Brunswick Corporation reports strong Q4 and full-year 2025 results

Brunswick Corporation has reported full-year and fourth-quarter results for 2025. The company recorded full-year net sales of $5.36bn, up 2.4 per cent from the prior year.

For the fourth quarter of 2025, consolidated net sales were $1.33bn, up 15.5 per cent year on year. Adjusted operating earnings for the quarter increased to $66.6m, with an adjusted operating margin of 5 per cent.

Full-year GAAP operating earnings were a loss of $40.7m. On an as-adjusted basis, operating earnings were $371.1m, with an adjusted operating margin of 6.9 per cent. Free cash flow for the year totalled $442m.

“We finished 2025 ahead of recent expectations, with each business reporting sales and earnings growth in the quarter, leading to full-year net sales growth for the first time in three years and significantly higher free cash flow generation, all supported by a strengthening boat market in the second half of the year,” says David Foulkes, Brunswick chair and chief executive.

Brunswick reported that US boat market unit retail sales declined by approximately 9 per cent in 2025, while the company’s global retail unit sales decreased by around 5 per cent. Dealer inventory levels were described as remaining healthy. The company stated that retail demand stabilised during the second half of the year following tariff-related uncertainty earlier in 2025.

The propulsion segment recorded higher revenue and earnings in the fourth quarter compared with the prior year. Growth was reported across outboard, sterndrive and controls, rigging and propellers. Mercury maintained its position as the outboard market share leader in the US, Canada and Europe. During the 2026 Consumer Electronics Show in January, Mercury presented its ‘808’ outboard engine concept.

The engine parts and accessories segment reported higher fourth-quarter sales and earnings compared with the previous year. Brunswick stated that its US marine distribution business increased market share by 210 basis points during 2025.

Navico Group recorded higher revenue and operating margin in the fourth quarter, reflecting product portfolio changes and cost management actions, including the Simrad AutoCaptain autonomous boating system, which was introduced during the year.

The boat segment recorded an increase in fourth-quarter sales and margins compared with the prior year. Discounting levels in 2025 were reported to be approximately 100 basis points lower than in 2024. Freedom Boat Club had expanded to 442 locations globally by year’s end, with member trips exceeding 640,000 during the year – a record.

“As we enter 2026, Brunswick is extremely well positioned to benefit from the building market tailwinds that were evident in the retail market stabilisation experienced in the second half of 2025,” says Foulkes.

For 2026, Brunswick has provided guidance assuming a flat to slightly higher retail industry environment. The company expects net sales of between $5.6bn and $5.8bn and adjusted diluted earnings per share in the range of $3.80 to $4.40. Adjusted operating margin is forecast at between 7.5 and 8 per cent, with free cash flow expected to exceed $350m.