000001493012/3165,036,5902025Q3FALSEChicago Stock Exchange, Inc.200,000,000200,000,0000.750.75102,538,000102,538,0001110———P13Y3M18DP11Y8M12D

Note 14 – Subsequent Events

On July 4, 2025, tax legislation commonly referred to as the One Big Beautiful Bill Act (the Act) was enacted. The Act included multiple business tax provisions with different effective dates and new elections related to the timing of certain tax deductions. We are currently analyzing the interaction of these changes, how they may impact Brunswick's tax provision and the elections available to Brunswick under the new law. At this time, we do not anticipate that the Act will have a material effect on the Company's financial statements.xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pure00000149302025-01-012025-09-270000014930us-gaap:CommonStockMemberexch:XCHI2025-01-012025-09-270000014930us-gaap:CommonStockMemberexch:XNYS2025-01-012025-09-270000014930bcorp:A6.500SeniorNotesdue2048Memberexch:XNYS2025-01-012025-09-270000014930bcorp:A6.375SeniorNotesdue2049Memberexch:XNYS2025-01-012025-09-2700000149302025-10-2700000149302025-06-292025-09-2700000149302024-06-302024-09-2800000149302024-01-012024-09-2800000149302025-09-2700000149302024-12-3100000149302024-09-2800000149302024-06-2900000149302023-12-310000014930us-gaap:CommonStockMember2024-12-310000014930us-gaap:AdditionalPaidInCapitalMember2024-12-310000014930us-gaap:RetainedEarningsMember2024-12-310000014930us-gaap:TreasuryStockCommonMember2024-12-310000014930us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310000014930us-gaap:CommonStockMember2025-01-012025-03-290000014930us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-290000014930us-gaap:RetainedEarningsMember2025-01-012025-03-290000014930us-gaap:TreasuryStockCommonMember2025-01-012025-03-290000014930us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-2900000149302025-01-012025-03-2900000149302025-03-302025-06-280000014930us-gaap:CommonStockMember2025-03-290000014930us-gaap:AdditionalPaidInCapitalMember2025-03-290000014930us-gaap:RetainedEarningsMember2025-03-290000014930us-gaap:TreasuryStockCommonMember2025-03-290000014930us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-2900000149302025-03-290000014930us-gaap:CommonStockMember2025-03-302025-06-280000014930us-gaap:AdditionalPaidInCapitalMember2025-03-302025-06-280000014930us-gaap:RetainedEarningsMember2025-03-302025-06-280000014930us-gaap:TreasuryStockCommonMember2025-03-302025-06-280000014930us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-302025-06-280000014930us-gaap:CommonStockMember2025-06-280000014930us-gaap:AdditionalPaidInCapitalMember2025-06-280000014930us-gaap:RetainedEarningsMember2025-06-280000014930us-gaap:TreasuryStockCommonMember2025-06-280000014930us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-2800000149302025-06-280000014930us-gaap:CommonStockMember2025-06-292025-09-270000014930us-gaap:AdditionalPaidInCapitalMember2025-06-292025-09-270000014930us-gaap:RetainedEarningsMember2025-06-292025-09-270000014930us-gaap:TreasuryStockCommonMember2025-06-292025-09-270000014930us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-292025-09-270000014930us-gaap:CommonStockMember2025-09-270000014930us-gaap:AdditionalPaidInCapitalMember2025-09-270000014930us-gaap:RetainedEarningsMember2025-09-270000014930us-gaap:TreasuryStockCommonMember2025-09-270000014930us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-09-270000014930us-gaap:CommonStockMember2023-12-310000014930us-gaap:AdditionalPaidInCapitalMember2023-12-310000014930us-gaap:RetainedEarningsMember2023-12-310000014930us-gaap:TreasuryStockCommonMember2023-12-310000014930us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000014930us-gaap:CommonStockMember2024-01-012024-03-300000014930us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-300000014930us-gaap:RetainedEarningsMember2024-01-012024-03-300000014930us-gaap:TreasuryStockCommonMember2024-01-012024-03-300000014930us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-3000000149302024-01-012024-03-3000000149302024-03-312024-06-290000014930us-gaap:CommonStockMember2024-03-300000014930us-gaap:AdditionalPaidInCapitalMember2024-03-300000014930us-gaap:RetainedEarningsMember2024-03-300000014930us-gaap:TreasuryStockCommonMember2024-03-300000014930us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-3000000149302024-03-300000014930us-gaap:CommonStockMember2024-03-312024-06-290000014930us-gaap:AdditionalPaidInCapitalMember2024-03-312024-06-290000014930us-gaap:RetainedEarningsMember2024-03-312024-06-290000014930us-gaap:TreasuryStockCommonMember2024-03-312024-06-290000014930us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-312024-06-290000014930us-gaap:CommonStockMember2024-06-290000014930us-gaap:AdditionalPaidInCapitalMember2024-06-290000014930us-gaap:RetainedEarningsMember2024-06-290000014930us-gaap:TreasuryStockCommonMember2024-06-290000014930us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-290000014930us-gaap:CommonStockMember2024-06-302024-09-280000014930us-gaap:AdditionalPaidInCapitalMember2024-06-302024-09-280000014930us-gaap:RetainedEarningsMember2024-06-302024-09-280000014930us-gaap:TreasuryStockCommonMember2024-06-302024-09-280000014930us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-302024-09-280000014930us-gaap:CommonStockMember2024-09-280000014930us-gaap:AdditionalPaidInCapitalMember2024-09-280000014930us-gaap:RetainedEarningsMember2024-09-280000014930us-gaap:TreasuryStockCommonMember2024-09-280000014930us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-280000014930country:USbcorp:PropulsionMember2025-06-292025-09-270000014930country:USbcorp:EnginePartsandAccessoriesMember2025-06-292025-09-270000014930country:USbcorp:NavicoGroupMember2025-06-292025-09-270000014930country:USbcorp:BoatMember2025-06-292025-09-270000014930country:US2025-06-292025-09-270000014930srt:EuropeMemberbcorp:PropulsionMember2025-06-292025-09-270000014930srt:EuropeMemberbcorp:EnginePartsandAccessoriesMember2025-06-292025-09-270000014930srt:EuropeMemberbcorp:NavicoGroupMember2025-06-292025-09-270000014930srt:EuropeMemberbcorp:BoatMember2025-06-292025-09-270000014930srt:EuropeMember2025-06-292025-09-270000014930srt:AsiaPacificMemberbcorp:PropulsionMember2025-06-292025-09-270000014930srt:AsiaPacificMemberbcorp:EnginePartsandAccessoriesMember2025-06-292025-09-270000014930srt:AsiaPacificMemberbcorp:NavicoGroupMember2025-06-292025-09-270000014930srt:AsiaPacificMemberbcorp:BoatMember2025-06-292025-09-270000014930srt:AsiaPacificMember2025-06-292025-09-270000014930country:CAbcorp:PropulsionMember2025-06-292025-09-270000014930country:CAbcorp:EnginePartsandAccessoriesMember2025-06-292025-09-270000014930country:CAbcorp:NavicoGroupMember2025-06-292025-09-270000014930country:CAbcorp:BoatMember2025-06-292025-09-270000014930country:CA2025-06-292025-09-270000014930bcorp:RestofWorldMemberbcorp:PropulsionMember2025-06-292025-09-270000014930bcorp:RestofWorldMemberbcorp:EnginePartsandAccessoriesMember2025-06-292025-09-270000014930bcorp:RestofWorldMemberbcorp:NavicoGroupMember2025-06-292025-09-270000014930bcorp:RestofWorldMemberbcorp:BoatMember2025-06-292025-09-270000014930bcorp:RestofWorldMember2025-06-292025-09-270000014930us-gaap:IntersegmentEliminationMemberbcorp:PropulsionMember2025-06-292025-09-270000014930us-gaap:IntersegmentEliminationMemberbcorp:EnginePartsandAccessoriesMember2025-06-292025-09-270000014930us-gaap:IntersegmentEliminationMemberbcorp:NavicoGroupMember2025-06-292025-09-270000014930us-gaap:IntersegmentEliminationMemberbcorp:BoatMember2025-06-292025-09-270000014930us-gaap:IntersegmentEliminationMember2025-06-292025-09-270000014930bcorp:PropulsionMember2025-06-292025-09-270000014930bcorp:EnginePartsandAccessoriesMember2025-06-292025-09-270000014930bcorp:NavicoGroupMember2025-06-292025-09-270000014930bcorp:BoatMember2025-06-292025-09-270000014930country:USbcorp:PropulsionMember2024-06-302024-09-280000014930country:USbcorp:EnginePartsandAccessoriesMember2024-06-302024-09-280000014930country:USbcorp:NavicoGroupMember2024-06-302024-09-280000014930country:USbcorp:BoatMember2024-06-302024-09-280000014930country:US2024-06-302024-09-280000014930srt:EuropeMemberbcorp:PropulsionMember2024-06-302024-09-280000014930srt:EuropeMemberbcorp:EnginePartsandAccessoriesMember2024-06-302024-09-280000014930srt:EuropeMemberbcorp:NavicoGroupMember2024-06-302024-09-280000014930srt:EuropeMemberbcorp:BoatMember2024-06-302024-09-280000014930srt:EuropeMember2024-06-302024-09-280000014930srt:AsiaPacificMemberbcorp:PropulsionMember2024-06-302024-09-280000014930srt:AsiaPacificMemberbcorp:EnginePartsandAccessoriesMember2024-06-302024-09-280000014930srt:AsiaPacificMemberbcorp:NavicoGroupMember2024-06-302024-09-280000014930srt:AsiaPacificMemberbcorp:BoatMember2024-06-302024-09-280000014930srt:AsiaPacificMember2024-06-302024-09-280000014930country:CAbcorp:PropulsionMember2024-06-302024-09-280000014930country:CAbcorp:EnginePartsandAccessoriesMember2024-06-302024-09-280000014930country:CAbcorp:NavicoGroupMember2024-06-302024-09-280000014930country:CAbcorp:BoatMember2024-06-302024-09-280000014930country:CA2024-06-302024-09-280000014930bcorp:RestofWorldMemberbcorp:PropulsionMember2024-06-302024-09-280000014930bcorp:RestofWorldMemberbcorp:EnginePartsandAccessoriesMember2024-06-302024-09-280000014930bcorp:RestofWorldMemberbcorp:NavicoGroupMember2024-06-302024-09-280000014930bcorp:RestofWorldMemberbcorp:BoatMember2024-06-302024-09-280000014930bcorp:RestofWorldMember2024-06-302024-09-280000014930us-gaap:IntersegmentEliminationMemberbcorp:PropulsionMember2024-06-302024-09-280000014930us-gaap:IntersegmentEliminationMemberbcorp:EnginePartsandAccessoriesMember2024-06-302024-09-280000014930us-gaap:IntersegmentEliminationMemberbcorp:NavicoGroupMember2024-06-302024-09-280000014930us-gaap:IntersegmentEliminationMemberbcorp:BoatMember2024-06-302024-09-280000014930us-gaap:IntersegmentEliminationMember2024-06-302024-09-280000014930bcorp:PropulsionMember2024-06-302024-09-280000014930bcorp:EnginePartsandAccessoriesMember2024-06-302024-09-280000014930bcorp:NavicoGroupMember2024-06-302024-09-280000014930bcorp:BoatMember2024-06-302024-09-280000014930country:USbcorp:PropulsionMember2025-01-012025-09-270000014930country:USbcorp:EnginePartsandAccessoriesMember2025-01-012025-09-270000014930country:USbcorp:NavicoGroupMember2025-01-012025-09-270000014930country:USbcorp:BoatMember2025-01-012025-09-270000014930country:US2025-01-012025-09-270000014930srt:EuropeMemberbcorp:PropulsionMember2025-01-012025-09-270000014930srt:EuropeMemberbcorp:EnginePartsandAccessoriesMember2025-01-012025-09-270000014930srt:EuropeMemberbcorp:NavicoGroupMember2025-01-012025-09-270000014930srt:EuropeMemberbcorp:BoatMember2025-01-012025-09-270000014930srt:EuropeMember2025-01-012025-09-270000014930srt:AsiaPacificMemberbcorp:PropulsionMember2025-01-012025-09-270000014930srt:AsiaPacificMemberbcorp:EnginePartsandAccessoriesMember2025-01-012025-09-270000014930srt:AsiaPacificMemberbcorp:NavicoGroupMember2025-01-012025-09-270000014930srt:AsiaPacificMemberbcorp:BoatMember2025-01-012025-09-270000014930srt:AsiaPacificMember2025-01-012025-09-270000014930country:CAbcorp:PropulsionMember2025-01-012025-09-270000014930country:CAbcorp:EnginePartsandAccessoriesMember2025-01-012025-09-270000014930country:CAbcorp:NavicoGroupMember2025-01-012025-09-270000014930country:CAbcorp:BoatMember2025-01-012025-09-270000014930country:CA2025-01-012025-09-270000014930bcorp:RestofWorldMemberbcorp:PropulsionMember2025-01-012025-09-270000014930bcorp:RestofWorldMemberbcorp:EnginePartsandAccessoriesMember2025-01-012025-09-270000014930bcorp:RestofWorldMemberbcorp:NavicoGroupMember2025-01-012025-09-270000014930bcorp:RestofWorldMemberbcorp:BoatMember2025-01-012025-09-270000014930bcorp:RestofWorldMember2025-01-012025-09-270000014930us-gaap:IntersegmentEliminationMemberbcorp:PropulsionMember2025-01-012025-09-270000014930us-gaap:IntersegmentEliminationMemberbcorp:EnginePartsandAccessoriesMember2025-01-012025-09-270000014930us-gaap:IntersegmentEliminationMemberbcorp:NavicoGroupMember2025-01-012025-09-270000014930us-gaap:IntersegmentEliminationMemberbcorp:BoatMember2025-01-012025-09-270000014930us-gaap:IntersegmentEliminationMember2025-01-012025-09-270000014930bcorp:PropulsionMember2025-01-012025-09-270000014930bcorp:EnginePartsandAccessoriesMember2025-01-012025-09-270000014930bcorp:NavicoGroupMember2025-01-012025-09-270000014930bcorp:BoatMember2025-01-012025-09-270000014930country:USbcorp:PropulsionMember2024-01-012024-09-280000014930country:USbcorp:EnginePartsandAccessoriesMember2024-01-012024-09-280000014930country:USbcorp:NavicoGroupMember2024-01-012024-09-280000014930country:USbcorp:BoatMember2024-01-012024-09-280000014930country:US2024-01-012024-09-280000014930srt:EuropeMemberbcorp:PropulsionMember2024-01-012024-09-280000014930srt:EuropeMemberbcorp:EnginePartsandAccessoriesMember2024-01-012024-09-280000014930srt:EuropeMemberbcorp:NavicoGroupMember2024-01-012024-09-280000014930srt:EuropeMemberbcorp:BoatMember2024-01-012024-09-280000014930srt:EuropeMember2024-01-012024-09-280000014930srt:AsiaPacificMemberbcorp:PropulsionMember2024-01-012024-09-280000014930srt:AsiaPacificMemberbcorp:EnginePartsandAccessoriesMember2024-01-012024-09-280000014930srt:AsiaPacificMemberbcorp:NavicoGroupMember2024-01-012024-09-280000014930srt:AsiaPacificMemberbcorp:BoatMember2024-01-012024-09-280000014930srt:AsiaPacificMember2024-01-012024-09-280000014930country:CAbcorp:PropulsionMember2024-01-012024-09-280000014930country:CAbcorp:EnginePartsandAccessoriesMember2024-01-012024-09-280000014930country:CAbcorp:NavicoGroupMember2024-01-012024-09-280000014930country:CAbcorp:BoatMember2024-01-012024-09-280000014930country:CA2024-01-012024-09-280000014930bcorp:RestofWorldMemberbcorp:PropulsionMember2024-01-012024-09-280000014930bcorp:RestofWorldMemberbcorp:EnginePartsandAccessoriesMember2024-01-012024-09-280000014930bcorp:RestofWorldMemberbcorp:NavicoGroupMember2024-01-012024-09-280000014930bcorp:RestofWorldMemberbcorp:BoatMember2024-01-012024-09-280000014930bcorp:RestofWorldMember2024-01-012024-09-280000014930us-gaap:IntersegmentEliminationMemberbcorp:PropulsionMember2024-01-012024-09-280000014930us-gaap:IntersegmentEliminationMemberbcorp:EnginePartsandAccessoriesMember2024-01-012024-09-280000014930us-gaap:IntersegmentEliminationMemberbcorp:NavicoGroupMember2024-01-012024-09-280000014930us-gaap:IntersegmentEliminationMemberbcorp:BoatMember2024-01-012024-09-280000014930us-gaap:IntersegmentEliminationMember2024-01-012024-09-280000014930bcorp:PropulsionMember2024-01-012024-09-280000014930bcorp:EnginePartsandAccessoriesMember2024-01-012024-09-280000014930bcorp:NavicoGroupMember2024-01-012024-09-280000014930bcorp:BoatMember2024-01-012024-09-280000014930bcorp:OutboardEnginesMemberbcorp:PropulsionMember2025-06-292025-09-270000014930bcorp:OutboardEnginesMemberbcorp:EnginePartsandAccessoriesMember2025-06-292025-09-270000014930bcorp:OutboardEnginesMemberbcorp:NavicoGroupMember2025-06-292025-09-270000014930bcorp:OutboardEnginesMemberbcorp:BoatMember2025-06-292025-09-270000014930bcorp:OutboardEnginesMember2025-06-292025-09-270000014930bcorp:ControlsRiggingandPropellersMemberbcorp:PropulsionMember2025-06-292025-09-270000014930bcorp:ControlsRiggingandPropellersMemberbcorp:EnginePartsandAccessoriesMember2025-06-292025-09-270000014930bcorp:ControlsRiggingandPropellersMemberbcorp:NavicoGroupMember2025-06-292025-09-270000014930bcorp:ControlsRiggingandPropellersMemberbcorp:BoatMember2025-06-292025-09-270000014930bcorp:ControlsRiggingandPropellersMember2025-06-292025-09-270000014930bcorp:SterndriveEngineMemberbcorp:PropulsionMember2025-06-292025-09-270000014930bcorp:SterndriveEngineMemberbcorp:EnginePartsandAccessoriesMember2025-06-292025-09-270000014930bcorp:SterndriveEngineMemberbcorp:NavicoGroupMember2025-06-292025-09-270000014930bcorp:SterndriveEngineMemberbcorp:BoatMember2025-06-292025-09-270000014930bcorp:SterndriveEngineMember2025-06-292025-09-270000014930bcorp:DistributionMemberbcorp:PropulsionMember2025-06-292025-09-270000014930bcorp:DistributionMemberbcorp:EnginePartsandAccessoriesMember2025-06-292025-09-270000014930bcorp:DistributionMemberbcorp:NavicoGroupMember2025-06-292025-09-270000014930bcorp:DistributionMemberbcorp:BoatMember2025-06-292025-09-270000014930bcorp:DistributionMember2025-06-292025-09-270000014930bcorp:EnginePartsandAccessoriesMemberbcorp:PropulsionMember2025-06-292025-09-270000014930bcorp:EnginePartsandAccessoriesMemberbcorp:EnginePartsandAccessoriesMember2025-06-292025-09-270000014930bcorp:EnginePartsandAccessoriesMemberbcorp:NavicoGroupMember2025-06-292025-09-270000014930bcorp:EnginePartsandAccessoriesMemberbcorp:BoatMember2025-06-292025-09-270000014930bcorp:EnginePartsandAccessoriesMember2025-06-292025-09-270000014930bcorp:ElectronicSolutionsMemberbcorp:PropulsionMember2025-06-292025-09-270000014930bcorp:ElectronicSolutionsMemberbcorp:EnginePartsandAccessoriesMember2025-06-292025-09-270000014930bcorp:ElectronicSolutionsMemberbcorp:NavicoGroupMember2025-06-292025-09-270000014930bcorp:ElectronicSolutionsMemberbcorp:BoatMember2025-06-292025-09-270000014930bcorp:ElectronicSolutionsMember2025-06-292025-09-270000014930bcorp:PowerSolutionsMemberbcorp:PropulsionMember2025-06-292025-09-270000014930bcorp:PowerSolutionsMemberbcorp:EnginePartsandAccessoriesMember2025-06-292025-09-270000014930bcorp:PowerSolutionsMemberbcorp:NavicoGroupMember2025-06-292025-09-270000014930bcorp:PowerSolutionsMemberbcorp:BoatMember2025-06-292025-09-270000014930bcorp:PowerSolutionsMember2025-06-292025-09-270000014930bcorp:PerformanceSolutionsMemberbcorp:PropulsionMember2025-06-292025-09-270000014930bcorp:PerformanceSolutionsMemberbcorp:EnginePartsandAccessoriesMember2025-06-292025-09-270000014930bcorp:PerformanceSolutionsMemberbcorp:NavicoGroupMember2025-06-292025-09-270000014930bcorp:PerformanceSolutionsMemberbcorp:BoatMember2025-06-292025-09-270000014930bcorp:PerformanceSolutionsMember2025-06-292025-09-270000014930bcorp:AluminumFreshwaterBoatsMemberbcorp:PropulsionMember2025-06-292025-09-270000014930bcorp:AluminumFreshwaterBoatsMemberbcorp:EnginePartsandAccessoriesMember2025-06-292025-09-270000014930bcorp:AluminumFreshwaterBoatsMemberbcorp:NavicoGroupMember2025-06-292025-09-270000014930bcorp:AluminumFreshwaterBoatsMemberbcorp:BoatMember2025-06-292025-09-270000014930bcorp:AluminumFreshwaterBoatsMember2025-06-292025-09-270000014930bcorp:RecreationalFiberglassBoatsMemberbcorp:PropulsionMember2025-06-292025-09-270000014930bcorp:RecreationalFiberglassBoatsMemberbcorp:EnginePartsandAccessoriesMember2025-06-292025-09-270000014930bcorp:RecreationalFiberglassBoatsMemberbcorp:NavicoGroupMember2025-06-292025-09-270000014930bcorp:RecreationalFiberglassBoatsMemberbcorp:BoatMember2025-06-292025-09-270000014930bcorp:RecreationalFiberglassBoatsMember2025-06-292025-09-270000014930bcorp:SaltwaterFishingBoatsMemberbcorp:PropulsionMember2025-06-292025-09-270000014930bcorp:SaltwaterFishingBoatsMemberbcorp:EnginePartsandAccessoriesMember2025-06-292025-09-270000014930bcorp:SaltwaterFishingBoatsMemberbcorp:NavicoGroupMember2025-06-292025-09-270000014930bcorp:SaltwaterFishingBoatsMemberbcorp:BoatMember2025-06-292025-09-270000014930bcorp:SaltwaterFishingBoatsMember2025-06-292025-09-270000014930bcorp:BusinessAccelerationMemberbcorp:PropulsionMember2025-06-292025-09-270000014930bcorp:BusinessAccelerationMemberbcorp:EnginePartsandAccessoriesMember2025-06-292025-09-270000014930bcorp:BusinessAccelerationMemberbcorp:NavicoGroupMember2025-06-292025-09-270000014930bcorp:BusinessAccelerationMemberbcorp:BoatMember2025-06-292025-09-270000014930bcorp:BusinessAccelerationMember2025-06-292025-09-270000014930bcorp:BoatEliminationsMemberbcorp:PropulsionMember2025-06-292025-09-270000014930bcorp:BoatEliminationsMemberbcorp:EnginePartsandAccessoriesMember2025-06-292025-09-270000014930bcorp:BoatEliminationsMemberbcorp:NavicoGroupMember2025-06-292025-09-270000014930bcorp:BoatEliminationsMemberbcorp:BoatMember2025-06-292025-09-270000014930bcorp:BoatEliminationsMember2025-06-292025-09-270000014930bcorp:OutboardEnginesMemberbcorp:PropulsionMember2024-06-302024-09-280000014930bcorp:OutboardEnginesMemberbcorp:EnginePartsandAccessoriesMember2024-06-302024-09-280000014930bcorp:OutboardEnginesMemberbcorp:NavicoGroupMember2024-06-302024-09-280000014930bcorp:OutboardEnginesMemberbcorp:BoatMember2024-06-302024-09-280000014930bcorp:OutboardEnginesMember2024-06-302024-09-280000014930bcorp:ControlsRiggingandPropellersMemberbcorp:PropulsionMember2024-06-302024-09-280000014930bcorp:ControlsRiggingandPropellersMemberbcorp:EnginePartsandAccessoriesMember2024-06-302024-09-280000014930bcorp:ControlsRiggingandPropellersMemberbcorp:NavicoGroupMember2024-06-302024-09-280000014930bcorp:ControlsRiggingandPropellersMemberbcorp:BoatMember2024-06-302024-09-280000014930bcorp:ControlsRiggingandPropellersMember2024-06-302024-09-280000014930bcorp:SterndriveEngineMemberbcorp:PropulsionMember2024-06-302024-09-280000014930bcorp:SterndriveEngineMemberbcorp:EnginePartsandAccessoriesMember2024-06-302024-09-280000014930bcorp:SterndriveEngineMemberbcorp:NavicoGroupMember2024-06-302024-09-280000014930bcorp:SterndriveEngineMemberbcorp:BoatMember2024-06-302024-09-280000014930bcorp:SterndriveEngineMember2024-06-302024-09-280000014930bcorp:DistributionMemberbcorp:PropulsionMember2024-06-302024-09-280000014930bcorp:DistributionMemberbcorp:EnginePartsandAccessoriesMember2024-06-302024-09-280000014930bcorp:DistributionMemberbcorp:NavicoGroupMember2024-06-302024-09-280000014930bcorp:DistributionMemberbcorp:BoatMember2024-06-302024-09-280000014930bcorp:DistributionMember2024-06-302024-09-280000014930bcorp:EnginePartsandAccessoriesMemberbcorp:PropulsionMember2024-06-302024-09-280000014930bcorp:EnginePartsandAccessoriesMemberbcorp:EnginePartsandAccessoriesMember2024-06-302024-09-280000014930bcorp:EnginePartsandAccessoriesMemberbcorp:NavicoGroupMember2024-06-302024-09-280000014930bcorp:EnginePartsandAccessoriesMemberbcorp:BoatMember2024-06-302024-09-280000014930bcorp:EnginePartsandAccessoriesMember2024-06-302024-09-280000014930bcorp:ElectronicSolutionsMemberbcorp:PropulsionMember2024-06-302024-09-280000014930bcorp:ElectronicSolutionsMemberbcorp:EnginePartsandAccessoriesMember2024-06-302024-09-280000014930bcorp:ElectronicSolutionsMemberbcorp:NavicoGroupMember2024-06-302024-09-280000014930bcorp:ElectronicSolutionsMemberbcorp:BoatMember2024-06-302024-09-280000014930bcorp:ElectronicSolutionsMember2024-06-302024-09-280000014930bcorp:PowerSolutionsMemberbcorp:PropulsionMember2024-06-302024-09-280000014930bcorp:PowerSolutionsMemberbcorp:EnginePartsandAccessoriesMember2024-06-302024-09-280000014930bcorp:PowerSolutionsMemberbcorp:NavicoGroupMember2024-06-302024-09-280000014930bcorp:PowerSolutionsMemberbcorp:BoatMember2024-06-302024-09-280000014930bcorp:PowerSolutionsMember2024-06-302024-09-280000014930bcorp:PerformanceSolutionsMemberbcorp:PropulsionMember2024-06-302024-09-280000014930bcorp:PerformanceSolutionsMemberbcorp:EnginePartsandAccessoriesMember2024-06-302024-09-280000014930bcorp:PerformanceSolutionsMemberbcorp:NavicoGroupMember2024-06-302024-09-280000014930bcorp:PerformanceSolutionsMemberbcorp:BoatMember2024-06-302024-09-280000014930bcorp:PerformanceSolutionsMember2024-06-302024-09-280000014930bcorp:AluminumFreshwaterBoatsMemberbcorp:PropulsionMember2024-06-302024-09-280000014930bcorp:AluminumFreshwaterBoatsMemberbcorp:EnginePartsandAccessoriesMember2024-06-302024-09-280000014930bcorp:AluminumFreshwaterBoatsMemberbcorp:NavicoGroupMember2024-06-302024-09-280000014930bcorp:AluminumFreshwaterBoatsMemberbcorp:BoatMember2024-06-302024-09-280000014930bcorp:AluminumFreshwaterBoatsMember2024-06-302024-09-280000014930bcorp:RecreationalFiberglassBoatsMemberbcorp:PropulsionMember2024-06-302024-09-280000014930bcorp:RecreationalFiberglassBoatsMemberbcorp:EnginePartsandAccessoriesMember2024-06-302024-09-280000014930bcorp:RecreationalFiberglassBoatsMemberbcorp:NavicoGroupMember2024-06-302024-09-280000014930bcorp:RecreationalFiberglassBoatsMemberbcorp:BoatMember2024-06-302024-09-280000014930bcorp:RecreationalFiberglassBoatsMember2024-06-302024-09-280000014930bcorp:SaltwaterFishingBoatsMemberbcorp:PropulsionMember2024-06-302024-09-280000014930bcorp:SaltwaterFishingBoatsMemberbcorp:EnginePartsandAccessoriesMember2024-06-302024-09-280000014930bcorp:SaltwaterFishingBoatsMemberbcorp:NavicoGroupMember2024-06-302024-09-280000014930bcorp:SaltwaterFishingBoatsMemberbcorp:BoatMember2024-06-302024-09-280000014930bcorp:SaltwaterFishingBoatsMember2024-06-302024-09-280000014930bcorp:BusinessAccelerationMemberbcorp:PropulsionMember2024-06-302024-09-280000014930bcorp:BusinessAccelerationMemberbcorp:EnginePartsandAccessoriesMember2024-06-302024-09-280000014930bcorp:BusinessAccelerationMemberbcorp:NavicoGroupMember2024-06-302024-09-280000014930bcorp:BusinessAccelerationMemberbcorp:BoatMember2024-06-302024-09-280000014930bcorp:BusinessAccelerationMember2024-06-302024-09-280000014930bcorp:BoatEliminationsMemberbcorp:PropulsionMember2024-06-302024-09-280000014930bcorp:BoatEliminationsMemberbcorp:EnginePartsandAccessoriesMember2024-06-302024-09-280000014930bcorp:BoatEliminationsMemberbcorp:NavicoGroupMember2024-06-302024-09-280000014930bcorp:BoatEliminationsMemberbcorp:BoatMember2024-06-302024-09-280000014930bcorp:BoatEliminationsMember2024-06-302024-09-280000014930bcorp:OutboardEnginesMemberbcorp:PropulsionMember2025-01-012025-09-270000014930bcorp:OutboardEnginesMemberbcorp:EnginePartsandAccessoriesMember2025-01-012025-09-270000014930bcorp:OutboardEnginesMemberbcorp:NavicoGroupMember2025-01-012025-09-270000014930bcorp:OutboardEnginesMemberbcorp:BoatMember2025-01-012025-09-270000014930bcorp:OutboardEnginesMember2025-01-012025-09-270000014930bcorp:ControlsRiggingandPropellersMemberbcorp:PropulsionMember2025-01-012025-09-270000014930bcorp:ControlsRiggingandPropellersMemberbcorp:EnginePartsandAccessoriesMember2025-01-012025-09-270000014930bcorp:ControlsRiggingandPropellersMemberbcorp:NavicoGroupMember2025-01-012025-09-270000014930bcorp:ControlsRiggingandPropellersMemberbcorp:BoatMember2025-01-012025-09-270000014930bcorp:ControlsRiggingandPropellersMember2025-01-012025-09-270000014930bcorp:SterndriveEngineMemberbcorp:PropulsionMember2025-01-012025-09-270000014930bcorp:SterndriveEngineMemberbcorp:EnginePartsandAccessoriesMember2025-01-012025-09-270000014930bcorp:SterndriveEngineMemberbcorp:NavicoGroupMember2025-01-012025-09-270000014930bcorp:SterndriveEngineMemberbcorp:BoatMember2025-01-012025-09-270000014930bcorp:SterndriveEngineMember2025-01-012025-09-270000014930bcorp:DistributionMemberbcorp:PropulsionMember2025-01-012025-09-270000014930bcorp:DistributionMemberbcorp:EnginePartsandAccessoriesMember2025-01-012025-09-270000014930bcorp:DistributionMemberbcorp:NavicoGroupMember2025-01-012025-09-270000014930bcorp:DistributionMemberbcorp:BoatMember2025-01-012025-09-270000014930bcorp:DistributionMember2025-01-012025-09-270000014930bcorp:EnginePartsandAccessoriesMemberbcorp:PropulsionMember2025-01-012025-09-270000014930bcorp:EnginePartsandAccessoriesMemberbcorp:EnginePartsandAccessoriesMember2025-01-012025-09-270000014930bcorp:EnginePartsandAccessoriesMemberbcorp:NavicoGroupMember2025-01-012025-09-270000014930bcorp:EnginePartsandAccessoriesMemberbcorp:BoatMember2025-01-012025-09-270000014930bcorp:EnginePartsandAccessoriesMember2025-01-012025-09-270000014930bcorp:ElectronicSolutionsMemberbcorp:PropulsionMember2025-01-012025-09-270000014930bcorp:ElectronicSolutionsMemberbcorp:EnginePartsandAccessoriesMember2025-01-012025-09-270000014930bcorp:ElectronicSolutionsMemberbcorp:NavicoGroupMember2025-01-012025-09-270000014930bcorp:ElectronicSolutionsMemberbcorp:BoatMember2025-01-012025-09-270000014930bcorp:ElectronicSolutionsMember2025-01-012025-09-270000014930bcorp:PowerSolutionsMemberbcorp:PropulsionMember2025-01-012025-09-270000014930bcorp:PowerSolutionsMemberbcorp:EnginePartsandAccessoriesMember2025-01-012025-09-270000014930bcorp:PowerSolutionsMemberbcorp:NavicoGroupMember2025-01-012025-09-270000014930bcorp:PowerSolutionsMemberbcorp:BoatMember2025-01-012025-09-270000014930bcorp:PowerSolutionsMember2025-01-012025-09-270000014930bcorp:PerformanceSolutionsMemberbcorp:PropulsionMember2025-01-012025-09-270000014930bcorp:PerformanceSolutionsMemberbcorp:EnginePartsandAccessoriesMember2025-01-012025-09-270000014930bcorp:PerformanceSolutionsMemberbcorp:NavicoGroupMember2025-01-012025-09-270000014930bcorp:PerformanceSolutionsMemberbcorp:BoatMember2025-01-012025-09-270000014930bcorp:PerformanceSolutionsMember2025-01-012025-09-270000014930bcorp:AluminumFreshwaterBoatsMemberbcorp:PropulsionMember2025-01-012025-09-270000014930bcorp:AluminumFreshwaterBoatsMemberbcorp:EnginePartsandAccessoriesMember2025-01-012025-09-270000014930bcorp:AluminumFreshwaterBoatsMemberbcorp:NavicoGroupMember2025-01-012025-09-270000014930bcorp:AluminumFreshwaterBoatsMemberbcorp:BoatMember2025-01-012025-09-270000014930bcorp:AluminumFreshwaterBoatsMember2025-01-012025-09-270000014930bcorp:RecreationalFiberglassBoatsMemberbcorp:PropulsionMember2025-01-012025-09-270000014930bcorp:RecreationalFiberglassBoatsMemberbcorp:EnginePartsandAccessoriesMember2025-01-012025-09-270000014930bcorp:RecreationalFiberglassBoatsMemberbcorp:NavicoGroupMember2025-01-012025-09-270000014930bcorp:RecreationalFiberglassBoatsMemberbcorp:BoatMember2025-01-012025-09-270000014930bcorp:RecreationalFiberglassBoatsMember2025-01-012025-09-270000014930bcorp:SaltwaterFishingBoatsMemberbcorp:PropulsionMember2025-01-012025-09-270000014930bcorp:SaltwaterFishingBoatsMemberbcorp:EnginePartsandAccessoriesMember2025-01-012025-09-270000014930bcorp:SaltwaterFishingBoatsMemberbcorp:NavicoGroupMember2025-01-012025-09-270000014930bcorp:SaltwaterFishingBoatsMemberbcorp:BoatMember2025-01-012025-09-270000014930bcorp:SaltwaterFishingBoatsMember2025-01-012025-09-270000014930bcorp:BusinessAccelerationMemberbcorp:PropulsionMember2025-01-012025-09-270000014930bcorp:BusinessAccelerationMemberbcorp:EnginePartsandAccessoriesMember2025-01-012025-09-270000014930bcorp:BusinessAccelerationMemberbcorp:NavicoGroupMember2025-01-012025-09-270000014930bcorp:BusinessAccelerationMemberbcorp:BoatMember2025-01-012025-09-270000014930bcorp:BusinessAccelerationMember2025-01-012025-09-270000014930bcorp:BoatEliminationsMemberbcorp:PropulsionMember2025-01-012025-09-270000014930bcorp:BoatEliminationsMemberbcorp:EnginePartsandAccessoriesMember2025-01-012025-09-270000014930bcorp:BoatEliminationsMemberbcorp:NavicoGroupMember2025-01-012025-09-270000014930bcorp:BoatEliminationsMemberbcorp:BoatMember2025-01-012025-09-270000014930bcorp:BoatEliminationsMember2025-01-012025-09-270000014930bcorp:OutboardEnginesMemberbcorp:PropulsionMember2024-01-012024-09-280000014930bcorp:OutboardEnginesMemberbcorp:EnginePartsandAccessoriesMember2024-01-012024-09-280000014930bcorp:OutboardEnginesMemberbcorp:NavicoGroupMember2024-01-012024-09-280000014930bcorp:OutboardEnginesMemberbcorp:BoatMember2024-01-012024-09-280000014930bcorp:OutboardEnginesMember2024-01-012024-09-280000014930bcorp:ControlsRiggingandPropellersMemberbcorp:PropulsionMember2024-01-012024-09-280000014930bcorp:ControlsRiggingandPropellersMemberbcorp:EnginePartsandAccessoriesMember2024-01-012024-09-280000014930bcorp:ControlsRiggingandPropellersMemberbcorp:NavicoGroupMember2024-01-012024-09-280000014930bcorp:ControlsRiggingandPropellersMemberbcorp:BoatMember2024-01-012024-09-280000014930bcorp:ControlsRiggingandPropellersMember2024-01-012024-09-280000014930bcorp:SterndriveEngineMemberbcorp:PropulsionMember2024-01-012024-09-280000014930bcorp:SterndriveEngineMemberbcorp:EnginePartsandAccessoriesMember2024-01-012024-09-280000014930bcorp:SterndriveEngineMemberbcorp:NavicoGroupMember2024-01-012024-09-280000014930bcorp:SterndriveEngineMemberbcorp:BoatMember2024-01-012024-09-280000014930bcorp:SterndriveEngineMember2024-01-012024-09-280000014930bcorp:DistributionMemberbcorp:PropulsionMember2024-01-012024-09-280000014930bcorp:DistributionMemberbcorp:EnginePartsandAccessoriesMember2024-01-012024-09-280000014930bcorp:DistributionMemberbcorp:NavicoGroupMember2024-01-012024-09-280000014930bcorp:DistributionMemberbcorp:BoatMember2024-01-012024-09-280000014930bcorp:DistributionMember2024-01-012024-09-280000014930bcorp:EnginePartsandAccessoriesMemberbcorp:PropulsionMember2024-01-012024-09-280000014930bcorp:EnginePartsandAccessoriesMemberbcorp:EnginePartsandAccessoriesMember2024-01-012024-09-280000014930bcorp:EnginePartsandAccessoriesMemberbcorp:NavicoGroupMember2024-01-012024-09-280000014930bcorp:EnginePartsandAccessoriesMemberbcorp:BoatMember2024-01-012024-09-280000014930bcorp:EnginePartsandAccessoriesMember2024-01-012024-09-280000014930bcorp:ElectronicSolutionsMemberbcorp:PropulsionMember2024-01-012024-09-280000014930bcorp:ElectronicSolutionsMemberbcorp:EnginePartsandAccessoriesMember2024-01-012024-09-280000014930bcorp:ElectronicSolutionsMemberbcorp:NavicoGroupMember2024-01-012024-09-280000014930bcorp:ElectronicSolutionsMemberbcorp:BoatMember2024-01-012024-09-280000014930bcorp:ElectronicSolutionsMember2024-01-012024-09-280000014930bcorp:PowerSolutionsMemberbcorp:PropulsionMember2024-01-012024-09-280000014930bcorp:PowerSolutionsMemberbcorp:EnginePartsandAccessoriesMember2024-01-012024-09-280000014930bcorp:PowerSolutionsMemberbcorp:NavicoGroupMember2024-01-012024-09-280000014930bcorp:PowerSolutionsMemberbcorp:BoatMember2024-01-012024-09-280000014930bcorp:PowerSolutionsMember2024-01-012024-09-280000014930bcorp:PerformanceSolutionsMemberbcorp:PropulsionMember2024-01-012024-09-280000014930bcorp:PerformanceSolutionsMemberbcorp:EnginePartsandAccessoriesMember2024-01-012024-09-280000014930bcorp:PerformanceSolutionsMemberbcorp:NavicoGroupMember2024-01-012024-09-280000014930bcorp:PerformanceSolutionsMemberbcorp:BoatMember2024-01-012024-09-280000014930bcorp:PerformanceSolutionsMember2024-01-012024-09-280000014930bcorp:AluminumFreshwaterBoatsMemberbcorp:PropulsionMember2024-01-012024-09-280000014930bcorp:AluminumFreshwaterBoatsMemberbcorp:EnginePartsandAccessoriesMember2024-01-012024-09-280000014930bcorp:AluminumFreshwaterBoatsMemberbcorp:NavicoGroupMember2024-01-012024-09-280000014930bcorp:AluminumFreshwaterBoatsMemberbcorp:BoatMember2024-01-012024-09-280000014930bcorp:AluminumFreshwaterBoatsMember2024-01-012024-09-280000014930bcorp:RecreationalFiberglassBoatsMemberbcorp:PropulsionMember2024-01-012024-09-280000014930bcorp:RecreationalFiberglassBoatsMemberbcorp:EnginePartsandAccessoriesMember2024-01-012024-09-280000014930bcorp:RecreationalFiberglassBoatsMemberbcorp:NavicoGroupMember2024-01-012024-09-280000014930bcorp:RecreationalFiberglassBoatsMemberbcorp:BoatMember2024-01-012024-09-280000014930bcorp:RecreationalFiberglassBoatsMember2024-01-012024-09-280000014930bcorp:SaltwaterFishingBoatsMemberbcorp:PropulsionMember2024-01-012024-09-280000014930bcorp:SaltwaterFishingBoatsMemberbcorp:EnginePartsandAccessoriesMember2024-01-012024-09-280000014930bcorp:SaltwaterFishingBoatsMemberbcorp:NavicoGroupMember2024-01-012024-09-280000014930bcorp:SaltwaterFishingBoatsMemberbcorp:BoatMember2024-01-012024-09-280000014930bcorp:SaltwaterFishingBoatsMember2024-01-012024-09-280000014930bcorp:BusinessAccelerationMemberbcorp:PropulsionMember2024-01-012024-09-280000014930bcorp:BusinessAccelerationMemberbcorp:EnginePartsandAccessoriesMember2024-01-012024-09-280000014930bcorp:BusinessAccelerationMemberbcorp:NavicoGroupMember2024-01-