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Sep 27
Brunswick Q3 2025 Earnings Report
Brunswick posted solid third-quarter 2025 results with sales growth across all segments and record free cash flow generation despite a challenging macro environment.
Key Takeaways
Brunswick reported Q3 2025 net sales of $1.36 billion, up 6.8% year-over-year, driven by strength across propulsion, parts and accessories, Navico, and boat segments. GAAP EPS was -$3.57, primarily due to impairment charges, while adjusted EPS was $0.97. Operating income on an adjusted basis was $106.4 million. The company generated $111 million in quarterly free cash flow, bringing year-to-date total to $355 million, and reaffirmed full-year guidance for adjusted EPS of $3.25 and free cash flow above $425 million.
Net sales increased 6.8% year-over-year to $1.36 billion.
Adjusted EPS came in at $0.97, down 17% year-over-year.
Free cash flow reached $111 million in Q3, totaling $355 million year-to-date.
All segments delivered revenue growth, led by 10% growth in Propulsion and 8% in Engine Parts & Accessories.
Brunswick
Brunswick
Brunswick Revenue by Segment
Revenue by Segment
Propulsion Revenue
CapyFin.comEngine Parts & Accessories Revenue
CapyFin.comNavico Group Revenue
CapyFin.comBoat Revenue
CapyFin.com Forward Guidance
Brunswick reaffirmed its 2025 full-year outlook, projecting approximately $5.2 billion in net sales, adjusted EPS of around $3.25, and free cash flow exceeding $425 million, with continued share repurchases of at least $80 million.
Positive Outlook
- Reaffirmed full-year adjusted EPS guidance of ~$3.25.
- Raised free cash flow guidance to over $425 million.
- Continued market share leadership in propulsion and P&A businesses.
- Expected improvement in OEM ordering and dealer restocking trends into 2026.
- Tariff mitigation strategies and U.S. manufacturing base position the company favorably.
Challenges Ahead
- Enterprise-wide impact from tariffs and variable compensation reinstatement.
- Margin pressures in propulsion and P&A segments versus prior year.
- Navico Group impacted by intangible asset impairments.
- Ongoing trade and macroeconomic uncertainty affecting marine retail market.
- Interest rate environment and dealer financing costs remain elevated.
Revenue & Expenses
Visualization of income flow from segment revenue to net income