Garmin Ltd. (GRMN): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de l'électronique grand public et de la technologie de navigation, Garmin Ltd. est devenu une force pionnière, transformant la façon dont nous naviguons, suivons la forme physique et explorons le monde. En tirant stratégiquement sa toile innovante du modèle commercial, Garmin a réussi à tailler une position de marché unique dans plusieurs secteurs - des aventuriers en plein air et des amateurs de fitness aux professionnels de l'automobile, de la marine et de l'aviation. Cette approche complète a permis à l'entreprise de développer des appareils GPS de pointe, des technologies portables et des solutions électroniques spécialisées qui répondent à divers besoins des consommateurs tout en maintenant une stratégie commerciale robuste et adaptable.

Garmin Ltd. (GRMN) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec les constructeurs automobiles

Garmin s'associe aux principaux constructeurs automobiles, notamment:

BMW	Intégration du système de navigation
Suzuki	Développement du système d'infodivertissement
Mercedes-Benz	Solutions avancées de navigation GPS

Partenariats technologiques sportifs et de fitness

Les principales collaborations dans la technologie des sports et du fitness comprennent:

• Intégration de la plate-forme de suivi du fitness Strava
• Training Peaks Performance Analytics Partnership
• Écosystème de fitness connecté sous l'armure

Partenariats de l'équipement marin et aéronautique

Partenaire	Focus de la collaboration
Raymarine	Systèmes de navigation maritime
Avion cirrus	Avionique et instrumentation de vol
Textron Aviation	Technologies de cockpit intégrées

Partenariats de fabrication de technologies et de composants

Les partenariats technologiques stratégiques comprennent:

• Intégration des semi-conducteurs Qualcomm
• Collaboration de la technologie de la puce Mediatek
• Partenariats de la technologie Sony Sensor

Valeur totale de l'écosystème du partenariat en 2023: 487 millions de dollars

Nombre de partenariats technologiques actifs: 42

Garmin Ltd. (GRMN) - Modèle d'entreprise: Activités clés

Conception et ingénierie des produits pour les médecins généralistes et les appareils de navigation

Garmin a investi 462,3 millions de dollars dans la recherche et le développement en 2022. La société maintient des centres de conception dans plusieurs endroits, notamment Olathe, Kansas et Schaffhausen, en Suisse.

Catégorie de conception	Investissement annuel	Nombre d'ingénieurs
Dispositifs de navigation GPS	156,7 millions de dollars	387 ingénieurs
Électronique automobile	98,5 millions de dollars	245 ingénieurs
Technologie portable	112,3 millions de dollars	276 ingénieurs

Recherche et développement de la technologie de fitness portable

Le segment de la technologie portable de Garmin a généré 1,45 milliard de dollars de revenus en 2022.

• SmartWatch Product Lignes: Forerunner, Fenix, Venu
• Production annuelle des dispositifs de fitness: 3,2 millions d'unités
• Part de marché dans les vêtements de sport: 16,2%

Fabrication d'électronique extérieure, marine, aéronautique et automobile

Installations de fabrication totale: 7 emplacements mondiaux avec fabrication primaire à Taïwan et en Chine.

Catégorie de produits	Volume de production annuel	Emplacement de fabrication
Électronique extérieure	2,8 millions d'unités	Taïwan
Électronique marine	1,5 million d'unités	Chine
Électronique de l'aviation	687 000 unités	États-Unis

Développement de logiciels pour le suivi et la cartographie des applications

Garmin utilise 612 ingénieurs logiciels dans le monde, avec des dépenses annuelles de développement de logiciels de 178,6 millions de dollars en 2022.

• Plates-formes de cartographie propriétaires: Garmin Connect, Garmin Express
• Applications logicielles totales: 24 plateformes distinctes
• Fréquence de mise à jour logicielle annuelle: 3-4 versions majeures

Marketing et distribution mondiale de l'électronique grand public

Budget marketing mondial en 2022: 276,4 millions de dollars

Canal de distribution	Contribution des revenus	Portée géographique
Vente au détail en ligne	1,2 milliard de dollars	Mondial
Magasins spécialisés	876,5 millions de dollars	Amérique du Nord, Europe
Ventes directes	412,3 millions de dollars	International

Garmin Ltd. (GRMN) - Modèle d'entreprise: Ressources clés

GPS avancé et expertise en technologie de cartographie

Garmin détient 1 763 brevets actifs en 2023. Les dépenses de R&D technologiques ont atteint 684,2 millions de dollars en 2022.

