Garmin Raises Quarterly Dividend 17% to $1.05, Projects $7.9 Billion Revenue for 2026
Garmin Ltd, a GPS navigation and wearable technology company, will ask shareholders to approve a $4.20 annual dividend payable in four quarterly installments of $1.05 each, up from $0.90 per quarter. The board also authorized a new $500 million share repurchase program.
Garmin Ltd (NASDAQ: GRMN), a GPS navigation and wearable technology company, announced its board will recommend to shareholders an annual cash dividend of $4.20 per share for approval at the June 5, 2026 annual meeting. The dividend would be paid in four equal quarterly installments of $1.05 each, representing a 17% increase from the prior quarterly rate of $0.90. Read more dividend announcements.
The board has scheduled the final $0.90 installment from the prior dividend approval for payment on March 27, 2026 to shareholders of record on March 13, 2026. The first three installments of $0.90 were paid in June, September, and December of 2025.
| Payment Date | Record Date | Dividend Per Share |
|---|---|---|
| March 27, 2026 | March 13, 2026 | $0.90 |
| June 26, 2026 | June 15, 2026 | $1.05 |
| September 25, 2026 | September 11, 2026 | $1.05 |
| December 24, 2026 | December 11, 2026 | $1.05 |
| March 26, 2027 | March 12, 2027 | $1.05 |
Share Repurchase Program
The board authorized a new $500 million share repurchase program effective February 20, 2026, running through December 30, 2028. The program replaces a prior $300 million authorization from February 2024, under which the company repurchased $244 million of shares through December 2025.
Fourth Quarter and Full-Year Results
Garmin generated operating cash flow of $554 million and free cash flow of $430 million in the fourth quarter of 2025. The company paid a quarterly dividend of approximately $173 million and repurchased $51 million of shares during the quarter. Cash and marketable securities totaled approximately $4.1 billion at quarter-end.
Administrative expenses increased 14% in the fourth quarter, driven by higher advertising investments and personnel costs. The effective tax rate rose to 16.8% from 15.6% in the prior year quarter, primarily due to new U.S. tax legislation reducing deductions and credits.
2026 Outlook
The company expects full-year 2026 revenue of $7.9 billion, a 9% increase over 2025. Garmin projects a gross margin of 58.5%, operating margin of 25.5%, and pro forma effective tax rate of 16.0%, yielding pro forma earnings per share of $9.35.