Garmin Ltd. (GRMN): Business Model Canvas

In der dynamischen Welt der Unterhaltungselektronik und Navigationstechnologie hat sich Garmin Ltd. zu einer Pionierkraft entwickelt und die Art und Weise verändert, wie wir navigieren, unsere Fitness verfolgen und die Welt erkunden. Durch die strategische Nutzung seines innovativen Business Model Canvas hat Garmin erfolgreich eine einzigartige Marktposition in mehreren Sektoren erarbeitet – von Outdoor-Abenteurern und Fitnessbegeisterten bis hin zu Automobil-, Schiffs- und Luftfahrtprofis. Dieser umfassende Ansatz hat es dem Unternehmen ermöglicht, hochmoderne GPS-Geräte, tragbare Technologien und spezielle elektronische Lösungen zu entwickeln, die den unterschiedlichen Verbraucherbedürfnissen gerecht werden und gleichzeitig eine robuste und anpassungsfähige Geschäftsstrategie beibehalten.

Garmin Ltd. (GRMN) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit Automobilherstellern

Garmin arbeitet mit großen Automobilherstellern zusammen, darunter:

BMW	Integration des Navigationssystems
Suzuki	Entwicklung von Infotainmentsystemen
Mercedes-Benz	Fortschrittliche GPS-Navigationslösungen

Partnerschaften im Bereich Sport- und Fitnesstechnologie

Zu den wichtigsten Kooperationen im Bereich Sport- und Fitnesstechnologie gehören:

• Integration der Fitness-Tracking-Plattform Strava
• Training Peaks-Partnerschaft zur Leistungsanalyse
• Vernetztes Fitness-Ökosystem von Under Armour

Partnerschaften für Schiffs- und Luftfahrtausrüstung

Partner	Fokus auf Zusammenarbeit
Raymarine	Marine-Navigationssysteme
Cirrus-Flugzeuge	Avionik und Fluginstrumentierung
Textron Aviation	Integrierte Cockpit-Technologien

Technologie- und Komponentenfertigungspartnerschaften

Zu den strategischen Technologiepartnerschaften gehören:

• Qualcomm-Halbleiterintegration
• Zusammenarbeit bei der Chiptechnologie von MediaTek
• Partnerschaften mit Sony im Bereich Sensortechnologie

Gesamtwert des Partnerschaftsökosystems im Jahr 2023: 487 Millionen US-Dollar

Anzahl aktiver Technologiepartnerschaften: 42

Garmin Ltd. (GRMN) – Geschäftsmodell: Hauptaktivitäten

Produktdesign und Engineering für GPS- und Navigationsgeräte

Garmin investierte im Jahr 2022 462,3 Millionen US-Dollar in Forschung und Entwicklung. Das Unternehmen unterhält Designzentren an mehreren Standorten, darunter Olathe, Kansas und Schaffhausen, Schweiz.

Designkategorie	Jährliche Investition	Anzahl der Ingenieure
GPS-Navigationsgeräte	156,7 Millionen US-Dollar	387 Ingenieure
Automobilelektronik	98,5 Millionen US-Dollar	245 Ingenieure
Tragbare Technologie	112,3 Millionen US-Dollar	276 Ingenieure

Forschung und Entwicklung tragbarer Fitnesstechnologie

Garmins Wearable-Technologie-Segment erwirtschaftete im Jahr 2022 einen Umsatz von 1,45 Milliarden US-Dollar.

• Smartwatch-Produktlinien: Forerunner, Fenix, Venu
• Jährliche Produktion von Fitnessgeräten: 3,2 Millionen Einheiten
• Marktanteil bei Sport-Wearables: 16,2 %

Herstellung von Outdoor-, Schiffs-, Luftfahrt- und Automobilelektronik

Gesamte Produktionsanlagen: 7 globale Standorte mit Hauptproduktion in Taiwan und China.

Produktkategorie	Jährliches Produktionsvolumen	Produktionsstandort
Outdoor-Elektronik	2,8 Millionen Einheiten	Taiwan
Marineelektronik	1,5 Millionen Einheiten	China
Luftfahrtelektronik	687.000 Einheiten	Vereinigte Staaten

Softwareentwicklung für Tracking- und Mapping-Anwendungen

Garmin beschäftigt weltweit 612 Software-Ingenieure mit jährlichen Ausgaben für Software-Entwicklung in Höhe von 178,6 Millionen US-Dollar im Jahr 2022.