Catégorie de brevet	Nombre de brevets
Technologie GPS	537
Systèmes de navigation	412
Suivi de fitness	284
Électronique marine	206
Systèmes d'aviation	324

Portefeuille de propriété intellectuelle

Le portefeuille de propriété intellectuelle de Garmin couvre plusieurs domaines technologiques.

• Total des marques enregistrées: 246
• Couverture des brevets géographiques: 42 pays
• Taux de dépôt annuel des brevets: 127 nouveaux brevets par an

Infrastructure mondiale de fabrication et de chaîne d'approvisionnement

Installations de fabrication situées à Taïwan, en Chine et aux États-Unis.

Emplacement de fabrication	Taille de l'installation	Capacité de production annuelle
Taïwan	85 000 m²	12,4 millions d'unités
Chine	62 000 m²	9,7 millions d'unités
États-Unis	45 000 m²	4,2 millions d'unités

Équipes d'ingénierie et de recherche qualifiées

Total de la main-d'œuvre: 19 400 employés en 2022.

• Ingénieurs: 6 380
• Professionnels de la recherche: 1 540
• Tapisseurs de doctorat: 412

Réputation de la marque dans la technologie de navigation et de fitness

Leadership du marché dans plusieurs segments technologiques.

Segment de marché	Part de marché	Classement mondial
Dispositifs de navigation GPS	38.6%	1er
Portables de fitness	22.4%	3e
Électronique marine	46.2%	1er
Dispositifs d'aviation	31.7%	2e

Garmin Ltd. (GRMN) - Modèle d'entreprise: propositions de valeur

GPS de haute précision et solutions de navigation

Garmin a généré 4,43 milliards de dollars de revenus en 2022, les produits de navigation contribuant de manière significative à leur portefeuille de produits.

Catégorie de produits	Part de marché	Revenus annuels
Appareils GPS automobiles	35%	620 millions de dollars
Navigation de moto	42%	245 millions de dollars

Advanced Fitness and Health Tracking Wearables

Le segment des vêtements de fitness représentait 27% des revenus totaux de Garmin en 2022.

• Série de précurseurs: 1,2 million d'unités vendues chaque année
• FENIX Premium Sports Watches: Prix moyen 699,99 $
• Venu Smartwatch Line: 750 000 unités vendues en 2022

Dispositifs spécialisés pour les passionnés de plein air, marin et aéronautique

Les segments de spécialité ont généré 872 millions de dollars en 2022.

Segment de spécialité	Position sur le marché	Ventes annuelles
Navigation maritime	Chef	342 millions de dollars
GPS de l'aviation	Top 3 fournisseur	385 millions de dollars
Dispositifs de loisirs en plein air	Leader du marché	145 millions de dollars

Technologie intégrée au suivi et à la surveillance des performances en temps réel

Garmin a investi 571 millions de dollars en R&D en 2022 pour améliorer les technologies de suivi.

• Plateforme de fitness connectée: 22 millions d'utilisateurs actifs
• Précision du suivi des performances en temps réel: 98,5%
• Capacités de synchronisation cloud dans 12 catégories d'appareils

Appareils électroniques durables et fiables pour plusieurs segments de marché

Garmin maintient un Évaluation de la fiabilité des produits à 99,7% entre les catégories d'appareils.

Catégorie d'appareil	Clôture de durabilité	Durée de vie moyenne
Montres sportives	99.5%	4-5 ans
Dispositifs marins	99.8%	7-8 ans
Équipement d'aviation	99.9%	10-12 ans

Garmin Ltd. (GRMN) - Modèle d'entreprise: relations avec les clients

Ventes directes via la plate-forme en ligne et les canaux de vente au détail

Garmin génère des ventes directes via plusieurs canaux:

Canal de vente	Contribution des revenus
Garmin.com Store en ligne	32,4% des ventes directes des consommateurs
Partenaires de vente au détail autorisés	45,7% du total des ventes de produits
Market Amazon	15,2% des ventes en ligne
Distributeurs internationaux	6,7% des ventes mondiales

Support client et assistance technique

Garmin fournit un support client complet à travers:

