Garmin (GRMN) Net Margin (2009 - 2026)
Garmin (GRMN) recorded Net Margin of 27.27% in Q3 2026, up 4.59 percentage points from 22.68% a year earlier and up 0.47 percentage points from the prior quarter.
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Analysis
Garmin (GRMN) Net Margin (2009 - 2026) Analysis & Trends
On a TTM basis, Garmin's Net Margin came in at 25.58% as of Sep 26, 2026, up 2.95 percentage points year-over-year; for FY2025, it was 22.96%, up 0.55 percentage points from FY2024.
- Annual Net Margin has a five-year change of -0.74 percentage points (FY2020 to FY2025).
- Across earlier years, Net Margin came in at 22.41% in FY2024 (-2.25 pp), 24.67% in FY2023 (+4.64 pp), 20.03% in FY2022 (-1.69 pp) and 21.72% in FY2021 (-1.98 pp).
- The Q3 2026 figure is the highest quarterly Net Margin since Q4 2023.
- On a year-over-year basis, Net Margin has increased for four consecutive quarters, with an average year-over-year change of +0.05 percentage points over the last eight quarters.
- Peak year-over-year performance for Net Margin in the last five years was a gain of 14.12 percentage points in Q4 2023, against a drop of 12.66 percentage points in Q4 2024 at the low end.
- Per Business Quant, the preceding three quarters came in at 26.80% (Q2 2026), 23.10% (Q1 2026) and 24.88% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Apple | 5,177.41 Bn | 4,922.87 Bn | 54.82 Bn | 26.83% |
| 2 | Cisco Systems | 377.40 Bn | 377.40 Bn | 11.79 Bn | - |
| 3 | Arista Networks | 249.38 Bn | 198.58 Bn | 2.33 Bn | 42.66% |
| 4 | Dell Technologies | 220.34 Bn | 176.10 Bn | 9.83 Bn | 8.80% |
| 5 | Sony | 166.48 Bn | 103.89 Bn | 7.96 Bn | 13.11% |
| 6 | Sandisk | 127.44 Bn | 112.27 Bn | 9.38 Bn | 73.44% |
| 7 | Seagate Technology Holdings | 121.35 Bn | 116.20 Bn | 2.43 Bn | 41.60% |
| 8 | Western Digital | 110.67 Bn | 100.50 Bn | 2.53 Bn | 40.61% |
| 9 | Hewlett Packard Enterprise | 64.15 Bn | 42.09 Bn | 4.93 Bn | 12.61% |
| 10 | Garmin | 54.56 Bn | 44.11 Bn | 1.26 Bn | 27.27% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 26, 2026 | 27.27% |
| Jun 27, 2026 | 26.80% |
| Mar 28, 2026 | 23.10% |
| Dec 27, 2025 | 24.88% |
| Sep 27, 2025 | 22.68% |
| Jun 28, 2025 | 22.09% |
| Mar 29, 2025 | 21.68% |
| Dec 28, 2024 | 23.91% |
| Sep 28, 2024 | 25.16% |
| Jun 29, 2024 | 19.95% |
| Mar 30, 2024 | 19.97% |
| Dec 30, 2023 | 36.57% |
| Sep 30, 2023 | 20.14% |
| Jul 1, 2023 | 21.80% |
| Apr 1, 2023 | 17.63% |
| Dec 31, 2022 | 22.45% |
| Sep 24, 2022 | 18.49% |
| Jun 25, 2022 | 20.78% |
| Mar 26, 2022 | 18.04% |
| Dec 25, 2021 | 20.56% |
API Access
Garmin Net Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=net-margin&ticker=GRMN&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "net-margin", "ticker": "GRMN", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=net-margin&ticker=GRMN&period=max&api_key=YOUR_API_KEY");
const data = await res.json();