• Proprietäre Kartenplattformen: Garmin Connect, Garmin Express
• Gesamtzahl der Softwareanwendungen: 24 verschiedene Plattformen
• Jährliche Häufigkeit der Softwareaktualisierungen: 3–4 Hauptversionen

Marketing und weltweiter Vertrieb von Unterhaltungselektronik

Globales Marketingbudget im Jahr 2022: 276,4 Millionen US-Dollar

Vertriebskanal	Umsatzbeitrag	Geografische Reichweite
Online-Einzelhandel	1,2 Milliarden US-Dollar	Global
Fachgeschäfte	876,5 Millionen US-Dollar	Nordamerika, Europa
Direktvertrieb	412,3 Millionen US-Dollar	International

Garmin Ltd. (GRMN) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche GPS- und Kartierungstechnologie-Expertise

Garmin hält im Jahr 2023 1.763 aktive Patente. Die Ausgaben für Technologie-F&E beliefen sich im Jahr 2022 auf 684,2 Millionen US-Dollar.

Patentkategorie	Anzahl der Patente
GPS-Technologie	537
Navigationssysteme	412
Fitness-Tracking	284
Marineelektronik	206
Luftfahrtsysteme	324

Portfolio für geistiges Eigentum

Das Portfolio an geistigem Eigentum von Garmin deckt mehrere Technologiebereiche ab.

• Gesamtzahl der eingetragenen Marken: 246
• Geografische Patentabdeckung: 42 Länder
• Jährliche Patentanmeldungsrate: 127 neue Patente pro Jahr

Globale Fertigungs- und Lieferketteninfrastruktur

Produktionsstätten in Taiwan, China und den Vereinigten Staaten.

Produktionsstandort	Größe der Einrichtung	Jährliche Produktionskapazität
Taiwan	85.000 Quadratmeter	12,4 Millionen Einheiten
China	62.000 Quadratmeter	9,7 Millionen Einheiten
Vereinigte Staaten	45.000 Quadratmeter	4,2 Millionen Einheiten

Kompetente Ingenieurs- und Forschungsteams

Gesamtbelegschaft: 19.400 Mitarbeiter, Stand 2022.

• Ingenieure: 6.380
• Forschungsfachkräfte: 1.540
• Doktoranden: 412

Markenreputation in der Navigations- und Fitnesstechnologie

Marktführerschaft in mehreren Technologiesegmenten.

Marktsegment	Marktanteil	Globales Ranking
GPS-Navigationsgeräte	38.6%	1
Fitness-Wearables	22.4%	3
Marineelektronik	46.2%	1
Luftfahrtgeräte	31.7%	2

Garmin Ltd. (GRMN) – Geschäftsmodell: Wertversprechen

Hochpräzise GPS- und Navigationslösungen

Garmin erwirtschaftete im Jahr 2022 einen Umsatz von 4,43 Milliarden US-Dollar, wobei Navigationsprodukte einen erheblichen Beitrag zum Produktportfolio des Unternehmens leisten.

Produktkategorie	Marktanteil	Jahresumsatz
Kfz-GPS-Geräte	35%	620 Millionen Dollar
Motorradnavigation	42%	245 Millionen Dollar

Fortschrittliche Fitness- und Gesundheits-Tracking-Wearables

Das Segment Fitness-Wearables machte im Jahr 2022 27 % des Gesamtumsatzes von Garmin aus.

• Vorgängerserie: 1,2 Millionen verkaufte Einheiten pro Jahr
• Fenix Premium-Sportuhren: Durchschnittspreis 699,99 $
• Venu Smartwatch-Linie: 750.000 verkaufte Einheiten im Jahr 2022

Spezialgeräte für Outdoor-, Marine- und Luftfahrtbegeisterte

Die Spezialsegmente erwirtschafteten im Jahr 2022 872 Millionen US-Dollar.

Spezialsegment	Marktposition	Jährlicher Verkauf
Meeresnavigation	Anführer	342 Millionen Dollar
Luftfahrt-GPS	Top 3 Anbieter	385 Millionen Dollar
Outdoor-Freizeitgeräte	Marktführer	145 Millionen Dollar

Integrierte Technologie mit Echtzeit-Tracking und Leistungsüberwachung

Garmin investierte im Jahr 2022 571 Millionen US-Dollar in Forschung und Entwicklung, um die Tracking-Technologien zu verbessern.

• Vernetzte Fitnessplattform: 22 Millionen aktive Nutzer
• Genauigkeit der Echtzeit-Leistungsverfolgung: 98,5 %
• Cloud-Synchronisierungsfunktionen für 12 Gerätekategorien

Langlebige und zuverlässige elektronische Geräte für verschiedene Marktsegmente

Garmin unterhält eine 99,7 % Produktzuverlässigkeitsbewertung über Gerätekategorien hinweg.

