Garmin (GRMN) Operating Margin (2009 - 2026)
Garmin (GRMN) posted Operating Margin of 30.44% for Q2 2026, up 4.41 percentage points from 26.03% a year earlier and up 5.82 percentage points from the prior quarter.
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Analysis
Garmin (GRMN) Operating Margin (2009 - 2026) Analysis & Trends
For the trailing twelve months through Jun 27, 2026, Operating Margin at Garmin was 27.61%, up 1.59 percentage points year-over-year; for FY2025, it came in at 25.89%, up 0.58 percentage points from FY2024.
- Annual Operating Margin shows a five-year change of +0.71 percentage points (FY2020 to FY2025).
- In prior years, Garmin's Operating Margin was 25.31% in FY2024 (+4.42 pp), 20.89% in FY2023 (-0.26 pp), 21.15% in FY2022 (-3.31 pp) and 24.46% in FY2021 (-0.72 pp).
- The Q2 2026 figure stands as the highest quarterly Operating Margin in data going back to Q1 2009.
- On a year-over-year basis, Operating Margin has increased in each of the last three quarters, with an average year-over-year change of +2.67 percentage points over the last eight quarters.
- The strongest year-over-year quarter for Operating Margin in the past five years was Q3 2024, with a gain of 6.42 percentage points; the weakest was Q3 2021, with a drop of 4.87 percentage points.
- According to Business Quant data, Operating Margin for the three prior quarters was 24.62% (Q1 2026), 28.90% (Q4 2025) and 25.79% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Apple | 5,040.97 Bn | 4,788.46 Bn | 54.77 Bn | 32.62% |
| 2 | Cisco Systems | 424.45 Bn | 360.38 Bn | 11.06 Bn | 24.72% |
| 3 | Dell Technologies | 313.76 Bn | 269.51 Bn | 9.83 Bn | 11.46% |
| 4 | Arista Networks | 232.68 Bn | 186.14 Bn | 1.91 Bn | 45.39% |
| 5 | Sandisk | 202.67 Bn | 191.19 Bn | 7.58 Bn | 78.49% |
| 6 | Seagate Technology Holdings | 152.82 Bn | 147.82 Bn | 1.90 Bn | 42.96% |
| 7 | Sony | 149.85 Bn | 87.11 Bn | 6.53 Bn | 16.79% |
| 8 | Western Digital | 130.59 Bn | 118.72 Bn | 2.03 Bn | 41.71% |
| 9 | Hewlett Packard Enterprise | 77.78 Bn | 55.65 Bn | 4.93 Bn | 11.41% |
| 10 | Garmin | 56.29 Bn | 45.64 Bn | 1.26 Bn | 30.44% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 27, 2026 | 30.44% |
| Mar 28, 2026 | 24.62% |
| Dec 27, 2025 | 28.90% |
| Sep 27, 2025 | 25.79% |
| Jun 28, 2025 | 26.03% |
| Mar 29, 2025 | 21.68% |
| Dec 28, 2024 | 28.32% |
| Sep 28, 2024 | 27.58% |
| Jun 29, 2024 | 22.70% |
| Mar 30, 2024 | 21.60% |
| Dec 30, 2023 | 22.96% |
| Sep 30, 2023 | 21.16% |
| Jul 1, 2023 | 21.53% |
| Apr 1, 2023 | 17.17% |
| Dec 31, 2022 | 20.45% |
| Sep 24, 2022 | 20.99% |
| Jun 25, 2022 | 23.59% |
| Mar 26, 2022 | 19.49% |
| Dec 25, 2021 | 22.64% |
| Sep 25, 2021 | 23.71% |
API Access
Garmin Operating 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=operating-margin&ticker=GRMN&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-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=operating-margin&ticker=GRMN&period=max&api_key=YOUR_API_KEY");
const data = await res.json();