Garmin Ltd. (GRMN): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da tecnologia de eletrônicos e navegação de consumo, a Garmin Ltd. emergiu como uma força pioneira, transformando como navegamos, rastreamos a aptidão e exploramos o mundo. Ao aproveitar estrategicamente sua inovadora modelo de negócios em tela, a Garmin criou com sucesso uma posição de mercado única em vários setores - de aventureiros ao ar livre e entusiastas de fitness a profissionais automotivos, marinhos e de aviação. Essa abordagem abrangente permitiu à empresa desenvolver dispositivos GPS de ponta, tecnologias vestíveis e soluções eletrônicas especializadas que atendam a diversas necessidades do consumidor, mantendo uma estratégia de negócios robusta e adaptável.

Garmin Ltd. (GRMN) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com fabricantes de automóveis

A Garmin faz parceria com os principais fabricantes automotivos, incluindo:

BMW	Integração do sistema de navegação
Suzuki	Desenvolvimento do sistema de infotainment
Mercedes-Benz	Soluções avançadas de navegação por GPS

Parcerias de Tecnologia de Esportes e Fitness

As principais colaborações na tecnologia de esportes e fitness incluem:

• Integração da plataforma de rastreamento de fitness strava
• Picos de treinamento Parceria de análise de desempenho
• Under Armour conectado ecossistema de condicionamento físico

Parcerias de equipamentos marítimos e de aviação

Parceiro	Foco de colaboração
Raymarine	Sistemas de navegação marítima
Aeronave Cirrus	Avionics e instrumentação de vôo
Textron Aviation	Tecnologias de cockpit integradas

Parcerias de fabricação de tecnologia e componentes

As parcerias de tecnologia estratégica incluem:

• Integração da Qualcomm semicondutores
• Colaboração de tecnologia de chips mediatek
• Sony Sensor Technology Partnerships

Valor do ecossistema total de parceria em 2023: US $ 487 milhões

Número de parcerias de tecnologia ativa: 42

Garmin Ltd. (GRMN) - Modelo de negócios: Atividades -chave

Design de produto e engenharia para GPS e dispositivos de navegação

A Garmin investiu US $ 462,3 milhões em pesquisa e desenvolvimento em 2022. A Companhia mantém centros de design em vários locais, incluindo Olathe, Kansas e Schaffhausen, na Suíça.

Categoria de design	Investimento anual	Número de engenheiros
Dispositivos de navegação GPS	US $ 156,7 milhões	387 engenheiros
Eletrônica automotiva	US $ 98,5 milhões	245 engenheiros
Tecnologia vestível	US $ 112,3 milhões	276 engenheiros

Pesquisa e desenvolvimento de tecnologia de fitness wearable

O segmento de tecnologia vestível da Garmin gerou US $ 1,45 bilhão em receita em 2022.

• Linhas de produtos SmartWatch: FeliveUnner, Fenix, Venu
• Produção anual de dispositivos de fitness: 3,2 milhões de unidades
• Participação de mercado em wearables esportivos: 16,2%

Fabricação de eletrônicos externos, marítimos, de aviação e automotivo

Total de instalações de fabricação: 7 locais globais com fabricação primária em Taiwan e China.

Categoria de produto	Volume anual de produção	Local de fabricação
Eletrônica ao ar livre	2,8 milhões de unidades	Taiwan
Eletrônica marinha	1,5 milhão de unidades	China
Eletrônica de aviação	687.000 unidades	Estados Unidos

Desenvolvimento de software para rastrear e mapear aplicativos

A Garmin emprega 612 engenheiros de software globalmente, com despesas anuais de desenvolvimento de software de US $ 178,6 milhões em 2022.

• Plataformas de mapeamento proprietárias: Garmin Connect, Garmin Express
• Total de aplicativos de software: 24 plataformas distintas
• Frequência anual de atualização de software: 3-4 Principais lançamentos

Marketing e distribuição global de eletrônicos de consumo

Orçamento global de marketing em 2022: US $ 276,4 milhões

Canal de distribuição	Contribuição da receita	Alcance geográfico
Varejo online	US $ 1,2 bilhão	Global
Lojas especializadas	US $ 876,5 milhões	América do Norte, Europa
Vendas diretas	US $ 412,3 milhões	Internacional

Garmin Ltd. (GRMN) - Modelo de negócios: Recursos -chave

GPS avançado e conhecimento de tecnologia de mapeamento

A Garmin detém 1.763 patentes ativas a partir de 2023. Os gastos com P&D de tecnologia atingiram US $ 684,2 milhões em 2022.

