Margin Expansion

Garmin Q3 Operating Income Jumps 34% to $612M, Raises 2026 Outlook

Garmin Q3 Operating Income Jumps 34% to $612M, Raises 2026 Outlook

Schaffhausen – October 29, 2026 -- Garmin Ltd. (NYSE: GRMN) posted record third-quarter operating income of $612 million, up 34% year on year, and raised its full-year 2026 guidance after revenue rose 12% to a record $1.99 billion.

Margins expand 420 basis points as tariff refunds add $33 million

Consolidated gross margin reached 63.3%, up 420 basis points, with higher margins in every segment. Garmin attributed the gain to favorable segment mix, lower product costs and about $33 million in refunds of previously paid tariffs. Operating margin was 30.8%. Pro forma EPS rose 39% to $2.76, while GAAP EPS was $2.80.

Operating expenses grew 10% to $646 million. R&D rose 9% on personnel costs, and SG&A rose 10% on personnel and advertising. The effective tax rate fell to 18.1% from 21.2%, which Garmin linked to higher expected U.S. deductions under tax legislation enacted in 2025 that took effect in 2026.

Dana Lifts Q3 EBITDA to $218M, Adds $100M Buyback

Dana Lifts Q3 EBITDA to $218M, Adds $100M Buyback

MAUMEE, Ohio – October 29, 2026 -- Dana Incorporated (NYSE: DAN) raised third-quarter adjusted EBITDA by $56 million to $218 million, lifting its margin 220 basis points to 10.7 percent. The supplier also announced an additional $100 million of share repurchases for the fourth quarter of 2026.

Sales rise $121 million on commercial vehicle demand

Third-quarter sales reached $2.04 billion, compared with $1.92 billion a year earlier. Dana attributed the increase mainly to stronger commercial vehicle demand, backlog conversion, and commercial and cost-recovery actions.

Adjusted EBITDA compares with $162 million and an 8.5 percent margin in the prior-year quarter. Cost savings, operational efficiency gains, and commercial initiatives drove the improvement. Dana has booked $60 million in cost savings year to date.