012024-09-280000014930bcorp:BusinessAccelerationMemberbcorp:BoatMember2024-01-012024-09-280000014930bcorp:BusinessAccelerationMember2024-01-012024-09-280000014930bcorp:BoatEliminationsMemberbcorp:PropulsionMember2024-01-012024-09-280000014930bcorp:BoatEliminationsMemberbcorp:EnginePartsandAccessoriesMember2024-01-012024-09-280000014930bcorp:BoatEliminationsMemberbcorp:NavicoGroupMember2024-01-012024-09-280000014930bcorp:BoatEliminationsMemberbcorp:BoatMember2024-01-012024-09-280000014930bcorp:BoatEliminationsMember2024-01-012024-09-2800000149302025-01-012025-09-2700000149302026-01-012025-09-2700000149302027-01-012025-09-2700000149302025-01-012025-06-2800000149302026-01-012025-06-2800000149302027-01-012025-06-280000014930bcorp:RestructuringandExitActivitiesMemberbcorp:PropulsionMember2025-06-292025-09-270000014930bcorp:RestructuringandExitActivitiesMemberbcorp:EnginePartsandAccessoriesMember2025-06-292025-09-270000014930bcorp:RestructuringandExitActivitiesMemberbcorp:NavicoGroupMember2025-06-292025-09-270000014930bcorp:RestructuringandExitActivitiesMemberbcorp:BoatMember2025-06-292025-09-270000014930bcorp:RestructuringandExitActivitiesMemberus-gaap:CorporateMember2025-06-292025-09-270000014930bcorp:RestructuringandExitActivitiesMember2025-06-292025-09-270000014930us-gaap:CorporateMember2025-06-292025-09-270000014930bcorp:IncludesNonOperatingMember2025-06-292025-09-270000014930bcorp:PropulsionMember2025-09-270000014930bcorp:EnginePartsandAccessoriesMember2025-09-270000014930bcorp:NavicoGroupMember2025-09-270000014930bcorp:BoatMember2025-09-270000014930us-gaap:CorporateMember2025-09-270000014930bcorp:RestructuringandExitActivitiesMemberbcorp:PropulsionMember2024-06-302024-09-280000014930bcorp:RestructuringandExitActivitiesMemberbcorp:EnginePartsandAccessoriesMember2024-06-302024-09-280000014930bcorp:RestructuringandExitActivitiesMemberbcorp:NavicoGroupMember2024-06-302024-09-280000014930bcorp:RestructuringandExitActivitiesMemberbcorp:BoatMember2024-06-302024-09-280000014930bcorp:RestructuringandExitActivitiesMemberus-gaap:CorporateMember2024-06-302024-09-280000014930bcorp:RestructuringandExitActivitiesMember2024-06-302024-09-280000014930us-gaap:CorporateMember2024-06-302024-09-280000014930bcorp:PropulsionMember2024-09-280000014930bcorp:EnginePartsandAccessoriesMember2024-09-280000014930bcorp:NavicoGroupMember2024-09-280000014930bcorp:BoatMember2024-09-280000014930us-gaap:CorporateMember2024-09-280000014930bcorp:RestructuringandExitActivitiesMemberbcorp:PropulsionMember2025-01-012025-09-270000014930bcorp:RestructuringandExitActivitiesMemberbcorp:EnginePartsandAccessoriesMember2025-01-012025-09-270000014930bcorp:RestructuringandExitActivitiesMemberbcorp:NavicoGroupMember2025-01-012025-09-270000014930bcorp:RestructuringandExitActivitiesMemberbcorp:BoatMember2025-01-012025-09-270000014930bcorp:RestructuringandExitActivitiesMemberus-gaap:CorporateMember2025-01-012025-09-270000014930bcorp:RestructuringandExitActivitiesMember2025-01-012025-09-270000014930us-gaap:CorporateMember2025-01-012025-09-270000014930bcorp:IncludesNonOperatingMember2025-01-012025-09-270000014930bcorp:RestructuringandExitActivitiesMemberbcorp:PropulsionMember2024-01-012024-09-280000014930bcorp:RestructuringandExitActivitiesMemberbcorp:EnginePartsandAccessoriesMember2024-01-012024-09-280000014930bcorp:RestructuringandExitActivitiesMemberbcorp:NavicoGroupMember2024-01-012024-09-280000014930bcorp:RestructuringandExitActivitiesMemberbcorp:BoatMember2024-01-012024-09-280000014930bcorp:RestructuringandExitActivitiesMemberus-gaap:CorporateMember2024-01-012024-09-280000014930bcorp:RestructuringandExitActivitiesMember2024-01-012024-09-280000014930us-gaap:CorporateMember2024-01-012024-09-280000014930bcorp:FreedomBoatClubFranchisesMember2025-01-012025-09-270000014930bcorp:FreedomBoatClubFranchisesMember2024-09-120000014930bcorp:FreedomBoatClubFranchisesMemberus-gaap:CustomerRelationshipsMember2025-01-012025-09-270000014930bcorp:FreedomBoatClubFranchisesMemberus-gaap:CustomerRelationshipsMember2025-01-012025-06-280000014930us-gaap:CrossCurrencyInterestRateContractMember2025-09-270000014930us-gaap:CrossCurrencyInterestRateContractMember2025-01-012025-09-270000014930us-gaap:CrossCurrencyInterestRateContractMember2024-12-310000014930us-gaap:CrossCurrencyInterestRateContractMember2024-09-280000014930us-gaap:CommodityContractMember2025-09-270000014930us-gaap:CommodityContractMember2024-12-310000014930us-gaap:CommodityContractMember2024-09-280000014930us-gaap:ForeignExchangeForwardMember2025-09-270000014930us-gaap:ForeignExchangeForwardMember2024-12-310000014930us-gaap:ForeignExchangeForwardMember2024-09-280000014930us-gaap:ForeignExchangeContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-09-270000014930us-gaap:ForeignExchangeContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-12-310000014930us-gaap:ForeignExchangeContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-09-280000014930us-gaap:CommodityContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-09-270000014930us-gaap:CommodityContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-12-310000014930us-gaap:CommodityContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-09-280000014930us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-09-270000014930us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-12-310000014930us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-280000014930us-gaap:InterestRateContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2025-09-270000014930us-gaap:InterestRateContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2024-12-310000014930us-gaap:InterestRateContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2024-09-280000014930us-gaap:ForeignExchangeContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:FairValueHedgingMember2025-09-270000014930us-gaap:ForeignExchangeContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:FairValueHedgingMember2024-12-310000014930us-gaap:ForeignExchangeContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:NondesignatedMemberus-gaap:FairValueHedgingMember2024-09-280000014930us-gaap:ForeignExchangeContractMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-09-270000014930us-gaap:ForeignExchangeContractMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-12-310000014930us-gaap:ForeignExchangeContractMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-09-280000014930us-gaap:CommodityContractMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-09-270000014930us-gaap:CommodityContractMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-12-310000014930us-gaap:CommodityContractMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-09-280000014930us-gaap:InterestRateContractMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2025-09-270000014930us-gaap:InterestRateContractMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2024-12-310000014930us-gaap:InterestRateContractMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2024-09-280000014930us-gaap:ForeignExchangeContractMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:FairValueHedgingMember2025-09-270000014930us-gaap:ForeignExchangeContractMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:FairValueHedgingMember2024-12-310000014930us-gaap:ForeignExchangeContractMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMemberus-gaap:NondesignatedMemberus-gaap:FairValueHedgingMember2024-09-280000014930us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-06-292025-09-270000014930us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-06-302024-09-280000014930us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-01-012025-09-270000014930us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-01-012024-09-280000014930us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-06-292025-09-270000014930us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-06-302024-09-280000014930us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-01-012025-09-270000014930us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-01-012024-09-280000014930us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-06-292025-09-270000014930us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-06-302024-09-280000014930us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2025-01-012025-09-270000014930us-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-09-280000014930us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-06-292025-09-270000014930us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-06-302024-09-280000014930us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2025-01-012025-09-270000014930us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-01-012024-09-280000014930us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2025-06-292025-09-270000014930us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2024-06-302024-09-280000014930us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2025-01-012025-09-270000014930us-gaap:InterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2024-01-012024-09-280000014930us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2025-06-292025-09-270000014930us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2024-06-302024-09-280000014930us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2025-01-012025-09-270000014930us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2024-01-012024-09-280000014930us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2025-06-292025-09-270000014930us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2024-06-302024-09-280000014930us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2025-01-012025-09-270000014930us-gaap:CommodityContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2024-01-012024-09-280000014930us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:CostOfSalesMember2025-06-292025-09-270000014930us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:CostOfSalesMember2024-06-302024-09-280000014930us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:CostOfSalesMember2025-01-012025-09-270000014930us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:CostOfSalesMember2024-01-012024-09-280000014930us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMember2025-06-292025-09-270000014930us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-06-302024-09-280000014930us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMember2025-01-012025-09-270000014930us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:OtherNonoperatingIncomeExpenseMember2024-01-012024-09-280000014930us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2025-06-292025-09-270000014930us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2024-06-302024-09-280000014930us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2025-01-012025-09-270000014930us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2024-01-012024-09-280000014930us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-270000014930us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000014930us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-09-280000014930us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-09-270000014930us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000014930us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-09-280000014930us-gaap:FairValueMeasurementsRecurringMember2025-09-270000014930us-gaap:FairValueMeasurementsRecurringMember2024-12-310000014930us-gaap:FairValueMeasurementsRecurringMember2024-09-280000014930bcorp:PropulsionMember2024-12-310000014930bcorp:EnginePartsandAccessoriesMember2024-12-310000014930bcorp:NavicoGroupMember2024-12-310000014930bcorp:BoatMember2024-12-310000014930bcorp:PropulsionMember2023-12-310000014930bcorp:EnginePartsandAccessoriesMember2023-12-310000014930bcorp:NavicoGroupMember2023-12-310000014930bcorp:BoatMember2023-12-310000014930us-gaap:CustomerRelationshipsMember2025-09-270000014930us-gaap:CustomerRelationshipsMember2024-12-310000014930us-gaap:CustomerRelationshipsMember2024-09-280000014930us-gaap:TradeNamesMember2025-09-270000014930us-gaap:TradeNamesMember2024-12-310000014930us-gaap:TradeNamesMember2024-09-280000014930us-gaap:DevelopedTechnologyRightsMember2025-09-270000014930us-gaap:DevelopedTechnologyRightsMember2024-12-310000014930us-gaap:DevelopedTechnologyRightsMember2024-09-280000014930us-gaap:OtherIntangibleAssetsMember2025-09-270000014930us-gaap:OtherIntangibleAssetsMember2024-12-310000014930us-gaap:OtherIntangibleAssetsMember2024-09-280000014930us-gaap:CustomerRelationshipsMember2025-01-012025-06-280000014930us-gaap:OtherIntangibleAssetsMember2025-01-012025-06-280000014930us-gaap:CostOfSalesMember2025-06-292025-09-270000014930us-gaap:SellingGeneralAndAdministrativeExpensesMember2025-06-292025-09-270000014930us-gaap:CostOfSalesMember2024-06-302024-09-280000014930us-gaap:SellingGeneralAndAdministrativeExpensesMember2024-06-302024-09-280000014930us-gaap:CostOfSalesMember2025-01-012025-09-270000014930us-gaap:SellingGeneralAndAdministrativeExpensesMember2025-01-012025-09-270000014930us-gaap:CostOfSalesMember2024-01-012024-09-280000014930us-gaap:SellingGeneralAndAdministrativeExpensesMember2024-01-012024-09-280000014930us-gaap:CorporateMember2024-12-310000014930us-gaap:NonUsMember2025-06-292025-09-270000014930us-gaap:NonUsMember2024-06-302024-09-280000014930us-gaap:NonUsMember2025-01-012025-09-270000014930us-gaap:NonUsMember2024-01-012024-09-280000014930country:US2025-09-270000014930country:US2024-12-310000014930country:US2024-09-280000014930us-gaap:NonUsMember2025-09-270000014930us-gaap:NonUsMember2024-12-310000014930us-gaap:NonUsMember2024-09-280000014930us-gaap:CorporateMember2025-09-270000014930us-gaap:CorporateMember2024-12-310000014930us-gaap:CorporateMember2024-09-280000014930us-gaap:AccumulatedTranslationAdjustmentMember2025-06-280000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2025-06-280000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2025-06-280000014930us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-06-280000014930us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-06-280000014930us-gaap:AccumulatedTranslationAdjustmentMember2025-06-292025-09-270000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2025-06-292025-09-270000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2025-06-292025-09-270000014930us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-06-292025-09-270000014930us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-06-292025-09-270000014930us-gaap:AccumulatedTranslationAdjustmentMember2025-09-270000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2025-09-270000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2025-09-270000014930us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-09-270000014930us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-09-270000014930us-gaap:AccumulatedTranslationAdjustmentMember2024-12-310000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2024-12-310000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2024-12-310000014930us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-12-310000014930us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-12-310000014930us-gaap:AccumulatedTranslationAdjustmentMember2025-01-012025-09-270000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2025-01-012025-09-270000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2025-01-012025-09-270000014930us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-01-012025-09-270000014930us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-01-012025-09-270000014930us-gaap:AccumulatedTranslationAdjustmentMember2024-06-290000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2024-06-290000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2024-06-290000014930us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-06-290000014930us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-06-290000014930us-gaap:AccumulatedTranslationAdjustmentMember2024-06-302024-09-280000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2024-06-302024-09-280000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2024-06-302024-09-280000014930us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-06-302024-09-280000014930us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-06-302024-09-280000014930us-gaap:AccumulatedTranslationAdjustmentMember2024-09-280000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2024-09-280000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2024-09-280000014930us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-09-280000014930us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-09-280000014930us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2023-12-310000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2023-12-310000014930us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-12-310000014930us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-12-310000014930us-gaap:AccumulatedTranslationAdjustmentMember2024-01-012024-09-280000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2024-01-012024-09-280000014930us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2024-01-012024-09-280000014930us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-01-012024-09-280000014930us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-09-2800000149302025-01-012025-06-280000014930bcorp:A6.625SeniorNotesdue2049Member2025-03-302025-06-280000014930bcorp:A6.625SeniorNotesdue2049Member2025-03-290000014930us-gaap:LineOfCreditMember2025-09-270000014930us-gaap:LineOfCreditMember2024-09-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 27, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-01043

