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Garmin helps people track exercise, navigate outdoors and communicate away from conventional networks. Fitness and outdoor products together generate most of its revenue, with fitness the largest business. Customers buy its sports and adventure watches, cycling equipment and satellite communicators through retailers, dealers or Garmin itself. Users can also pay for services such as Garmin Connect+ and Outdoor Maps+, which add premium features or mapping content.
Garmin also sells electronics that help operate aircraft, recreational boats and vehicles. Aircraft manufacturers buy its avionics for new aircraft, while owners buy upgrades through dealers. Boat users buy marine navigation and other onboard electronics, and vehicle manufacturers buy automotive hardware and software. Aviation customers also pay for database and chart subscriptions.
The business depends on customers adopting new products, which supply a significant portion of revenue. Many devices need continued access to GPS and other satellite-navigation systems; some communication services depend on networks operated by Iridium Communications and Skylo. Certain key components have only one or a few suppliers. Aviation equipment intended for installation in type-certificated aircraft requires Federal Aviation Administration certification before it can be sold for that use.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Garmin’s results depend chiefly on demand for fitness and outdoor wearables, while Brunswick’s Navico is a key marine-electronics rival to watch that this list omits.
Apple competes for the consumers buying Garmin’s fitness and outdoor watches, which drive Garmin’s two largest businesses. Watch Apple’s wearable features and pricing: both are factors Apple identifies as important to competition.
Zepp Health’s Amazfit smartwatches compete with Garmin’s fitness wearables for customers tracking health and sports performance. Amazfit product sales grew 50.9% in fiscal 2025, making that product line worth watching for competitive pressure on Garmin.
Johnson Outdoors competes with Garmin for boat anglers’ spending through Humminbird sonar and GPS equipment and Minn Kota trolling motors. Its sonar imaging, display quality and mapping integration are concrete areas to watch against Garmin’s fishing electronics.
Garmin depends on Iridium’s satellite connectivity to let customers communicate beyond terrestrial coverage and use related paid services. Iridium network disruptions or loss of network contracts could disable those Garmin features and cost Garmin customers or revenue.
Teledyne’s Raymarine competes with Garmin for recreational boaters’ electronics spending, while its connected-panel products also compete with Garmin’s aircraft electronics. Raymarine product developments are the marine-specific news to watch, rather than Teledyne’s broader imaging and industrial businesses.
Innovative Solutions & Support, trading as Innovative Aerosystems, competes with Garmin to supply aircraft electronics for new aircraft and upgrades to existing ones. Its work to simplify installation and reduce aircraft downtime is worth watching in the retrofit market where both sell systems.
AIRO Group Holdings’ Aspen Avionics competes with Garmin for general-aviation customers upgrading cockpit displays and integrated aircraft electronics. Aspen’s installation costs and ability to add features over time are the competitive points to watch.
Honeywell competes with Garmin to sell aircraft electronics to aircraft manufacturers and customers upgrading existing aircraft. Its avionics business is the relevant area to follow for Garmin, not Honeywell’s company-wide sales across industrial, building and energy businesses.
Visteon competes with Garmin for automakers’ contracts to supply cockpit computers, called domain controllers, and infotainment systems. Watch its cockpit-controller business: domain controllers were the main source of Garmin’s Auto OEM revenue growth in 2025.
Aptiv competes with Garmin for automakers’ infotainment and centralized-computing programs, supplying hardware and software for those systems. Its wins in those programs are more relevant to Garmin than its separate power-distribution and connection-product businesses.
Globalstar’s SPOT messaging and location services compete with Garmin’s satellite communicators for customers needing communication beyond terrestrial coverage. Watch SPOT service revenue rather than Globalstar’s total revenue, which is dominated by Apple.
Alphabet’s Google smartwatches and Fitbit offerings compete with Garmin for fitness-device customers. Watch those products rather than Alphabet’s overall results, since advertising payments dominate its business.
