Garmin (GRMN) Operating Expenses (2009 - 2026)
Garmin (GRMN) recorded Operating Expenses of $646.51 million in Q2 2026, up 8.7% from $594.72 million a year earlier and up 5.9% from the prior quarter.
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Analysis
Garmin (GRMN) Operating Expenses (2009 - 2026) Analysis & Trends
On a TTM basis, Garmin's Operating Expenses came in at $2.49 billion as of Jun 27, 2026, up 12.0% year-over-year; for FY2025, it came in at $2.38 billion, up 13.2% from FY2024.
- Annual Operating Expenses has increased for eight straight years, with a five-year compound annual growth rate of 10.8% (FY2020 to FY2025).
- Across earlier years, Operating Expenses came in at $2.1 billion in FY2024 (+9.9%), $1.91 billion in FY2023 (+7.5%), $1.78 billion in FY2022 (+6.4%) and $1.67 billion in FY2021 (+17.1%).
- The Q2 2026 figure is the highest quarterly Operating Expenses in data going back to Q1 2009.
- On a year-over-year basis, Operating Expenses has increased for 30 consecutive quarters, with growth averaging 11.5% over the last eight quarters.
- The year-over-year growth in Operating Expenses has ranged between 4.3% (Q3 2022) and 17.8% (Q3 2021) over the last five years.
- Per Business Quant, the preceding three quarters came in at $610.62 million (Q1 2026), $644.11 million (Q4 2025) and $589.68 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Apple | 4,865.08 Bn | 4,612.57 Bn | 54.77 Bn | 19.08 Bn |
| 2 | Cisco Systems | 424.71 Bn | 360.64 Bn | 11.06 Bn | 6.80 Bn |
| 3 | Dell Technologies | 344.52 Bn | 300.28 Bn | 9.83 Bn | 4.45 Bn |
| 4 | Arista Networks | 256.79 Bn | 210.25 Bn | 1.91 Bn | 532.30 Mn |
| 5 | Sandisk | 254.02 Bn | 242.55 Bn | 7.58 Bn | 545.00 Mn |
| 6 | Seagate Technology Holdings | 209.18 Bn | 204.17 Bn | 1.90 Bn | 2.07 Bn |
| 7 | Western Digital | 164.06 Bn | 152.19 Bn | 2.03 Bn | 465.00 Mn |
| 8 | Sony | 144.83 Bn | 95.22 Bn | 6.53 Bn | 14.83 Bn |
| 9 | Lumentum Holdings | 86.05 Bn | 77.87 Bn | 477.30 Mn | 198.00 Mn |
| 10 | Garmin | 55.35 Bn | 44.71 Bn | 1.26 Bn | 646.51 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 27, 2026 | 646.51 Mn |
| Mar 28, 2026 | 610.62 Mn |
| Dec 27, 2025 | 644.11 Mn |
| Sep 27, 2025 | 589.68 Mn |
| Jun 28, 2025 | 594.72 Mn |
| Mar 29, 2025 | 551.72 Mn |
| Dec 28, 2024 | 563.84 Mn |
| Sep 28, 2024 | 514.12 Mn |
| Jun 29, 2024 | 520.86 Mn |
| Mar 30, 2024 | 503.73 Mn |
| Dec 30, 2023 | 523.70 Mn |
| Sep 30, 2023 | 458.20 Mn |
| Jul 1, 2023 | 475.09 Mn |
| Apr 1, 2023 | 455.81 Mn |
| Dec 31, 2022 | 477.80 Mn |
| Sep 24, 2022 | 431.13 Mn |
| Jun 25, 2022 | 436.09 Mn |
| Mar 26, 2022 | 433.92 Mn |
| Dec 25, 2021 | 456.99 Mn |
| Sep 25, 2021 | 413.28 Mn |
API Access
Garmin Operating Expenses 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=operating-expenses&ticker=GRMN&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "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=operating-expenses&ticker=GRMN&period=max&api_key=YOUR_API_KEY");
const data = await res.json();