Garmin (NYSE: GRMN) jumped about 15% Wednesday to roughly $292 — brushing its 52-week high near $298.75 — after a Q2 print that beat on every line and a raised full-year outlook. (Benzinga clocked it at +15.3%; it touched +17% pre-market.)

The number that did the work: record Q2 revenue of $2.02B, up 11% YoY, past the roughly $1.94B street estimate, with EPS of $2.80 against the ~$2.30 consensus. Operating income rose 30% to $615.5M — so this wasn't a top-line beat that leaked away on margins; margins actually expanded.

The engine was Fitness. That segment's revenue grew 25% YoY and is now around 37% of the whole company, driven by advanced multisport wearables. Marine chipped in too, up 14% to $341.4M. The one soft spot: Outdoor slipped 2% on weaker consumer-auto and adventure-watch demand — worth filing away.

Then Garmin did the thing that turns a beat into a 15% pop — it raised the year. Management lifted FY26 revenue guidance to about $8.05B and pro-forma EPS to $10, with full-year gross margin now seen near 59.7% (up ~120bps from the prior guide). A beat and a raise is the combination that re-rates a stock in a single session.

The read-through: Fitness up 25% on premium wearables is a pointed data point for the smartwatch fight — every high-end multisport watch Garmin ships is one that Apple's Watch line and Alphabet's Fitbit don't. Garmin isn't just riding the category; at these margins it's taking the profitable top end of it.

The risk that flips it: the stock is now priced for perfection, sitting on a 52-week high with an $8.05B revenue / $10-EPS bar already baked in. Watch the Q3 report in late October: if Fitness cools from 25% toward single digits, or Outdoor keeps sliding, the premium can unwind fast. The level to watch is $298.75 — clearing and holding above that prior high says the re-rating sticks; failing there says today was the peak.

As of 3:02 PM ET, Jul 29, 2026. Sources: Benzinga, Investing.com, TradingView. For discussion and education only — not investment advice. Verify before acting.