Garmin Ltd. Garmin Connect Tracker: Tough Start to 3Q26 as Downloads Slip Below Seasonal Trends in July

Research evidence excerpt

J P M O R G A N

North America Equity Research

05 August 2026

Garmin Ltd.

Garmin Connect Tracker: Tough Start to 3Q26 As

Downloads Slip Below Seasonal Trends in July

Garmin Connect downloads for the month of July, tracked by Sensor

Tower, declined -1.7% m/m (vs. -1.1% m/m in June and +16.2% in May), which

compares to an average sequential increase of +5.1% seen historically going from

June to July. On a year-over-year basis, Garmin Connect downloads rose +7.6%

in July (vs. +23.7% in June and +23.6% in May), implying Garmin Connect

downloads are now up +20.6% on a year-to-date basis. Meanwhile, Garmin

Connect MAU in July rose +1.4% m/m (vs. -1.8% in June and +2.5% in May),

which compares to an average sequential increase of +2.4% seen historically going

from June to July. On a year-over-year basis, Garmin Connect MAU rose +9.3%

in July (vs. +9.7% in June and +13.3% in May).

Key Takeaways: While July download trends came in below seasonal, it is worth

noting that the decline followed a roughly in-line June and strong months in March,

April, and May, making for a tough comparison given the momentum seen earlier

in the year. Nonetheless, the slow start to 3Q26 will be worth monitoring, as a

continuation of the trend could signal the quarter is tracking below seasonal levels.

Neutral

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