____________

Brunswick Corporation

(Exact name of registrant as specified in its charter)


Delaware						36-0848180
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

26125 N. Riverwoods Blvd., Suite 500, Mettawa, IL 60045-3420

(Address of principal executive offices) (Zip code)

(847) 735-4700

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large Accelerated Filer	☒	Accelerated Filer	☐

Non-accelerated Filer	☐	Smaller reporting company	☐

Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common stock, par value $0.75 per share

New York Stock Exchange

NYSE Texas, Inc.

6.500% Senior Notes due 2048

BC-A

New York Stock Exchange

6.375% Senior Notes due 2049

BC-C

New York Stock Exchange

The number of shares of Common Stock ($0.75 par value) of the registrant outstanding as of October 27, 2025 was 65,036,590.

BRUNSWICK CORPORATION

INDEX TO QUARTERLY REPORT ON FORM 10-Q

September 27, 2025

TABLE OF CONTENTS


PART I – FINANCIAL INFORMATION		Page

Item 1.	Condensed Consolidated Financial Statements (Unaudited)	3













Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	36

Item 4.	Controls and Procedures	37


PART II – OTHER INFORMATION



Item 1A.	Risk Factors	38

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	38

Item 5.	Other Information	39

Item 6.	Exhibits	40

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

BRUNSWICK CORPORATION

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)


	Three Months Ended				Nine Months Ended
(in millions, except per share data)	September 27, 2025		September 28, 2024		September 27, 2025		September 28, 2024
Net sales	$	1,360.2	$	1,273.3	$	4,029.0	$	4,082.2
Cost of sales	1,009.4		940.3		3,004.6		2,984.6
Selling, general and administrative expense	215.8		180.7		640.4		566.2
Research and development expense	43.4		41.7		123.7		130.5
Restructuring, exit and impairment charges	333.8		12.2		342.9		33.6
Operating (loss) earnings	(242.2)		98.4		(82.6)		367.3
Equity earnings	1.5		1.6		5.4		7.0
Other expense, net	(0.4)		(1.1)		(0.5)		(1.9)
(Loss) earnings before interest and income taxes	(241.1)		98.9		(77.7)		372.4
Interest expense	(27.0)		(33.0)		(86.7)		(94.2)
Interest income	1.8		4.0		5.2		11.2
Loss on early extinguishment of debt	—		—		(3.7)		—

(Loss) earnings before income taxes	(266.3)		69.9		(162.9)		289.4
Income tax (benefit) provision	(32.0)		22.6		(8.4)		68.9
Net (loss) earnings from continuing operations	(234.3)		47.3		(154.5)		220.5



Net loss from discontinued operations, net of tax	(1.2)		(2.7)		(1.5)		(7.9)
Net (loss) earnings	$	(235.5)	$	44.6	$	(156.0)	$	212.6

Earnings per common share:
Basic
(Loss) earnings from continuing operations	$	(3.57)	$	0.71	$	(2.34)	$	3.27
Loss from discontinued operations	(0.02)		(0.04)		(0.02)		(0.12)
Net (loss) earnings	$	(3.59)	$	0.67	$	(2.36)	$	3.15

Diluted
(Loss) earnings from continuing operations	$	(3.57)	$	0.71	$	(2.34)	$	3.26
Loss from discontinued operations	(0.02)		(0.04)		(0.02)		(0.12)
Net (loss) earnings	$	(3.59)	$	0.67	$	(2.36)	$	3.14

Weighted average shares used for computation of:
Basic earnings per common share	65.7		66.6		66.0		67.4
Diluted earnings per common share	65.7		66.6		66.0		67.6

Comprehensive (loss) income	$	(231.6)	$	59.5	$	(130.4)	$	210.6



The Notes to Condensed Consolidated Financial Statements are an integral part of these condensed consolidated statements.