Gerätekategorie	Haltbarkeitsbewertung	Durchschnittliche Lebensdauer
Sportuhren	99.5%	4-5 Jahre
Marinegeräte	99.8%	7-8 Jahre
Luftfahrtausrüstung	99.9%	10-12 Jahre

Garmin Ltd. (GRMN) – Geschäftsmodell: Kundenbeziehungen

Direktvertrieb über Online-Plattform und Einzelhandelskanäle

Garmin generiert Direktverkäufe über mehrere Kanäle:

Vertriebskanal	Umsatzbeitrag
Garmin.com Online-Shop	32,4 % des Direktverkaufs an Verbraucher
Autorisierte Einzelhandelspartner	45,7 % des gesamten Produktumsatzes
Amazon Marketplace	15,2 % des Online-Umsatzes
Internationale Vertriebspartner	6,7 % des weltweiten Umsatzes

Kundensupport und technische Unterstützung

Garmin bietet umfassenden Kundensupport durch:

• Technische Support-Hotline rund um die Uhr
• E-Mail-Supportkanäle
• Live-Chat-Dienste
• Spezielle Support-Website

Support-Metrik	Jährliche Leistung
Durchschnittliche Reaktionszeit	Weniger als 4 Stunden
Kundendienstmitarbeiter	387 weltweit im Einsatz
Jährliche Support-Interaktionen	1,2 Millionen Kundenkontakte

Produkt-Firmware- und Software-Updates

Garmin bietet regelmäßige Firmware-Updates für alle Produktlinien:

• Kostenlose lebenslange Software-Updates
• Vierteljährliche Firmware-Verbesserungen
• Automatische Update-Benachrichtigungen

Online-Community und Benutzerforen

Community-Plattform	Kennzahlen zum Benutzerengagement
Garmin Connect-Community	22,6 Millionen registrierte Benutzer
Offizielle Benutzerforen	478.000 aktive monatliche Teilnehmer
Social-Media-Follower	3,4 Millionen plattformübergreifend

Personalisierte Fitness- und Leistungs-Tracking-Erlebnisse

Tracking-Funktion	Benutzerakzeptanzrate
Verfolgung von Leistungsmetriken	87 % der Gerätenutzer engagieren sich aktiv
Personalisierte Trainingspläne	64 % der Besitzer von Fitnessgeräten nutzen es
Erweiterte Gesundheitsüberwachung	52 % regelmäßige Nutzungshäufigkeit

Garmin Ltd. (GRMN) – Geschäftsmodell: Kanäle

Offizielle Garmin-Website

Ab 2024 dient die offizielle Website von Garmin (www.garmin.com) als primärer Direktvertriebskanal mit den folgenden Merkmalen:

• Bietet eine vollständige Produktpalette in 11 verschiedenen Produktkategorien
• Bietet Verbrauchern direkte Kaufmöglichkeiten
• Unterstützt weltweit 29 verschiedene Sprachversionen

Autorisierte Einzelhandelsgeschäfte

Einzelhandelskanaltyp	Anzahl der Geschäfte	Geografische Reichweite
Elektronikhändler	3,700+	Nordamerika, Europa, Asien-Pazifik
Sportausrüstungsgeschäfte	2,500+	Globaler Vertrieb

Online-Marktplätze

Garmin unterhält aktive Vertriebspräsenz auf mehreren digitalen Plattformen:

• Amazon: 78 % der Online-Marktplatzverkäufe
• Best Buy: 12 % des Online-Marktplatzumsatzes
• Walmart.com: 6 % des Online-Marktplatzumsatzes
• Andere Plattformen: 4 % des Online-Marktplatzumsatzes

Spezialisierte Einzelhändler für Sport- und Outdoor-Ausrüstung

Händlerkategorie	Marktdurchdringung
REI	95 % Produktabdeckung
Dicks Sportartikel	87 % Produktabdeckung
Bass Pro Shops	82 % Produktabdeckung

Direktvertrieb über Mobil- und Webplattformen

Aufschlüsselung der digitalen Vertriebskanäle:

• Downloads mobiler Apps: 12,5 Millionen im Jahr 2023
• Webplattform-Transaktionen: 487 Millionen US-Dollar Jahresumsatz
• Conversion-Rate der mobilen Plattform: 3,7 %

Garmin Ltd. (GRMN) – Geschäftsmodell: Kundensegmente

Outdoor- und Abenteuerbegeisterte

Im Jahr 2023 erwirtschaftete Garmins Outdoor-Segment einen Umsatz von 1,4 Milliarden US-Dollar. Zu den wichtigsten Produktlinien gehören:

Produktkategorie	Marktanteil	Jährlicher Verkauf
GPS-Handgeräte	42%	592 Millionen US-Dollar
Wander-Smartwatches	35%	490 Millionen Dollar
Abenteuer-Navigationstools	23%	322 Millionen Dollar

Fitness- und gesundheitsbewusste Verbraucher

Der Umsatz im Fitnesssegment erreichte im Jahr 2023 1,2 Milliarden US-Dollar.

• Marktdurchdringung der Forerunner-Serie: 28 %
• Verkauf von Fitness-Trackern: 4,2 Millionen Einheiten
• Durchschnittlicher Gerätepreis: 249 $

Profisportler und Sportmannschaften

Umsatz im Sportleistungssegment: 680 Millionen US-Dollar im Jahr 2023.

