# BRUNSWICK CORP (BC)

Informational only - not investment advice.

CIK: 0000014930
SIC: 3510 Engines & Turbines
SIC breadcrumb: [Manufacturing](/division/D/) > [Industrial And Commercial Machinery And Computer Equipment](/major-group/35/) > [SIC 3510 Engines & Turbines](/industry/3510/)
Latest 10-K filed: 2026-02-13
SEC page: https://www.sec.gov/edgar/browse/?CIK=14930
Filing source: https://www.sec.gov/Archives/edgar/data/14930/000001493026000027/bcorp-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-13 · accession 0000014930-26-000027 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000014930.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 5,362,800,000 USD | 2025 | verified |
| Net income | -137,300,000 USD | 2025 | verified |
| Assets | 5,312,200,000 USD | 2025 | verified |
| Free cash flow | 396,300,000 USD | 2025 | computed |
| Net margin | -2.56% | 2025 | computed |
| Operating margin | -0.76% | 2025 | computed |
| Revenue YoY | +2.40% | 2025 | computed |
| ROE | -8.45% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | BC | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -2.6% | 7.7% | 11 | 110 |
| Operating margin | -0.8% | 13.1% | 10 | 104 |
| Revenue growth | 2.4% | 5.8% | 30 | 111 |
| FCF margin | 7.4% | 9.6% | 35 | 103 |
| ROE | -8.4% | 11.7% | 10 | 108 |
| ROA | -2.6% | 5.6% | 12 | 111 |
| Liabilities / equity | 2.27 | 1.10 | 81 | 108 |
| Current ratio | 1.44 | 2.02 | 32 | 110 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 35 Industrial And Commercial Machinery And Computer Equipment, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 5362800000 | USD | 2025 | 2026-02-13 |
| Net income | -137300000 | USD | 2025 | 2026-02-13 |
| Assets | 5312200000 | USD | 2025 | 2026-02-13 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-13. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000014930.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 4,488,500,000 | 3,802,200,000 | 4,120,900,000 | 4,108,400,000 | 4,347,500,000 | 5,846,200,000 | 6,812,200,000 | 6,401,400,000 | 5,237,100,000 | 5,362,800,000 |
| Net income | 276,000,000 | 146,400,000 | 265,300,000 | -131,000,000 | 372,700,000 | 593,300,000 | 677,000,000 | 420,400,000 | 130,100,000 | -137,300,000 |
| Operating income | 479,500,000 | 330,300,000 | 355,500,000 | 471,000,000 | 539,300,000 | 812,900,000 | 947,800,000 | 734,900,000 | 311,600,000 | -40,700,000 |
| Diluted EPS | 3.00 | 1.62 | 3.01 | -1.53 | 4.68 | 7.57 | 9.00 | 5.96 | 1.93 | -2.08 |
| Operating cash flow | 435,300,000 | 400,300,000 | 337,000,000 | 434,200,000 | 798,300,000 | 574,000,000 | 586,100,000 | 733,600,000 | 431,400,000 | 562,100,000 |
| Capital expenditures | 193,900,000 | 178,000,000 | 180,200,000 | 232,600,000 | 182,400,000 | 267,100,000 | 388,300,000 | 289,300,000 | 167,400,000 | 165,800,000 |
| Dividends paid | 55,400,000 | 60,600,000 | 67,800,000 | 73,400,000 | 78,300,000 | 98,900,000 | 108,600,000 | 112,000,000 | 112,300,000 | 112,600,000 |
| Share buybacks | 120,300,000 | 130,000,000 | 75,000,000 | 400,000,000 | 118,300,000 | 120,100,000 | 450,000,000 | 275,000,000 | 200,000,000 | 80,000,000 |
| Assets | 3,284,700,000 | 3,358,200,000 | 4,291,500,000 | 3,564,400,000 | 3,770,600,000 | 5,425,000,000 | 6,321,300,000 | 6,230,500,000 | 5,677,700,000 | 5,312,200,000 |
| Stockholders' equity | 1,440,100,000 | 1,482,900,000 | 1,582,600,000 | 1,300,900,000 | 1,510,000,000 | 1,914,200,000 | 2,042,300,000 | 2,087,400,000 | 1,892,300,000 | 1,625,600,000 |
| Cash and cash equivalents | 422,400,000 | 448,800,000 | 294,400,000 | 320,300,000 | 519,600,000 | 354,500,000 | 595,600,000 | 467,800,000 | 269,000,000 | 256,800,000 |
| Free cash flow | 241,400,000 | 222,300,000 | 156,800,000 | 201,600,000 | 615,900,000 | 306,900,000 | 197,800,000 | 444,300,000 | 264,000,000 | 396,300,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 6.15% | 3.85% | 6.44% | -3.19% | 8.57% | 10.15% | 9.94% | 6.57% | 2.48% | -2.56% |
| Operating margin | 10.68% | 8.69% | 8.63% | 11.46% | 12.40% | 13.90% | 13.91% | 11.48% | 5.95% | -0.76% |
| Return on equity | 19.17% | 9.87% | 16.76% | -10.07% | 24.68% | 30.99% | 33.15% | 20.14% | 6.88% | -8.45% |
| Return on assets | 8.40% | 4.36% | 6.18% | -3.68% | 9.88% | 10.94% | 10.71% | 6.75% | 2.29% | -2.58% |
| Liabilities / equity | 1.28 | 1.26 | 1.71 | 1.74 | 1.50 | 1.83 | 2.10 | 1.98 | 2.00 | 2.27 |
| Current ratio | 1.75 | 1.78 | 1.50 | 1.62 | 1.55 | 1.47 | 1.81 | 1.43 | 1.65 | 1.44 |

