Brunswick Corp. yesterday released its 2025 fiscal year and fourth quarter financial results.
Net sales for the year were $5.36 billion, a 2.4% year-over-year increase. Adjusted operating earnings were down 25.1% to $371.1 million, and operating margin decreased to 6.9%, a decline from the previous year of 260 basis points.
Fourth quarter results were brighter, with net sales increasing 15.5% to $1.33 billion and adjusted operating earnings increasing 41.1% to $66.6 million. Operating margin grew 5%, or 90 basis points, year-over-year.
"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," chairman and CEO David Foulkes said in a statement. "In addition to improved retail conditions, our performance was underpinned by solid boating participation driving stability in our recurring-revenue businesses, and outstanding operating execution across the enterprise."
The propulsion segment had a robust fourth quarter, with net sales increasing 23.1% to $555.6 million from the prior-year period. The parts and accessories segment grew $15.3% to $260.7 million, and Navico Group increased 4% year-over-year to $203 million. Net sales for the Brunswick boat brands increased 11.2% to $387.3 million from 2024.
The company provided the following guidance for 2026:
• U.S. boat unit retail sales flat to slightly up versus 2025
• net sales between $5.6 billion and $5.8 billion