Same on my side, my rides are severely underestimating my calorie burn (even when used with HRM - but no power meter). Anyone found an answer? I've reported it to Garmin but no helpful response yet.
Figuring out calories is always tricky so it is always a good idea to understand what goes into calculating the calorie burn on your watch. Once you have a good understanding of the math behind the calories burned, it is always a good idea to check the hard numbers you are giving it. For example, a lot of people forget to upgrade their Activity Class after the first time they have setup their user profile for the device. Since Activity Class is a measurement of how frequently and how long you train any given week, most users set the Activity Class at their current level when they first start working out but as we get better at it and start enjoying each workout more and more, we start working out more often. So, it is suggested that you log into your account, and look at your user profile again to make sure it still fits your personal lifestyle at this time. (Device Icon > Device Settings > User Settings)
Out of interest, I did a 4.5hr ride yesterday with a F5+ (SW 7.60) on my wrist and a Wahoo Elemnt head unit. Both were fed data from the same HR strap (HRM-Run) and the same power meter (Shimano R9100) and the activities were started and stopped on each device within 1 second of each other. The F5+ reported 2297C and the Elemnt 3177C, a difference of 880C. Also of interest, Strava calculated the "Total Work" as 2265kJ which correlates closely with Garmin's Calories.
That first link to Firstbeat is broken...