Kategorie „Sport“.	Geräteakzeptanz	Jahresumsatz
Laufen	45%	306 Millionen Dollar
Radfahren	35%	238 Millionen Dollar
Triathlon	20%	136 Millionen Dollar

Automobilindustrie

Umsatz des Automobilsegments im Jahr 2023: 512 Millionen US-Dollar.

• OEM-Navigationssysteme: 18 % Marktanteil
• Aftermarket Automotive Devices: 22 % Marktanteil

Marine- und Luftfahrtfachleute

Umsatz des Segments Marine und Luftfahrt: 890 Millionen US-Dollar im Jahr 2023.

Sektor	Gerätetypen	Marktdurchdringung
Meeresnavigation	Kartenplotter, Fischfinder	33%
Luftfahrt	Piloten-GPS, Avionik	41%

Technologieaffine Verbraucher

Umsatz im Smart-Device-Segment: 620 Millionen US-Dollar im Jahr 2023.

• Smartwatch-Verkäufe: 3,8 Millionen Einheiten
• Marktanteil vernetzter Geräte: 15 %
• Durchschnittlicher Preis für Smart-Geräte: 329 $

Garmin Ltd. (GRMN) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2022 meldete Garmin Forschungs- und Entwicklungskosten in Höhe von 615,1 Millionen US-Dollar, was 9,4 % des Gesamtumsatzes entspricht.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2022	615,1 Millionen US-Dollar	9.4%
2021	572,3 Millionen US-Dollar	9.2%

Herstellungs- und Produktionskosten

Die Herstellungskosten (COGS) von Garmin beliefen sich im Jahr 2022 auf 3,85 Milliarden US-Dollar, was 58,8 % des Gesamtumsatzes entspricht.

• Produktionsstätten in Taiwan, China und den Vereinigten Staaten
• Die gesamten Produktionsgemeinkosten werden im Jahr 2022 auf 420 Millionen US-Dollar geschätzt

Marketing- und Vertriebsausgaben

Die Marketing- und Werbeausgaben beliefen sich im Jahr 2022 auf insgesamt 463,2 Millionen US-Dollar, was 7,1 % des Gesamtumsatzes entspricht.

Ausgabenkategorie	Betrag	Prozentsatz des Umsatzes
Marketingkosten	463,2 Millionen US-Dollar	7.1%
Verkaufsprovisionen	187,5 Millionen US-Dollar	2.9%

Globaler Vertrieb und Logistik

Die Vertriebs- und Logistikkosten für 2022 beliefen sich auf etwa 276,8 Millionen US-Dollar.

• Globales Vertriebsnetz, das sich über 50 Länder erstreckt
• Die Versand- und Bearbeitungskosten werden auf 186,4 Millionen US-Dollar geschätzt
• Kosten für Lager- und Bestandsverwaltung: 90,4 Millionen US-Dollar

Wartung der Technologieinfrastruktur

Die Wartungskosten für Technologie und Infrastruktur beliefen sich im Jahr 2022 auf 204,6 Millionen US-Dollar.

Kategorie „Infrastrukturwartung“.	Kosten
IT-Systeme	124,3 Millionen US-Dollar
Cloud-Dienste	47,2 Millionen US-Dollar
Netzwerksicherheit	33,1 Millionen US-Dollar

Garmin Ltd. (GRMN) – Geschäftsmodell: Einnahmequellen

Verkauf von GPS-Navigationsgeräten

Im Geschäftsjahr 2022 erwirtschaftete Garmins Outdoor-Segment einen Umsatz von 788 Millionen US-Dollar. Der Umsatz des Automobilsegments belief sich im gleichen Zeitraum auf 343 Millionen US-Dollar.

Produktkategorie	Umsatz 2022	Marktanteil
Kfz-GPS-Geräte	343 Millionen Dollar	15.2%
Outdoor-Navigationsgeräte	788 Millionen US-Dollar	22.7%

Tragbare Fitness- und Sporttechnologie

Der Umsatz des Fitnesssegments erreichte im Jahr 2022 1,1 Milliarden US-Dollar, was einen erheblichen Teil des Gesamtumsatzes von Garmin darstellt.

• Marktanteil von Fitness-Wearables: 18,5 %
• Durchschnittlicher Verkaufspreis von Fitnessuhren: 249–499 $
• Jährlicher Absatz: ca. 3,2 Millionen Fitness-Wearables

Automobilnavigationssysteme

Der Umsatz im Automobilsegment belief sich im Jahr 2022 auf 343 Millionen US-Dollar, wobei OEM- und Aftermarket-Lösungen zum Gesamtumsatz beitrugen.

Teilsegment Automotive	Umsatz 2022	Wachstumsrate
OEM-Navigationssysteme	189 Millionen Dollar	7.3%
Aftermarket-Navigation	154 Millionen Dollar	5.9%

Elektronische Ausrüstung für die Schifffahrt und Luftfahrt

Die Segmente Marine und Luftfahrt erwirtschafteten im Jahr 2022 einen Gesamtumsatz von 632 Millionen US-Dollar.