• Hotline de support technique 24/7
• Canaux d'assistance par e-mail
• Services de chat en direct
• Site Web d'assistance dédié

Métrique de soutien	Performance annuelle
Temps de réponse moyen	Moins de 4 heures
Représentants du support client	387 déployé à l'échelle mondiale
Interactions de soutien annuelles	1,2 million de contacts clients

Mises à jour du firmware de produit et logiciel

Garmin fournit des mises à jour régulières du micrologiciel entre les gammes de produits:

• Mises à jour de logiciels à vie gratuits
• Améliorations trimestrielles du micrologiciel
• Notifications de mise à jour automatique

Forums communautaires et utilisateurs en ligne

Plate-forme communautaire	Métriques d'engagement des utilisateurs
Communauté Garmin Connect	22,6 millions d'utilisateurs enregistrés
Forums d'utilisateurs officiels	478 000 participants mensuels actifs
Abonnés des médias sociaux	3,4 millions sur toutes les plateformes

Expériences de suivi de la forme physique et des performances personnalisées

Fonction de suivi	Taux d'adoption des utilisateurs
Suivi des métriques de performance	87% des utilisateurs de l'appareil s'engagent activement
Plans de formation personnalisés	64% des propriétaires d'appareils de fitness utilisent
Surveillance avancée de la santé	Fréquence d'utilisation régulière de 52%

Garmin Ltd. (GRMN) - Modèle d'entreprise: canaux

Site Web officiel de Garmin

En 2024, le site officiel de Garmin (www.garmin.com) sert de canal de vente direct principal avec les caractéristiques suivantes:

• Offre une gamme de produits complète dans 11 catégories de produits différentes
• Fournit des options d'achat direct pour les consommateurs
• Prend en charge 29 versions linguistiques différentes dans le monde entier

Magasins de vente au détail autorisés

Type de canal de vente au détail	Nombre de magasins	Portée géographique
Détaillants électroniques	3,700+	Amérique du Nord, Europe, Asie-Pacifique
Magasins d'équipement sportif	2,500+	Distribution mondiale

Marchés en ligne

Garmin maintient une présence commerciale active sur plusieurs plates-formes numériques:

• Amazon: 78% des ventes de marché en ligne
• Meilleur achat: 12% des ventes de marché en ligne
• Walmart.com: 6% des ventes de marché en ligne
• Autres plateformes: 4% des ventes de marché en ligne

Détaillants spécialisés de sports et d'équipements en plein air

Catégorie des détaillants	Pénétration du marché
Rei	Couverture de produit à 95%
Dick's Sporting Goods	87% de couverture du produit
Bass Pro Shops	82% de couverture de produit

Ventes directes via des plateformes mobiles et Web

Répartition des canaux de vente numérique:

• Téléchargements d'applications mobiles: 12,5 millions en 2023
• Transactions de plate-forme Web: 487 millions de dollars de revenus annuels
• Taux de conversion de la plate-forme mobile: 3,7%

Garmin Ltd. (GRMN) - Modèle d'entreprise: segments de clientèle

Passionnés de plein air et d'aventure

En 2023, le segment extérieur de Garmin a généré 1,4 milliard de dollars de revenus. Les gammes de produits clés comprennent:

Catégorie de produits	Part de marché	Ventes annuelles
Dispositifs portables GPS	42%	592 millions de dollars
Randonnée des montres intelligentes	35%	490 millions de dollars
Outils de navigation d'aventure	23%	322 millions de dollars

Les consommateurs soucieux de la forme physique et de la santé

Les revenus du segment du fitness ont atteint 1,2 milliard de dollars en 2023.

• Pénétration du marché de la série Forerunner: 28%
• Ventes de tracker de fitness: 4,2 millions d'unités
• Prix ​​moyen de l'appareil: 249 $

Athlètes professionnels et équipes sportives

Revenu du segment des performances sportives: 680 millions de dollars en 2023.

Catégorie de sport	Adoption des appareils	Revenus annuels
En cours d'exécution	45%	306 millions de dollars
Vélo	35%	238 millions de dollars
Triathlon	20%	136 millions de dollars

Industrie automobile

Revenus de segments automobiles en 2023: 512 millions de dollars.