Embraer is a customer for Garmin aircraft electronics installed in its Phenom 100EX and Phenom 300E business jets. Demand for those two models is the relevant signal for Garmin’s sales to aircraft manufacturers, rather than Embraer’s broader commercial and defense aircraft business.
Teledyne Technologies Incorporated earningsTDY
Teledyne’s report, especially any Raymarine updates, will show what demand for recreational marine electronics means for Garmin’s Marine business.
Look for Teledyne’s comments on Raymarine sales, orders or product demand; its company-wide results are not a marine-electronics read-through. Stronger Raymarine demand would suggest boaters and dealers are still buying equipment in a market Garmin serves too. Weakness could mean softer demand or tougher competition, and this report alone cannot separate the two.
Honeywell International, Inc. earningsHON
Honeywell competes with Garmin for aircraft electronics customers, so its avionics results will show what demand in their shared market looks like.
Focus on Honeywell’s avionics sales, orders and demand commentary, not its industrial, building or energy businesses. Stronger avionics demand would show aircraft makers and operators are still spending, but also that Garmin faces a well-supported, competitive market. Weakness would point more to a slower market; it would not establish that Garmin is winning customers.
Iridium Communications Inc. earningsIRDM
Garmin relies on Iridium’s network for some satellite communication features and paid services, making Iridium’s report a check on that service link.
Watch Iridium’s comments on network operations, its satellite-services business and customer or contract changes. Stable operations and service activity would support the connectivity behind Garmin’s related features. Disruptions or the loss of important contracts could threaten those features and related Garmin service revenue, but Iridium’s growth would not by itself prove Garmin is adding users.
VISTEON CORPORATION earningsVC
Visteon competes with Garmin for automakers’ domain-controller programs, so its cockpit-controller results will show how active that shared market is.
If Visteon reports cockpit-controller programs, shipments or customer demand, read those alongside automaker program activity rather than using its total results. More program activity would show automakers are still investing in these systems, but could also make Visteon a stronger rival. Weakness could mean fewer programs or a softer auto market; it would not by itself show Garmin winning contracts.
Garmin Ltd earningsThis company
Garmin’s report will show whether Fitness and Outdoor can keep driving sales without eroding its overall gross margin.
Read Fitness and Outdoor sales alongside their operating income, then check the overall gross margin. If both businesses grow sales and profit while the margin holds, Garmin is still turning demand for its core products into earnings. If growth slows or comes from fewer businesses and the margin falls, that engine is weakening, while loss-making Auto OEM weighs more heavily on the whole company.
Apple Inc. earningsAAPL
Apple competes with Garmin for fitness and outdoor watch buyers, so its report can show whether customers are still spending on competing wearables.
Look for Apple’s comments on Apple Watch demand, features and pricing; Apple’s total sales are not a measure of watch sales. Stronger wearable demand would show that consumers are still spending on wrist devices, while giving Garmin a tougher alternative to compete against. Weaker demand would ease that competitive signal, but would not prove Garmin’s fitness and outdoor watches are gaining demand.
Globalstar, Inc. earningsGSAT
Globalstar’s SPOT services compete with Garmin’s satellite communicators, so the relevant signal is SPOT, not total revenue dominated by Apple.
Focus on revenue or user trends for SPOT messaging and location services, not Globalstar’s total revenue. Stronger SPOT activity would show demand for communication and location beyond terrestrial coverage, while also pointing to stronger competition for Garmin. Weakness would soften that signal, but would not show that customers have switched to Garmin.
Embraer S.A. earningsEMBJ
Embraer is a Garmin avionics customer, so demand for its Phenom business jets will show whether that aircraft-maker sales channel has room to grow.
Watch orders, production or deliveries for the Phenom 100EX and 300E, not Embraer’s overall commercial and defense results. More activity in these models would support aircraft-maker demand for planes fitted with Garmin electronics. A slowdown would mean fewer related installation opportunities, though aircraft deliveries and Garmin’s sales recognition may occur at different times.
