Garmin Q3 2025: Fitness Segment Surges 30%, Outdoor Division Drops 5%

Garmin just posted record consolidated revenue for Q3 2025, but the numbers tell two very different stories. The Fitness segment is now Garmin's largest division after a 30% revenue surge, while the Outdoor segment, home of the Fenix 8 Pro, slid 5%.

The Fenix 8 Pro is a $900-plus watch competing against a Coros Vertix 2S at $699 and an Apple Watch Ultra 2 that Gen Z runners actually want to wear off the trail. That pricing pressure is real. When your flagship outdoor line loses ground while cheaper Forerunner and Vivoactive units carry the company, something is shifting in how athletes shop.

The Gen Z effect is worth paying attention to here. Younger runners entering the sport are not automatically reaching for a Fenix. They want connected features, a sleek form factor, and a price that does not require a lengthy justification. The Forerunner 165 at $249 or the Forerunner 265 at $449 hit those marks far better than a sapphire-glass beast built for ultra mountaineers.

For endurance athletes already invested in the Garmin ecosystem, this earnings report changes nothing about the hardware. Training Load, Body Battery, HRV Status, and race predictor tools are still best-in-class compared to Polar Vantage V3 or Whoop 4.0. The software moat is deep. But Garmin clearly knows it needs the Fitness segment to carry weight that the Outdoor segment is no longer pulling alone.

Solid quarter overall. But if you are waiting on a Fenix 8 Pro purchase, the market pressure on Garmin's premium pricing could work in your favor before year end.