---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-016875"
form_type: "8-K"
ticker: "GRMN"
cik: "0001121788"
company_name: "GARMIN LTD"
filed_at: "2023-05-03T23:59:59+00:00"
generated_at: "2026-06-16T00:14:45.128436+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Garmin Q1 revenue $1.15B, down 2%; GAAP EPS $1.05; Outdoor segment down 27% YoY

## Summary
- Revenue $1.15B, down 2% YoY; GAAP EPS $1.05, pro forma EPS $1.02.
- Gross margin improved to 56.9% from 56.5%; operating margin declined to 17.2% from 19.5%.
- Outdoor segment revenue $329M, down 27% YoY; Fitness +11%, Aviation +22%, Marine +10%, Auto OEM +11%.
- Launched Forerunner 265/965 with AMOLED display; fēnix 7 selected for Polaris Dawn space mission.
- Named "Best of the Best" supplier by Embraer; also won Systems and Services supplier awards.

## SEC filing metadata
- accession: 0000950170-23-016875
- form_type: 8-K
- ticker: GRMN
- cik: 0001121788
- company_name: GARMIN LTD
- filed_at: 2023-05-03T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1121788/000095017023016875/0000950170-23-016875-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1121788/000095017023016875/grmn-20230503.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-016875
- JSON: https://secwatch.observer/filing/0000950170-23-016875.json
- Plain text: https://secwatch.observer/filing/0000950170-23-016875.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.