Table of Contents

BRUNSWICK CORPORATION

Condensed Consolidated Balance Sheets

(Unaudited)


(in millions)	September 27, 2025		December 31, 2024		September 28, 2024
Assets
Current assets
Cash and cash equivalents, at cost, which approximates fair value	$	297.7	$	269.0	$	284.1
Restricted cash	17.9		16.9		16.8
Short-term investments in marketable securities	0.8		0.8		0.8
Total cash and short-term investments in marketable securities	316.4		286.7		301.7
Accounts and notes receivable, less allowances of $12.2, $10.3, and $10.5	491.4		429.0		500.8
Inventories
Finished goods	807.8		846.9		937.0
Work-in-process	157.1		148.1		173.5
Raw materials	307.6		307.6		354.2
Net inventories	1,272.5		1,302.6		1,464.7
Prepaid expenses and other	77.2		95.5		80.8

Current assets	2,157.5		2,113.8		2,348.0

Property
Land	43.8		44.0		44.1
Buildings and improvements	672.3		642.1		635.8
Equipment	1,594.3		1,544.7		1,578.3

Total land, buildings and improvements and equipment	2,310.4		2,230.8		2,258.2
Accumulated depreciation	(1,276.6)		(1,186.9)		(1,199.4)
Net land, buildings and improvements and equipment	1,033.8		1,043.9		1,058.8
Unamortized product tooling costs	183.9		207.6		219.5
Net property	1,217.7		1,251.5		1,278.3

Other assets
Goodwill	679.6		966.1		1,059.7
Other intangibles, net	866.4		918.3		939.9
Deferred income tax asset	257.7		197.5		187.0
Operating lease assets	172.9		161.8		162.5
Equity investments	30.5		35.0		32.9
Other long-term assets	31.2		33.7		15.2

Other assets	2,038.3		2,312.4		2,397.2

Total assets	$	5,413.5	$	5,677.7	$	6,023.5

The Notes to Condensed Consolidated Financial Statements are an integral part of these condensed consolidated statements.

Table of Contents


(in millions)	September 27, 2025		December 31, 2024		September 28, 2024
Liabilities and shareholders' equity
Current liabilities
Short-term debt and current maturities of long-term debt	$	95.8	$	242.8	$	199.2
Accounts payable	413.3		393.4		369.1
Accrued expenses	705.9		643.7		625.8

Current liabilities	1,215.0		1,279.9		1,194.1

Long-term liabilities
Debt	2,097.4		2,097.8		2,372.7
Operating lease liabilities	151.0		145.1		144.1
Postretirement benefits	45.4		46.4		48.6
Deferred income tax liability	10.9		10.4		12.4
Other long-term liabilities	259.9		205.8		217.3

Long-term liabilities	2,564.6		2,505.5		2,795.1

Shareholders' equity
Common stock; authorized: 200,000,000 shares, $0.75 par value; issued: 102,538,000 shares; outstanding: 65,104,000, 65,987,000 and 66,101,000 shares	76.9		76.9		76.9
Additional paid-in capital	416.1		401.8		398.0
Retained earnings	3,374.1		3,614.7		3,724.9
Treasury stock, at cost: 37,434,000, 36,551,000, and 36,437,000 shares	(2,205.4)		(2,147.7)		(2,137.8)







Accumulated other comprehensive loss, net of tax	(27.8)		(53.4)		(27.7)
Shareholders' equity	1,633.9		1,892.3		2,034.3

Total liabilities and shareholders' equity	$	5,413.5	$	5,677.7	$	6,023.5

The Notes to Condensed Consolidated Financial Statements are an integral part of these condensed consolidated statements.

Table of Contents

BRUNSWICK CORPORATION

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	Nine Months Ended
(in millions)	September 27, 2025		September 28, 2024
Cash flows from operating activities
Net (loss) earnings	$	(156.0)	$	212.6
Less: net loss from discontinued operations, net of tax	(1.5)		(7.9)
Net (loss) earnings from continuing operations	(154.5)		220.5
Depreciation and amortization	216.9		212.0
Stock compensation expense	27.6		20.4
Pension funding, net of expense	—		(0.9)

Asset impairment charges	323.6		6.7

Deferred income taxes	(52.0)		8.5


Changes in certain current assets and current liabilities	68.7		(323.7)
Extended warranty contracts and other deferred revenue	10.9		11.4


Income taxes	18.8		(22.9)
Other, net	(8.9)		5.5
Net cash provided by operating activities of continuing operations	451.1		137.5
Net cash used for operating activities of discontinued operations	(21.9)		(12.5)
Net cash provided by operating activities	429.2		125.0

Cash flows from investing activities
Capital expenditures	(116.5)		(137.1)
Purchases of marketable securities	—		(80.9)
Sales or maturities of marketable securities	—		82.1
Investments	5.1		5.5
Acquisition of businesses, net of cash acquired	(0.2)		(31.8)
Proceeds from the sale of property, plant and equipment	8.8		8.2
Other, net	5.3		—



Net cash used for investing activities	(97.5)		(154.0)

Cash flows from financing activities
Net proceeds from issuances of short-term debt	292.6		200.8
Payments of short-term debt	(318.7)		(7.4)
Net proceeds from issuances of long-term debt	—		396.9
Payments of long-term debt including current maturities	(128.4)		(451.9)

Common stock repurchases	(65.0)		(190.0)
Cash dividends paid	(84.6)		(84.6)

Tax withholding associated with shares issued for share-based compensation	(7.3)		(9.3)
Other, net	(1.8)		(1.5)


Net cash used for financing activities	(313.2)		(147.0)

Effect of exchange rate changes	11.2		(2.0)
Net increase (decrease) in Cash and cash equivalents and Restricted cash	29.7		(178.0)
Cash and cash equivalents and Restricted cash at beginning of period	285.9		478.9

Cash and cash equivalents and Restricted cash at end of period	315.6		300.9
Less: Restricted cash	17.9		16.8
Cash and cash equivalents at the end of period	$	297.7	$	284.1

The Notes to Condensed Consolidated Financial Statements are an integral part of these condensed consolidated statements.

Table of Contents

Brunswick Corporation

Condensed Consolidated Statements of Shareholders' Equity

(Unaudited)


(in millions, except per share data)	Common Stock		Additional Paid-in Capital		Retained Earnings		Treasury Stock		Accumulated other comprehensive loss, net of tax		Total
Balance at December 31, 2024	$	76.9	$	401.8	$	3,614.7	$	(2,147.7)	$	(53.4)	$	1,892.3
Net earnings	—		—		20.2		—		—		20.2
Other comprehensive income	—		—		—		—		12.7		12.7
Dividends ($0.43 per common share)	—		—		(28.2)		—		—		(28.2)
Compensation plans and other	—		(5.6)		—		6.6		—		1.0
Common stock repurchases	—		—		—		(25.8)		—		(25.8)
Balance at March 29, 2025	76.9		396.2		3,606.7		(2,166.9)		(40.7)		1,872.2
Net earnings	—		—		59.3		—		—		59.3
Other comprehensive income	—		—		—		—		9.0		9.0
Dividends ($0.43 per common share)	—		—		(28.4)		—		—		(28.4)
Compensation plans and other	—		9.9		—		0.7		—		10.6
Common stock repurchases	—		—		—		(17.7)		—		(17.7)
Balance at June 28, 2025	76.9		406.1		3,637.6		(2,183.9)		(31.7)		1,905.0
Net loss	—		—		(235.5)		—		—		(235.5)
Other comprehensive income	—		—		—		—		3.9		3.9
Dividends ($0.43 per common share)	—		—		(28.0)		—		—		(28.0)
Compensation plans and other	—		10.0		—		0.6		—		10.6
Common stock repurchases	—		—		—		(22.1)		—		(22.1)
Balance at September 27, 2025	$	76.9	$	416.1	$	3,374.1	$	(2,205.4)	$	(27.8)	$	1,633.9


(in millions, except per share data)	Common Stock		Additional Paid-in Capital		Retained Earnings		Treasury Stock		Accumulated other comprehensive loss, net of tax		Total
Balance at December 31, 2023	$	76.9	$	392.0	$	3,596.9	$	(1,952.7)	$	(25.7)	$	2,087.4
Net earnings	—		—		68.0		—		—		68.0
Other comprehensive loss	—		—		—		—		(10.5)		(10.5)
Dividends ($0.42 per common share)	—		—		(28.6)		—		—		(28.6)
Compensation plans and other	—		(8.6)		—		6.0		—		(2.6)
Common stock repurchases	—		—		—		(64.1)		—		(64.1)
Balance at March 30, 2024	76.9		383.4		3,636.3		(2,010.8)		(36.2)		2,049.6
Net earnings	—		—		100.0		—		—		100.0
Other comprehensive loss	—		—		—		—		(6.4)		(6.4)
Dividends ($0.42 per common share)	—		—		(28.2)		—		—		(28.2)
Compensation plans and other	—		5.8		—		0.2		—		6.0
Common stock repurchases	—		—		—		(107.4)		—		(107.4)
Balance at June 29, 2024	76.9		389.2		3,708.1		(2,118.0)		(42.6)		2,013.6
Net earnings	—		—		44.6		—		—		44.6
Other comprehensive loss	—		—		—		—		14.9		14.9
Dividends ($0.42 per common share)	—		—		(27.8)		—		—		(27.8)
Compensation plans and other	—		8.8		—		0.4		—		9.2
Common stock repurchases	—		—		—		(20.2)		—		(20.2)
Balance at September 28, 2024	$	76.9	$	398.0	$	3,724.9	$	(2,137.8)	$	(27.7)	$	2,034.3

The Notes to Condensed Consolidated Financial Statements are an integral part of these condensed consolidated statements.

Table of Contents

BRUNSWICK CORPORATION

Notes to Condensed Consolidated Financial Statements

(unaudited)

Note 1 – Significant Accounting Policies

Interim Financial Statements

Brunswick's unaudited interim condensed consolidated financial statements have been prepared pursuant to SEC rules and regulations. Therefore, certain information and disclosures normally included in financial statements and related notes prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted.

These financial statements should be read in conjunction with, and have been prepared in conformity with, the accounting principles reflected in the consolidated financial statements and related notes included in Brunswick's Annual Report on Form 10-K for the year ended December 31, 2024 (the 2024 Form 10-K). These results include, in management's opinion, all normal and recurring adjustments necessary to present fairly Brunswick's financial position, results of operations, and cash flows. Due to the seasonality of Brunswick's businesses, the interim results are not necessarily indicative of the results that may be expected for the remainder of the year.

The Company maintains its financial records on the basis of a fiscal year ending on December 31, with the fiscal quarters spanning approximately thirteen weeks. The first quarter ends on the Saturday closest to the end of the first thirteen-week period. The second and third quarters are thirteen weeks in duration and the fourth quarter is the remainder of the year. The third quarter of fiscal year 2025 ended on September 27, 2025 and the third quarter of fiscal year 2024 ended on September 28, 2024.

Recently Issued Accounting Standards

Income Statement: In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). This guidance requires disclosures about significant expense categories, including, but not limited to, inventory purchases, employee compensation, depreciation, amortization, and selling expenses. ASU 2024-03 is effective for financial statements for annual periods beginning after December 15, 2026. We are currently evaluating the impact of adopting this guidance on the consolidated financial statements.

Income Taxes: In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. Under this ASU, entities must disclose, on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires entities to disclose additional information about income taxes paid. ASU 2023-09 is effective for financial statements for annual periods beginning after December 15, 2024. We are currently evaluating the impact of adopting this guidance on the consolidated financial statements.

Table of Contents

BRUNSWICK CORPORATION

Notes to Condensed Consolidated Financial Statements

(unaudited)

Note 2 – Revenue Recognition

The following tables present the Company's revenue in categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors:


	Three Months Ended
	September 27, 2025
(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Total
Geographic Markets
United States	$	342.6	$	257.7	$	108.6	$	292.4	$	1,001.3
Europe	70.1		35.7		48.3		23.2		177.3
Asia-Pacific	43.6		27.4		20.1		6.7		97.8
Canada	22.7		30.8		4.1		33.5		91.1
Rest-of-World	56.4		12.1		5.8		4.4		78.7
Segment Eliminations	(63.4)		(1.8)		(20.6)		(0.2)		(86.0)
Total	$	472.0	$	361.9	$	166.3	$	360.0	$	1,360.2

	Three Months Ended
	September 28, 2024
(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Total
Geographic Markets
United States	$	308.1	$	235.9	$	106.3	$	290.2	$	940.5
Europe	70.9		31.2		48.6		19.3		170.0
Asia-Pacific	38.3		27.6		18.9		4.3		89.1
Canada	20.0		28.6		3.0		25.2		76.8
Rest-of-World	48.6		12.8		7.3		6.3		75.0
Segment Eliminations	(58.8)		(1.4)		(17.9)		—		(78.1)
Total	$	427.1	$	334.7	$	166.2	$	345.3	$	1,273.3

	Nine Months Ended
	September 27, 2025
(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Total
Geographic Markets
United States	$	1,017.2	$	685.1	$	347.5	$	918.7	$	2,968.5
Europe	253.3		94.0		166.0		85.4		598.7
Asia-Pacific	131.9		75.2		53.5		14.5		275.1
Canada	57.6		65.5		13.1		104.3		240.5
Rest-of-World	160.6		37.0		17.3		15.0		229.9
Segment Eliminations	(209.9)		(6.1)		(66.9)		(0.8)		(283.7)
Total	$	1,410.7	$	950.7	$	530.5	$	1,137.1	$	4,029.0

	Nine Months Ended
	September 28, 2024
(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Total
Geographic Markets
United States	$	1,037.4	$	660.9	$	355.3	$	961.4	$	3,015.0
Europe	255.0		90.7		169.7		93.8		609.2
Asia-Pacific	125.6		75.8		51.9		15.0		268.3
Canada	50.2		65.8		10.8		106.3		233.1
Rest-of-World	153.9		41.4		17.4		28.7		241.4
Segment Eliminations	(212.7)		(5.1)		(67.0)		—		(284.8)
Total	$	1,409.4	$	929.5	$	538.1	$	1,205.2	$	4,082.2

Table of Contents

BRUNSWICK CORPORATION

Notes to Condensed Consolidated Financial Statements

(unaudited)


	Three Months Ended
	September 27, 2025
(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Total
Major Product Lines
Outboard Engines	$	413.5	$	—	$	—	$	—	$	413.5
Controls, Rigging, and Propellers	90.4		—		—		—		90.4
Sterndrive Engines	31.5		—		—		—		31.5
Distribution	—		204.4		—		—		204.4
Products	—		159.3		—		—		159.3
Electronic Solutions	—		—		91.4		—		91.4
Power Solutions	—		—		64.1		—		64.1
Performance Solutions	—		—		31.4		—		31.4
Aluminum Freshwater Boats	—		—		—		136.8		136.8
Recreational Fiberglass Boats	—		—		—		103.8		103.8
Saltwater Fishing Boats	—		—		—		74.0		74.0
Business Acceleration	—		—		—		54.8		54.8
Boat Eliminations/Other	—		—		—		(9.2)		(9.2)
Segment Eliminations	(63.4)		(1.8)		(20.6)		(0.2)		(86.0)
Total	$	472.0	$	361.9	$	166.3	$	360.0	$	1,360.2

	Three Months Ended
	September 28, 2024
(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Total
Major Product Lines
Outboard Engines	$	373.5	$	—	$	—	$	—	$	373.5
Controls, Rigging, and Propellers	83.7		—		—		—		83.7
Sterndrive Engines	28.7		—		—		—		28.7
Distribution	—		182.3		—		—		182.3
Products	—		153.8		—		—		153.8

Electronic Solutions	—		—		83.4		—		83.4
Power Solutions	—		—		72.9		—		72.9
Performance Solutions	—		—		27.8		—		27.8
Aluminum Freshwater Boats	—		—		—		119.7		119.7
Recreational Fiberglass Boats	—		—		—		88.3		88.3
Saltwater Fishing Boats	—		—		—		90.3		90.3
Business Acceleration	—		—		—		50.0		50.0
Boat Eliminations/Other	—		—		—		(3.0)		(3.0)
Segment Eliminations	(58.8)		(1.4)		(17.9)		—		(78.1)
Total	$	427.1	$	334.7	$	166.2	$	345.3	$	1,273.3

Table of Contents

BRUNSWICK CORPORATION

Notes to Condensed Consolidated Financial Statements

(unaudited)


	Nine Months Ended
	September 27, 2025
(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Total
Major Product Lines
Outboard Engines	$	1,258.0	—		—		$	—	$	1,258.0
Controls, Rigging, and Propellers	264.5		—		—		—		264.5
Sterndrive Engines	98.1		—		—		—		98.1
Distribution	—		562.5		—		—		562.5
Products	—		394.3		—		—		394.3
Electronic Solutions	—		—		290.6		—		290.6
Power Solutions	—		—		209.9		—		209.9
Performance Solutions	—		—		96.9		—		96.9
Aluminum Freshwater Boats	—		—		—		428.5		428.5
Recreational Fiberglass Boats	—		—		—		344.7		344.7
Saltwater Fishing Boats	—		—		—		247.5		247.5
Business Acceleration	—		—		—		160.8		160.8
Boat Eliminations/Other	—		—		—		(43.6)		(43.6)
Segment Eliminations	(209.9)		(6.1)		(66.9)		(0.8)		(283.7)
Total	$	1,410.7	$	950.7	$	530.5	$	1,137.1	$	4,029.0

	Nine Months Ended
	September 28, 2024
(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Total
Major Product Lines
Outboard Engines	$	1,247.1	$	—	$	—	$	—	$	1,247.1
Controls, Rigging, and Propellers	274.7		—		—		—		274.7
Sterndrive Engines	100.3		—		—		—		100.3
Distribution	—		530.5		—		—		530.5
Products	—		404.1		—		—		404.1

Electronic Solutions	—		—		266.7		—		266.7
Power Solutions	—		—		232.6		—		232.6
Performance Solutions	—		—		105.8		—		105.8
Aluminum Freshwater Boats	—		—		—		418.1		418.1
Recreational Fiberglass Boats	—		—		—		356.0		356.0
Saltwater Fishing Boats	—		—		—		307.5		307.5
Business Acceleration	—		—		—		153.8		153.8
Boat Eliminations/Other	—		—		—		(30.2)		(30.2)
Segment Eliminations	(212.7)		(5.1)		(67.0)		—		(284.8)
Total	$	1,409.4	$	929.5	$	538.1	$	1,205.2	$	4,082.2

During the third quarter of 2025, the Company changed the presentation of major product lines for the Navico Group segment to disaggregate the previous Navico Group product line into Electronic Solutions, Power Solutions, and Performance Solutions to conform to Navico Group's new organizational structure. Prior period amounts have been reclassified to conform to the current period presentation.

