• Garmin average operating margin for 2023 was 20.43%, a 8.06% increase from 2022.
• Garmin average operating margin for 2022 was 22.22%, a 13.54% decline from 2021.
• Garmin average operating margin for 2021 was 25.7%, a 4.09% decline from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.