Categoria de patentes	Número de patentes
Tecnologia GPS	537
Sistemas de navegação	412
Rastreamento de fitness	284
Eletrônica marinha	206
Sistemas de aviação	324

Portfólio de propriedade intelectual

O portfólio de propriedade intelectual da Garmin cobre vários domínios de tecnologia.

• Total de marcas registradas: 246
• Cobertura de patente geográfica: 42 países
• Taxa anual de arquivamento de patentes: 127 novas patentes por ano

Infraestrutura global de fabricação e cadeia de suprimentos

Instalações de fabricação localizadas em Taiwan, China e Estados Unidos.

Local de fabricação	Tamanho da instalação	Capacidade de produção anual
Taiwan	85.000 metros quadrados	12,4 milhões de unidades
China	62.000 metros quadrados	9,7 milhões de unidades
Estados Unidos	45.000 metros quadrados	4,2 milhões de unidades

Equipes de engenharia e pesquisa qualificadas

Força de trabalho total: 19.400 funcionários a partir de 2022.

• Engenheiros: 6.380
• Profissionais de pesquisa: 1.540
• Titulares de doutorado: 412

Reputação da marca em tecnologia de navegação e fitness

Liderança de mercado em vários segmentos de tecnologia.

Segmento de mercado	Quota de mercado	Classificação global
Dispositivos de navegação GPS	38.6%	1º
Vestidos de fitness	22.4%	3º
Eletrônica marinha	46.2%	1º
Dispositivos de aviação	31.7%	2º

Garmin Ltd. (GRMN) - Modelo de negócios: proposições de valor

GPS de alta precisão e soluções de navegação

A Garmin gerou US $ 4,43 bilhões em receita em 2022, com produtos de navegação contribuindo significativamente para seu portfólio de produtos.

Categoria de produto	Quota de mercado	Receita anual
Dispositivos GPS automotivos	35%	US $ 620 milhões
Navegação de motocicletas	42%	US $ 245 milhões

Avanced Fitness and Health Rastreing Wearables

O segmento de fitness wearables representou 27% da receita total da Garmin em 2022.

• Série Forerunner: 1,2 milhão de unidades vendidas anualmente
• Fenix ​​Premium Sports Watches: Preço médio $ 699,99
• Venu Smartwatch Linha: 750.000 unidades vendidas em 2022

Dispositivos especializados para entusiastas do ar livre, marítimo e de aviação

Segmentos especializados geraram US $ 872 milhões em 2022.

Segmento especializado	Posição de mercado	Vendas anuais
Navegação marinha	Líder	US $ 342 milhões
GPS da aviação	3 principais provedores	US $ 385 milhões
Dispositivos de recreação ao ar livre	Líder de mercado	US $ 145 milhões

Tecnologia integrada com rastreamento em tempo real e monitoramento de desempenho

A Garmin investiu US $ 571 milhões em P&D durante 2022 para aprimorar as tecnologias de rastreamento.

• Plataforma de fitness conectada: 22 milhões de usuários ativos
• Precisão de rastreamento de desempenho em tempo real: 98,5%
• Recursos de sincronização em nuvem em 12 categorias de dispositivos

Dispositivos eletrônicos duráveis ​​e confiáveis ​​para vários segmentos de mercado

Garmin mantém a 99,7% de classificação de confiabilidade do produto nas categorias de dispositivos.

Categoria de dispositivo	Classificação de durabilidade	Vida útil média
Relógios esportivos	99.5%	4-5 anos
Dispositivos marinhos	99.8%	7-8 anos
Equipamento de aviação	99.9%	10-12 anos

Garmin Ltd. (GRMN) - Modelo de negócios: Relacionamentos do cliente

Vendas diretas através de plataforma on -line e canais de varejo

A Garmin gera vendas diretas através de vários canais:

Canal de vendas	Contribuição da receita
Loja on -line do Garmin.com	32,4% das vendas diretas do consumidor
Parceiros de varejo autorizados	45,7% do total de vendas de produtos
Amazon Marketplace	15,2% das vendas on -line
Distribuidores internacionais	6,7% das vendas globais

