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Brunswick (BC) investor relations material
Brunswick Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary24 Jul, 2025
Executive summary
Q2 2025 net sales reached $1.4B–$1,447M, up 0.2% year-over-year, with adjusted EPS at $1.16 and GAAP EPS at $0.90, both down sharply year-over-year but above guidance, despite macro and tariff headwinds.
Record free cash flow of $288M in Q2 and $244M for the first half, a $279M improvement over the prior year, marking the highest in company history for these periods.
Propulsion and Engine P&A segments grew, while Boat and Navico Group segments declined; premium and core categories showed resilience, offsetting value segment underperformance.
Dealer and customer sentiment improved, with healthy inventory levels and positive July retail trends.
Continued focus on cost control, operational efficiency, and inventory management supported profitability and cash generation.
Financial highlights
Q2 2025 net sales: $1,447M (+0.2% YoY); adjusted EPS: $1.16 (down 36% YoY); GAAP EPS: $0.90 (down 41.9% YoY); Q2 adjusted operating margin: 8.7% (down 380 bps YoY).
H1 2025 net sales: $2,668.8M (down 5% YoY); H1 adjusted EPS: $1.72 (down 45% YoY); H1 free cash flow: $244M (up $279M YoY).
Q2 2025 operating earnings: $103.3M (GAAP), $126.0M (Adjusted), both down year-over-year due to tariffs, variable compensation, and lower absorption.
Gross margin for Q2 2025 was 25.5%, down 160 bps year-over-year, mainly due to lower absorption, inflation, and FX impacts.
Cash and marketable securities totaled $334.7M at quarter-end, with total liquidity of $1.3B.
Outlook and guidance
Full-year 2025 guidance: net sales of ~$5.2B, adjusted EPS of ~$3.25, and free cash flow exceeding $400M; operating margin expected at ~7.0%.
Q3 2025 revenue expected between $1.1B and $1.3B, with adjusted EPS between $0.75 and $0.90.
Segment guidance: Propulsion ~$2.0B, Engine P&A $1.1–$1.2B, Navico Group ~$0.8B, Boat ~$1.5B.
Raised 2025 debt reduction target by $50M to $175M, aiming for $350M retired since 2023 and net leverage below 2x EBITDA.
Capital expenditures expected at ~$150M for 2025; share repurchases planned at $80M+.
Assess Navico Group's restructuring traction.
Explain drivers of Propulsion's sales growth.
How do tariffs impact 2025 performance?
How will '26 tariff policy impact Brunswick?
Explain Navico's long-term revenue and margin.
Detail initiatives improving working capital.
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Next Brunswick earnings date
Q3 202523 Oct, 2025
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Frequently asked questions
Brunswick Corporation designs, manufactures, and markets recreation products worldwide. The company operates in four segments: Marine Seating and Tables, Billiards Products and Accessories, Fitness Products, and Boat Products. The Marine Seating and Tables segment offers premium marine seating products; connects, primes, paints, assembles, and packages boat sections; produces custom extruded plastic boat components; and preassembles deck structures. This segment also sells marine seating systems with integrated tables; and related accessories primarily under the BSI Sports brand name. Brunswick Corporation is based in Mettawa, Illinois.
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