• Umsatz mit Schiffselektronik: 387 Millionen US-Dollar
• Umsatz mit Luftfahrtelektronik: 245 Millionen US-Dollar
• Weltmarktanteil bei Marine-GPS: 35,6 %
• Marktanteil der Luftfahrtelektronik: 22,1 %

Abonnementbasierte Software und Tracking-Dienste

Der wiederkehrende Umsatz mit Software und Trackingdiensten erreichte im Jahr 2022 156 Millionen US-Dollar.

Servicetyp	Umsatz 2022	Abonnentenbasis
Tracking-Dienste	89 Millionen Dollar	425.000 Abonnenten
Premium-Software-Abonnements	67 Millionen Dollar	312.000 aktive Benutzer

Garmin Ltd. (GRMN) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Garmin Ltd. over alternatives, which clearly shows up in their financial performance as of late 2025.

Purpose-built, high-precision products for niche activities drive significant revenue, as seen in the segment results. The Outdoor segment, which includes adventure watches, saw revenue rise 11% in the second quarter of 2025, though it softened to a 5% decrease in the third quarter, comparing against strong prior launch cycles. The Marine segment, focused on specialized navigation, posted a 20% revenue increase in the third quarter of 2025. Innovation in these niche areas is constant; for example, the launch of the fēnix® 8 Pro series in Q3 2025 integrated satellite connectivity directly into the watch.

Safety and emergency services are delivered through the inReach satellite communication platform, which is bundled with the Garmin Response® Center. For consumer use, the monthly subscription plans in 2025 include:

• Essential Plan: $14.99/month, including 50 messages and unlimited SOS dispatch.
• Standard Plan: $29.99/month, including 150 messages and unlimited SOS dispatch.
• Premium Plan: $49.99/month, including unlimited messages and SOS dispatch.
• Enabled Plan (Suspension replacement): $7.99/month, with overage charges applying.

All plans include SOS dispatch using Garmin Response, a critical safety feature.

The integrated digital ecosystem, Garmin Connect, provides value through health and performance tracking, encouraging continued device usage. Garmin Connect users performed 8% more activities in 2025 compared to 2024. Specific activity growth highlights include:

• Strength training: Increased 29% year-over-year.
• Hiking: Increased 12% in 2025.
• Users earning the Appalachian Trail expedition badge (tracking 2,200 miles): 0.5% of all users in 2025.

This ecosystem locks users in with personalized data and goal achievement. For instance, Garmin users gained an average of 18 points in 2025 based on badge earnings.

Superior battery life and ruggedness are inherent design principles differentiating Garmin from general consumer electronics, though specific comparative metrics aren't always published as financial data. Product launches emphasize this durability, such as the Instinct® 3 Tactical Edition featuring a metal-reinforced bezel.

Advanced avionics solutions directly address pilot workload and safety, reflected in strong segment growth. The Aviation segment revenue increased 14% in Q2 2025 and 18% in Q3 2025. Key offerings include the G5000® PRIME integrated flight deck and the SmartCharts dynamic data-driven charts. Furthermore, the Federal Aviation Administration certified Garmin Autoland and Garmin Autothrottle for select G1000® NXi-equipped King Air 350 aircraft.

Here's a quick look at the segment revenue performance that underpins these value propositions for the third quarter of 2025:

Business Segment	Q3 2025 Revenue (Millions USD)	Year-over-Year Growth	Q3 2025 Operating Margin
Fitness	$601	30%	32%
Marine	$267	20%	19%
Aviation	$240.4	18%	25%
Outdoor	$497.6	-5%	34%
Auto OEM	$164.8	-2%	Implied Operating Loss

Consolidated revenue for the third quarter of 2025 was approximately $1.8 billion, with a gross margin of 59.1% and an operating margin of 25.8%.

Garmin Ltd. (GRMN) - Canvas Business Model: Customer Relationships

For Garmin Ltd. (GRMN), customer relationships are segmented, ranging from highly personalized, technical engagement in professional markets to broad, automated community support for fitness users. The company maintains deep, long-term ties with Original Equipment Manufacturers (OEMs) while fostering a massive, self-service digital ecosystem.

Dedicated, high-touch support for professional segments (Aviation, Marine)

The Aviation and Marine segments require a level of support that reflects the critical nature of their products. This is not just about fixing a device; it's about ensuring operational continuity and safety. Garmin's commitment here is evidenced by consistent industry recognition.

In 2025, Garmin once again topped Aviation International News' (AIN) Product Support Survey, securing a 22nd consecutive No. 1 ranking across all categories. These categories directly reflect high-touch service requirements:

• Cost-per-hour programs
• Parts availability
• AOG (Aircraft on Ground) response
• Warranty fulfillment
• Technical manual availability
• Technical representative access
• Overall reliability

The Marine segment also received top honors in 2025, winning the National Marine Electronics Association (NMEA) Manufacturer of the Year award for the 11th year in a row. This award recognizes excellence in product support and field support. Furthermore, Garmin won the 2025 National Boating Safety Award in the Gear, Equipment and Accessories Manufacturer category for the fifth consecutive year. These professional segments contribute significantly to the overall financial health, with Q3 2025 revenues reported as $240.4 million for Aviation and $267.0 million for Marine.

