Garmin Ltd. (GRMN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la electrónica de consumo y la tecnología de navegación, Garmin Ltd. se ha convertido en una fuerza pionera, transformando cómo navegamos, rastreamos la aptitud física y exploramos el mundo. Al aprovechar estratégicamente su innovador lienzo de modelo de negocio, Garmin ha forjado con éxito una posición de mercado única en múltiples sectores, desde aventureros al aire libre y entusiastas de la condición física hasta profesionales de la aviación automotriz, marina y de aviación. Este enfoque integral ha permitido a la compañía desarrollar dispositivos GPS de vanguardia, tecnologías portátiles y soluciones electrónicas especializadas que satisfacen las diversas necesidades de los consumidores al tiempo que mantienen una estrategia comercial robusta y adaptable.

Garmin Ltd. (GRMN) - Modelo de negocio: asociaciones clave

Colaboración estratégica con fabricantes de automóviles

Garmin se asocia con los principales fabricantes automotrices que incluyen:

BMW	Integración del sistema de navegación
Suzuki	Desarrollo del sistema de información y entretenimiento
Mercedes-Benz	Soluciones avanzadas de navegación GPS

Asociaciones de tecnología deportiva y de acondicionamiento físico

Las colaboraciones clave en la tecnología deportiva y de fitness incluyen:

• Integración de la plataforma de seguimiento de fitness Strava
• Asociación de análisis de rendimiento de Peaks Peaks
• Bajo el ecosistema de fitness conectado a la armadura

Asociaciones de equipos marinos y de aviación

Pareja	Enfoque de colaboración
Raymarina	Sistemas de navegación marina
Avión de cirro	Aviónica e instrumentación de vuelo
Aviación Textron	Tecnologías integradas de cabina

Asociaciones de fabricación de tecnología y componentes

Las asociaciones de tecnología estratégica incluyen:

• Integración de semiconductores de Qualcomm
• MediaTek Chip Technology Colaboración
• Asociaciones de tecnología de sensores de Sony

Valor del ecosistema de asociación total en 2023: $ 487 millones

Número de asociaciones de tecnología activa: 42

Garmin Ltd. (GRMN) - Modelo de negocio: actividades clave

Diseño e ingeniería de productos para GPS y dispositivos de navegación

Garmin invirtió $ 462.3 millones en investigación y desarrollo en 2022. La compañía mantiene centros de diseño en múltiples ubicaciones, incluidos Olathe, Kansas y Schaffhausen, Suiza.

Categoría de diseño	Inversión anual	Número de ingenieros
Dispositivos de navegación GPS	$ 156.7 millones	387 ingenieros
Electrónica automotriz	$ 98.5 millones	245 ingenieros
Tecnología portátil	$ 112.3 millones	276 ingenieros

Investigación y desarrollo de tecnología de acondicionamiento físico portátil

El segmento de tecnología portátil de Garmin generó $ 1.45 mil millones en ingresos en 2022.

• Líneas de productos de reloj inteligente: Forerunner, Fenix, Venu
• Producción anual de dispositivos de fitness: 3.2 millones de unidades
• Cuota de mercado en wearables deportivos: 16.2%

Fabricación de electrónica al aire libre, marina, de aviación y automotriz

Instalaciones de fabricación total: 7 ubicaciones globales con fabricación primaria en Taiwán y China.

Categoría de productos	Volumen de producción anual	Ubicación de fabricación
Electrónica al aire libre	2.8 millones de unidades	Taiwán
Electrónica marina	1,5 millones de unidades	Porcelana
Electrónica de aviación	687,000 unidades	Estados Unidos

Desarrollo de software para el seguimiento y mapeo de aplicaciones

Garmin emplea 612 ingenieros de software a nivel mundial, con un gasto anual de desarrollo de software de $ 178.6 millones en 2022.

• Plataformas de mapeo patentadas: Garmin Connect, Garmin Express
• Aplicaciones totales de software: 24 plataformas distintas
• Frecuencia anual de actualización de software: 3-4 lanzamientos principales

Marketing y distribución global de la electrónica de consumo

Presupuesto de marketing global en 2022: $ 276.4 millones

Canal de distribución	Contribución de ingresos	Alcance geográfico
Minorista en línea	$ 1.2 mil millones	Global
Tiendas especializadas	$ 876.5 millones	América del Norte, Europa
Ventas directas	$ 412.3 millones	Internacional

Garmin Ltd. (GRMN) - Modelo de negocio: recursos clave

GPS avanzado y experiencia en tecnología de mapeo

Garmin posee 1,763 patentes activas a partir de 2023. El gasto en I + D tecnológico alcanzó los $ 684.2 millones en 2022.

