Garmin SEC Filings

Garmin Ltd director Jonathan Burrell reported several indirect transactions in Registered Shares, primarily classified as bona fide gifts. The filing shows gift transfers totaling 40,000 shares, made at a reported price of $0.00 per share, indicating non-market, no‑consideration dispositions.

The gifted shares were held indirectly through grantor retained annuity trusts (GRATs) and trusts where Burrell serves as co‑trustee, and he disclaims beneficial ownership beyond his pecuniary interests. After these transactions, he continues to report substantial indirect holdings in Registered Shares through GRATs, trusts, and LLCs, along with 8,493 directly reported shares plus unvested RSUs scheduled to vest as to 858 shares on June 6, 2026.

GARMIN LTD Executive Chairman Min H. Kao reported charitable gifts of company stock. On May 22, 2026, entities associated with Kao made bona fide gifts totaling 14,760 Registered Shares of Garmin common stock. These were indirect holdings, attributed to the M&F Trust and accounts held for his children.

The gifts were made at no stated price and, according to a footnote, the shares were donated to a charitable organization. These are not open-market sales and do not reflect trading activity in Garmin shares. Each related account continues to report multi-million-share indirect holdings after the transactions.

Garmin Ltd. director Jonathan Burrell reported non-market gift transfers of Registered Shares held through related entities. Entities associated with him made bona fide gifts totaling 540,000 Registered Shares, including 182,000 shares from a trust that then held no shares and 182,000 shares from GRATs that continued to hold 4,591,752 shares.

The filing also shows ongoing indirect holdings through multiple trusts, GRATs and LLCs, plus 9,351 Registered Shares held directly. A footnote states this direct stake consists of 8,493 Registered Shares and unvested RSUs that can be settled only in Registered Shares, with 858 RSUs scheduled to vest on June 6, 2026.

Garmin Ltd. director Jonathan Burrell reported a series of bona fide gifts totaling 870,000 Registered Shares on May 8, 2026. The transactions were coded “G” and described as gift transfers, meaning they were not open‑market sales or purchases.

The gifts were made through multiple entities, including trusts, grantor retained annuity trusts (GRATs) and LLCs associated with Burrell. After these transfers, Form 4 entries show large remaining indirect positions, including 4,497,752 Registered Shares held by GRATs and 1,018,443 Registered Shares held by a trust. Footnotes note that Burrell serves as trustee or manager of these entities and generally disclaims beneficial ownership except to the extent of his pecuniary interests.

Garmin Ltd. Vice President of Human Resources Laurie A. Minard reported selling a total of 1,084 registered shares of Garmin common stock in open-market transactions on May 8, 2026. The reported weighted average sale prices were about $241.98 and $242.59 per share for the two trades.

According to a footnote, Minard’s holdings include 3,785 unvested shares acquired through previously granted restricted stock unit awards. Each reported transaction was executed in multiple smaller trades within stated price ranges, with full trade-by-trade details available upon request.

Garmin Ltd. reported a Form 144 notice for the proposed sale of common stock, listing 1,084 shares tied to a performance stock release dated 02/25/2026. The filing also records 837 common shares sold on 02/23/2026 by Laurie Minard.

Garmin Ltd director Jonathan Burrell reported estate-planning moves rather than market trades. On May 5, 2026, entities associated with him made bona fide gifts of 800,000 Registered Shares of Garmin stock, split between trust and GRAT holdings, at $0.00 per share.

After these gifts, Burrell continues to hold sizable indirect positions, including 962,443 Registered Shares by trust, 1,849,700 Registered Shares by GRATs and 394,478 Registered Shares by LLCs, along with 9,351 shares held directly. His direct holdings include unvested RSUs that vest as to 858 shares on June 6, 2026. The filing characterizes the transfers as gifts, not open-market sales, so they do not reflect a change in trading outlook.

Garmin Ltd. director Jonathan Burrell reported large non-market gifts of Garmin Registered Shares made through trusts and GRATs associated with him. The filing shows three bona fide gift transactions totaling 587,934 shares, all at a reported price of $0.00 per share, meaning no sale proceeds were received.

These dispositions were executed by trusts and grantor retained annuity trusts where Burrell serves as co-trustee or manager and often holds only a pecuniary remainder interest. After these gifts, the entities continue to hold significant indirect positions, including 1,592,300 registered shares in one trust and 4,342,752 registered shares in certain GRATs, while Burrell also holds 9,351 shares directly and additional indirect stakes via other trusts and LLCs.

Garmin Ltd. reported solid growth for the quarter ended March 28, 2026. Net sales rose 14% to $1.75 billion, driven mainly by a 42% increase in fitness revenue, 18% growth in aviation and 11% in marine, partially offset by a 5% decline in outdoor.

Gross profit increased 18% to $1.04 billion, and gross margin improved to 59%, helped by favorable foreign currency impacts. Operating income grew 30% to $431.7 million as higher sales outpaced 11% growth in operating expenses.

Net income reached $405.1 million, with diluted earnings per share of $2.09. Operating cash flow strengthened to $536.0 million, supporting ongoing quarterly dividends of $0.90 per share and a new share repurchase program authorizing up to $500 million of buybacks through 2028.

Garmin Ltd. reported record first quarter 2026 results, with revenue of about $1.75 billion, up 14% from a year earlier. Gross margin improved to 59.4% and operating margin to 24.6%, driving record operating income of $432 million, a 30% increase.

GAAP diluted EPS reached $2.09 and pro forma diluted EPS was $2.08, with pro forma EPS up 29% year over year. Fitness revenue jumped 42%, while aviation and marine grew 18% and 11%, and outdoor declined modestly. Free cash flow was about $469 million and cash and marketable securities totaled roughly $4.3 billion.

The company paid a quarterly dividend of about $174 million, repurchased $40 million of shares, and is maintaining its 2026 guidance for approximately $7.9 billion in revenue and pro forma EPS of $9.35. The Board plans to recommend a total annual dividend of $4.20 per share, payable quarterly.