# Who are Garmin's customers? Who does Garmin earn revenue from?
Canonical: https://valuechain.wiki/garmin · Facet: customers · Updated: 2026-07-12T04:40:35.11+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Garmin's confirmed revenue counterparties include 텍스트론 애비에이션 (세스나) plus 4 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 5 revenue edges, backed by 4 dated sources, 1 of them primary filings (as of 2026-07-12).

### BMW (high)
- note: A tier-one supplier of automotive domain controllers and infotainment to BMW and others (one-millionth US-made unit shipped Jul 2025). But Auto OEM ran a segment operating loss of $(48.6)M on $664.7M revenue — still an investment phase dragging consolidated operating income, where more design wins and volume efficiency are the keys to breakeven.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-18) https://www.sec.gov/Archives/edgar/data/1121788/000119312526056028/grmn-20251227.htm: "Auto OEM net sales $664.7M, operating loss $(48.6)M; drags consolidated operating income."
- [confirms] PR Newswire (Garmin) (EN, ir, published 2025-07-30) https://www.prnewswire.com/news-releases/garmin-announces-second-quarter-2025-results-302517037.html: "Shipped the one millionth BMW domain controller from Garmin's US facility."

### 피트니스 최종수요(러닝·사이클·스마트워치 소비자, 익명) (high)
- note: End demand for running, cycling and smartwatch wearables (global consumers, no single customer >10%) — the largest segment (FY2025 revenue $2,357M, operating income $725.9M, 30.8% margin) and the consumer-cycle-exposed earnings base, driven by health and premium-wearable demand.
- [mentions] Tigress Financial (EN, research, published 2026-05-20) https://www.marketbeat.com/stocks/NYSE/GRMN/forecast/: "Consensus Hold (avg ~$256): Tigress Strong Buy $325 (fitness/aviation/auto expansion) vs Morgan Stanley low $185 — a debate of consumer-wearable cycle vs structural growth."
- [confirms] SEC EDGAR (EN, filing, published 2026-02-18) https://www.sec.gov/Archives/edgar/data/1121788/000119312526056028/grmn-20251227.htm: "Fitness net sales $2,357.0M, operating income $725.9M; 33% of revenue mix."

### 아웃도어 최종수요(핸드헬드·어드벤처워치·inReach 소비자, 익명) (high)
- note: End demand for handhelds, adventure watches and inReach satellite comms (undisclosed) — the No.2 segment (FY2025 revenue $2,054M, operating income $690.4M, 33.6% margin). Iridium-network satellite messaging (inReach) is the differentiator, so the satellite partner's strategy is a variable for this segment's moat.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-18) https://www.sec.gov/Archives/edgar/data/1121788/000119312526056028/grmn-20251227.htm: "Outdoor net sales $2,054.1M, operating income $690.4M (33.6% margin)."

### 마린 최종수요(레저 보트·해양 소비자, 익명) (high)
- note: End demand for chartplotters, sonar and autopilots (undisclosed) — FY2025 revenue $1,182.6M, operating income $251.3M (21.2% margin). Tied to leisure-boating demand and sensitive to the consumer cycle and disposable income, but broadened into premium audio via acquisitions such as JL Audio.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-18) https://www.sec.gov/Archives/edgar/data/1121788/000119312526056028/grmn-20251227.htm: "Marine net sales $1,182.6M, operating income $251.3M."

### 텍스트론 애비에이션 (세스나) (mid)  → /textron.md
- note: All-Garmin avionics retrofits for Cessna Citation jets (CJ1/CJ2/XLS), offered by the OEM via FAA STC - aftermarket, not factory-line installs.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-18) https://www.sec.gov/Archives/edgar/data/1121788/000119312526056028/grmn-20251227.htm: "Aviation net sales $987.2M, operating income $257.2M; retrofits are an aftermarket channel in this high-margin segment."
- [confirms] Textron Aviation (EN, ir, published 2025-08-05) https://media.txtav.com/252846-textron-aviation-announces-additional-garmin-avionics-upgrade-option-for-cessna-citation-cj1/: "All-Garmin retrofit for the Cessna Citation CJ1 under FAA STC."

Reverse side: https://valuechain.wiki/garmin/suppliers.md · Ripple: https://valuechain.wiki/garmin/ripple.md

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Full node: https://valuechain.wiki/garmin.md · JSON: https://valuechain.wiki/garmin.json