Categoría de patente	Número de patentes
Tecnología GPS	537
Sistemas de navegación	412
Seguimiento de fitness	284
Electrónica marina	206
Sistemas de aviación	324

Cartera de propiedades intelectuales

La cartera de propiedades intelectuales de Garmin cubre múltiples dominios de tecnología.

• Total de marcas registradas: 246
• Cobertura de patentes geográficas: 42 países
• Tasa anual de presentación de patentes: 127 nuevas patentes por año

Infraestructura global de fabricación y cadena de suministro

Instalaciones de fabricación ubicadas en Taiwán, China y Estados Unidos.

Ubicación de fabricación	Tamaño de la instalación	Capacidad de producción anual
Taiwán	85,000 metros cuadrados	12.4 millones de unidades
Porcelana	62,000 metros cuadrados	9.7 millones de unidades
Estados Unidos	45,000 metros cuadrados	4.2 millones de unidades

Equipos de Ingeniería e Investigación de Investigación

Fuerza laboral total: 19,400 empleados a partir de 2022.

• Ingenieros: 6,380
• Profesionales de investigación: 1,540
• Titulares de doctorado: 412

Reputación de marca en la tecnología de navegación y acondicionamiento físico

Liderazgo del mercado en múltiples segmentos de tecnología.

Segmento de mercado	Cuota de mercado	Clasificación global
Dispositivos de navegación GPS	38.6%	Primero
Deseables de fitness	22.4%	Tercero
Electrónica marina	46.2%	Primero
Dispositivos de aviación	31.7%	Segundo

Garmin Ltd. (GRMN) - Modelo de negocio: propuestas de valor

GPS de alta precisión y soluciones de navegación

Garmin generó $ 4.43 mil millones en ingresos en 2022, con productos de navegación que contribuyen significativamente a su cartera de productos.

Categoría de productos	Cuota de mercado	Ingresos anuales
Dispositivos GPS automotrices	35%	$ 620 millones
Navegación de motocicletas	42%	$ 245 millones

Adivined Fitness and Health Tracking Wearable

El segmento de Wearables de fitness representaba el 27% de los ingresos totales de Garmin en 2022.

• Serie Forerunner: 1.2 millones de unidades vendidas anualmente
• Fenix ​​Premium Sports Watches: Precio promedio de precio $ 699.99
• Venu Smartwatch Line: 750,000 unidades vendidas en 2022

Dispositivos especializados para entusiastas del aire libre, marino y de la aviación

Los segmentos de especialidad generaron $ 872 millones en 2022.

Segmento especializado	Posición de mercado	Venta anual
Navegación marina	Líder	$ 342 millones
GPS de aviación	Top 3 proveedor	$ 385 millones
Dispositivos de recreación al aire libre	Líder del mercado	$ 145 millones

Tecnología integrada con seguimiento en tiempo real y monitoreo de rendimiento

Garmin invirtió $ 571 millones en I + D durante 2022 para mejorar las tecnologías de seguimiento.

• Plataforma de fitness conectada: 22 millones de usuarios activos
• Precisión de seguimiento de rendimiento en tiempo real: 98.5%
• Capacidades de sincronización de la nube en 12 categorías de dispositivos

Dispositivos electrónicos duraderos y confiables para segmentos de mercado múltiples

Garmin mantiene un 99.7% de calificación de confiabilidad del producto en todas las categorías de dispositivos.

Categoría de dispositivo	Calificación de durabilidad	Vida útil promedio
Relojes deportivos	99.5%	4-5 años
Dispositivos marinos	99.8%	7-8 años
Equipo de aviación	99.9%	10-12 años

Garmin Ltd. (GRMN) - Modelo de negocio: relaciones con los clientes

Ventas directas a través de la plataforma en línea y los canales minoristas

Garmin genera ventas directas a través de múltiples canales:

Canal de ventas	Contribución de ingresos
Tienda en línea de Garmin.com	32.4% de las ventas directas del consumidor
Socios minoristas autorizados	45.7% de las ventas totales de productos
Mercado de Amazon	15.2% de las ventas en línea
Distribuidores internacionales	6.7% de las ventas globales