Suporte ao cliente e assistência técnica

Garmin fornece suporte abrangente ao cliente por meio de:

• 24/7 de suporte técnico Linha direta
• Canais de suporte de email
• Serviços de bate -papo ao vivo
• Site de suporte dedicado

Métrica de suporte	Desempenho anual
Tempo médio de resposta	Menos de 4 horas
Representantes de suporte ao cliente	387 implantado globalmente
Interações de suporte anual	1,2 milhão de contatos de clientes

Firmware de produto e atualizações de software

Garmin fornece atualizações regulares de firmware nas linhas de produtos:

• Atualizações gratuitas de software vitalício
• Melhorias trimestrais de firmware
• Notificações automáticas de atualização

Fóruns de comunidade e usuários online

Plataforma comunitária	Métricas de engajamento do usuário
Comunidade Garmin Connect	22,6 milhões de usuários registrados
Fóruns oficiais de usuário	478.000 participantes mensais ativos
Seguidores de mídia social	3,4 milhões entre plataformas

Experiências personalizadas de fitness e rastreamento de desempenho

Recurso de rastreamento	Taxa de adoção do usuário
Rastreamento de métricas de desempenho	87% dos usuários de dispositivos se envolvem ativamente
Planos de treinamento personalizados	64% dos proprietários de dispositivos de fitness utilizam
Monitoramento avançado de saúde	52% de frequência de uso regular

Garmin Ltd. (GRMN) - Modelo de negócios: canais

Site oficial da Garmin

A partir de 2024, o site oficial da Garmin (www.garmin.com) serve como um canal de vendas direto primário com as seguintes características:

• Oferece gama completa de produtos em 11 categorias de produtos diferentes
• Fornece opções de compra direta para consumidores
• Suporta 29 versões de linguagem diferentes globalmente

Lojas de varejo autorizadas

Tipo de canal de varejo	Número de lojas	Alcance geográfico
Varejistas eletrônicos	3,700+	América do Norte, Europa, Ásia-Pacífico
Lojas de equipamentos esportivos	2,500+	Distribuição global

Mercados on -line

A Garmin mantém a presença ativa de vendas em várias plataformas digitais:

• Amazon: 78% das vendas de mercado on -line
• Best Buy: 12% das vendas de mercado on -line
• Walmart.com: 6% das vendas de mercado on -line
• Outras plataformas: 4% das vendas de mercado on -line

Varejistas especializados de esportes e equipamentos ao ar livre

Categoria de varejista	Penetração de mercado
Rei	95% de cobertura do produto
Dick's Sporting Goods	87% de cobertura do produto
Bass Pro Shops	82% de cobertura do produto

Vendas diretas através de plataformas móveis e web

Digital Sales Channels Breakdown:

• Downloads de aplicativos móveis: 12,5 milhões em 2023
• Transações da plataforma da web: US $ 487 milhões em receita anual
• Taxa de conversão da plataforma móvel: 3,7%

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

Entusiastas de aventura ao ar livre e de aventura

Em 2023, o segmento ao ar livre da Garmin gerou US $ 1,4 bilhão em receita. As principais linhas de produtos incluem:

Categoria de produto	Quota de mercado	Vendas anuais
Dispositivos portáteis GPS	42%	US $ 592 milhões
Caminhando smartwatches	35%	US $ 490 milhões
Ferramentas de navegação de aventura	23%	US $ 322 milhões

Consumidores de fitness e saúde consciente

A receita do segmento de fitness atingiu US $ 1,2 bilhão em 2023.

• Penetração de mercado da série Freerunner: 28%
• Vendas do rastreador de fitness: 4,2 milhões de unidades
• Preço médio do dispositivo: US $ 249

Atletas profissionais e equipes esportivas

Receita do segmento de desempenho esportivo: US $ 680 milhões em 2023.

Categoria esportiva	Adoção do dispositivo	Receita anual
Correndo	45%	US $ 306 milhões
Ciclismo	35%	US $ 238 milhões
Triatlo	20%	US $ 136 milhões

Indústria automotiva

Receita do segmento automotivo em 2023: US $ 512 milhões.