Long-term OEM relationships requiring deep technical integration and service

The relationships with OEMs, particularly in Aviation and Auto, necessitate deep technical integration, which locks in the customer relationship for the product lifecycle. This is a relationship built on certified, reliable technology.

For instance, in the first quarter of 2025, Garmin announced that its G3000® PRIME integrated flight deck was selected by Pilatus for its new PC-12 PRO aircraft and PC-7 MKX military training aircraft. The Auto OEM segment showed strong growth, with revenue jumping 30% to $165.8 million in the quarter ended December 31, 2024, driven by increased shipments of domain controllers to automakers like BMW. By Q3 2025, the Auto OEM segment revenue was $164.8 million. The full-year 2025 revenue guidance reflects confidence in these areas, with the Aviation growth estimate raised to 7% and Auto OEM to 10%.

Garmin Ltd. Q3 2025 Segment Revenue and Growth Context

Segment	Q3 2025 Revenue (USD)	YoY Growth Context (Estimate/Actual)
Aviation	$240.4 million	Growth estimate raised to 7% for FY 2025.
Marine	$267.0 million	Grew 20% over the same duration in the prior year.
Auto OEM	$164.8 million	Growth estimate raised to 10% for FY 2025.
Fitness	$601.0 million	Revenue increased 41% in Q2 2025.

Automated, self-service support via the Garmin Connect digital community

The vast majority of Garmin's customer base interacts through the digital community, which is designed for high-volume, low-touch support and engagement. This platform acts as a primary self-service channel.

Garmin users are definitely engaging more. In 2025, Connect users performed 8% more activities than in 2024. The average activity length logged was 55 minutes. This scale allows for automated support and community-driven problem-solving.

• More than 50% of users recorded an average of 8,000 or more steps per day in 2025.
• 28% of users averaged 10,000 or more steps daily.
• The most earned badge overall was Global Wellness Day, with users gaining an average of 18 points in 2025.

Digital engagement through the Garmin Connect platform and personalized insights

Digital engagement moves beyond simple tracking to offer personalized feedback, which is a key relationship builder for the consumer segment. This is where the data collected becomes actionable for the user.

For example, the 2025 Garmin Connect Data Report provided insights into activity trends, showing racket sports grew by 67% and Pilates by 46%. Younger users (18-24) showed an average peak Body Battery of about 75, compared to about 65 for the 60-69 group. This level of personalized data comparison keeps users invested in the ecosystem.

Subscription-based services for premium features (e.g., Garmin Connect Plus)

Garmin is actively building out recurring revenue streams through premium digital offerings. This shifts the relationship from a one-time hardware purchase to an ongoing service relationship.

The company launched its 'Connect+' premium subscription service in 2025, which adds advanced AI-driven health and fitness features. Management has noted that subscriptions are a growing part of the business, though specific revenue figures are not disclosed until the subscription revenue hits 10% of the total. The overall company guidance for full-year 2025 revenue is approximately $7.10 billion.

Finance: draft 2026 subscription revenue target based on 2025 Connect+ launch metrics by Friday.

Garmin Ltd. (GRMN) - Canvas Business Model: Channels

You're looking at how Garmin Ltd. gets its differentiated products into the hands of pilots, athletes, and mariners as of late 2025. It's a multi-pronged approach, balancing direct digital sales with deep relationships in specialized, high-value markets.

Direct-to-Consumer via Garmin's online webshop

Garmin Ltd.'s direct channel, garmin.com, is a significant component, especially for the Fitness and Outdoor segments. For the month of November 2025, revenues (GMV) on the domain were reported at $81 million. This is projected to represent a month-over-month growth of 5-10% from October 2025. Looking back, the annual sales on garmin.com amounted to $805 million in 2024, with a forecasted growth rate of 5-10% for the full year 2025 compared to 2024.

The online webshop supports the launch cycle for new products, such as the Forerunner 570 and Forerunner 970 launched in Q2 2025, and the Venu X1 in Q2 2025.

Specialized dealers and distributors for Marine and Aviation segments

These segments rely heavily on specialized distribution networks that understand the technical requirements of the end-users. The Marine segment, which launched the quatix 8 smartwatch for mariners in Q2 2025, saw revenue of $299,262 thousand in the second quarter of 2025 and $267.0 million in the third quarter of 2025. The Aviation segment, which launched SmartCharts in Q2 2025, posted revenue of $249,366 thousand in Q2 2025 and $240.4 million in Q3 2025.

Garmin Ltd. was named the top company in the 2025 EPIC Awards by Soundings Trade Only for the third consecutive year, reflecting strength in this specialized channel.

