Operating margins remain under significant pressure, having contracted from a 11.0% peak in 2024Q2 to a -4.8% low in 2024Q4, reflecting the difficulty of managing a high fixed-cost base.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 5.52B | 5.36B | 5.24B | 6.4B | 6.81B | 5.85B | 4.35B | 4.11B | 4.12B | 3.8B | 4.49B | 3.78B | 3.84B | 3.6B | 3.42B | 3.67B | 3.34B | 2.78B | 4.71B | 5.67B | 5.67B | 5.61B | 5.06B | 4.13B | 3.71B | 3.37B | 3.81B | 3.54B | 3.23B | 3.66B | 3.16B |
| Revenue Growth % | 8.35% | 2.4% | -18.19% | -6.03% | 16.52% | 34.47% | 5.82% | -0.3% | 8.38% | -15.29% | 18.74% | -1.52% | 6.64% | 5.35% | -6.9% | 9.95% | 20.24% | -41.04% | -16.97% | 0.11% | 1.04% | 10.85% | 22.51% | 11.23% | 10.12% | -11.57% | 7.64% | 9.47% | -11.55% | 15.73% | 8.74% |
| Cost of Goods Sold | 3.15B | 4.03B | 3.89B | 4.61B | 4.87B | 4.18B | 3.13B | 2.99B | 3.07B | 2.85B | 3.26B | 2.72B | 2.8B | 2.65B | 2.54B | 2.79B | 2.6B | 2.46B | 3.84B | 4.53B | 4.44B | 4.29B | 3.81B | 3.13B | 2.85B | 2.59B | 2.57B | 2.39B | 2.18B | 2.48B | 2.16B |
| COGS % of Revenue | - | 75.16% | 74.21% | 72.08% | 71.42% | 71.5% | 72.1% | 72.71% | 74.59% | 75.05% | 72.54% | 71.96% | 72.99% | 73.63% | 74.35% | 76.09% | 77.91% | 88.63% | 81.58% | 79.84% | 78.36% | 76.43% | 75.32% | 75.85% | 76.83% | 76.76% | 67.54% | 67.37% | 67.5% | 67.84% | 68.2% |
| Gross Profit | 992.7M | 1.33B | 1.35B | 1.79B | 1.95B | 1.67B | 1.21B | 1.12B | 1.05B | 948.6M | 1.23B | 1.06B | 1.04B | 949.3M | 876.3M | 877.4M | 737.2M | 315.6M | 867.4M | 1.14B | 1.23B | 1.32B | 1.25B | 997.1M | 859.9M | 783.4M | 1.24B | 1.16B | 1.05B | 1.18B | 1B |
| Gross Margin % | 17.99% | 24.84% | 25.79% | 27.92% | 28.58% | 28.5% | 27.9% | 27.29% | 25.41% | 24.95% | 27.46% | 28.04% | 27.01% | 26.37% | 25.65% | 23.91% | 22.09% | 11.37% | 18.42% | 20.16% | 21.64% | 23.57% | 24.68% | 24.15% | 23.17% | 23.24% | 32.46% | 32.63% | 32.5% | 32.16% | 31.8% |
| Gross Profit Growth % | - | -1.38% | -24.41% | -8.23% | 16.88% | 37.35% | 8.21% | 7.07% | 10.37% | -23.03% | 16.26% | 2.24% | 9.22% | 8.33% | -0.13% | 19.02% | 133.59% | -63.62% | -24.12% | -6.74% | -7.26% | 5.85% | 25.21% | 15.96% | 9.77% | -36.69% | 7.1% | 9.91% | -10.63% | 17.04% | 8.64% |
| Operating Expenses | 1.04B | 1.37B | 1.04B | 1.05B | 999.4M | 853.1M | 673.7M | 650M | 691.5M | 618.3M | 752.9M | 728.7M | 708.3M | 667.5M | 639.1M | 663.7M | 674.3M | 713.6M | 790.6M | 1.04B | 884.5M | 852.9M | 853.7M | 775.7M | 663.3M | 592.3M | 785.2M | 764.8M | 698.6M | 822.6M | 700.2M |
| OpEx % of Revenue | - | 25.6% | 19.84% | 16.44% | 14.67% | 14.59% | 15.5% | 15.82% | 16.78% | 16.26% | 16.77% | 19.28% | 18.45% | 18.54% | 18.7% | 18.08% | 20.2% | 25.71% | 16.79% | 18.27% | 15.61% | 15.21% | 16.88% | 18.79% | 17.87% | 17.57% | 20.6% | 21.6% | 21.6% | 22.49% | 22.16% |
| Selling, General & Admin | 855.8M | 851.1M | 798.2M | 855.6M | 771.4M | 716.9M | 543.7M | 509.6M | 515.2M | 458.1M | 598.1M | 610.1M | 584.5M | 536.2M | 512.7M | 546.5M | 529.8M | 625.1M | 668.4M | 835M | 752.3M | 729.4M | 736.9M | 632.5M | 560.5M | 496.4M | 534.2M | 533.7M | 479.1M | 576.3M | 570.5M |
