Garmin (GRMN) Operating Margin (2009 - 2026)
Garmin (GRMN) posted Operating Margin of 30.80% for Q3 2026, up 5.00 percentage points from 25.79% a year earlier and up 0.36 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 Sep 26, 2026, Operating Margin at Garmin was 28.82%, up 3.21 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 Q3 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 four quarters, with an average year-over-year change of +2.49 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 Q4 2021, with a drop of 4.83 percentage points.
- According to Business Quant data, Operating Margin for the three prior quarters was 30.44% (Q2 2026), 24.62% (Q1 2026) and 28.90% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Apple | 5,090.84 Bn | 4,836.31 Bn | 54.82 Bn | 31.13% |
| 2 | Cisco Systems | 390.99 Bn | 326.92 Bn | 11.06 Bn | 24.72% |
| 3 | Arista Networks | 240.45 Bn | 189.65 Bn | 2.33 Bn | 44.90% |
| 4 | Dell Technologies | 219.04 Bn | 174.80 Bn | 9.83 Bn | 11.46% |
| 5 | Sony | 158.27 Bn | 38.21 Bn | - | - |
| 6 | Sandisk | 129.40 Bn | 114.23 Bn | 9.38 Bn | 79.59% |
| 7 | Seagate Technology Holdings | 114.31 Bn | 109.16 Bn | 2.43 Bn | 48.76% |
| 8 | Western Digital | 105.81 Bn | 95.63 Bn | 2.53 Bn | 46.70% |
| 9 | Hewlett Packard Enterprise | 63.81 Bn | 41.69 Bn | 4.93 Bn | 11.41% |
| 10 | Garmin | 55.33 Bn | 44.88 Bn | 1.26 Bn | 30.80% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 26, 2026 | 30.80% |
| 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% |
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();