As of December 31, 2024, $191.2 million of contract liabilities associated with extended warranties, deferred revenue and customer deposits were reported in Accrued expenses and Other long-term liabilities, of which $51.7 million were recognized as revenue during the nine months ended September 27, 2025. As of September 27, 2025, total contract liabilities were $199.4 million. The total amount of the transaction price allocated to unsatisfied performance obligations as of September 27, 2025 was $197.5 million for contracts greater than one year, which primarily relates to extended warranties. The Company expects to recognize $20.4 million of this amount in 2025, $60.8 million in 2026, and $116.3 million thereafter.

Table of Contents

BRUNSWICK CORPORATION

Notes to Condensed Consolidated Financial Statements

(unaudited)

Note 3 – Restructuring, Exit, and Impairment Activities

During the three and nine months ended September 27, 2025 and September 28, 2024, the Company recorded restructuring charges related to headcount reductions and related costs associated with streamlining the enterprise-wide cost structure and improving operating efficiencies. The Company also incurred charges related to the rationalization of its manufacturing footprint, including the decision in the third quarter of 2025 to rationalize our fiberglass boat manufacturing footprint and exit our facilities in Reynosa, Mexico and Flagler Beach, Florida and consolidate production from those facilities into existing U.S. facilities.

The following table is a summary of these expenses for the three months ended September 27, 2025:



(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Corporate		Total
Restructuring, exit, and impairment activities:
Employee termination and other benefits (A)	$	—	$	—	$	1.5	$	6.9	$	0.2	$	8.6
Asset-related (B)	—		—		322.8		0.9		—		323.7
Professional fees	—		—		—		0.6		—		0.6
Total restructuring, exit, and impairment charges	$	—	$	—	$	324.3	$	8.4	$	0.2	$	332.9

Total cash payments for restructuring, exit and impairment charges (C)	$	0.3	$	0.1	$	1.8	$	0.4	$	0.2	$	2.8
Accrued charges at end of the period (D)	$	0.5	$	0.1	$	3.3	$	8.0	$	0.3	$	12.2

(A) Includes $0.9 million of benefit associated with pension plan adjustments included within Other expense, net in the Condensed Consolidated Statements of Comprehensive Income during the three months ended September 27, 2025.

(B) Includes impairment charges of $322.8 million associated with an impairment of the Navico Group reporting unit's goodwill and trade names during the three months ended September 27, 2025.

(D) Restructuring, exit, and impairment charges accrued as of September 27, 2025 are expected to be paid in the next twelve months.

The following table is a summary of these expenses for the three months ended September 28, 2024:



(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Corporate		Total
Restructuring, exit, and impairment activities:
Employee termination and other benefits	$	2.9	$	0.8	$	3.3	$	2.8	$	1.1	$	10.9
Asset-related	—		—		1.2		0.1		—		1.3

Total restructuring, exit, and impairment charges	$	2.9	$	0.8	$	4.5	$	2.9	$	1.1	$	12.2

Total cash payments for restructuring, exit and impairment charges (A)	$	2.5	$	0.9	$	0.8	$	2.9	$	0.3	$	7.4
Accrued charges at end of the period	$	2.7	$	1.4	$	2.8	$	2.6	$	1.2	$	10.7

(A) Cash payments for the three months ended September 28, 2024 may include payments related to prior period charges.

Table of Contents

BRUNSWICK CORPORATION

Notes to Condensed Consolidated Financial Statements

(unaudited)

The following table is a summary of these expenses for the nine months ended September 27, 2025:


(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Corporate		Total
Restructuring, exit, and impairment activities:
Employee termination and other benefits (A)	$	1.2	$	0.4	$	6.6	$	8.2	$	0.5	$	16.9
Asset-related (B)	—		—		323.2		0.9		—		324.1
Professional fees	—		—		0.4		0.6		—		1.0
Total restructuring, exit, and impairment charges	$	1.2	$	0.4	$	330.2	$	9.7	$	0.5	$	342.0

Total cash payments for restructuring, exit, and impairment charges (C)	$	2.1	$	1.0	$	5.2	$	2.8	$	1.1	$	12.2
Accrued charges at end of the period (D)	$	0.5	$	0.1	$	3.3	$	8.0	$	0.3	$	12.2

(B) Includes impairment charges of $322.8 million associated with an impairment of the Navico Group reporting unit's goodwill and trade names during the nine months ended September 27, 2025.

(D) Restructuring, exit, and impairment charges accrued as of September 27, 2025 are expected to be paid in the next twelve months.

The following table is a summary of these expenses for the nine months ended September 28, 2024:


(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Corporate		Total
Restructuring, exit, and impairment activities:
Employee termination and other benefits	$	8.9	$	4.3	$	5.9	$	5.5	$	2.3	$	26.9
Asset-related	—		—		6.6		0.1		—		6.7

Total restructuring, exit, and impairment charges	$	8.9	$	4.3	$	12.5	$	5.6	$	2.3	$	33.6

Total cash payments for restructuring, exit, and impairment charges (A)	$	7.4	$	3.6	$	8.2	$	4.6	$	1.7	$	25.5
Accrued charges at end of the period	$	2.7	$	1.4	$	2.8	$	2.6	$	1.2	$	10.7

(A) Cash payments for the nine months ended September 28, 2024 may include payments related to prior period charges.

Note 4 – Acquisitions

2024 Acquisition

On September 12, 2024, the Company acquired additional Freedom Boat Club franchise operations and territories in Southeast Florida. The acquisition enhances Freedom Boat Club's presence in Florida and provides an opportunity to leverage synergies across Brunswick's portfolio of brands. The acquisition is included as part of the Company's Boat segment.

The Company paid net cash consideration of $31.3 million for the acquisition. The opening balance sheet includes $26.9 million of goodwill and $5.2 million of customer relationships. The amount assigned to customer relationships will be amortized over the estimated useful life of 10 years. Transaction costs associated with the acquisition were not material to the Company's consolidated results of operations. The acquisition is not material to the Company's net sales, results of operations, or total assets during any period presented. Accordingly, the Company's consolidated results of operations do not differ materially from historical performance as a result of the acquisition, and pro forma results for prior periods are not presented. Purchase accounting is final for this acquisition.

Note 5 – Financial Instruments

The Company operates globally with manufacturing and sales facilities around the world. Due to the Company’s global operations, the Company engages in activities involving both financial and market risks. The Company utilizes normal operating and financing activities, along with derivative financial instruments, to minimize these risks. See Note 12 in the Notes to Consolidated Financial Statements in the 2024 Form 10-K for further details regarding the Company's financial instruments and hedging policies.

Table of Contents

BRUNSWICK CORPORATION

Notes to Condensed Consolidated Financial Statements

(unaudited)

The Company regularly enters into cross-currency swaps to hedge Euro and Yuan currency exposures of the net investment in certain foreign subsidiaries. During the first half of 2025, the Company entered into $500.0 million of cross-currency swap contracts and settled $400.0 million of cross-currency swap contracts previously entered into, resulting in a deferred gain of $4.9 million within Accumulated other comprehensive loss, net of tax.

The following table summarizes the notional values of the Company's derivative instruments as of September 27, 2025, December 31, 2024, and September 28, 2024:


(in millions)	Notional Value
Instruments	September 27, 2025		December 31, 2024		September 28, 2024
Cross-currency swaps	$	500.0	$	400.0	$	300.0
Commodity contracts (A)(B)	41.3		26.9		36.7
Foreign exchange contracts (B)(C)	700.8		571.2		575.2

(A) Commodity contracts outstanding as of September 27, 2025 mature through 2027.

(B) The amount of gain or loss that is expected to be reclassified from Accumulated other comprehensive loss to earnings in the next twelve months is immaterial.

(C) Forward contracts outstanding as of September 27, 2025 mature through 2027 and mainly relate to the Euro, Australian dollar, Mexican peso, and Norwegian krone.

As of September 27, 2025, December 31, 2024, and September 28, 2024, the fair values of the Company’s derivative instruments were:



(in millions)	Fair Value
Asset Derivatives	September 27, 2025		December 31, 2024		September 28, 2024
Derivatives Designated as Cash Flow Hedges
Foreign exchange contracts	$	5.6	$	13.2	$	1.0
Commodity contracts	6.4		0.8		2.1


Total	$	12.0	$	14.0	$	3.1

Derivatives Designated as Net Investment Hedges
Cross-currency swaps	$	0.1	$	5.1	$	—



Other Hedging Activity
Foreign exchange contracts	$	1.3	$	3.0	$	—

Liability Derivatives
Derivatives Designated as Cash Flow Hedges
Foreign exchange contracts	$	12.6	$	5.8	$	8.6
Commodity contracts	0.7		0.4		0.1

Total	$	13.3	$	6.2	$	8.7










Derivatives Designated as Net Investment Hedges
Cross-currency swaps	$	43.6	$	—	$	7.2

Other Hedging Activity
Foreign exchange contracts	$	1.3	$	3.2	$	2.8

As of September 27, 2025, December 31, 2024, and September 28, 2024, asset derivatives are included within Prepaid expenses and other and Other long-term assets, and liability derivatives are included within Accrued expenses and Other long-term liabilities in the Condensed Consolidated Balance Sheets.

Table of Contents

BRUNSWICK CORPORATION

Notes to Condensed Consolidated Financial Statements

(unaudited)

The effect of derivative instruments on the Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 27, 2025 and September 28, 2024 is shown in the tables below.

The amount of gain (loss) on derivatives recognized in Accumulated other comprehensive loss was as follows:


(in millions)	Three Months Ended				Nine Months Ended
Derivatives Designated as Cash Flow Hedging Instruments	September 27, 2025		September 28, 2024		September 27, 2025		September 28, 2024

Foreign exchange contracts	$	3.4	$	(7.5)	$	(17.9)	$	(2.4)
Commodity contracts	2.2		0.6		8.3		1.1
Total	$	5.6	$	(6.9)	$	(9.6)	$	(1.3)

Derivatives Designated as Net Investment Hedging Instruments
Cross-currency swaps	$	1.8	$	(9.0)	$	(43.7)	$	(2.2)

The amount of gain (loss) reclassified from Accumulated other comprehensive loss into earnings was as follows:


(in millions)		Three Months Ended				Nine Months Ended
Derivatives Designated as Cash Flow Hedging Instruments	Location of Gain (Loss)	September 27, 2025		September 28, 2024		September 27, 2025		September 28, 2024
Interest-rate contracts	Interest expense	$	—	$	—	$	0.1	$	0.1
Foreign exchange contracts	Cost of sales	(2.1)		(0.3)		0.4		4.1
Commodity contracts	Cost of sales	1.8		(0.2)		2.9		(1.2)
Total		$	(0.3)	$	(0.5)	$	3.4	$	3.0

The amount of gain (loss) on derivatives recognized directly into earnings was as follows:


(in millions)		Three Months Ended				Nine Months Ended
Other Hedging Activity	Location of Gain (Loss)	September 27, 2025		September 28, 2024		September 27, 2025		September 28, 2024
Foreign exchange contracts	Cost of sales	$	(1.5)	$	(2.3)	$	(12.7)	$	1.2
Foreign exchange contracts	Other expense, net	0.1		(0.2)		9.5		(5.1)
Total		$	(1.4)	$	(2.5)	$	(3.2)	$	(3.9)

Note 6 – Fair Value Measurements

The following table summarizes the Company's financial assets and liabilities measured at fair value on a recurring basis:


		Fair Value
(in millions)	Fair Value Level	September 27, 2025		December 31, 2024		September 28, 2024
Cash equivalents	1	$	0.3	$	12.3	$	12.1
Short-term investments in marketable securities	1	0.8		0.8		0.8
Restricted cash	1	17.9		16.9		16.8
Derivative assets	2	13.4		22.1		3.1
Derivative liabilities	2	58.2		9.4		18.7
Deferred compensation	1	1.0		1.0		1.3
Deferred compensation	2	21.4		19.2		18.4

Liabilities measured at net asset value		15.3		14.3		14.7

Table of Contents

BRUNSWICK CORPORATION

Notes to Condensed Consolidated Financial Statements

(unaudited)

Fair Value of Other Financial Instruments. The carrying values of the Company's short-term financial instruments, including cash and cash equivalents and accounts and notes receivable, approximate their fair values because of the short maturity of these instruments. The fair value of the Company's long-term debt, including current maturities, and short-term debt is determined using Level 1 and Level 2 inputs described in Note 6 to Notes to Consolidated Financial Statements in the 2024 Form 10-K. The fair value and carrying value of long-term debt, including current maturities, and short term debt as of September 27, 2025, December 31, 2024, and September 28, 2024 was as follows:


(in millions)	September 27, 2025		December 31, 2024		September 28, 2024
Carrying Value	$	2,217.5	$	2,370.2	$	2,602.3
Fair Value	$	2,076.3	$	2,161.3	$	2,462.8

Note 7 – Commitments and Contingencies

Product Warranties

The following activity related to product warranty liabilities was recorded in Accrued expenses during the nine months ended September 27, 2025 and September 28, 2024:


(in millions)	September 27, 2025		September 28, 2024
Balance at beginning of period	$	152.8	$	157.6
Payments	(69.8)		(78.0)
Provisions/additions for contracts issued/sold	84.3		59.0
Aggregate changes for preexisting warranties	(6.9)		10.6
Foreign currency translation	2.6		—


Other	(2.2)		(3.0)
Balance at end of period	$	160.8	$	146.2

Extended Product Warranties

The following activity related to deferred revenue for extended product warranty contracts was recorded in Accrued expenses and Other long-term liabilities during the nine months ended September 27, 2025 and September 28, 2024:


(in millions)	September 27, 2025		September 28, 2024
Balance at beginning of period	$	136.6	$	127.2
Extended warranty contracts sold	35.9		34.5
Revenue recognized on existing extended warranty contracts	(25.1)		(22.8)
Foreign currency translation	0.3		(0.2)
Other	(0.1)		(0.2)
Balance at end of period	$	147.6	$	138.5

Table of Contents

BRUNSWICK CORPORATION

Notes to Condensed Consolidated Financial Statements

(unaudited)

Note 8 – Goodwill and Other Intangibles

Changes in the Company's goodwill during the nine months ended September 27, 2025 and September 28, 2024, by segment, are summarized below:


(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Total
December 31, 2024	$	50.8	$	232.6	$	513.4	$	169.3	$	966.1
Impairments	—		—		(305.8)		—		(305.8)
Adjustments	2.8		0.6		15.1		0.8		19.3
September 27, 2025	$	53.6	$	233.2	$	222.7	$	170.1	$	679.6

December 31, 2023	$	54.1	$	233.0	$	599.7	$	143.9	$	1,030.7
Acquisitions	—		—		—		28.2		28.2
Adjustments	(0.1)		—		1.9		(1.0)		0.8
September 28, 2024	$	54.0	$	233.0	$	601.6	$	171.1	$	1,059.7

The Company tests goodwill for impairment during the fourth quarter of each year, or whenever a change in events and circumstances (triggering event) occurs that indicates the carrying value of a reporting unit may exceed its fair value. With the 2025 marine retail selling season substantially complete, and a new organizational structure in place for Navico Group during the third quarter of 2025, the Company assessed the current economic and trade environment impact on future results and performed a third quarter goodwill impairment assessment of the Navico Group reporting unit and determined the carrying value exceeded its fair value. We calculate the fair value of our reporting units considering both the income approach and the guideline public company method. As a result of the impairment test, the Company recorded an $305.8 million impairment charge during the three months ended September 27, 2025, which is included as a component of Restructuring, exit and impairment charges in the Condensed Consolidated Statement of Comprehensive Income. Following the impairment charge, the Navico Group reporting unit has goodwill assigned to it of $222.7 million as of September 27, 2025 and its fair value approximates its carrying value. The accumulated impairment loss on goodwill was $385.8 million and $80.0 million as of September 27, 2025 and December 31, 2024, respectively. There was no accumulated impairment loss on goodwill as of September 28, 2024.

Adjustments in both periods include the effect of foreign currency translation on goodwill denominated in currencies other than the U.S. dollar. Adjustments during the nine months ended September 28, 2024 also include $1.6 million of purchase accounting adjustments related to the 2023 Fliteboard and Freedom Boat Club acquisitions.

The Company's intangible assets, included within Other intangibles, net on the Condensed Consolidated Balance Sheets as of September 27, 2025, December 31, 2024, and September 28, 2024, are summarized by intangible asset type below:


	September 27, 2025				December 31, 2024				September 28, 2024
(in millions)	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Intangible assets:
Customer relationships	$	917.3	$	(510.5)	$	909.4	$	(473.5)	$	913.1	$	(463.2)
Trade names	288.6		—		304.2		—		311.8		—
Developed technology	167.2		(44.2)		166.8		(35.6)		167.6		(32.8)
Other	131.5		(83.5)		113.7		(66.7)		101.7		(58.3)
Total	$	1,504.6	$	(638.2)	$	1,494.1	$	(575.8)	$	1,494.2	$	(554.3)

The Company tests its intangible assets for impairment during the fourth quarter of each year, or whenever a change in events and circumstances (triggering event) occurs that indicates the fair value of intangible assets may be below their carrying values. With the 2025 marine selling season substantially complete, and a new organizational structure in place for Navico Group during the third quarter of 2025, the Company performed a third quarter impairment assessment of the legacy Navico trade name and determined the carrying value exceeded its fair value. The Company recorded a total impairment charge of $17.0 million during the three months ended

Table of Contents

BRUNSWICK CORPORATION

Notes to Condensed Consolidated Financial Statements

(unaudited)

September 27, 2025, related to various Navico Group trade names, which is included as a component of Restructuring, exit and impairment charges on the Condensed Consolidated Statement of Comprehensive Income. The Company did not record any impairment charges on its intangible assets during the nine months ended September 28, 2024.

Other intangible assets primarily consist of software, patents, and franchise agreements. Gross amounts and related accumulated amortization amounts include adjustments related to the impact of foreign currency translation. Aggregate amortization expense for intangibles was $19.7 million and $59.0 million for the three and nine months ended September 27, 2025, respectively. Aggregate amortization expense for intangibles was $18.2 million and $54.0 million for the three and nine months ended September 28, 2024, respectively.

Note 9 – Segment Information

Information about the operations of Brunswick's reportable and geographic segments is set forth below:



	Three Months Ended September 27, 2025
(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Corporate/Other		Total
Net sales (A)	$	472.2	$	361.9	$	166.3	$	359.8	$	—	$	1,360.2
Cost of sales (B)	359.0		248.5		103.5		307.0		—		1,018.0
Operating expenses (C)	68.1		31.0		391.7		56.1		37.5		584.4
Operating earnings	$	45.1	$	82.4	$	(328.9)	$	(3.3)	$	(37.5)	$	(242.2)

(A) Net sales include $63.4 million, $1.8 million, $20.6 million, and $0.2 million of segment eliminations for the Propulsion, Engine P&A, Navico Group and Boat reportable segments, respectively.

(B) Includes $8.6 million of Cost of sales related Restructuring, exit, and impairment charges.

(C) Includes $215.8 million of Selling, general, and administrative expense, $43.4 million of Research and development expense and $325.2 million of Restructuring, exit, and impairment charges.


	Three Months Ended September 28, 2024
(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Corporate/Other		Total
Net sales (A)	$	427.1	$	334.7	$	166.2	$	345.3	$	—	$	1,273.3
Cost of sales (B)	316.4		221.8		111.7		295.3		—		945.2
Operating expenses (C)	60.6		26.6		63.2		50.1		29.2		229.7
Operating earnings	$	50.1	$	86.3	$	(8.7)	$	(0.1)	$	(29.2)	$	98.4

(A) Net sales include $58.8 million, $1.4 million, and $17.9 million of segment eliminations for the Propulsion, Engine P&A, and Navico Group reportable segments, respectively.

(B) Includes $4.8 million of Cost of sales related Restructuring, exit, and impairment charges.

(C) Includes $180.7 million of Selling, general, and administrative expense, $41.7 million of Research and development expense and $7.4 million of Restructuring, exit, and impairment charges.


	Nine Months Ended September 27, 2025
(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Corporate/Other		Total
Net sales (A)	$	1,410.7	$	950.7	$	530.5	$	1,137.1	$	—	$	4,029.0
Cost of sales (B)	1,058.3		666.8		336.7		954.2		—		3,016.0
Operating expenses (C)	195.4		90.7		533.1		167.4		109.0		1,095.6
Operating earnings	$	157.0	$	193.2	$	(339.3)	$	15.5	$	(109.0)	$	(82.6)

(A) Net sales include $209.9 million, $6.1 million, $66.9 million, and $0.8 million of segment eliminations for the Propulsion, Engine P&A, Navico Group, and Boat reportable segments, respectively.

(B) Includes $11.4 million of Cost of sales related Restructuring, exit, and impairment charges.

(C) Includes $640.4 million of Selling, general, and administrative expense, $123.7 million of Research and development expense and $331.5 million of Restructuring, exit, and impairment charges.

Table of Contents

BRUNSWICK CORPORATION

Notes to Condensed Consolidated Financial Statements

(unaudited)


	Nine Months Ended September 28, 2024
(in millions)	Propulsion		Engine P&A		Navico Group		Boat		Corporate/Other		Total
Net sales (A)	$	1,409.4	$	929.5	$	538.1	$	1,205.2	$	—	$	4,082.2
Cost of sales (B)	997.9		651.9		351.8		997.8		—		2,999.4
Operating expenses (C)	193.0		82.5		200.4		153.3		86.3		715.5
Operating earnings	$	218.5	$	195.1	$	(14.1)	$	54.1	$	(86.3)	$	367.3

(A) Net sales include $212.7 million, $5.1 million, and $67.0 million of segment eliminations for the Propulsion, Engine P&A, and Navico Group reportable segments, respectively.

(B) Includes $14.7 million of Cost of sales related Restructuring, exit, and impairment charges.

(C) Includes $566.2 million of Selling, general, and administrative expense, $130.5 million of Research and development expense and $18.9 million of Restructuring, exit, and impairment charges.


	Depreciation
	Three Months Ended				Nine Months Ended
(in millions)	September 27, 2025		September 28, 2024			September 27, 2025		September 28, 2024
Propulsion	$	31.0	$	32.4		$	91.6	$	94.8
Engine P&A	4.1		3.8			12.2		11.3
Navico Group	3.0		3.1			8.9		9.2
Boat	14.7		13.5			41.6		39.0
Corporate/Other	1.2		1.2			3.6		3.7
Total	$	54.0	$	54.0		$	157.9	$	158.0


	Amortization
	Three Months Ended				Nine Months Ended
(in millions)	September 27, 2025		September 28, 2024			September 27, 2025		September 28, 2024
Propulsion	$	1.9	$	1.7		$	5.9	$	4.8
Engine P&A	0.2		0.3			0.7		0.7
Navico Group	15.0		14.0			44.6		41.9
Boat	1.5		1.4			4.5		4.2
Corporate/Other	1.1		0.8			3.3		2.4
Total	$	19.7	$	18.2		$	59.0	$	54.0


	Total Assets
(in millions)	September 27, 2025		December 31, 2024		September 28, 2024
Propulsion	$	1,413.4	$	1,507.3	$	1,654.5
Engine P&A	877.2		803.5		849.3
Navico Group	1,541.7		1,877.6		1,999.8
Boat	896.9		868.3		917.5
Corporate/Other	684.3		621.0		602.4
Total	$	5,413.5	$	5,677.7	$	6,023.5


	Capital Expenditures
	Three Months Ended		Nine Months Ended
(in millions)	September 27, 2025		September 28, 2024		September 27, 2025		September 28, 2024
Propulsion	$	19.2	$	16.0	$	55.8	$	67.1
Engine P&A	3.5		2.2		9.7		8.0
Navico Group	3.1		6.6		10.5		16.2
Boat	6.8		9.8		36.1		39.6
Corporate/Other	1.3		1.4		4.4		6.2
Total	$	33.9	$	36.0	$	116.5	$	137.1

Table of Contents

BRUNSWICK CORPORATION

Notes to Condensed Consolidated Financial Statements

(unaudited)


	Research & Development Expense
	Three Months Ended		Nine Months Ended
(in millions)	September 27, 2025		September 28, 2024		September 27, 2025		September 28, 2024
Propulsion	$	22.7	$	20.8	$	62.6	$	66.0
Engine P&A	0.3		0.2		1.0		0.9
Navico Group	12.0		12.6		35.0		37.9
Boat	7.4		5.9		22.1		18.8
Corporate/Other	1.0		2.2		3.0		6.9
Total	$	43.4	$	41.7	$	123.7	$	130.5


	Net Sales
	Three Months Ended				Nine Months Ended
(in millions)	September 27, 2025		September 28, 2024		September 27, 2025		September 28, 2024
United States	$	925.5	$	868.1	$	2,720.0	$	2,760.0
International	434.7		405.2		1,309.0		1,322.2
Total	$	1,360.2	$	1,273.3	$	4,029.0	$	4,082.2


	Net Property
(in millions)	September 27, 2025		December 31, 2024		September 28, 2024
United States	$	1,094.2	$	1,127.8	$	1,149.0
International	108.0		105.2		109.1
Corporate/Other	15.5		18.5		20.2
Total	$	1,217.7	$	1,251.5	$	1,278.3

Note 10 – Comprehensive Income

Accumulated other comprehensive loss, net of tax, in the Condensed Consolidated Balance Sheets includes foreign currency cumulative translation adjustments; prior service costs and credits and net actuarial gains and losses for defined benefit plans; and unrealized derivative gains and losses. Changes in the components of Accumulated other comprehensive loss, net of tax, for the three and nine months ended September 27, 2025 and September 28, 2024 are as follows:


	Three Months Ended				Nine Months Ended
(in millions)	September 27, 2025		September 28, 2024		September 27, 2025		September 28, 2024
Net (loss) earnings	$	(235.5)	$	44.6	$	(156.0)	$	212.6
Other comprehensive income (loss):
Foreign currency cumulative translation adjustments	(2.2)		26.6		68.7		3.4
Net change in unamortized prior service credits	(0.1)		(0.1)		(0.4)		(0.4)
Net change in unamortized actuarial losses	0.5		(0.2)		0.2		(0.5)

Net change in unrealized derivative gains (losses)	5.7		(11.4)		(42.9)		(4.5)
Total other comprehensive income (loss)	3.9		14.9		25.6		(2.0)
Comprehensive (loss) income	$	(231.6)	$	59.5	$	(130.4)	$	210.6

Table of Contents

BRUNSWICK CORPORATION

Notes to Condensed Consolidated Financial Statements

(unaudited)

The following table presents the changes in Accumulated other comprehensive loss, net of tax, by component for the three months ended September 27, 2025:


(in millions)	Foreign currency translation		Prior service credits		Net actuarial gains		Unrealized investment gains		Net derivative gains (losses)		Total
Beginning balance	$	(26.0)	$	(8.2)	$	10.2	$	0.2	$	(7.9)	$	(31.7)
Other comprehensive income (loss) before reclassifications (A)	(2.2)		—		—		—		5.4		3.2
Amounts reclassified from Accumulated other comprehensive loss, net of tax (B)(C)	—		(0.1)		0.5		—		0.3		0.7
Net other comprehensive income (loss)	(2.2)		(0.1)		0.5		—		5.7		3.9
Ending balance	$	(28.2)	$	(8.3)	$	10.7	$	0.2	$	(2.2)	$	(27.8)

(A) The tax effects for the three months ended September 27, 2025 were $1.3 million for foreign currency translation and $(2.0) million for derivatives.

(B) The tax effects for the three months ended September 27, 2025 were $0.0 million for derivatives.

(C) The reclassification adjustments from Accumulated other comprehensive loss and associated tax effects related to defined benefit items were not material for the three months ended September 27, 2025. Refer to Note 5 – Financial Instruments for the reclassification adjustments from Accumulated other comprehensive loss, net of tax related to derivatives.

The following table presents the changes in Accumulated other comprehensive loss, net of tax, by component for the nine months ended September 27, 2025:


(in millions)	Foreign currency translation		Prior service credits		Net actuarial gains		Unrealized investment gains		Net derivative gains (losses)		Total
Beginning balance	$	(96.9)	$	(7.9)	$	10.5	$	0.2	$	40.7	$	(53.4)
Other comprehensive income (loss) before reclassifications (A)	68.7		—		—		—		(40.4)		28.3
Amounts reclassified from Accumulated other comprehensive loss, net of tax (B)(C)	—		(0.4)		0.2		—		(2.5)		(2.7)
Net other comprehensive income (loss)	68.7		(0.4)		0.2		—		(42.9)		25.6
Ending balance	$	(28.2)	$	(8.3)	$	10.7	$	0.2	$	(2.2)	$	(27.8)

(A) The tax effects for the nine months ended September 27, 2025 were $(10.5) million for foreign currency translation and $12.9 million for derivatives.

(B) The tax effects for the nine months ended September 27, 2025 were $0.9 million for derivatives.

(C) The reclassification adjustments from Accumulated other comprehensive loss and associated tax effects related to defined benefit items were not material for the nine months ended September 27, 2025. Refer to Note 5 – Financial Instruments for the reclassification adjustments from Accumulated other comprehensive loss, net of tax related to derivatives.