| SG&A % of Revenue | - | 15.87% | 15.24% | 13.37% | 11.32% | 12.26% | 12.51% | 12.4% | 12.5% | 12.05% | 13.33% | 16.14% | 15.23% | 14.9% | 15.01% | 14.89% | 15.87% | 22.52% | 14.19% | 14.72% | 13.28% | 13.01% | 14.57% | 15.32% | 15.1% | 14.73% | 14.01% | 15.07% | 14.81% | 15.76% | 18.05% |
| Research & Development | 176.5M | 168.7M | 169.6M | 185.2M | 202.9M | 154.5M | 125.9M | 121.6M | 121.5M | 111.6M | 139.2M | 113.9M | 119.6M | 114.8M | 101M | 95.9M | 90.3M | 88.5M | 122.2M | 134.5M | 132.2M | 123.5M | 116.8M | 118.2M | 102.8M | 95.9M | 102.2M | 89.7M | 83.9M | 89.4M | 0 |
| R&D % of Revenue | - | 3.15% | 3.24% | 2.89% | 2.98% | 2.64% | 2.9% | 2.96% | 2.95% | 2.94% | 3.1% | 3.01% | 3.12% | 3.19% | 2.96% | 2.61% | 2.71% | 3.19% | 2.6% | 2.37% | 2.33% | 2.2% | 2.31% | 2.86% | 2.77% | 2.84% | 2.68% | 2.53% | 2.59% | 2.44% | - |
| Other Operating Expenses | 1000K | 353.1M | 71.4M | 11.3M | 25.1M | -18.3M | 4.1M | 18.8M | 54.8M | 48.6M | 15.6M | 4.7M | 4.2M | 16.5M | 25.4M | 21.3M | 54.2M | 0 | 0 | 66.4M | 0 | 0 | 0 | 25M | 0 | 0 | 148.8M | 141.4M | 135.6M | 156.9M | 129.7M |
| Operating Income | 289M | -39.6M | 311.6M | 734.9M | 947.8M | 812.9M | 539.3M | 471M | 355.5M | 330.3M | 479.5M | 331.3M | 328.5M | 281.8M | 237.2M | 213.7M | 62.9M | -398M | 76.8M | 107.2M | 341.2M | 468.7M | 394.8M | 221.4M | 196.6M | 191.1M | 452.2M | 390.6M | 352.6M | 353.7M | 304.8M |
| Operating Margin % | 5.24% | -0.74% | 5.95% | 11.48% | 13.91% | 13.9% | 12.4% | 11.46% | 8.63% | 8.69% | 10.68% | 8.76% | 8.56% | 7.83% | 6.94% | 5.82% | 1.88% | -14.34% | 1.63% | 1.89% | 6.02% | 8.36% | 7.81% | 5.36% | 5.3% | 5.67% | 11.86% | 11.03% | 10.9% | 9.67% | 9.64% |
| Operating Income Growth % | - | -112.71% | -57.6% | -22.46% | 16.59% | 50.73% | 14.5% | 32.49% | 7.63% | -31.12% | 44.73% | 0.85% | 16.57% | 18.8% | 11% | 239.75% | 115.8% | -618.23% | -28.36% | -68.58% | -27.2% | 18.72% | 78.32% | 12.61% | 2.88% | -57.74% | 15.77% | 10.78% | -0.31% | 16.04% | 18% |
| EBITDA | 511.4M | 252.9M | 600.4M | 1.01B | 1.18B | 991M | 692.7M | 609.7M | 479.5M | 417.4M | 583.4M | 408.4M | 409.7M | 353.2M | 310.1M | 313.1M | 186.8M | -240.7M | 254M | 287.3M | 508.5M | 625M | 548.4M | 372M | 345M | 351.5M | 601M | 532M | 488.2M | 510.6M | 434.5M |
| EBITDA Margin % | 9.27% | 4.72% | 11.46% | 15.74% | 17.31% | 16.95% | 15.93% | 14.84% | 11.64% | 10.98% | 13% | 10.8% | 10.67% | 9.81% | 9.08% | 8.53% | 5.6% | -8.67% | 5.39% | 5.07% | 8.98% | 11.15% | 10.84% | 9.01% | 9.29% | 10.43% | 15.77% | 15.02% | 15.09% | 13.96% | 13.75% |
| EBITDA Growth % | -5.47% | -57.88% | -40.42% | -14.52% | 18.97% | 43.06% | 13.61% | 27.15% | 14.88% | -28.45% | 42.85% | -0.32% | 16% | 13.9% | -0.96% | 67.61% | 177.61% | -194.76% | -11.59% | -43.5% | -18.64% | 13.97% | 47.42% | 7.83% | -1.85% | -41.51% | 12.97% | 8.97% | -4.39% | 17.51% | 15.47% |
| D&A (Non-Cash Add-back) | 222.4M | 292.5M | 288.8M | 272.9M | 231.2M | 178.1M | 153.4M | 138.7M | 124M | 87.1M | 103.9M | 77.1M | 81.2M | 71.4M | 72.9M | 99.4M | 123.9M | 157.3M | 177.2M | 180.1M | 167.3M | 156.3M | 153.6M | 150.6M | 148.4M | 160.4M | 148.8M | 141.4M | 135.6M | 156.9M | 129.7M |
