Use the arrow to begin
Swipe left to begin
2015 was a challenging year for most global companies, and Garmin was no exception. The strong U.S. dollar reduced the U.S. dollar value of the revenue we generate outside the United States. Geopolitical conflicts negatively impacted demand for our products in key markets such as Russia and Eastern Europe. Lower oil prices—something we love as consumers—had a negative impact on our sales to oil-producing markets. Stock market volatility dampened enthusiasm in segments that are linked to asset appreciation. Finally, competition intensified across many of our business segments, which led to significant changes in the market. With all of the challenges we faced, one could wonder if there was any good news to celebrate. The answer is YES, and plenty of it:
Looking forward to 2016, we understand that we cannot control the macro environment in which we operate. Instead, we choose to focus on our mission, which is creating superior products that play an essential role in our customers’ lives. We have a strong lineup of products across all of our business segments, which enable our customers to pursue the active lifestyles that they love. Our aviation, fitness, marine and outdoor segments are once again forecasted to deliver strong growth, while our auto segment remains a healthy source of profits.
I want to thank our shareholders for your interest in Garmin. We look forward to 2016 and the many exciting opportunities it presents.
President and CEO
At Garmin, our mission is to create superior products for aviation, fitness, outdoor, marine and auto that are an essential part of our customers’ lives. To stay true to our vision—to be the global leader in every market we serve, with products sought after for their compelling design, superior quality and best value—we focus on innovation and diversification, while never losing sight of the benefits our products bring to our customers.
It’s not about the things we make. It’s about the things we make possible.
Number of units shipped in 2015
Dollars spent on research and development (R&D) in 2015
Number of R&D facilities around the globe
Number of new products we released in 2015.
In 2015, our avionics segment did it all—general and business aviation, helicopters and experimental aircraft. We continued relationships with aftermarket, airline and military channels and worked hard to capitalize on the Federal Aviation Administration's (FAA) NextGen transformation of the National Airspace System (NAS) and other regulatory mandates around the world. We reduced complexity, enhanced efficiency, underscored safety, shortened learning curves and vastly simplified cockpit management in all phases of flight. In short, Garmin aviation innovation is modernizing the way we fly.
The number of consecutive years our avionics product support has earned the top spot in Aviation International News and Professional Pilot's annual avionics product support surveys.
The maximum altitude from which the U.S Air Force fleet of RQ-4 Global Hawk aircraft will be operating with the Garmin Doppler-enabled GSX™ 70 weather radar to provide real-time weather information to improve mission effectiveness.
Embraer Supplier of the Year Awards for support of the G1000® Prodigy and G3000® Prodigy Touch integrated flight decks in two categories: Material Support to Operations and Electro – Electrical Systems.
Our fitnesss device users are serious about their data. And so are we. We build innovative next-generation wrist-worn and mounted devices for running, multisport activity and cycling at all levels, and our wearable activity trackers motivate and help our customers achieve their fitness goals. Made to work with Garmin Connect™ and Garmin Connect™ Mobile, Garmin fitness devices encourage our customers to analyze, share and inspire, even while on the go. No, strike that. Especially while on the go.
New Garmin Connect™ accounts
Heart rate monitoring by wearables with new Elevate™ wrist-based heart rate technology
On the trail or off, our specialized wrist-worn and handheld products let our customers go—and come back—with confidence. And now, their adventures are even more stylish. We've combined our leading technology, ruggedness, reliability and intuitive operation with premium watch design and materials.
Built-in memory in the epix™, the first-of-its-kind, high-resolution, color and touchscreen GPS/GLONASS mapping watch
Minimum number of activities supported by the fēnix® 3
Bold styles in the fēnix® 3 Sapphire collection
The smallest of our Delta® mini GPS tracking collars
Our marine products—OEM, aftermarket, portable and wearable devices—feature advanced technology that integrates performance, quality, value and ease of use so our mariners can embark on every voyage with confidence. From streamlined, highly effective fishfinders to an entire plug-and-play marine network with sonar, radar and XM weather, we can outfit any almost any type of rig. And in 2015, we did.
Update rate in frames per second of our revolutionary Panoptix™ LiveVü sonar, which shows the fish action under the water in real time, even when the boat is stationary.
We released the GPS 73 handheld with Garmin SailAssist™, the built-in countdown timer that calculates the perfect start to your race.
Number of times per second the sonar signals oscillate and travel through water at around 1,500 meters per second with our revolutionary Panoptix™ sonar.
Awards from the National Marine Electronics Association (NMEA), including Manufacturer of the Year
In 2015, we held our position as the world leader in GPS navigation by designing and delivering driving solutions for a wide range of customers. As always, our products feature valuable tools, including situational awareness of traffic, exits, lane-departures, spoken directions, school zones and backup cameras, which deliver a more confident driving experience for our customers. But this was the year we really diversified into cameras and sensors, expanded our specialized product lines in motorcycle, trucking and RV markets and strengthened our OEM partnerships.
Time covered by a strategic relationship with Honda Motor Co. that brings our award-winning navigation into multiple Honda infotainment systems.
Garmin babyCam™, the first in-vehicle video monitor that functions wirelessly with a compatible Garmin GPS navigator
The Garmin in-house ad agency creates original and sometimes disruptive ideas that emotionally connect our innovative products with our customers’ needs. We position these ideas almost anywhere and everywhere—print, television, in stores, online and out of home such as subway stations, airport terminals and highway billboards.
Beat Yesterday™ was launched across TV, print, out of home, digital and social channels. Anywhere we can reach our customers. If you fly, you’ve seen it at the airport. If you stay home, you’ve probably seen it there too. In fact, we liked the idea so much, we started using it as our own internal mantra.
Beat Yesterday is a truly global campaign. It's being used in major media outlets and in major retailers in markets around the world.
Number of views and counting
Visits to Garmin.com
Increase in followers of @Garmin on Instagram
The selected financial data below and elsewhere in this annual report should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K, a copy of which is available at Garmin.com/10k or included with the print version of this annual report.
The graph matches Garmin Ltd.'s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the NASDAQ Composite Index and NASDAQ 100 Index. The graph tracks the performance of a $100 investment* in our common stock and in each index (with the reinvestment of all dividends) from 12/31/2010 to 12/31/2015.
*$100 invested on 12/31/09 in stock or index, including reinvestment of dividends. Fiscal year ending December 31.
The stock price performance included in this graph is not necessarily indicative of future stock price performance.