Atención al cliente y asistencia técnica

Garmin proporciona atención al cliente integral a través de:

• Línea directa de soporte técnico 24/7
• Canales de soporte por correo electrónico
• Servicios de chat en vivo
• Sitio web de soporte dedicado

Métrico de soporte	Rendimiento anual
Tiempo de respuesta promedio	Menos de 4 horas
Representantes de atención al cliente	387 implementado globalmente
Interacciones de soporte anual	1.2 millones de contactos de clientes

Actualizaciones de firmware de productos y software

Garmin proporciona actualizaciones regulares de firmware en las líneas de productos:

• Actualizaciones de software de por vida gratuitas
• Mejoras de firmware trimestrales
• Notificaciones de actualización automática

Foros de la comunidad y los usuarios en línea

Plataforma comunitaria	Métricas de participación del usuario
Comunidad de Garmin Connect	22.6 millones de usuarios registrados
Foros oficiales de usuarios	478,000 participantes mensuales activos
Seguidores de redes sociales	3.4 millones en todas las plataformas

Experiencias personalizadas de seguimiento de aptitud y rendimiento

Función de seguimiento	Tasa de adopción de usuarios
Seguimiento de métricas de rendimiento	El 87% de los usuarios de dispositivos se involucran activamente
Planes de capacitación personalizados	El 64% de los propietarios de dispositivos de fitness utilizan
Monitoreo de salud avanzado	52% de frecuencia de uso regular

Garmin Ltd. (GRMN) - Modelo de negocio: canales

Sitio web oficial de Garmin

A partir de 2024, el sitio web oficial de Garmin (www.garminn.com) sirve como un canal de ventas directo principal con las siguientes características:

• Ofrece una gama de productos completa en 11 categorías de productos diferentes
• Proporciona opciones de compra directa para los consumidores
• Admite 29 versiones de idiomas diferentes a nivel mundial

Tiendas minoristas autorizadas

Tipo de canal minorista	Número de tiendas	Alcance geográfico
Minoristas de electrónica	3,700+	América del Norte, Europa, Asia-Pacífico
Tiendas de equipos deportivos	2,500+	Distribución global

Mercados en línea

Garmin mantiene la presencia de ventas activas en múltiples plataformas digitales:

• Amazon: 78% de las ventas del mercado en línea
• Best Buy: 12% de las ventas del mercado en línea
• Walmart.com: 6% de las ventas del mercado en línea
• Otras plataformas: 4% de las ventas del mercado en línea

Minoristas especializados de deportes y equipos al aire libre

Categoría minorista	Penetración del mercado
Rei	95% de cobertura de productos
Dick's Sporting Goods	87% de cobertura de productos
Bass Pro Shops	82% de cobertura de productos

Ventas directas a través de plataformas móviles y web

Desglose de canales de ventas digitales:

• Descargas de aplicaciones móviles: 12.5 millones en 2023
• Transacciones de plataforma web: $ 487 millones en ingresos anuales
• Tasa de conversión de plataforma móvil: 3.7%

Garmin Ltd. (GRMN) - Modelo de negocio: segmentos de clientes

ENTRADOS DE AVENTURA Y AVENTURA

En 2023, el segmento al aire libre de Garmin generó $ 1.4 mil millones en ingresos. Las líneas clave de productos incluyen:

Categoría de productos	Cuota de mercado	Venta anual
Dispositivos portátiles GPS	42%	$ 592 millones
Senderismo Smartwatches	35%	$ 490 millones
Herramientas de navegación de aventuras	23%	$ 322 millones

Los consumidores conscientes de la condición física y la salud

Los ingresos del segmento de fitness alcanzaron los $ 1.2 mil millones en 2023.

• Penetración del mercado de la serie Forerunner: 28%
• Ventas de rastreador de fitness: 4.2 millones de unidades
• Precio promedio del dispositivo: $ 249

Atletas profesionales y equipos deportivos

Ingresos del segmento de rendimiento deportivo: $ 680 millones en 2023.

Categoría deportiva	Adopción	Ingresos anuales
Correr	45%	$ 306 millones
Ciclismo	35%	$ 238 millones
Triatlón	20%	$ 136 millones

Industria automotriz

Ingresos del segmento automotriz en 2023: $ 512 millones.