The following table presents the changes in Accumulated other comprehensive loss, net of tax, by component for the three months ended September 28, 2024:


(in millions)	Foreign currency translation		Prior service credits		Net actuarial gains		Unrealized investment gains		Net derivative gains		Total
Beginning balance	$	(72.7)	$	(7.7)	$	7.6	$	0.2	$	30.0	$	(42.6)
Other comprehensive loss before reclassifications (A)	26.6		—		—		—		(11.7)		14.9
Amounts reclassified from Accumulated other comprehensive loss, net of tax (B)(C)	—		(0.1)		(0.2)		—		0.3		—
Net other comprehensive income (loss)	26.6		(0.1)		(0.2)		—		(11.4)		14.9
Ending balance	$	(46.1)	$	(7.8)	$	7.4	$	0.2	$	18.6	$	(27.7)

(A) The tax effects for the three months ended September 28, 2024 were $(3.3) million for foreign currency translation and $4.2 million for derivatives.

(B) The tax effects for the three months ended September 28, 2024 were $(0.2) million for derivatives.

(C) The reclassification adjustments from Accumulated other comprehensive loss and associated tax effects related to defined benefit items were not material for the three months ended September 28, 2024. Refer to Note 5 – Financial Instruments for the reclassification adjustments from Accumulated other comprehensive loss, net of tax related to derivatives.

Table of Contents

BRUNSWICK CORPORATION

Notes to Condensed Consolidated Financial Statements

(unaudited)

The following table presents the changes in Accumulated other comprehensive loss, net of tax, by component for the nine months ended September 28, 2024:


(in millions)	Foreign currency translation		Prior service credits		Net actuarial gains		Unrealized investment gains		Net derivative gains		Total
Beginning balance	$	(49.5)	$	(7.4)	$	7.9	$	0.2	$	23.1	$	(25.7)
Other comprehensive (loss) income before reclassifications (A)	3.4		—		—		—		(2.4)		1.0
Amounts reclassified from Accumulated other comprehensive loss, net of tax (B)(C)	—		(0.4)		(0.5)		—		(2.1)		(3.0)
Net other comprehensive (loss) income	3.4		(0.4)		(0.5)		—		(4.5)		(2.0)
Ending balance	$	(46.1)	$	(7.8)	$	7.4	$	0.2	$	18.6	$	(27.7)

(A) The tax effects for the nine months ended September 28, 2024 were $1.0 million for foreign currency translation and $1.1 million for derivatives.

(B) The tax effects for the nine months ended September 28, 2024 were $0.9 million for derivatives.

(C) The reclassification adjustments from Accumulated other comprehensive loss and associated tax effects related to defined benefit items were not material for the nine months ended September 28, 2024. Refer to Note 5 – Financial Instruments for the reclassification adjustments from Accumulated other comprehensive loss, net of tax related to derivatives.

Note 11 – Income Taxes

The effective tax rate, which is calculated as the Income tax (benefit) provision as a percentage of (Loss) earnings before income taxes, for the three months ended September 27, 2025 and September 28, 2024 was 12.0% and 32.3%, respectively. The effective tax rate for the three months ended September 27, 2025 was lower than the same period in the prior year, primarily due to lower pretax income and the discrete income tax benefit recorded for the impairment of goodwill and trademark intangible assets related to our Navico Group segment.

The effective tax rate for the nine months ended September 27, 2025 and September 28, 2024 was 5.2% and 23.8%, respectively. The effective tax rate for the nine months ended September 27, 2025 was lower than the same period in the prior year, primarily due to lower pretax income and the discrete income tax benefit recorded for the impairment of goodwill and trademark intangible assets related to our Navico Group segment.

On July 4, 2025, H.R.1, commonly referred to as the One Big Beautiful Bill Act (the Act), was signed into law. The Act includes tax reform provisions affecting business. Key tax-related provisions include an elective deduction for domestic research and development expenses and a reinstatement of elective 100% first-year bonus depreciation. Certain changes adopted in the act will not take effect until 2026, such as the modifications to the international tax framework. We continue to monitor the impact of the Act and to evaluate the different elections that are available with respect to the timing of deductions. The Act did not have a material impact on the Company's financial statements for the three months ended September 27, 2025.

Note 12 – Debt

The following table provides the changes in the Company's debt for the nine months ended September 27, 2025:


(in millions)	Short-term debt and current maturities of long-term debt		Long-term debt		Total
Balance as of December 31, 2024	$	242.8	$	2,097.8	$	2,340.6
Proceeds from issuances of debt (A)	292.6		—		292.6
Repayments of debt (B)	(445.7)		(1.4)		(447.1)
Reclassification of long-term debt	2.2		(2.2)		—
Other	3.9		3.2		7.1
Balance as of September 27, 2025	$	95.8	$	2,097.4	$	2,193.2

(A) During 2025, the Company had short-term borrowings and repayments under its unsecured commercial paper program and borrowings outstanding of $90.0 million as of September 27, 2025.

(B) During 2025, the Company made the remaining principal repayments, totaling $125.0 million of its 6.625% Senior Notes due 2049.

As of September 27, 2025, Brunswick was in compliance with the financial covenants associated with its debt.

Table of Contents

BRUNSWICK CORPORATION

Notes to Condensed Consolidated Financial Statements

(unaudited)

2049 Notes

During the fourth quarter of 2024, the Company issued an irrevocable notice of redemption to the holders of its 6.625% Senior Notes due 2049 (2049 Notes). The 2049 Notes were redeemed in the first quarter of 2025 at a redemption price equal to 100 percent of the outstanding principal amount of $125.0 million plus accrued interest of $2.1 million in accordance with the redemption provision of the 2049 Notes. The Company recognized a loss on early extinguishment of debt of $3.7 million related to unamortized issuance costs. The Company financed the retirement of the 2049 Notes using commercial paper borrowings.

Credit Facility

The Company maintains a Revolving Credit Agreement (Credit Facility). During the nine months ended September 27, 2025, and September 28, 2024, there were no borrowings under the Credit Facility. As of September 27, 2025, available borrowing capacity totaled $997.0 million, net of $3.0 million of letters of credit outstanding under the Credit Facility. As of September 28, 2024, available borrowing capacity totaled $747.0 million, net of $3.0 million of letters of credit outstanding under the Credit Facility. Refer to Note 14 in the Notes to Consolidated Financial Statements in the 2024 Form 10-K for details regarding Brunswick's Credit Facility.

Commercial Paper

The Company maintains an unsecured commercial paper program (CP Program) pursuant to which the Company may issue short-term, unsecured commercial paper notes (CP Notes). During the nine months ended September 27, 2025, borrowings under the CP Program totaled $704.4 million. As of September 27, 2025, the Company had $90.0 million of borrowings outstanding under the CP Program with a weighted average interest rate of 4.75%. During the nine months ended September 27, 2025, the maximum amount utilized under the CP Program was $445.5 million. During the nine months ended September 28, 2024, borrowings under the CP Program totaled $720.0 million. As of September 28, 2024, the Company had $195.0 million of borrowings outstanding under the CP Program. During the nine months ended September 28, 2024, the maximum amount utilized under the CP Program was $245.0 million. Refer to Note 14 in the Notes to Consolidate Financial Statements in the 2024 Form 10-K for details regarding Brunswick's CP Program.

Note 13 – Supplier Finance Program Obligations

As of September 27, 2025, December 31, 2024, and September 28, 2024, the Company had $8.1 million, $8.2 million, and $7.2 million confirmed invoices under the supplier finance program, respectively, which were included in Accounts payable on the Condensed Consolidated Balance Sheets.

Table of Contents

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Certain statements in Management's Discussion and Analysis of Financial Condition and Results of Operations of Brunswick Corporation (the Company, we, us, our) are forward-looking statements. Forward-looking statements are based on current expectations, estimates, and projections about our business and by their nature address matters that are, to different degrees, uncertain. Actual results may differ materially from expectations and projections as of the date of this filing due to various risks and uncertainties. For additional information regarding forward-looking statements, refer to Forward-Looking Statements below.

Certain statements in Management's Discussion and Analysis are based on non-GAAP financial measures. GAAP refers to generally accepted accounting principles in the United States. A "non-GAAP financial measure" is a numerical measure of a registrant’s historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the consolidated statements of operations, balance sheets or statements of cash flows of the issuer; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. For example, the discussion of our cash flows includes an analysis of free cash flows and total liquidity; the discussion of our net sales includes net sales on a constant currency basis; the discussion of our net sales includes net sales excluding acquisitions; and the discussion of our earnings includes a presentation of operating earnings and operating margin excluding restructuring, exit and impairment charges, purchase accounting amortization, acquisition, integration, and IT related costs, IT security incident costs and other applicable charges and of diluted earnings per common share, as adjusted. Non-GAAP financial measures do not include operating and statistical measures.

We include non-GAAP financial measures in Management's Discussion and Analysis as management believes these measures and the information they provide are useful to investors because they permit investors to view our performance using the same tools that management uses to evaluate our ongoing business performance. In order to better align our reported results with the internal metrics management uses to evaluate business performance as well as to provide better comparisons to prior periods and peer data, non-GAAP measures exclude the impact of purchase accounting amortization related to acquisitions, among other adjustments.

We do not provide forward-looking guidance for certain financial measures on a GAAP basis because we are unable to predict certain items contained in the GAAP measures without unreasonable efforts. These items may include restructuring, exit and impairment costs, special tax items, acquisition-related costs, and certain other unusual adjustments.

Known Trends or Uncertainties

We continue to monitor macroeconomic trends and uncertainties such as recently implemented tariffs along with the potential for new or modified tariffs, and related impacts to consumers, any or all of which could have a material impact on our business, financial condition and results of operations.

Acquisitions

On September 12, 2024, we acquired additional Freedom Boat Club franchise operations and territories in Southeast Florida for net cash consideration of $31.3 million. Refer to Note 4 – Acquisitions in the Notes to Condensed Consolidated Financial Statements for further information.

Table of Contents

Overview

Net sales increased 7% during the third quarter of 2025 when compared with the third quarter of 2024, reflecting strong orders from OEMs and dealers, steady boating participation driving Engine Parts and Accessories (Engine P&A) and other aftermarket business strength and pricing action taken in recent periods. The Propulsion segment delivered significant sales growth, with revenues in each of its three business lines: outboard; sterndrive; and controls, rigging, and propellers up over the prior year as OEM order strength continued to later into the boating season. Our Engine P&A segment had another strong quarter, as healthy boater participation led to sales improvement compared to the prior year. Navico Group reported modest sales growth over the prior year quarter and operating margin was negatively affected by impairment charges. Refer to Note 8 - Goodwill and Other Intangibles in the Notes to Condensed Consolidated Financial Statements for further information on impairments. Growth was led by strong performance in the marine electronics portfolio as we start to see the benefits of investments in new products and technology. Finally, our Boat segment revenue grew over prior year and operating margin was consistent with prior year as our premium brands continued to perform well, and our aluminum boat businesses delivered a very strong quarter. In September, we announced a strategic rationalization of our fiberglass boat manufacturing footprint, exiting our facilities in Reynosa, Mexico and Flagler Beach, Florida by the middle of 2026 and consolidating production from those facilities into existing U.S. facilities. Our international net sales increased 7 percent on a GAAP basis and increased 5 percent on a constant currency basis in the third quarter when compared with the prior year.

Net sales decreased 1 percent during the nine months ended September 27, 2025, when compared with the prior year. Our international sales decreased 1 percent on both a GAAP and constant currency basis during the nine months ended September 27, 2025, when compared with the prior year.

Operating (loss) earnings in the third quarter of 2025 were $(242.2) million and $106.4 million on a GAAP and As Adjusted basis, respectively. This compares to operating earnings during the third quarter of 2024 of $98.4 million and $125.9 million on a GAAP and As Adjusted basis, respectively. Operating earnings were down versus prior year due to the impact of restructuring and impairment charges, tariffs, and reinstatement of variable compensation, which were only partially offset by the impacts of sales increases.

Operating (loss) earnings in the nine months ended September 27, 2025 were $(82.6) million and $304.5 million on a GAAP and As Adjusted basis, respectively. This compares to operating earnings during the nine months ended September 28, 2024 of $367.3 million and $448.2 million on a GAAP and As Adjusted basis, respectively. Operating earnings were down versus prior year due to the impact of restructuring and impairment charges, tariffs, and reinstatement of variable compensation.

Matters Affecting Comparability

Changes in Foreign Currency Rates. Percentage changes in net sales expressed in constant currency reflect the impact that changes in currency exchange rates had on comparisons of net sales. To determine this information, net sales transacted in currencies other than the U.S. dollar have been translated to U.S. dollars using the average exchange rates that were in effect during the comparative period. The percentage change in net sales expressed on a constant currency basis better reflects the changes in the underlying business trends, excluding the impact of translation arising from foreign currency exchange rate fluctuations. Approximately 25 percent of our annual net sales are transacted in a currency other than the U.S. dollar. Our most material exposures include sales in Euros, Canadian dollars, Australian dollars, and Brazilian real.

Table of Contents

The table below summarizes the impact of changes in currency exchange rates and the impact of acquisitions on our net sales:


	Three Months Ended										Nine Months Ended
	Net Sales				2025 vs. 2024						Net Sales				2025 vs. 2024
(in millions)	Sep 27, 2025		Sep 28, 2024		GAAP		Currency Impact		Acquisition Impact		Sep 27, 2025		Sep 28, 2024		GAAP		Currency Impact		Acquisition Impact
Propulsion	$	535.4	$	485.9	10.2	%	0.9	%	—	%	$	1,620.6	$	1,622.1	(0.1)	%	(0.3)	%	—	%
Engine P&A	363.7		336.1		8.2	%	0.5	%	—	%	956.8		934.6		2.4	%	(0.1)	%	—	%
Navico Group	186.9		184.1		1.5	%	1.4	%	—	%	597.4		605.1		(1.3)	%	0.5	%	—	%
Boat	360.2		345.3		4.3	%	0.4	%	0.4	%	1,137.9		1,205.2		(5.6)	%	—	%	0.7	%
Segment Eliminations	(86.0)		(78.1)		10.1	%	0.2	%	—	%	(283.7)		(284.8)		(0.4)	%	(0.1)	%	—	%
Total	$	1,360.2	$	1,273.3	6.8	%	0.7	%	0.2	%	$	4,029.0	$	4,082.2	(1.3)	%	—	%	0.2	%

Results of Operations

Consolidated

The following table sets forth certain amounts, ratios, and relationships calculated from the Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended:


	Three Months Ended				2025 vs. 2024			Nine Months Ended				2025 vs. 2024
(in millions, except per share data)	Sep 27, 2025		Sep 28, 2024		$ Change		% Change	Sep 27, 2025		Sep 28, 2024		$ Change		% Change
Net sales	$	1,360.2	$	1,273.3	$	86.9	6.8%	$	4,029.0	$	4,082.2	$	(53.2)	(1.3)%
Gross margin(A)	350.8		333.0		17.8		5.3%	1,024.4		1,097.6		(73.2)		(6.7)%
Restructuring, exit, and impairment charges	333.8		12.2		321.6		NM	342.9		33.6		309.3		NM
Operating (loss) earnings	(242.2)		98.4		(340.6)		NM	(82.6)		367.3		(449.9)		NM
Net (loss) earnings from continuing operations	(234.3)		47.3		(281.6)		NM	(154.5)		220.5		(375.0)		NM

Diluted (loss) earnings per common share from continuing operations	$	(3.57)	$	0.71	$	(4.28)	NM	$	(2.34)	$	3.26	$	(5.60)	NM

BRUNSWICK CORP 10-Q