## As-reported value updates

8 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/BC/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000014930.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-10-01 |  |  | 2.20 | reported discrete quarter |
| 2023-Q1 | 2023-04-01 |  |  | 1.56 | reported discrete quarter |
| 2023-Q2 | 2023-07-01 |  |  | 1.90 | reported discrete quarter |
| 2023-Q3 | 2023-07-01 |  | 134,700,000 |  | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 1,593,600,000 |  | 1.61 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 1,361,900,000 | 60,900,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-30 | 1,365,000,000 | 68,000,000 | 0.99 | reported discrete quarter |
| 2024-Q2 | 2024-03-30 |  | 68,000,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-06-29 | 1,443,900,000 |  | 1.48 | reported discrete quarter |
| 2024-Q3 | 2024-06-29 |  | 100,000,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-09-28 | 1,273,300,000 |  | 0.67 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 1,154,900,000 | -82,500,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-29 | 1,221,800,000 | 20,200,000 | 0.30 | reported discrete quarter |
| 2025-Q2 | 2025-03-29 |  | 20,200,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-06-28 | 1,447,000,000 |  | 0.89 | reported discrete quarter |
| 2025-Q3 | 2025-06-28 |  | 59,300,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-09-27 | 1,360,200,000 |  | -3.59 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 1,333,800,000 | 18,700,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-04-04 | 1,378,100,000 | 21,000,000 | 0.32 | reported discrete quarter |
| 2026-Q2 | 2026-04-04 |  | 21,000,000 |  | reported discrete quarter |
| 2026-Q2 | 2026-07-04 | 1,557,800,000 |  | 1.68 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from BC's latest 10-K: [/company/BC/business/](/company/BC/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from BC's latest 10-K: [/company/BC/risk-factors/](/company/BC/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/14930/000001493026000110/bcorp-20260704.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-05
Report date: 2026-07-04

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Certain statements in Management's Discussion and Analysis of Financial Condition and Results of Operations of Brunswick Corporation (the Company, we, us, our) are forward-looking statements. Forward-looking statements are based on current expectations, estimates, and projections about our business and by their nature address matters that are, to different degrees, uncertain. Actual results may differ materially from expectations and projections as of the date of this filing due to various risks and uncertainties. For additional information regarding forward-looking statements, refer to Forward-Looking Statements below.

