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Specialty industrial machinery · Industrials · Fiscal year ends Dec 31
Brunswick reported revenue of $5.4B in the fiscal year ended Dec 2025, up 2.4% from the year before. Operating income was −$41M, an operating margin of −0.8%, and net income was −$137M. Operating cash flow of $562M less capital expenditure of $166M left free cash flow of $396M. Net debt was $1.8B.
Ranks among the 34 specialty industrial machinery companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 5,846 | 6,812 | 6,401 | 5,237 | 5,363 |
| Cost of revenue | 4,180 | 4,865 | 4,614 | 3,886 | 4,031 |
| Gross profit | 1,666 | 1,947 | 1,787 | 1,351 | 1,332 |
| Research & development | 155 | 203 | 185 | 170 | 169 |
| Selling, general & admin | 698 | 771 | 812 | 748 | 851 |
| Operating income | 813 | 948 | 735 | 312 | −40.7 |
| Interest expense | 65.9 | 98.1 | 112 | 127 | 112 |
| Pre-tax income | 736 | 854 | 629 | 203 | −136 |
| Income tax | 141 | 172 | 196 | 54.0 | 0.2 |
| Net income | 593 | 677 | 420 | 130 | −137 |
| Diluted EPS | 7.57 | 9.00 | 5.96 | 1.93 | −2.08 |
| Diluted shares | 78.4 | 75.2 | 70.5 | 67.4 | 65.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 355 | 596 | 468 | 269 | 257 |
| Receivables | 485 | 543 | 493 | 429 | 523 |
| Inventory | 1,208 | 1,471 | 1,477 | 1,303 | 1,192 |
| Current assets | 2,125 | 2,695 | 2,510 | 2,114 | 2,063 |
| Net PP&E | 1,047 | 1,271 | 1,316 | 1,252 | 1,208 |
| Goodwill | 888 | 968 | 1,031 | 966 | 681 |
| Total assets | 5,425 | 6,321 | 6,231 | 5,678 | 5,312 |
| Payables | 694 | 663 | 558 | 393 | 375 |
| Deferred revenue | 142 | 179 | 187 | 191 | 194 |
| Current liabilities | 1,442 | 1,490 | 1,752 | 1,280 | 1,429 |
| Short-term debt | 37.4 | 89.0 | 455 | 243 | 295 |
| Long-term debt | 1,779 | 2,420 | 1,976 | 2,098 | 1,807 |
| Total liabilities | 3,511 | 4,279 | 4,143 | 3,785 | 3,687 |
| Shareholders' equity | 1,914 | 2,042 | 2,087 | 1,892 | 1,626 |
| Backlog (remaining obligations) | 132 | 170 | 184 | 187 | 189 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 574 | 586 | 734 | 431 | 562 |
| Capital expenditure | 267 | 388 | 289 | 167 | 166 |
| Free cash flow | 307 | 198 | 444 | 264 | 396 |
| Depreciation & amortisation | 178 | 231 | 273 | 289 | 293 |
| Stock-based compensation | 29.7 | 21.9 | 22.4 | 23.4 | 38.7 |
| Acquisitions | 1,139 | 93.8 | 104 | 31.8 | 0.2 |
| Share buybacks | 120 | 450 | 275 | 200 | 80.0 |
| Dividends paid | 98.9 | 109 | 112 | 112 | 113 |
| Dividend per share | 1.27 | 1.46 | 1.60 | 1.68 | 1.72 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 16.5% | −6.0% | −18.2% | 2.4% |
| Operating income growth (YoY) | – | 16.6% | −22.5% | −57.6% | −113.1% |
| EPS growth (YoY) | – | 18.9% | −33.8% | −67.6% | −207.8% |
| Gross margin | 28.5% | 28.6% | 27.9% | 25.8% | 24.8% |
| Operating margin | 13.9% | 13.9% | 11.5% | 5.9% | −0.8% |
| Net margin | 10.1% | 9.9% | 6.6% | 2.5% | −2.6% |
| Return on equityBlank when equity is negative | 31.0% | 33.1% | 20.1% | 6.9% | −8.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 20.4% | 19.6% | 16.4% | 7.1% | −1.0% |
| Free cash flow margin | 5.2% | 2.9% | 6.9% | 5.0% | 7.4% |
| Cash conversion (CFO ÷ net income) | 0.97x | 0.87x | 1.75x | 3.32x | −4.09x |
| Receivable days | 30 | 29 | 28 | 30 | 36 |
| Inventory days | 105 | 110 | 117 | 122 | 108 |
| Payable days | 61 | 50 | 44 | 37 | 34 |
| Interest cover | 12.3x | 9.66x | 6.54x | 2.46x | −0.36x |
| Debt ÷ equity | 0.95x | 1.23x | 1.16x | 1.24x | 1.29x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,462 | 1,913 | 1,963 | 2,072 | 1,845 |
| Current ratio | 1.47x | 1.81x | 1.43x | 1.65x | 1.44x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.