• Sistemas de navegación OEM: participación de mercado del 18%
• Dispositivos automotrices del mercado de accesorios: cuota de mercado del 22%

Profesionales marinos y de aviación

Ingresos del segmento marino y de aviación: $ 890 millones en 2023.

Sector	Tipos de dispositivos	Penetración del mercado
Navegación marina	Plotters de gráficos, filtros de pescado	33%
Aviación	GPS piloto, aviónica	41%

Consumidores expertos en tecnología

Ingresos del segmento de dispositivos inteligentes: $ 620 millones en 2023.

• Ventas de reloj inteligente: 3.8 millones de unidades
• Cuota de mercado de dispositivos conectados: 15%
• Precio promedio del dispositivo inteligente: $ 329

Garmin Ltd. (GRMN) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2022, Garmin reportó gastos de I + D de $ 615.1 millones, lo que representa el 9.4% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2022	$ 615.1 millones	9.4%
2021	$ 572.3 millones	9.2%

Costos de fabricación y producción

El costo de los bienes de Garmin vendidos (COGS) para 2022 fue de $ 3.85 mil millones, lo que representa el 58.8% de los ingresos totales.

• Instalaciones de producción ubicadas en Taiwán, China y Estados Unidos
• Costos generales de fabricación total estimados en $ 420 millones en 2022

Gastos de marketing y ventas

Los gastos de marketing y publicidad para 2022 totalizaron $ 463.2 millones, que es el 7.1% de los ingresos totales.

Categoría de gastos	Cantidad	Porcentaje de ingresos
Gastos de marketing	$ 463.2 millones	7.1%
Comisiones de ventas	$ 187.5 millones	2.9%

Distribución global y logística

Los costos de distribución y logística para 2022 fueron de aproximadamente $ 276.8 millones.

• Red de distribución global que abarca más de 50 países
• Gastos de envío y manejo estimados en $ 186.4 millones
• Costos de gestión de almacén e inventario: $ 90.4 millones

Mantenimiento de la infraestructura tecnológica

Los gastos de mantenimiento de la tecnología y la infraestructura para 2022 fueron de $ 204.6 millones.

Categoría de mantenimiento de la infraestructura	Gastos
Sistemas de TI	$ 124.3 millones
Servicios en la nube	$ 47.2 millones
Seguridad de la red	$ 33.1 millones

Garmin Ltd. (GRMN) - Modelo comercial: flujos de ingresos

Ventas de dispositivos de navegación GPS

En el año fiscal 2022, el segmento al aire libre de Garmin generó $ 788 millones en ingresos. Los ingresos del segmento automotriz totalizaron $ 343 millones para el mismo período.

Categoría de productos	2022 Ingresos	Cuota de mercado
Dispositivos GPS automotrices	$ 343 millones	15.2%
Dispositivos de navegación al aire libre	$ 788 millones	22.7%

Fitness y tecnología portátil deportiva

Los ingresos del segmento de fitness alcanzaron los $ 1.1 mil millones en 2022, lo que representa una porción significativa de los ingresos totales de Garmin.

• Cuota de mercado de Wearables Fitness: 18.5%
• Precio de venta promedio de los relojes de fitness: $ 249- $ 499
• Ventas de unidades anuales: aproximadamente 3.2 millones de dispositivos portátiles

Sistemas de navegación automotriz

Los ingresos por segmento automotriz en 2022 fueron de $ 343 millones, con soluciones OEM y posventa que contribuyen al total.

Subsegmento automotriz	2022 Ingresos	Índice de crecimiento
Sistemas de navegación OEM	$ 189 millones	7.3%
Navegación del mercado de accesorios	$ 154 millones	5.9%

Equipo electrónico marino y de aviación

Los segmentos marinos y de aviación generaron ingresos combinados de $ 632 millones en 2022.

• Ingresos de la electrónica marina: $ 387 millones
• Ingresos electrónicos de aviación: $ 245 millones
• Cuota de mercado global en GPS marino: 35.6%
• Cuota de mercado de Aviation Electronics: 22.1%

Software y servicios de seguimiento basados ​​en suscripción

Los ingresos recurrentes de los servicios de software y seguimiento alcanzaron $ 156 millones en 2022.

Tipo de servicio	2022 Ingresos	Base de suscriptores
Servicios de seguimiento	$ 89 millones	425,000 suscriptores
Suscripciones de software premium	$ 67 millones	312,000 usuarios activos

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.