Certain statements in Management's Discussion and Analysis are based on non-GAAP financial measures. GAAP refers to generally accepted accounting principles in the United States. A "non-GAAP financial measure" is a numerical measure of a registrant’s historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the consolidated statements of operations, balance sheets or statements of cash flows of the issuer; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. For example, the discussion of our cash flows includes an analysis of free cash flows and total liquidity; the discussion of our net sales includes net sales on a constant currency basis; and the discussion of our earnings includes a presentation of operating earnings and operating margin excluding restructuring, exit and impairment charges, purchase accounting amortization, acquisition, integration, and IT related costs, Supplier bankruptcy expenses and other applicable charges, and of diluted earnings per common share, As Adjusted. Supplier bankruptcy expenses include additional expenses incurred, in excess of normal inventory costs, to purchase inventory from a key supplier that filed for bankruptcy. Non-GAAP financial measures do not include operating and statistical measures.

We include non-GAAP financial measures in Management's Discussion and Analysis as management believes these measures and the information they provide are useful to investors because they permit investors to view our performance using the same tools that management uses to evaluate our ongoing business performance. In order to better align our reported results with the internal metrics management uses to evaluate business performance as well as to provide better comparisons to prior periods and peer data, non-GAAP measures exclude the impact of purchase accounting amortization related to acquisitions, among other adjustments.

We do not provide forward-looking guidance for certain financial measures on a GAAP basis because we are unable to predict certain items contained in the GAAP measures without unreasonable efforts. These items may include restructuring, exit and impairment costs, special tax items, acquisition-related costs, and certain other unusual adjustments.

Known Trends or Uncertainties

We continue to monitor macroeconomic trends and uncertainties such as recently implemented tariffs along with the potential for new or modified tariffs, and related impacts to consumers, any or all of which could have a material impact on our business, financial condition and results of operations.

On February 20, 2026, the U.S. Supreme Court ruled that tariffs imposed under the International Emergency Economic Powers Act ("IEEPA") were not authorized by the statute. The Company was previously subject to such tariffs under IEEPA. During the three months ended July 4, 2026, the Company submitted claims within the Consolidated Administration and Processing of Entries ("CAPE") system for processing tariff refunds and were subsequently accepted during the quarter totaling $34.3 million. These accepted claims for the recovery of IEEPA tariffs were deemed probable under the loss recovery model as of July 4, 2026. The Company recognized a reduction in Cost of sales of $30.4 million within the Condensed Consolidated Statements of Comprehensive Income. Additionally, $3.9 million of that tariff receivable is a reduction to inventory for certain tariff costs that were still capitalized within inventory. As of July 4, 2026, the total $30.9 million outstanding IEEPA tariff receivables are reflected within Prepaid expenses and other on the Condensed Consolidated Balance Sheets. Although the Company has assessed the recovery of these previously paid IEEPA tariffs is probable based on currently available information, the timing of cash receipts remains dependent upon the processing of refund claims by the CBP and U.S. Department of Treasury.

During the quarter ended July 4, 2026, the Company did not recognize a tariff refund receivable for those claims that were not accepted within the CAPE system or not yet submitted. In total, the Company expects to receive $60 million - $70 million of total IEEPA tariff refunds.

