Garmin designs, manufactures, and sells GPS-enabled devices and related services across five end markets: fitness, outdoor, aviation, marine, and auto OEM. The fitness segment — which sells GPS running watches, cycling computers, and smartwatches under the Forerunner and Venu brands — is the largest and fastest-growing segment. The outdoor segment sells adventure and tactical watches (fenix, Instinct) alongside handheld GPS devices and inReach satellite communicators. Aviation sells avionics including integrated flight decks, autopilots, and navigation systems to general aviation and business aviation OEMs and retrofitters. Marine sells chartplotters, fishfinders, and sonar systems to recreational boaters. Auto OEM supplies domain controllers and infotainment systems to automakers, primarily BMW, and is currently loss-making as Garmin invests for future program wins. Garmin sells primarily through retailers, dealers, and distributors worldwide. Revenue is predominantly driven by one-time device sales, with unit volume, product mix, and new product introductions as the key levers. A growing layer of subscription revenue — covering inReach satellite communication, Garmin Connect+ fitness coaching, aviation databases, and premium mapping — carries higher margins than hardware. Garmin is vertically integrated, operating its own factories across multiple countries, which it argues provides cost efficiency, quality control, and supply chain resilience. The next major auto OEM program — with Mercedes-Benz — begins ramping in 2027 and represents Garmin's largest auto contract to date.