Garmin Fenix Sales Drop 5% in Q3 2025, Outdoor Segment Misses

Garmin's Outdoor segment posted a 5% revenue decline in Q3 2025, with the Fenix line taking the blame. This happened while the rest of the company hit record numbers, which makes the miss stand out even more.

The most likely culprit is price. The Fenix 8 lineup starts at $799 and climbs past $1,100 for the AMOLED Solar editions. That puts it in direct competition with the Apple Watch Ultra 2 at $799, a watch that a huge chunk of the mainstream fitness audience already trusts. Coros Vertix 2S sits at $699 and undercuts Garmin on price while matching it on multiband GPS and battery life.

For serious endurance athletes, the Fenix still has a strong case: Training Readiness, Body Battery, running dynamics, and the deepest triathlon mode on the market. But the gap between a Fenix 8 and a Forerunner 965 at $599 is getting harder to justify for anyone who is not deep into multisport or expedition-level use.

The stock drop reflects Wall Street punishing a segment miss inside an otherwise strong earnings report. It also signals that the premium wearable market has a ceiling, and Garmin may be bumping against it. Polar Grit X2 Pro and Suunto Race S are both credible alternatives under $500, and they are getting better every year.

Solid company. Shaky segment. Garmin needs to either sharpen the Fenix value story or rethink the pricing ladder before the next product cycle.