22

Table of Contents

Overview

Net sales increased 7.7% during the second quarter of 2026 compared with the second quarter of 2025. Sales growth reflected steady OEM orders, continued strong P&A and aftermarket performance driven by healthy boating participation, pricing taken in previous periods, and improved mix. Adjusted operating earnings and margins increased as the benefits of the higher sales, favorable mix, and strong operating execution, in addition to IEEPA refunds, more than offset inflationary pressures, increased variable compensation, incremental tariffs, and accelerated product development investment. The Propulsion segment delivered sales growth resulting primarily from healthy OEM orders, steady market share, and pricing actions taken in recent quarters. Strong boater participation and continued distribution gains drove higher sales and margin for Engine P&A segment. Navico Group segment reported sales growth over the prior year quarter as growth across all business lines was supported by improving OEM demand, steady aftermarket performance, and improved operational efficiency. Finally, Boat segment grew both sales and margin, benefiting from increased focus on premium and core brands, pricing actions, operational efficiencies, and continued growth in Freedom Boat Club. Freedom Boat Club increased trips and improved same store sales. Our international net sales increased 11 percent on a GAAP basis and increased 7 percent on a constant currency basis in the second quarter.

Operating earnings in the second quarter of 2026 were $129.4 million and $150.1 million on a GAAP and As Adjusted basis, respectively. This compares to operating earnings during the second quarter of 2025 of $103.3 million and $126.0 million on a GAAP and As Adjusted basis, respectively. Adjusted operating earnings increased due to increased sales, favorable mix, pricing, improved absorption, disciplined cost management and IEEPA refunds more than offsetting the impact of incremental tariffs implemented after the first quarter of 2025, variable compensation, and accelerated product development investment.

Operating earnings in the first half of 2026 were $179.7 million and $232.7 million on a GAAP and As Adjusted basis, respectively. This compares to operating earnings during the first half of 2025 of $159.6 million and $198.1 million on a GAAP and As Adjusted basis, respectively. Operating earnings were up versus the first half of 2025 due to increased sales and the same factors described above.

Matters Affecting Comparability

Changes in Foreign Currency Rates. Percentage changes in net sales expressed in constant currency reflect the impact that changes in currency exchange rates had on comparisons of net sales. To determine this information, net sales transacted in currencies other than the U.S. dollar have been translated to U.S. dollars using the average exchange rates that were in effect during the comparative period. The percentage change in net sales expressed on a constant currency basis better reflects the changes in the underlying business trends, excluding the impact of translation arising from foreign currency exchange rate fluctuations. Approximately 25 percent of our annual net sales are transacted in a currency other than the U.S. dollar. Our most material exposures include sales in Euros, Canadian dollars, Australian dollars, and Brazilian real.

The table below summarizes the impact of changes in currency exchange rates on our net sales:

[[GREPCENT_TABLE]]
[["","Three Months Ended","","Six Months Ended"],["","Net Sales","","2026 vs. 2025","","Net Sales","","2026 vs. 2025"],["(in millions)","July 4, 2026","","June 28, 2025","","GAAP","","Currency Impact","","","July 4, 2026","","June 28, 2025","","GAAP","","Currency Impact"],["Propulsion","$","644.0","","","$","598.2","","","7.7","%","","1.8","%","","","$","1,215.3","","","$","1,085.2","","","12.0","%","","2.6","%"],["Engine P&A","367.9","","","337.8","","","8.9","%","","0.9","%","","","657.7","","","593.1","","","10.9","%","","1.7","%"],["Navico Group","215.8","","","202.3","","","6.7","%","","1.4","%","","","439.3","","","410.5","","","7.0","%","","2.7","%"],["Boat","424.4","","","405.6","","","4.6","%","","0.3","%","","","819.1","","","777.7","","","5.3","%","","0.7","%"],["Segment Eliminations","(94.3)","","","(96.9)","","","2.7","%","","0.2","%","","","(195.5)","","","(197.7)","","","1.1","%","","0.5","%"],["Total","$","1,557.8","","","$","1,447.0","","","7.7","%","","1.3","%","","","$","2,935.9","","","$","2,668.8","","","10.0","%","","2.0","%"]]
[[/GREPCENT_TABLE]]

23

Table of Contents

Results of Operations

Consolidated

The following table sets forth certain amounts, ratios, and relationships calculated from the Condensed Consolidated Statements of Comprehensive Income for the three and six months ended:

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/14930/000001493026000027/bcorp-20251231.htm
Complete FY 2025 MD&A: /company/BC/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-02-13
Report date: 2025-12-31

