Deep Dive Digest #21: Garmin Buys TrainingPeaks, Fenix 9 Teased & CIRQA Under the Microscope
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Garmin posted record Q2 2026 revenue of $2.02 billion and raised full-year guidance, causing a big share price bump. The Fenix division declined again. CIRQA sold out. And on the earnings call, Fenix 9 was teased for Q3.
The TrainingPeaks acquisition is the stranger story. Garmin could have built this capability in-house, so the software is not the asset bought. TrainingPeaks and TrainHeroic hold something no other dataset in endurance sport contains: years of structured training inputs mapped against performance outputs for high-level athletes. That unique compliance data could be worth considerably more than any subscription revenue, and it is the most plausible explanation for what Garmin actually paid for. The podcast this week goes deeper on the acquisition, comparing the views of several industry sources at the link below.
Our CIRQA testing has now been through open water swimming and running intervals in heat; wrist accuracy is not looking good. Heart rate in open water underread by 20 to 30 bpm. Intervals in heat underestimated throughout.
The wider picture emerging is mixed for CIRQA in a few ways. Size is a genuine problem for smaller wrists, and the battery saver mode effectively renders the device unusable. Garmin’s thin sensor explanation for using Gen 4.1 rather than Gen 5, does not hold up under scrutiny.
WHOOP’s own heart rate algorithm update, shipped 6 July, is directly relevant context, sharing some tests against CIRQA.
The Suunto Core 2 arrives at £155 with a 15-month CR3032 battery and 10 ATM water resistance. For buyers who want a capable outdoor tool watch without a charging routine or smarts, the case is straightforward. And Josh Kerr ran 3:42.66 for the mile at the London Diamond League in a custom Amazfit. That is the fastest mile ever run in a smartwatch, if you are counting.
Garmin Q2 2026 Earnings: Fenix falls. CIRQA sells out. Fenix 9 teased.
Garmin posted record Q2 2026 revenue of $2.02 billion and raised full-year guidance, and this time the share price agreed, jumping 17% on the news. Fitness grew 25% and Outdoor’s decline narrowed to 2%, with CIRQA and TrainingPeaks the quarter’s two biggest strategic moves.
How Much Did Garmin Pay for TrainingPeaks?
Garmin did not say what it paid for TrainingPeaks and TrainHeroic. Valuing the coach subscriptions, athlete subscriptions, plan marketplace and WKO licences separately puts the price between 75 and 130 million dollars, and the workings are below.
Garmin Acquires TrainingPeaks: Why? Some Answers.
Garmin has bought TrainingPeaks and TrainHeroic, and the software is the least interesting part of it. Garmin could have written the training plans and the power-duration modelling. It could not have written twenty-five years of coach decisions, recorded across every brand of watch on the market.
WHOOP Heart Rate Update Tested: Biceps Accuracy Since 6 July
WHOOP shipped a new heart rate algorithm on 6 July. Two biceps tests since then, on a swim and a run, produced some of the tightest agreement figures recorded here this year.
Garmin CIRQA Fail #2, Heart Rate Accuracy: Running Interval Test Result
Garmin CIRQA underestimated heart rate throughout a hot interval session on the Thames towpath. WHOOP and Fitbit Air produced the closest agreement, while Apple Watch Ultra 3 and Frontier X returned strong but incomplete data.
Garmin CIRQA – First Test Accuracy Fail – Open Water Swim
Garmin CIRQA under-read heart rate by 20 to 30 bpm on its first open water swim test. Worn on the wrist against Apple Watch Ultra 3, Polar Sense and WHOOP MG, the optical sensor came last. Wrist optical in open water remains the weak point.
Garmin CIRQA first impressions: look, feel and setup
First impressions of the Garmin CIRQA covering look, feel, setup and day-one wear. The band is the nicest part. The module size is borderline on a 7-inch wrist. The pod fits a Whoop 4.0 bicep sleeve.
Garmin CIRQA will change how I review sports tech
Polar SENSE reliability failures force a change on my right bicep. CIRQA fills the gap, reduces the need to wear the Forerunner 970 all day, and opens a wrist slot to Suunto or Amazfit. Plus why Garmin Edge cyclists are the most underserved CIRQA use case.
After Garmin Bought TrainingPeaks: Which Endurance Coaching Platforms Are Still Independent?
Garmin’s acquisition of TrainingPeaks in July 2026 changes the neutrality question for coaches. This is a field guide to which endurance coaching platforms are still independent, which are not, and whether that should change how you choose.
Suunto Core 2 Review
The Suunto Core 2 lands at £155 with a 15-month CR3032 battery, 10 ATM water resistance and Bluetooth firmware sync. First impressions after several days include a suspected storm-alarm artefact, a 10 metre altimeter drift and one confirmed activity-logging gap.
The Deep Dive Podcast
Listen to one of our recent discussions on the Deep Dive podcast – EP77 Garmin Buys TrainingPeaks To Build AI Coaches
Browse every edition in the Deep Dive Digest archive.
Previous edition: Deep Dive Digest #20
Last Updated on 9 August 2026 by the5krunner
My favourite kit and nutrition
- Garmin Fenix 9 Pro — I’ve just bought one.
- Injinji – Runners protect your toes. Avoid discomfort and minor injury. Run more. Run faster. I use them.
- Garmin 90-degree charging adapter — A small keyring adapter you can use anywhere. Essential when away. I use one.
- Garmin charging puck — the fastest and most reliable way to top up your Garmin before a session. I use one.
- Ravemen FR300 — Front light that mounts directly under your Garmin or Wahoo head unit. Keeps your bars clean and your beam pointed where it matters. I use one.
- Body Glide – The blue anti-chafe stick that all swimmers and many runners use. I use it.
- Maurten — The race nutrition trusted by elite athletes. Gels and drink mixes engineered to be easy on the stomach. I use them.
- Garmin Varia RTL515 — A radar rear light that alerts you to vehicles approaching from behind. Pairs with your Edge or Wahoo. I use this model.
- Favero Assioma Pro RS2 — The power-meter pedals most serious cyclists choose. Accurate, easy to move between bikes. I use this model.
- Garmin Forerunner 970 — A serious choice for a pro-grade triathlon watch. I use this.
- Polar H10 — My daily driver for accurate, waking HRV readings.
- Wahoo ELEMNT Roam 3 — The bike computer that has the feature Garmin lacks: usability. I use mine on most rides.
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tfk is the founder and author of the5krunner, an independent endurance sports technology publication. With 20 years of hands-on testing of GPS watches and wearables, and competing in triathlons at an international age-group level, tfk provides in-depth expert analysis of fitness technology for serious athletes and endurance sport competitors. ID