Independent retailers and mass-market electronics stores for Fitness/Outdoor

The high-volume Fitness segment is clearly channeled through broad retail partnerships, alongside direct sales. Fitness revenue increased 41% year-over-year in Q2 2025, reaching $605,425 thousand, and was $601.0 million in Q3 2025. The Outdoor segment, which saw revenue of $490,357 thousand in Q2 2025 and $497.6 million in Q3 2025, also uses these channels for products like adventure watches and Tread navigators.

Here's a quick look at the segment revenue performance that flows through these channels:

Segment	Q2 2025 Revenue (USD)	Q3 2025 Revenue (USD)	Primary Channel Focus
Fitness	$605,425,000	$601,000,000	Independent Retailers/D2C
Outdoor	$490,357,000	$497,600,000	Independent Retailers/D2C
Marine	$299,262,000	$267,000,000	Specialized Dealers
Aviation	$249,366,000	$240,400,000	Specialized Dealers/OEMs
Auto OEM	$170,154,000	$164,800,000	OEMs

Original Equipment Manufacturers (OEMs) for Auto and Aviation integration

The Auto OEM segment is defined by its OEM relationships, with growth driven by specific contracts. Revenue for Auto OEM increased 16% in Q2 2025 to $170 million, primarily from increased shipments of domain controllers to BMW. In Q3 2025, this segment generated $164.8 million. The company recently shipped its 1 millionth BMW domain controller from its U.S. manufacturing facility. For Aviation, growth was supported by OEM product categories, with Q2 2025 revenue at $249.4 million and Q3 2025 revenue at $240.4 million. Key OEM selections included the G3000 PRIME integrated flight deck for Pilatus aircraft in Q1 2025.

Certified installation and repair shops for complex avionics systems

Complex avionics systems require certified service channels for installation and maintenance, which is a key part of the aftermarket offering in Aviation. While specific revenue figures for this channel are not broken out separately from the overall Aviation segment, the segment's gross margin was 74% in Q2 2025, suggesting high-value service and installation components. The revolutionary Autoland system was certified for the Cirrus SR Series G7+ in Q2 2025, which necessitates a network of certified installers for this autonomous emergency landing system.

The company ended Q3 2025 with cash, cash equivalents, and marketable securities totaling approximately $3.9 billion.

Garmin Ltd. (GRMN) - Canvas Business Model: Customer Segments

Garmin Ltd. (GRMN) serves distinct customer groups across its five reporting segments, with the Fitness segment leading in recent quarterly sales performance as of late 2025.

The full-year 2025 revenue guidance for Garmin Ltd. (GRMN) is anticipated to be approximately $7.1 billion.

For the third quarter of 2025, the segment revenue breakdown shows the following distribution:

Customer Group Focus	Garmin Segment	Q3 2025 Revenue (USD)
Health and wellness users seeking advanced biometric data and tracking	Fitness	$601.0 million
Extreme athletes and outdoor enthusiasts	Outdoor	$497.6 million
Mariners, anglers, and recreational boaters	Marine	$267.0 million
Professional and recreational pilots and aircraft OEMs	Aviation	$240.4 million
Automotive manufacturers for in-vehicle navigation and infotainment systems	Auto OEM	$164.8 million

The engagement levels for the health and wellness users, based on the 2025 Garmin Connect Data Report, show significant activity trends:

• Garmin users recorded 8% more activities in 2025 compared to 2024.
• The average activity length logged by users was 55 minutes.
• Strength training sessions increased by 29% year-over-year.
• Racket sports, including pickleball, saw the largest surge, increasing by 67% in user sessions.
• HIIT workouts grew by 45%.
• Pilates saw an increase of 46% in user sessions.
• The global average sleep score achieved by users was 71.
• Users aged 18-29 averaged a Body Battery energy level of 75.

For the segment focused on extreme athletes and outdoor enthusiasts, specific activity increases highlight user engagement:

• Hiking activity increased by 12%.
• Diving sessions saw a 16% increase.

The professional and recreational pilots and aircraft OEMs segment is supported by Aviation segment revenue growth, which increased 14% in the second quarter of 2025, resulting in $249 million in revenue for that quarter.

Mariners, anglers, and recreational boaters are served by the Marine segment, which saw revenue increase 20% in the third quarter of 2025, reaching $267.0 million in sales for that period.

The automotive manufacturers segment, served by Auto OEM, saw revenue increase 16% in the second quarter of 2025, reaching $170 million in that quarter, primarily driven by domain controller shipments to partners like BMW.

Finance: draft 13-week cash view by Friday.

Garmin Ltd. (GRMN) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Garmin Ltd.'s operations, which are heavily weighted toward product creation and the physical movement of goods. Honestly, for a hardware company, this is where the rubber meets the road.

High Cost of Goods Sold (COGS) due to complex hardware and sensor technology is a major component. For the twelve months ending September 30, 2025, Garmin Ltd.'s cost of goods sold was approximately $2.865B. This reflects the intricate nature of the GPS, sensor, and embedded software technology in their diverse product portfolio.