Item 7.  Management's Discussion and Analysis of Financial Condition and Results of Operations

Certain statements in Management’s Discussion and Analysis of Financial Condition and Results of Operations of Brunswick Corporation (the Company, we, us, our) are forward-looking statements. Forward-looking statements are based on current expectations, estimates, and projections about our business and by their nature address matters that are, to different degrees, uncertain. Actual results may differ materially from expectations and projections as of the date of this filing due to various risks and uncertainties. For additional information regarding forward-looking statements, refer to Forward-Looking Statements above.

Certain statements in Management's Discussion and Analysis are based on non-GAAP financial measures. GAAP refers to generally accepted accounting principles in the United States. A "non-GAAP financial measure" is a numerical measure of a registrant’s historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the consolidated statements of operations, balance sheets or statements of cash flows of the issuer; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. For example, the discussion of our cash flows includes an analysis of free cash flows and total liquidity; the discussion of our net sales includes net sales on a constant currency basis; the discussion of our net sales includes net sales excluding acquisitions; and the discussion of our earnings includes a presentation of operating earnings and operating margin excluding restructuring, exit and impairment charges, purchase accounting amortization, acquisition, integration, and IT related costs, IT security incident costs and other applicable charges and of diluted earnings per common share, as adjusted. Non-GAAP financial measures do not include operating and statistical measures.

We include non-GAAP financial measures in Management's Discussion and Analysis as management believes these measures and the information they provide are useful to investors because they permit investors to view our performance using the same tools that management uses to evaluate our ongoing business performance. In order to better align our reported results with the internal metrics management uses to evaluate business performance as well as to provide better comparisons to prior periods and peer data, non-GAAP measures exclude the impact of purchase accounting amortization related to acquisitions, among other adjustments.

We do not provide forward-looking guidance for certain financial measures on a GAAP basis because we are unable to predict certain items contained in the GAAP measures without unreasonable effort. These items may include restructuring, exit and impairment costs, special tax items, acquisition-related costs, and certain other unusual adjustments.

For a discussion of Brunswick's consolidated results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023, refer to Part II, Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our 2024 Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 14, 2025.

29

Table of Contents

IT Security Incident

In June 2023, the Company experienced an IT security incident that impacted some of its systems and global facilities. Please refer to Note 1 – Significant Accounting Policies in the Notes to the Consolidated Financial Statements for further details.

Acquisitions

On September 12, 2024, we acquired additional Freedom Boat Club franchise operations and territories in Southeast Florida for net cash consideration of $31.3 million. Refer to Note 4 – Acquisitions in the Notes to the Consolidated Financial Statements for further information.

Matters Affecting Comparability

Changes in Foreign Currency Rates. Percentage changes in net sales expressed in constant currency reflect the impact that changes in currency exchange rates had on comparisons of net sales. To determine this information, net sales transacted in currencies other than the U.S. dollar have been translated to U.S. dollars using the average exchange rates that were in effect during the comparative period. The percentage change in net sales expressed on a constant currency basis better reflects the changes in the underlying business trends, excluding the impact of translation arising from foreign currency exchange rate fluctuations. Approximately 26 percent of our annual net sales are transacted in a currency other than the U.S. dollar. Our most material exposures include sales in Euros, Canadian dollars, Australian dollars and Brazilian real.

