A year in review

Celebrating product innovation and customer experience

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Letter from CEO

Dear Shareholder,

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:

  • Our revenue was down 2% for the year, but performed well despite the strong U.S. dollar. Unit deliveries were up 7% over 2014.
  • Our aviation, fitness, marine and outdoor segments grew 9% on a combined basis during 2015, and grew 13% on average over the past three years as a direct result of our investments in these segments.
  • We delivered highly anticipated products and technologies. Wrist-based heart rate has become the must-have feature for fitness watches and activity trackers. Fitness delivered three new product families with wrist-based heart rate in 2015 including models with our own Elevate heart rate technology. Outdoor leveraged the momentum of the wearable market with the highly successful fēnix® 3. Marine launched a significant number of game-changing products resulting in increased market share. Aviation delivered several key aircraft certifications during the year, including the new Cessna Latitude and HondaJet. Finally, our auto segment delivered strong profitability in mature market conditions allowing us to invest in new opportunities for the future. Our relationship with Honda Motor Co. expanded, resulting in Garmin navigation being available on most Honda models around the globe. In addition, our relationship with Daimler continues to expand with the introduction of the new 2017 Mercedes E-Class.
  • Our Beat Yesterday campaign was a resounding success that delivered increased interest in our products and our brand.
  • We expanded our operational footprint with a new factory in China and acquisitions that will bring new products and technologies to our portfolio.

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.

Cliff Pemble
President and CEO

Product Innovation

Product Innovation

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.

They like us. They really like us.

16.2 million

Number of units shipped in 2015

$427 million

Dollars spent on research and development (R&D) in 2015

We’re committed to making great products even greater and creating exciting new ones


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.

60,000 feet

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.

Other Notable Products

  • GDL® 84H and 88H ADS-B datalink for helicopters
  • ADS-B solutions
  • VIRB® XE aviation bundle
  • Automated Logbook
  • GRA 55 radar altimeter GI 205 display
  • GMA 350c Bluetooth® audio panel


  • HondaJet
  • Gulfstream G150 and G200
  • Learjet 60
  • European-registered helicopters


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.

That makes a total of 6 awards in Supplier of the Year categories since 2010, but who’s counting?



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

Our users were really active in 2015

2.56 trillion

Steps taken

2.5 billion
Miles cycled
836 million
Miles ran
12.3 million
Miles swam
That's 19 billion meters.



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.

8 GB

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

Running, walking, hiking, mountaineering, geocaching, swimming, climbing, cycling, skateboarding, skiing, mountain biking, snowboarding, golfing, rowing and kayaking. And that’s just off the top of our heads.

Other Notable Products


Bold styles in the fēnix® 3 Sapphire collection

We understand it's not always the size of the dog that matters.

7 ounces

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.

417 kHz

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.

4 years

Time covered by a strategic relationship with Honda Motor Co. that brings our award-winning navigation into multiple Honda infotainment systems.

Oh, baby!

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

Boom. The Beat Yesterday spot is popular on YouTube.


Visits to Garmin.com

That’s a 30.8% increase over 2014.


Increase in followers of @Garmin on Instagram

Financial Review

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.


Revenue in millions
Operating income in millions


Revenue in millions
Operating income in millions


Revenue in millions
Operating income in millions


Revenue in millions
Operating income in millions


Revenue in millions
Operating income in millions

Total Company

Revenue in millions
Operating income in millions

Revenue & Net Income

$ in millions


Diluted EPS

$ per share


R&D Expenditures

$ in millions


Book Value

$ per share


Revenue by Segment

% of Total


Operating Income by Segment

% of Total


Our Markets


Comparison of the 5-Year Cumulative Total Return

Among Garmin LTD., the Nasdaq Composite Index, and the Nasdaq 100 Index

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.

Board of Directors

Dr. Donald H. Eller 2,3
Independent Technical Expert
Joseph J. Hartnett 1,2,3
Interim President and CEO
Sparton Corp.
Dr. Min H. Kao
Executive Chairman
Garmin Ltd.
Charles W. Peffer 1,2,3
Retired Partner
Clifton A. Pemble
President and CEO
Garmin Ltd.
Thomas P. Poberenzy1,2,3
Chairman Emeritus
Experimental Aircraft Association (EAA)
1 Audit Committee
2 Nominating and Corporate Governance Committee
3 Compensation Committee

Executive Officers

Dr. Min H. Kao
Executive Chairman
Clifton A. Pemble
President and CEO
Douglas G. Boessen
CFO and Treasurer
Andrew R. Etkind
Vice President, General Counsel and Secretary
Dan J. Bartel
Vice President, Worldwide Sales
Garmin International, Inc.
Patrick G. Desbois
Vice President, Operations
Garmin International, Inc.
Philip I. Straub
Vice President and Managing Director, Aviation
Garmin International, Inc.
Sean M. Biddlecombe
Managing Director, EMEA
Garmin (Europe) Ltd.
P.C. Huang
General Manager
Garmin Corp.

Investor Relations

Security analysts, investment professionals and shareholders can find investor relations information on the company's website at www.garmin.com/10k.


Garmin Ltd.
Mühlentalstrasse 2
8200 Schaffhausen
Garmin (Europe) Ltd.
Liberty House
Hounsdown Business Park
SO40 9LR
United Kingdom
Garmin Corp.
No. 68, Zhangshu 2nd Rd.
Xizhi Dist., New Taipei City 221
Taiwan, R.O.C.

Transfer Agent

Computershare Trust Company, N.A.
250 Royal Street
Canton, MA 02021
United States

Independent Accountants

Ernst & Young LLP

Market Information

The shares of Garmin Ltd. are traded on the NASDAQ Global Select Market under the symbol GRMN. Garmin Ltd. is a component of the S&P 500 Index.
Garmin, the Garmin logo, the blue Garmin delta, fēnix, G1000, G3000, G5000, GDL, VIRB, vívosmart, Forerunner, Edge, Delta, Montana, eTrex and Rino are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the United States. Elevate, D2, Garmin Connect, Varia, epix, TT, Sport PRO, Garmin SailAssist, Panoptix, echoMAP, Garmin Quickdraw, STRIKER, Garmin babyCam, Garmin Drive, nüviCam, dēzl, dēzlCam, GSX, GRA, GMA and Beat Yesterday are trademarks of, or exclusively licensed to, Garmin Ltd. or its subsidiaries. The Bluetooth® word mark and logos are registered trademarks owned by Bluetooth SIG, Inc. and any use of such marks by Garmin is under license.