Brunswick’s losses in 2025, amounting to $137.3 million, mainly reflected the impact of Navico Group.
In that year, the company had a non-cash charge of $322.5 million for the impairment of Navico Group’s goodwill.
Previously, from 2020 to 2024, Brunswick recorded net profits of between $130.1 million and $677.0 million.
Brunswick’s losses in 2025
During 2025, the company reported restructuring, exit, and impairment charges of $353.1 million, compared to $121.7 million in 2024.
These charges include $322.5 million and $85.0 million in impairments from Navico Group in 2025 and 2024, respectively.
The company estimates that the restructuring actions executed in 2025 will generate annualized cost savings of approximately $16.0 million. See Note 3 – Restructuring, Exit and Impairment Activities in the Notes to Consolidated Financial Statements for further details.
Brunswick’s net income, in millions of dollars, is as follows:
- 2018: 265.3
- 2019: -131.0
- 2020: 372.7
- 2021: 593.3
- 2022: 677.0
- 2023: 420.4
- 2024: 130.1
- 2025: -137.3
Operating expenses
The company’s profitability was further impacted by persistent inflation and high tariffs, which reduced gross margin by 250 basis points.
In addition, operating expenses increased due to the reinstatement of variable compensation for employees following the previous year.
The boat segment faced a challenging retail environment during the first half of the year. This led to cautious wholesale ordering patterns and lower sales volumes, negatively impacting the absorption of fixed costs in global manufacturing.
Plant closure in Mexico
Mexico is a strategic manufacturing hub for Brunswick, with plants in Juárez, Reynosa, and Ensenada. Although it made recent investments to expand capacity, in 2025 it announced the closure of its Reynosa plant to consolidate fiberglass boat production at specialized centers in the United States.
Main competitors Brunswick competes globally with Japanese and Chinese engine manufacturers, as well as European boat builders. This competition is based on technological innovation, competitive pricing, product features, and operational efficiency in its manufacturing processes.
In 2025, total revenue was $5.3628 billion, up 2.4% annually. This growth, driven by strong wholesale orders in the second half of the year, offset a weak start to the year, demonstrating resilience through its parts and accessories segment.
Net income in 2025 was a loss of $137.3 million, reversing the previous profit. The result stemmed from charges of $322.5 million for the impairment of Navico Group’s goodwill and brands in light of reduced macroeconomic projections.
Boat clubs
Business Acceleration’s Freedom Boat Club (FBC) is the world’s largest boat club network. FBC operates in approximately 440 locations in the US, Canada, Australia, New Zealand, and Europe, and has more than 60,000 members. Members pay an initial membership fee and ongoing monthly dues in exchange for shared access to their local club’s diverse fleet of boats and reciprocal privileges at all other FBC locations.