Garmin Q3 revenue rises 12% to $1.28 billion; raises 2023 outlook
Garmin reported third quarter 2023 revenue of $1.28 billion, up 12%, with operating income of $270 million, up 13%, and pro forma diluted EPS of $1.41, up 14%. The company also raised its full-year 2023 outlook to about $5.150 billion in revenue and $5.25 pro forma EPS, which matters to shareholders because it signals stronger expected earnings for the year.
Key points
- Q3 2023 net sales were $1.28 billion, up 12%; GAAP diluted EPS was $1.34, up 23%
- Q3 pro forma diluted EPS was $1.41, up 14%; fitness revenue rose 26% and auto OEM rose 59%
- 2023 guidance now calls for about $5.150 billion revenue and $5.25 pro forma EPS
- Next dividend installment of $0.73 per share is payable March 29, 2024, with a record date of March 15, 2024
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:42 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on November 01, 2023.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.