Garmin (GRMN) Operating Margin (2009 - 2026)

Garmin (GRMN) posted Operating Margin of 30.44% for Q2 2026, up 23.65% sequentially from 24.62% in Q1 2026, and up 441.0% YoY from 5.63% in Q2 2025.

Garmin (GRMN) Operating Margin (2009 - 2026) Analysis & Trends

Garmin has reported Operating Margin for 17 years, with the latest figure at 30.44% in Q2 2026.

Quarterly Operating Margin rose 441.0% year-over-year to 30.44% in Q2 2026, while the trailing twelve-month figure through Jun 2026 was 27.61% (up 159.0% YoY) and the FY2025 annual result came in at 25.89%, up 58.0% from the prior year.
Operating Margin improved to 30.44% in Q2 2026 per GRMN's latest filing, from 24.62% in the prior quarter.
Over five years, Operating Margin peaked at 30.44% in Q2 2026 and troughed at 17.17% in Q2 2023.
A 5-year average of 23.61% and a median of 22.83% in 2023 frame the typical range for Operating Margin.
The sharpest annual moves came in 2022 and 2024: Operating Margin plunged 438 bps in 2022, then jumped 642 bps in 2024.
Over 5 years, Operating Margin stood at 20.45% in 2022, then climbed by 12 bps to 22.96% in 2023, then rose by 23 bps to 28.32% in 2024, then gained by 2 bps to 28.9% in 2025, then increased by 5 bps to 30.44% in 2026.
According to Business Quant data, Operating Margin over the past three periods registered 30.44%, 24.62%, and 28.9% for Q2 2026, Q1 2026, and Q4 2025 respectively.

#	Company	Market Cap	Enterprise Value	Gross Profit (Qtr)	Operating Margin (Qtr)
1	Garmin	56.50 Bn	53.83 Bn	1.26 Bn	30.44%
2	Keysight Technologies	54.05 Bn	51.64 Bn	1.18 Bn	23.70%
3	Coherent	51.08 Bn	49.09 Bn	787.08 Mn	-47.91%
4	Teledyne Technologies	29.39 Bn	29.05 Bn	738.10 Mn	20.04%
5	Mks	19.03 Bn	18.41 Bn	595.00 Mn	20.11%
6	Fortive	18.08 Bn	17.71 Bn	695.30 Mn	19.14%
7	Trimble	13.91 Bn	13.70 Bn	674.90 Mn	13.58%
8	Cognex	9.98 Bn	9.58 Bn	205.77 Mn	29.36%
9	Esco Technologies	7.37 Bn	7.30 Bn	141.52 Mn	24.57%
10	Sensata Technologies Holding	6.09 Bn	5.68 Bn	301.80 Mn	16.70%

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