| EBIT | 249M | -24M | 329.9M | 741.3M | 951.7M | 802.3M | 540M | 186.7M | 356.7M | 239.3M | 417.2M | 342.5M | 317.8M | 250.8M | 222.3M | 192.5M | 56.3M | -598.6M | -578M | 107.2M | 341.2M | 468.7M | 394.8M | 221.4M | 196.6M | 191.1M | 452.2M | 390.6M | 352.6M | 353.7M | 304.8M |
| Net Interest Income | -76.5M | -104.5M | -113.2M | -102.2M | -92M | -63.9M | -66.1M | -72.7M | -42.2M | -23.8M | -25.7M | -25.5M | -28.7M | -40.4M | -63.4M | -77.9M | -90.8M | -82.9M | -47.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 6.7M | 7.2M | 13.4M | 10.2M | 6.1M | 2.1M | 1.2M | 3.3M | 2.9M | 2.6M | 1.8M | 2.2M | 1.2M | 1.5M | 2.9M | 3.9M | 3.6M | 3.2M | 6.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 57.4M | 111.7M | 126.6M | 112.4M | 98.1M | 66M | 67.3M | 76M | 45.1M | 26.4M | 27.5M | 27.8M | 29.8M | 41.9M | 66.3M | 81.8M | 94.4M | 86.1M | 54.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -425.9M | -96.1M | -108.3M | -106M | -94.2M | -76.5M | -66.6M | -360.3M | -44.8M | -117.4M | -89.8M | -16.5M | -40.6M | -72.9M | -81.2M | -103M | -101M | -286.7M | -709M | -14.5M | -31.5M | 17.2M | -21.5M | -20.3M | -35M | -58.9M | -128.9M | -171.3M | -107.3M | -117.5M | -14.5M |
| Pretax Income | -136.9M | -135.7M | 203.3M | 628.9M | 853.6M | 736.4M | 472.7M | 110.7M | 310.7M | 212.9M | 389.7M | 314.8M | 287.9M | 208.9M | 156M | 110.7M | -38.1M | -684.7M | -632.2M | 92.7M | 309.7M | 485.9M | 373.3M | 201.1M | 161.6M | 132.2M | 323.3M | 219.3M | 245.3M | 236.2M | 290.3M |
| Pretax Margin % | -2.48% | -2.53% | 3.88% | 9.82% | 12.53% | 12.6% | 10.87% | 2.69% | 7.54% | 5.6% | 8.68% | 8.33% | 7.5% | 5.8% | 4.57% | 3.02% | -1.14% | -24.66% | -13.43% | 1.63% | 5.47% | 8.67% | 7.38% | 4.87% | 4.35% | 3.92% | 8.48% | 6.19% | 7.58% | 6.46% | 9.19% |
| Income Tax | -1.8M | 200K | 54M | 196.3M | 172.3M | 141M | 98M | 80.3M | 57.3M | 111.6M | 115.3M | 83.9M | 93M | -547.9M | 31.4M | 20.1M | 25.9M | -98.5M | 155.9M | 13.1M | 46.5M | 114.8M | 109.5M | 65.9M | 58.1M | 47.5M | 121.1M | 76.2M | 90.9M | 85M | 104.5M |
| Effective Tax Rate % | 1.31% | -0.15% | 26.56% | 31.21% | 20.19% | 19.15% | 20.73% | 72.54% | 18.44% | 52.42% | 29.59% | 26.65% | 32.3% | -262.28% | 20.13% | 18.16% | -67.98% | 14.39% | -24.66% | 14.13% | 15.01% | 23.63% | 29.33% | 32.77% | 35.95% | 35.93% | 37.46% | 34.75% | 37.06% | 35.99% | 36% |
| Net Income | -136.5M | -137.3M | 130.1M | 420.4M | 677M | 593.3M | 372.7M | -131M | 265.3M | 146.4M | 276M | 241.4M | 245.7M | 769.2M | 50M | 71.9M | -110.6M | -586.2M | -788.1M | 111.6M | 133.9M | 385.4M | 269.8M | 135.2M | 78.4M | 81.8M | -95.8M | 37.9M | 186.3M | 150.5M | 185.8M |
| Net Margin % | -2.47% | -2.56% | 2.48% | 6.57% | 9.94% | 10.15% | 8.57% | -3.19% | 6.44% | 3.85% | 6.15% | 6.39% | 6.4% | 21.37% | 1.46% | 1.96% | -3.31% | -21.12% | -16.74% | 1.97% | 2.36% | 6.87% | 5.33% | 3.27% | 2.11% | 2.43% | -2.51% | 1.07% | 5.76% | 4.11% | 5.88% |
| Net Income Growth % | -265.86% | -205.53% | -69.05% | -37.9% | 14.11% | 59.19% | 384.5% | -149.38% | 81.22% | -46.96% | 14.33% | -1.75% | -68.06% | 1438.4% | -30.46% | 165.01% | 81.13% | 25.62% | -806.18% | -16.65% | -65.26% | 42.85% | 99.56% | 72.45% | -4.16% | 185.39% | -352.77% | -79.66% | 23.79% | -19% | 46.07% |
