Gross margin recovered to 28.3% in 2026Q3 from 21.9% in 2024Q4, yet operating margin of 7.2% and trailing net margin of -2.6% show that SG&A at roughly 16% of revenue continues to absorb much of the gross profit gains.
Brunswick Corporation (BC) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 5.72B | 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 % | 10.41% | 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 | 4.22B | 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 | 1.5B | 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 % | 26.22% | 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 | 1.17B | 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 | 941.4M | 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 | 190.9M | 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 | 3M | 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 | 330.4M | -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 % | 5.77% | -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 | 627.2M | 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 % | 10.96% | 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 % | 29.24% | -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) | 296.8M | 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 | 340.7M | -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 | -91.4M | -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 | 5.9M | 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 | 97.3M | 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 | -87M | -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 | 243.4M | -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 % | 4.25% | -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 | 30M | 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 % | 12.33% | -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 | 211.1M | -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 % | 3.69% | -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 % | 188.51% | -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) | 213.4M | -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 | 100K | -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) | 3.24 | -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 % | 189.23% | -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 | 65.1M | 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 | 65.1M | 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% |
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.
Key Metrics
Top Statement Risk
Negative trailing profitability persists
Metrics are mathematically derived from official filings.
Top-Line Recovery Losing Momentum Gradually
Based on reported figures, Brunswick's quarterly revenue grew 2.4% year over year in the latest period after a sharp reacceleration from 0.2% in 2025Q2, suggesting the recovery is real but not yet broad enough to restore earnings power across the cycle. The gap between growth rates and margin outcomes warrants attention.
The 2026Q3 revenue growth of 6.9% quarter over quarter masks a volatile pattern, with growth swinging between negative and double-digit readings over the past ten quarters. This pattern suggests the top line is being driven heavily by dealer restocking timing rather than sustained retail demand. Investors should monitor whether growth can persist without inventory-driven pull-forward effects.
Gross Margin Rebound Versus Operating Drag
As reported in the quarterly income statements, gross margin recovered from 21.9% in 2024Q4 to 28.3% in 2026Q3, yet operating margin stayed near breakeven at 7.2% in the latest quarter and was negative on a trailing basis. This divergence points to cost absorption issues below the gross profit line.
Gross margin expansion of roughly 640 basis points over eight quarters indicates improved pricing or mix, likely supported by the higher-margin Propulsion and P&A franchises. However, the persistent SG&A load of roughly $237 million per quarter consumes most of that gain. Analysts should treat the gross margin recovery as conditional until operating leverage demonstrates itself.
SG&A Absorbing Gross Profit Gains
Based on reported figures, SG&A ran at about 16% of revenue in 2026Q3, versus roughly 20% in 2024Q4, indicating some efficiency gains, but the cost base remains heavy relative to the profit it supports. Operating income has not scaled as cleanly as gross profit.
Between 2025Q1 and 2026Q1, SG&A rose faster than gross profit in several periods, which limited operating leverage during the recovery. The ratio improvement in recent quarters suggests management is beginning to control overhead, though absolute SG&A dollars remain elevated. This implies the earnings recovery depends on continued revenue growth rather than cost discipline alone.
Reported EPS Distorted by Discrete Items
According to recent SEC filings, Brunswick's 2025Q3 net loss of $235.5 million versus positive operating income of $93.4 million points to large non-operating or discrete charges, meaning reported EPS swings should not be read as operating trend signals. The data available does not isolate these items.
The gap between operating income and net income in several quarters, including 2024Q4 and 2025Q3, suggests material below-the-line items such as impairments, tax effects, or financing costs. Stock-based compensation is small relative to the earnings base, so it does not appear to explain the volatility. Investors should review the reconciliation of GAAP to adjusted earnings before relying on quarterly EPS.
Recovery Thesis Faces Unresolved Profitability Gap
Trailing operating margin of -0.7% and net margin of -2.6%, alongside a 1.49 debt-to-equity reading and -7.8% ROE, suggest the raised outlook has not yet converted into consolidated profitability, which a skeptical analyst would highlight as the core vulnerability.
Short-sellers would argue that the quarterly beat reflects restocking and timing effects that may reverse, leaving negative trailing earnings intact. Elevated leverage would amplify downside if forward earnings disappoint in a high-rate environment. The data does not confirm whether the 1.49 leverage figure captures all obligations, so the balance sheet risk may be understated.