The table below summarizes the impact of changes in currency exchange rates and also the impact of acquisitions on our net sales:

[[GREPCENT_TABLE]]
[["","Net Sales","","2025 vs. 2024"],["(in millions)","2025","","2024","","","","GAAP","","Currency Impact","","","","Acquisition Impact"],["Propulsion","$","2,177.2","","","$","2,074.2","","","","","5.0%","","0.3%","","","","\u2014%"],["Engine P&A","1,217.5","","","1,160.8","","","","","4.9%","","0.1%","","","","\u2014%"],["Navico Group","800.4","","","800.2","","","","","\u2014%","","0.9%","","","","\u2014%"],["Boat","1,525.2","","","1,553.5","","","","","(1.8)%","","0.2%","","","","0.5%"],["Segment Eliminations","(357.5)","","","(351.6)","","","","","(1.7)%","","\u2014%","","","","\u2014%"],["Total","$","5,362.8","","","$","5,237.1","","","","","2.4%","","0.3%","","","","0.2%"]]
[[/GREPCENT_TABLE]]

30

Table of Contents

Results of Operations

Consolidated

The following table sets forth certain amounts, ratios and relationships calculated from the Consolidated Statements of Operations for 2025 and 2024:

[[GREPCENT_TABLE]]
[["","","","","","2025 vs. 2024"],["(in millions, except per share data)","2025","","2024","","","","$","","%"],["Net sales","$","5,362.8","","$","5,237.1","","","","$","125.7","","2.4%"],["Cost of sales","4,030.6","","3,886.3","","","","144.3","","3.7%"],["Gross margin (A)","1,332.2","","1,350.8","","","","(18.6)","","(1.4)%"],["Selling, general and administrative expense","851.1","","747.9","","","","103.2","","13.8%"],["Research and development expense","168.7","","169.6","","","","(0.9)","","(0.5)%"],["Restructuring, exit and impairment charges","353.1","","121.7","","","","231.4","","NM"],["Operating (loss) earnings","(40.7)","","311.6","","","","(352.3)","","NM"],["Equity earnings","7.0","","8.6","","","","(1.6)","","(18.6)%"],["Other (expense) income, net","(1.6)","","9.0","","","","(10.6)","","NM"],["(Loss) earnings before interest and income taxes","(35.3)","","329.2","","","","(364.5)","","NM"],["Interest expense","(111.7)","","(126.6)","","","","14.9","","11.8%"],["Interest income","7.2","","13.4","","","","(6.2)","","(46.3)%"],["Gain (loss) on early extinguishment of debt","4.1","","(12.7)","","","","16.8","","NM"],["(Loss) earnings before income taxes","(135.7)","","203.3","","","","(339.0)","","NM"],["Income tax provision","0.2","","54.0","","","","(53.8)","","(99.6)%"],["Net (loss) earnings from continuing operations","(135.9)","","149.3","","","","(285.2)","","NM"],["Net (loss) from discontinued operations, net of tax","(1.4)","","","(19.2)","","","","","17.8","","(92.7)%"],["Net (loss) earnings","(137.3)","","","130.1","","","","","(267.4)","","NM"],["Diluted (loss) earnings per common share from continuing operations","$","(2.06)","","$","2.21","","","","$","(4.27)","","NM"],["Expressed as a percentage of Net sales:"],["Gross margin (A)","24.8","%","","25.8","%","","","","","","(100) bps"],["Selling, general and administrative expense","15.9","%","","14.3","%","","","","","","160 bps"],["Research and development expense","3.1","%","","3.2","%","","","","","","(10) bps"],["Restructuring, exit and impairment charges","6.6","%","","2.3","%","","","","","","430 bps"],["Operating margin","(0.8)","%","","5.9","%","","","","","","(670) bps"]]
[[/GREPCENT_TABLE]]

NM = not meaningful

bps = basis points

(A)Gross margin is defined as Net sales less Cost of sales as presented in the Consolidated Statements of Operations.

