TTM
26.5%
YoY change
+0.58pp
Trough year (2015)
19.5%
Peak year (2003)
39.6%
Latest annual
25.9%
Operating Margin history chart for Garmin (GRMN) from 1999 to 2025
Latest: 25.9%
Operating Margin change chart for Garmin (GRMN) from 1999 to 2025
Latest: +0.58pp
Operating Margin history table for Garmin (GRMN) from 1999 to 2025
| 2025 | 25.9% | +0.58pp | ||
| 2024 | 25.3% | +4.42pp | ||
| 2023 | 20.9% | -0.26pp | ||
| 2022 | 21.1% | -3.31pp | ||
| 2021 | 24.5% | -0.72pp | ||
| 2020 | 25.2% | +0.02pp | ||
| 2019 | 25.2% | +1.91pp | ||
| 2018 | 23.3% | +1.58pp | ||
| 2017 | 21.7% | +1.00pp | ||
| 2016 | 20.7% | +1.18pp | ||
| 2015 | 19.5% | -4.57pp | ||
| 2014 | 24.1% | +2.25pp | ||
| 2013 | 21.8% | -0.44pp | ||
| 2012 | 22.2% | +2.17pp | ||
| 2011 | 20.1% | -3.59pp | ||
| 2010 | 23.7% | -3.01pp | ||
| 2009 | 26.7% | +2.01pp | ||
| 2008 | 24.7% | -3.86pp | ||
| 2007 | 28.5% | -2.73pp | ||
| 2006 | 31.3% | -1.64pp | ||
| 2005 | 32.9% | -2.59pp | ||
| 2004 | 35.5% | -4.12pp | ||
| 2003 | 39.6% | +1.47pp | ||
| 2002 | 38.1% | +2.58pp | ||
| 2001 | 35.6% | -1.83pp | ||
| 2000 | 37.4% | +1.91pp | ||
| 1999 | 35.5% | — |
- 202525.9%+0.58pp
- 202425.3%+4.42pp
- 202320.9%-0.26pp
- 202221.1%-3.31pp
- 202124.5%-0.72pp
- 202025.2%+0.02pp
- 201925.2%+1.91pp
- 201823.3%+1.58pp
- 201721.7%+1.00pp
- 201620.7%+1.18pp
- 201519.5%-4.57pp
- 201424.1%+2.25pp
- 201321.8%-0.44pp
- 201222.2%+2.17pp
- 201120.1%-3.59pp
- 201023.7%-3.01pp
- 200926.7%+2.01pp
- 200824.7%-3.86pp
- 200728.5%-2.73pp
- 200631.3%-1.64pp
- 200532.9%-2.59pp
- 200435.5%-4.12pp
- 200339.6%+1.47pp
- 200238.1%+2.58pp
- 200135.6%-1.83pp
- 200037.4%+1.91pp
- 199935.5%—
Operating Margin values are taken from Garmin's reported income statements (interim 6-K and annual 20-F filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.
About Operating Margin at Garmin (GRMN)
According to Garmin's latest reported financial statements, the company's latest reported operating margin is 26.5%. Operating margin is operating income divided by revenue — the share of each sales dollar left after cost of goods sold and operating expenses (SG&A, R&D), but before interest and taxes. It isolates how profitable the core business is before financing and tax decisions, so it is comparable across companies with different capital structures.
Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .
As of the 2025 fiscal year, Garmin (GRMN) reported operating margin of 25.89% – expanded 0.6 percentage points year-over-year.
39.62% stands as the all-time-high annual operating margin, posted in 2003, against a low of 19.49% during 2015.
Garmin Operating Margin by Year
Garmin Operating Margin 2025: 25.9%
In 2025, Garmin reported operating margin of 25.89%, expanded 0.6 percentage points from 2024.
Garmin Operating Margin 2024: 25.3%
Garmin operating margin in 2024 was 25.31%, expanded 4.4 percentage points from 2023.
Garmin Operating Margin 2023: 20.9%
2023's operating margin for Garmin came in at 20.89%, contracted 0.3 percentage points from 2022.
Garmin Operating Margin 2022: 21.1%
Garmin posted operating margin of 21.15% in 2022, contracted 3.3 percentage points from 2021.
Garmin Operating Margin 2021: 24.5%
Garmin operating margin in 2021 was 24.46%.
See more financial history for Garmin (GRMN).
Sector peers by Operating Margin
Technology peers of Garmin (GRMN), ranked by their latest operating margin
| 64.0% | |
| 53.2% | |
| 48.5% | |
| 46.8% | |
| 43.7% | |
| 34.8% | |
| 32.6% | |
| 11.7% |
- 64.0%
- 53.2%
- 46.8%
- 43.7%
- 34.8%
- 32.6%
- 11.7%
Frequently asked questions
Garmin (GRMN) Key Financials
Charts, filings, and peer comparison for every metric
Explore more
Deep-dives across the income statement, cash flow, capital return, and valuation