• Systèmes de navigation OEM: 18% de part de marché
• Appareils automobiles de rechange: 22% de part de marché

Professionnels de la marine et de l'aviation

Revenu du segment marin et de l'aviation: 890 millions de dollars en 2023.

Secteur	Types d'appareils	Pénétration du marché
Navigation maritime	Charteaux, étage à poissons	33%
Aviation	GPS pilote, avionique	41%

Consommateurs avertis de la technologie

Smart Device Segment Revenue: 620 millions de dollars en 2023.

• Ventes de smartwatch: 3,8 millions d'unités
• Part de marché des périphériques connectés: 15%
• Prix ​​moyen de l'appareil intelligent: 329 $

Garmin Ltd. (GRMN) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2022, Garmin a déclaré des dépenses de R&D de 615,1 millions de dollars, ce qui représente 9,4% des revenus totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2022	615,1 millions de dollars	9.4%
2021	572,3 millions de dollars	9.2%

Coûts de fabrication et de production

Le coût des marchandises de Garmin vendu (COGS) pour 2022 était de 3,85 milliards de dollars, ce qui représente 58,8% des revenus totaux.

• Installations de production situées à Taïwan, en Chine et aux États-Unis
• Les frais généraux de fabrication totaux estiment à 420 millions de dollars en 2022

Dépenses de marketing et de vente

Les dépenses de marketing et de publicité pour 2022 ont totalisé 463,2 millions de dollars, soit 7,1% des revenus totaux.

Catégorie de dépenses	Montant	Pourcentage de revenus
Frais de marketing	463,2 millions de dollars	7.1%
Commissions de vente	187,5 millions de dollars	2.9%

Distribution et logistique globales

Les coûts de distribution et de logistique pour 2022 étaient d'environ 276,8 millions de dollars.

• Réseau de distribution mondial couvrant plus de 50 pays
• Dépenses d'expédition et de manutention estimées à 186,4 millions de dollars
• Coûts de gestion des entrepôts et des stocks: 90,4 millions de dollars

Maintenance des infrastructures technologiques

Les frais de maintenance de la technologie et des infrastructures pour 2022 étaient de 204,6 millions de dollars.

Catégorie de maintenance des infrastructures	Frais
Systèmes informatiques	124,3 millions de dollars
Services cloud	47,2 millions de dollars
Sécurité du réseau	33,1 millions de dollars

Garmin Ltd. (GRMN) - Modèle d'entreprise: Strots de revenus

Ventes de dispositifs de navigation GPS

Au cours de l'exercice 2022, le segment extérieur de Garmin a généré 788 millions de dollars de revenus. Les revenus du segment automobile ont totalisé 343 millions de dollars pour la même période.

Catégorie de produits	2022 Revenus	Part de marché
Appareils GPS automobiles	343 millions de dollars	15.2%
Dispositifs de navigation en plein air	788 millions de dollars	22.7%

Technologie de fitness et de sport portable

Les revenus du segment du fitness ont atteint 1,1 milliard de dollars en 2022, ce qui représente une partie importante des revenus totaux de Garmin.

• Part de marché des vêtements de fitness: 18,5%
• Prix ​​de vente moyen des montres de fitness: 249 $ - 499 $
• Ventes unitaires annuelles: environ 3,2 millions de vêtements de fitness

Systèmes de navigation automobile

Les revenus des segments automobiles en 2022 étaient de 343 millions de dollars, les solutions OEM et de rechange contribuant au total.

Sous-segment automobile	2022 Revenus	Taux de croissance
Systèmes de navigation OEM	189 millions de dollars	7.3%
Navigation du marché secondaire	154 millions de dollars	5.9%

Équipement électronique marin et aéronautique

Les segments marins et aéronautiques ont généré des revenus combinés de 632 millions de dollars en 2022.

• Revenus électroniques marins: 387 millions de dollars
• Revenus électronique de l'aviation: 245 millions de dollars
• Part de marché mondial dans le GPS marin: 35,6%
• Part de marché de l'électronique de l'aviation: 22,1%

Services de logiciels et de suivi basés sur l'abonnement

Les revenus récurrents des logiciels et des services de suivi ont atteint 156 millions de dollars en 2022.

Type de service	2022 Revenus	Base d'abonné
Services de suivi	89 millions de dollars	425 000 abonnés
Abonnements logiciels premium	67 millions de dollars	312 000 utilisateurs actifs

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.