Garmin is defying the cycling slowdown with record 2025 revenue and a fitness-led surge, powered by booming demand for wearables and performance devices. With profits up and CEO Cliff Pemble promising more launches, the momentum looks set to continue.
While much of the cycling industry continues to stabilize after several turbulent seasons, the fitness technology sector is moving in the opposite direction. Garmin has reported record consolidated revenue of $7.25 billion for 2025, marking a 15 per cent increase from $6.29 billion in 2024.
Garmin’s fitness segment led the growth. Fourth-quarter fitness revenue rose 42 per cent to $766 million, while full-year segment revenue climbed 33 per cent to $2.36 billion.
The company attributed the surge primarily to sustained demand for wearables, including smartwatches and performance-focused devices.
The US-based GPS and wearable technology company also posted an 18 per cent rise in net income, climbing from $1.7 billion to $2 billion year-on-year.
CEO Cliff Pemble said the company plans to “build on this momentum” with further product launches throughout the year.
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