• Garmin average gross margin for 2023 was 57.5%, a 0.23% increase from 2022.
• Garmin average gross margin for 2022 was 57.37%, a 2.61% increase from 2021.
• Garmin average gross margin for 2021 was 58.91%, a 0.62% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.