Significant R&D investment to maintain product innovation and segment leadership is non-negotiable for Garmin Ltd. They need to keep pushing features like satellite connectivity in wearables. For the first nine months of fiscal year 2025, Research and Development expense totaled $831.247 million. This is up from $734.848 million for the same period in the prior year. The third quarter alone saw R&D hit $286.5 million.

You see these major cost centers clearly when you look at the operating expenses for the first nine months of 2025:

Expense Category	Q3 2025 ($M)	9M 2025 YTD ($M)
Cost of Goods Sold (Implied from Q3)	~724.414	N/A
Research & Development Expense	286.5	831.247
Selling, General & Administrative Expenses	303.2	904.874
Total Operating Expenses	589.7	1,736.121

The growth in operating costs is telling. Research and development and selling, general and administrative expenses increased 15% and 14%, respectively, in the third quarter, driven primarily by personnel related costs. That personnel cost is a key driver you need to watch.

Manufacturing and supply chain costs, impacted by tariffs and the strengthening Taiwan dollar, continue to pressure gross margins. Management commentary noted that the stronger Taiwan dollar (TWD) acts as a cost headwind. Furthermore, Garmin Ltd. has been executing a strategy to increase inventory of certain product lines to mitigate the effects of potential increases in tariffs. The full-year 2025 guidance anticipates a gross margin of approximately 58.5%, which is slightly below the 59.1% achieved in the third quarter.

Selling, General, and Administrative (SG&A) expenses scale with the business growth. For the nine months ending September 27, 2025, SG&A expenses were $904.874 million. The third quarter alone accounted for $303.2 million of that spend. This category is directly tied to personnel costs supporting sales, marketing, and general corporate functions.

Finally, the investment in the physical infrastructure to support this business requires consistent capital outlay. You should budget for Capital expenditures for property and equipment to be approximately $275 million for Fiscal Year 2025. For context, Q3 2025 CapEx was $60 million.

Finance: draft 13-week cash view by Friday.

Garmin Ltd. (GRMN) - Canvas Business Model: Revenue Streams

You're looking at how Garmin Ltd. (GRMN) converts its value propositions into cash, and the story for late 2025 is one of product dominance across specialized markets, with a clear shift in the growth engine.

The primary revenue source is product sales across its five distinct segments. For the full fiscal year 2025, Garmin is projecting total revenue of approximately $7.1 billion. This revenue is generated through a vertically integrated design and manufacturing approach, ensuring control over the final product quality that customers pay a premium for.

The Fitness segment remains the powerhouse and the largest growth driver, with an estimated growth rate of 29% for 2025, as you noted. This is fueled by strong demand for advanced wearables like the Forerunner 570 and Forerunner 970, plus new category-defining devices like the Index Sleep Monitor. To be fair, the growth story is broad, as all segments are contributing significantly to the top line.

Here's a quick look at the segment revenue contribution based on the third quarter of 2025 performance, which shows the relative size of each product stream:

Segment	Q3 2025 Revenue Share	Q3 2025 Sales Amount	Year-over-Year Growth (Q3 2025)
Fitness	33.9%	$601 million	30%
Outdoor	28.1%	$497.6 million	-5%
Marine	15.1%	$267 million	20%
Aviation	13.6%	$240.4 million	18%
Auto OEM	N/A (Included in other segments/data)	Q2 2025: $170 million	16% (Q2 2025)

Beyond the initial hardware sales, Garmin Ltd. (GRMN) captures recurring revenue streams, which is key for long-term valuation stability. This includes subscription and service revenue. A prime example is the new fēnix 8 Pro series, which integrates inReach satellite and cellular connectivity, allowing users to access the Garmin Response℠ Center for on-device communication options including text, tracking, and SOS, which implies ongoing service fees.

Also important are the revenue streams from existing customers looking to maintain or enhance their systems. This covers aftermarket sales of avionics and marine electronics upgrades. For instance, the Aviation segment's growth in Q3 2025 was explicitly fueled by strength in both OEM and aftermarket product categories. Similarly, the Marine segment sees revenue from new chartplotters and advanced smartwatches like the quatix 8.

Finally, the Auto segment provides a different type of hardware revenue through licensing fees and embedded solutions from Auto OEM partners. In the second quarter of 2025, Auto OEM revenue increased 16%, driven primarily by shipments of domain controllers to partners like BMW, though this segment recorded an operating loss of $10 million in that same quarter.

You can see the revenue mix is heavily weighted toward product sales, but the service component is being actively built out:

• Product Sales: The core driver across all five segments.
• Subscription Revenue: Supported by new inReach-enabled devices.
• Aftermarket Sales: Upgrades for existing Aviation and Marine installed bases.
• OEM Revenue: Embedded solutions like domain controllers for auto manufacturers.

Finance: draft 13-week cash view by Friday.