| Net Income (Continuing) | -135.1M | -135.9M | 149.3M | 432.6M | 681.3M | 595.4M | 374.7M | 30.4M | 253.4M | 101.3M | 274.4M | 230.9M | 194.9M | 756.8M | 124.6M | 90.6M | -64M | -586.2M | -788.1M | 79.6M | 263.2M | 371.1M | 263.8M | 135.2M | 103.5M | 84.7M | 202.2M | 143.1M | 154.4M | 151.2M | 185.8M |
| Discontinued Operations | -1.2M | -1.4M | -19.2M | -12.2M | -4.3M | -2.1M | -2M | -161.4M | 11.9M | 45.1M | 1.6M | 10.5M | 50.8M | 12.4M | -74.6M | -18.7M | -46.6M | 0 | 0 | 32M | -129.3M | 14.3M | 6M | 0 | 0 | 0 | -298M | -105.2M | 31.9M | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.08 | -2.08 | 1.93 | 5.96 | 9.00 | 7.57 | 4.70 | -1.54 | 3.01 | 1.62 | 3.00 | 2.56 | 2.58 | 8.20 | 0.54 | 0.78 | -1.25 | -6.63 | -8.93 | 1.24 | 1.41 | 3.90 | 2.77 | 1.47 | 0.86 | 0.93 | -1.08 | 0.41 | 1.88 | 1.50 | 1.88 |
| EPS Growth % | -271.9% | -207.77% | -67.62% | -33.78% | 18.89% | 61.06% | 405.19% | -151.16% | 85.8% | -46% | 17.19% | -0.78% | -68.54% | 1418.52% | -30.77% | 162.4% | 81.15% | 25.76% | -820.16% | -12.06% | -63.85% | 40.79% | 88.44% | 70.93% | -7.53% | 186.11% | -363.41% | -78.19% | 25.33% | -20.21% | 42.42% |
| EPS (Basic) | - | -2.08 | 1.94 | 5.99 | 9.05 | 7.63 | 4.72 | -1.54 | 3.03 | 1.64 | 3.03 | 2.60 | 2.63 | 8.43 | 0.56 | 0.81 | -1.25 | -6.63 | -8.93 | 1.24 | 1.42 | 3.95 | 2.82 | 1.48 | 1.16 | 0.93 | -1.08 | 0.41 | 1.90 | 1.51 | 1.89 |
| Diluted Shares Outstanding | 65.7M | 65.7M | 67.4M | 70.5M | 75.2M | 78.4M | 79.7M | 85.2M | 88.2M | 90.1M | 92M | 94.3M | 95.1M | 93.8M | 92.4M | 92.2M | 88.7M | 88.4M | 88.3M | 90.2M | 94.7M | 98.8M | 97.3M | 91.9M | 90.7M | 88.1M | 88.7M | 92.6M | 99M | 100.33M | 98.83M |
| Basic Shares Outstanding | 65.6M | 65.6M | 67.2M | 70.2M | 74.8M | 77.8M | 79.2M | 85.2M | 87.6M | 89.4M | 91.2M | 93M | 93.6M | 91.2M | 89.8M | 89.3M | 88.7M | 88.4M | 88.3M | 89.8M | 94M | 97.6M | 95.6M | 91.2M | 67.59M | 87.8M | 88.7M | 92M | 98.3M | 99.67M | 98.31M |
| Dividend Payout Ratio | - | - | 86.32% | 26.64% | 16.04% | 16.67% | 21.01% | - | 25.56% | 41.39% | 20.07% | 20.01% | 16.97% | 1.18% | 9% | 6.26% | - | - | - | 47.13% | 41.08% | 14.87% | 21.53% | 33.95% | 57.53% | 53.55% | - | 121.11% | 26.3% | 32.96% | 26.53% |
Cyclical demand and inventory
According to recent financial disclosures, Brunswick Corporation's revenue growth has exhibited significant volatility, shifting from a double-digit decline of 21.7% in 2024Q1 to a 12.8% expansion by 2026Q1, suggesting that the company is navigating a complex transition between post-pandemic demand normalization and renewed market interest.
The recent return to positive year-over-year growth suggests that the company may be successfully cycling through the inventory overhang that plagued the 2024 fiscal year. However, investors should monitor whether this acceleration is driven by sustainable retail demand or if it reflects aggressive wholesale shipments intended to restock dealer channels.
