Garmin achieves record revenue in 2023

Fitness sector, including cycling products, helps to drive record $5.23 billion revenue for the company

Clock03:00, Friday 23rd February 2024
Garmin posted record revenue of $5.23 billion in 2023

© Garmin

Garmin posted record revenue of $5.23 billion in 2023

2023 proved to be a record-breaking fiscal year for Garmin in which the company recorded its highest ever revenue, according to the company’s latest financial report. Revenue increased by 8% on the previous year to $5.23 billion, which was partly spurred on by a strong fourth quarter of the fiscal year. That fourth quarter saw a 13% year-on-year increase in generated revenue, which ended on $1.48 billion.

Garmin specialises in a range of GPS products, including cycling computers, as well as fitness technology such as smart watches. 2023 proved to be a busy year on the cycling front as it introduced a range of new products, including the latest additions to its popular Edge range of cycling computers in the form of the 540 and 840. Although sporting new names, these were essentially updated versions of the Edge 530 and 830 computers and were packed with the company’s latest tech. Alongside standard models, Garmin unveiled special solar charging models of both computers.

These computers are joined by turbo trainers - including its latest Tacx NEO 3M - heart rate monitors, smart watches and other products in the fitness segment of the company, which generated $1.34 billion in revenue for the year, a 21% increase on the previous year. The biggest earner was the outdoor segment at $1.69 billion, although this represented a 4% decrease on the previous year.

Elsewhere, the remaining three segments of the company - Auto OEM, Marine and Aviation - each posted record revenue for the year.

“We are very pleased with our 2023 financial performance resulting in record full year consolidated revenue and record full year revenue in three of our five segments,” Cliff Pemble, president and chief executive of Garmin, said in a press release. “We are entering 2024 with strong momentum from our robust product lineup and have many product launches planned during the year. I am very proud of what we accomplished in 2023 and look forward to all that 2024 will bring.”

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