• Sistemas de navegação OEM: 18% de participação de mercado
• Dispositivos automotivos de pós -venda: 22% de participação de mercado

Profissionais de marinha e aviação

Receita do segmento marítimo e de aviação: US $ 890 milhões em 2023.

Setor	Tipos de dispositivo	Penetração de mercado
Navegação marinha	Plotters de gráfico, fishfinders	33%
Aviação	GPS piloto, aviônicos	41%

Consumidores com experiência em tecnologia

Receita do segmento de dispositivos inteligentes: US $ 620 milhões em 2023.

• Vendas de smartwatch: 3,8 milhões de unidades
• Participação de mercado do dispositivo conectado: 15%
• Preço médio do dispositivo inteligente: $ 329

Garmin Ltd. (GRMN) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2022, a Garmin registrou despesas de P&D de US $ 615,1 milhões, representando 9,4% da receita total.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2022	US $ 615,1 milhões	9.4%
2021	US $ 572,3 milhões	9.2%

Custos de fabricação e produção

O custo de mercadorias da Garmin (Cogs) para 2022 foi de US $ 3,85 bilhões, representando 58,8% da receita total.

• Instalações de produção localizadas em Taiwan, China e Estados Unidos
• Custos indiretos totais de fabricação estimados em US $ 420 milhões em 2022

Despesas de marketing e vendas

As despesas de marketing e publicidade de 2022 totalizaram US $ 463,2 milhões, o que representa 7,1% da receita total.

Categoria de despesa	Quantia	Porcentagem de receita
Despesas de marketing	US $ 463,2 milhões	7.1%
Comissões de vendas	US $ 187,5 milhões	2.9%

Distribuição global e logística

Os custos de distribuição e logística para 2022 foram de aproximadamente US $ 276,8 milhões.

• Rede de distribuição global que abrange mais de 50 países
• Despesas de envio e manuseio estimadas em US $ 186,4 milhões
• Custos de gerenciamento de armazém e inventário: US $ 90,4 milhões

Manutenção de infraestrutura de tecnologia

As despesas de manutenção de tecnologia e infraestrutura para 2022 foram de US $ 204,6 milhões.

Categoria de manutenção de infraestrutura	Despesa
Sistemas de TI	US $ 124,3 milhões
Serviços em nuvem	US $ 47,2 milhões
Segurança de rede	US $ 33,1 milhões

Garmin Ltd. (GRMN) - Modelo de negócios: fluxos de receita

Vendas de dispositivos de navegação por GPS

No ano fiscal de 2022, o segmento ao ar livre da Garmin gerou US $ 788 milhões em receita. A receita do segmento automotivo totalizou US $ 343 milhões no mesmo período.

Categoria de produto	2022 Receita	Quota de mercado
Dispositivos GPS automotivos	US $ 343 milhões	15.2%
Dispositivos de navegação ao ar livre	US $ 788 milhões	22.7%

Tecnologia vestível de fitness e esportes

A receita do segmento de fitness atingiu US $ 1,1 bilhão em 2022, representando uma parcela significativa da receita total da Garmin.

• Fitness Wearables Parta: 18,5%
• Preço médio de venda de relógios de fitness: $ 249- $ 499
• Vendas anuais da unidade: aproximadamente 3,2 milhões de wearables de fitness

Sistemas de navegação automotiva

A receita do segmento automotivo em 2022 foi de US $ 343 milhões, com soluções OEM e de pós -venda contribuindo para o total.

Subsegmento automotivo	2022 Receita	Taxa de crescimento
Sistemas de navegação OEM	US $ 189 milhões	7.3%
Navegação de pós -venda	US $ 154 milhões	5.9%

Equipamento eletrônico marinho e de aviação

Os segmentos marítimos e de aviação geraram receita combinada de US $ 632 milhões em 2022.

• Receita Eletrônica Marinha: US $ 387 milhões
• Receita eletrônica de aviação: US $ 245 milhões
• Participação de mercado global em GPs marinhos: 35,6%
• Participação de mercado da Electronics de aviação: 22,1%

Serviços de software e rastreamento baseados em assinatura

A receita recorrente dos serviços de software e rastreamento atingiu US $ 156 milhões em 2022.

Tipo de serviço	2022 Receita	Base de assinante
Serviços de rastreamento	US $ 89 milhões	425.000 assinantes
Assinaturas de software premium	US $ 67 milhões	312.000 usuários ativos

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.