As reported in the company's quarterly income statements, gross margins have struggled to maintain historical levels, fluctuating between 21.9% and 27.4% over the last ten quarters, which indicates that Brunswick faces persistent pressure from input cost inflation and the necessity of promotional pricing to move inventory.
The inability to consistently hold gross margins above the 25% threshold suggests that the company's premium pricing power may be constrained by a more price-sensitive consumer base. This margin volatility warrants further investigation into whether the current cost structure is optimized for the current lower-volume environment.
Based on the provided income statement data, Brunswick's operating margin has experienced significant contraction, falling from a peak of 11.0% in 2024Q2 to a low of -4.8% in 2024Q4, highlighting the difficulty of managing a high fixed-cost manufacturing base during periods of fluctuating top-line performance.
The sharp swing into negative operating territory suggests that the company's overhead costs are not scaling efficiently with revenue declines. Investors should monitor whether management can successfully implement cost-rationalization measures to restore operating leverage as the business cycle progresses.
As indicated by the reported figures, net income has been highly erratic, including a significant loss of $235.5 million in 2025Q3, which suggests that non-operating items or one-time charges may be significantly distorting the underlying profitability of the core marine business for casual observers.
The wide variance between operating income and net income in specific quarters implies that investors should look past headline EPS to understand the recurring cash-generating capability of the business. The impact of stock-based compensation and potential non-recurring charges warrants further investigation to determine the true quality of earnings.
Based on the reported income statement trends, short-sellers may focus on the persistent risk of channel stuffing, as the company's revenue growth has occasionally decoupled from broader industry retail trends, potentially signaling that dealer inventory levels remain elevated and vulnerable to future write-downs or margin-diluting incentives.
The reliance on wholesale shipments to drive revenue growth may mask underlying weakness in retail demand, creating a risk that future quarters could see margin compression if the company is forced to increase promotional activity. This dynamic suggests that the current recovery in revenue may be less durable than it appears.
Quick answers to the most common questions about buying BC stock.
For fiscal year 2025, Brunswick Corporation (BC) reported total revenue of $5.36B. This represents a 69.7% increase compared to $3.16B in 1996.
Brunswick Corporation (BC) reported a net loss of $137.3M for the fiscal year ending 2025.
Brunswick Corporation (BC) reported an operating income of $-39.6M, resulting in an operating profit margin of -0.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Brunswick Corporation (BC) generated $1.33B in gross profit for the year, representing a gross profit margin of 24.8%. This demonstrates the company's core pricing power and production efficiency.