31

Table of Contents

The following is a reconciliation of our non-GAAP measures, adjusted operating earnings and adjusted diluted earnings per common share from continuing operations for 2025 and 2024:

[[GREPCENT_TABLE]]
[["","Operating (loss) Earnings","","Diluted (Loss) Earnings Per Share"],["(in millions, except per share data)","2025","","2024","","","","2025","","2024"],["GAAP","$","(40.7)","","","$","311.6","","","","","$","(2.06)","","","$","2.21"],["Restructuring, exit and impairment charges","353.1","","","121.7","","","","","5.03","","","1.41"],["Purchase accounting amortization","58.6","","","58.5","","","","","0.84","","","0.68"],["Acquisition, integration, and IT related costs","0.1","","","3.6","","","","","\u2014","","","0.04"],["Special tax items (A)","\u2014","","","\u2014","","","","","(0.48)","","","0.19"],["(Gain) loss on early extinguishment of debt","\u2014","","","\u2014","","","","","(0.06)","","","0.15"],["Release of dissolved entity foreign currency translation","\u2014","","","\u2014","","","","","\u2014","","","0.01"],["Gain on sale of business","\u2014","","","\u2014","","","","","\u2014","","","(0.12)"],["As Adjusted","$","371.1","","","$","495.4","","","","","$","3.27","","","$","4.57"],["GAAP operating margin","(0.8)","%","","5.9","%"],["Adjusted operating margin","6.9","%","","9.5","%"]]
[[/GREPCENT_TABLE]]

(A) Special tax items during the year ended December 31, 2025 primarily relates to the discrete income tax benefit associated with goodwill impairment and 2024 tax return to provision adjustments. Special tax items during the year ended December 31, 2024 primarily relate to the discrete income tax expense recorded associated with an increase in the state valuation allowance and the discrete income tax benefit associated with goodwill impairment.

2025 vs. 2024

Net sales increased 2.4 percent during 2025 when compared with 2024. The components of the consolidated net sales change were as follows:

[[GREPCENT_TABLE]]
[["","Percent change in net sales compared to the prior year"],["","2025"],["Volume","(0.8)","%"],["Product Mix and Price","2.7","%"],["Acquisitions","0.3","%"],["Currency","0.2","%"],["","2.4","%"]]
[[/GREPCENT_TABLE]]

Sales in 2025 increased compared to the prior year resulting from improved second-half market conditions and resulting stronger wholesale orders together with strong P&A and after market performance that helped overcome the impacts of the challenging first-half retail environment. Refer to the Propulsion, Engine P&A, Navico Group and Boat segments for further details on the drivers of net sales changes.

Gross margin decreased 100 basis points in 2025 when compared with 2024 driven by material inflation including tariffs (250 bps), partially offset by an increase in sales (120 bps), favorable currency exchange-rate fluctuations (20 bps), and higher absorption (10 bps).

Selling, general and administrative expenses as a percentage of net sales increased 160 basis points during 2025 when compared with the same prior year period, primarily due to the reinstatement of variable compensation (194 bps), which was partially offset by higher sales (34 bps). Research and development expense remained flat during 2025 versus 2024.

During 2025, we recorded restructuring, exit and impairment charges of $353.1 million compared with $121.7 million in 2024. Restructuring, exit and impairment charges include $322.5 million and $85.0 million of Navico Group

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/BC/mda/fy2025/
All MD&A years: /company/BC/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/BC/mda/fy2024/): filed 2025-02-14; accession 0000014930-25-000025 (https://www.sec.gov/Archives/edgar/data/14930/000001493025000025/bcorp-20241231.htm)
- [FY 2023 MD&A](/company/BC/mda/fy2023/): filed 2024-02-16; accession 0000014930-24-000054 (https://www.sec.gov/Archives/edgar/data/14930/000001493024000054/bcorp-20231231.htm)
- [FY 2022 MD&A](/company/BC/mda/fy2022/): filed 2023-02-16; accession 0000014930-23-000054 (https://www.sec.gov/Archives/edgar/data/14930/000001493023000054/bcorp-20221231.htm)
- [FY 2021 MD&A](/company/BC/mda/fy2021/): filed 2022-02-16; accession 0000014930-22-000041 (https://www.sec.gov/Archives/edgar/data/14930/000001493022000041/bcorp-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3510 Engines & Turbines) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/BC.md · JSON record: /company/BC.json · verified financials: /company/BC/financials.json / /company/BC/financials.csv · machine TOC for the whole site: /llms.txt