and APAC (Asia Pacific and Australian Continent) enjoyed growth of 13 and 14 per cent respectively.
Given the success of the summer, Garmin has updated its guidance for 2025 as a whole, now predicting revenue of approximately $7.1bn (£5.37m) by the end of the calendar year.
An outlier in tough times for the bike industry?
Garmin’s financial results and record revenue stands out in a bike industry dominated by negative news stories about losses and sliding sales. The key here is probably what CEO Cliff Pemble called a “diversified business model”.
While we all associate Garmin with cycling computers, selling hundreds of millions of pounds worth of wearable fitness products, such as smartwatches and running-specific devices has allowed the brand to continue to grow at a time when many across the bike industry are struggling.
Just this week we reported that Shimano’s profits had plummeted despite modest sales growth, the components manufacturer blaming its situation on cycling industry challenges, inventory issues, and foreign exchange losses. Likewise, premium cycling clothing brand Rapha recently slashed its valuation by £102m amid a £15m loss, its eighth straight year in the red.
We’d be very interested to see how cycling-specific sales have fared this year at Garmin, the messaging of the latest accounts clear that the 30 per cent growth in its overall fitness sector was spearheaded by “strong demand for advanced wearables”, such as its smartwatches.
The publication of the accounts comes as Strava has dropped its short-lived lawsuit against Garmin, the ride-sharing app having accused Garmin of patent infringement over its use of segments and heatmaps.
6 thoughts on “Garmin celebrates record revenue as wearable fitness tech continues to boom”
This detailed article
This detailed article confirms my impression about this highly profitable company – their products are expensive.
For those who, understandably
For those who, understandably, feel the features/price inflation spiral has spiralled out of control may I recommend the very good value Garmin Forerunner 255. This is 2 generations obsolete but may still be obtainable. I’ve only had mine for about 3 months, and it’s my first sports watch. If you’re not wedded to every conceivable feature and a screen like the Diamond Light Source, it’s perfect. I have mentioned before that the much disparaged, basic ‘breadcrumb’ navigation is really excellent, and MUCH better than I expected – as long as you put the route in beforehand from Komoot or whatever.
Does the 255 have the bug
Does the 255 have the bug where if you are in an activity and you want to look at the watch face (long press START) and it is the first minute of the hour the analogue hands show 4 o’clock?
Never come across any such
Never come across any such bugs, but I don’t use any analogue watch faces and, in the absence of any problems I’m not inclined to look for them
Expensive and non-replaceable
Expensive and non-replaceable batteries only last two years. Disposable $700+ paperweights. It’s outrageous. I won’t buy another Garmin until batteries are replaceable.
I’ve got 4 years of pretty
I’ve got 4 years of pretty heavy usage out of my Forerunner now. It is starting to get to the point where it struggles to make a day on a charge now, but your comment is something of an exaggeration.