佳明 2026年季度报告

FORM 10-Q (Name of each exchange on which registered) Indicate by check mark whether the Company (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Company wasrequired to file such reports), and (2) has been subject to such filing requirements for the past 90 days.YES☑NO☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or forsuch shorter period that the registrant was required to submit such files).YES☑NO☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, asmallerreporting company,or an emerging growth company.See the definitions of“large accelerated filer”,“accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large Accelerated Filer☑Non-accelerated Filer☐ Accelerated Filer☐Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of theExchange Act.YES☐NO☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).YES☐NO☑ Number of shares outstanding of the registrant’s common shares as of April 24, 2026Registered Shares, $0.10 par value: 192,856,206 (excluding treasury shares) Garmin Ltd.Form 10-QQuarter Ended March 28, 2026 Table of Contents Part I - Financial Information Item 1.Condensed Consolidated Financial Statements1Condensed Consolidated Statements of Income for the 13-Weeksended March 28, 2026 andMarch 29, 2025 (Unaudited)1Condensed Consolidated Statements of Comprehensive Income for the 13-Weeks endedMarch 28, 2026 and March 29, 2025 (Unaudited)2CondensedConsolidated Balance Sheets at March 28,2026 and December 27,2025(Unaudited)3Condensed Consolidated Statements of Cash Flows for the 13-Weeks ended March 28, 2026and March 29, 2025 (Unaudited)4Condensed Consolidated Statements of Stockholders’ Equity for the 13-Weeks ended March28, 2026 and March 29, 2025 (Unaudited)5Notes to Condensed Consolidated Financial Statements (Unaudited)6Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations15Item 3.Quantitative and Qualitative Disclosures About Market Risk20Item 4.Controls and Procedures20Part II - Other Information21Item 1.Legal Proceedings21Item 1A.Risk Factors21Item 2.Unregistered Sales of Equity Securities and Use of Proceeds21Item 3.Defaults Upon Senior Securities22Item 4.Mine Safety Disclosures22Item 5.Other Information22Item 6.Exhibits23Signature Page24 Part I - Financial InformationItem I - Condensed Consolidated Financial Statements Garmin Ltd. and SubsidiariesCondensed Consolidated Statements of Income (Unaudited)(In thousands, except per share information) Garmin Ltd. and SubsidiariesCondensed Consolidated Statements of Comprehensive Income (Unaudited)(In thousands) 13-Weeks EndedMarch 28,2026March 29,2025Net income$405,078$332,769Foreign currency translation adjustment(50,086)8,680Change in fair value of available-for-sale marketable securities, net ofdeferred taxes(13,518)12,647Comprehensive income$341,474$354,096 Garmin Ltd. and SubsidiariesCondensed Consolidated Balance Sheets (Unaudited)(In thousands) Garmin Ltd. and SubsidiariesCondensed Consolidated Statements of Cash Flows (Unaudited)(In thousands) Garmin Ltd. and SubsidiariesNotes to Condensed Consolidated Financial Statements (Unaudited)March 28, 2026(In thousands, except per share information) 1.Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Garmin Ltd.and its wholly-owned subsidiaries (collectively, we, our, us, the Company or Garmin). Intercompany balances andtransactions have been eliminated. The condensed consolidated financial statements have been prepared in accordance with generally acceptedaccounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 ofRegulation S-X. Accordingly, they do not include all of the information and footnotes required by generally acceptedaccounting principles for complete financial statements. In the opinion of management, the condensed consolidatedfinancial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financialstatement presentation. The condensed consolidated balance sheet at December 27, 2025 has been derived from theaudited financial statements at that date, but does not include all of the information and footnotes