Brunswick Corporation (BC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el modelo estratégico de Brunswick Corporation, una potencia en la innovación marina y de fitness que ha creado magistralmente un modelo de negocio que transforma las experiencias recreativas en todo el mundo. Desde la fabricación de botes de vanguardia hasta los equipos de acondicionamiento físico de precisión, el enfoque integral de Brunswick revela una estrategia dinámica que integra perfectamente la destreza tecnológica, las asociaciones globales y las soluciones centradas en el consumidor. Descubra cómo este líder de la industria navega por los paisajes complejos del mercado, ofreciendo un valor excepcional en los dominios marinos y de bienestar a través de un marco comercial meticulosamente diseñado que establece nuevos estándares en tecnología recreativa y participación del cliente.

Brunswick Corporation (BC) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con fabricantes de equipos marinos

Brunswick Corporation mantiene asociaciones estratégicas con varios fabricantes de equipos marinos clave:

Pareja	Detalles de la asociación	Año establecido
Marina de mercurio	Desarrollo de tecnología de motores marinos patentados	Subsidiaria de propiedad desde 1961
Navico	Integración de sistemas de electrónica y navegación marina	Adquirido en 2011
Garmin	GPS marino y colaboración de tecnología de navegación	Asociación en curso desde 2015

Asociaciones con distribuidores y distribuidores de todo el mundo

Brunswick mantiene una extensa red global de distribuidores:

• Más de 4.500 traficantes de botes a nivel mundial
• Presencia en 75 países
• La red de distribuidores cubre las regiones de América del Norte, Europa, Asia-Pacífico

Región	Número de distribuidores	Cobertura del mercado
América del norte	2.800 distribuidores	62% de la red global de distribuidores
Europa	1.100 distribuidores	24% de la red global de distribuidores
Asia-Pacífico	600 distribuidores	14% de la red global de distribuidores

Colaboración con firmas de tecnología marina e innovación

Brunswick invierte en asociaciones tecnológicas:

• Colaboración de investigación con MIT Sea Grant
• Asociación tecnológica con FLIR Systems para tecnologías de detección marina
• Alianza de innovación con desarrolladores de software marino

Empresas conjuntas en mercados de equipos marinos y de fitness recreativos

Inversiones de empresas conjuntas de Brunswick:

Socio de empresa conjunta	Valor de inversión	Área de enfoque
Fitness de la vida	$ 85 millones de inversión	Tecnología de equipos de fitness
Johnson al aire libre	Acuerdo de intercambio de tecnología estratégica	Equipo recreativo marino

Brunswick Corporation (BC) - Modelo de negocio: actividades clave

Diseño y fabricación de barcos marinos

Brunswick Corporation produjo 116,600 productos marinos en 2022. La compañía opera instalaciones de fabricación en los Estados Unidos, incluidas ubicaciones en Tennessee, Florida y Wisconsin.

Instalación de fabricación	Ubicación	Línea de productos primario
Merrick Marine Center	Knoxville, Tennessee	Boston Whaler Boats
Planta de reynosa	México	Motores marinos de mercurio
Fond du Lac Facility	Wisconsin	Fabricación marina de mercurio

Producción e innovación de equipos de fitness

El segmento de fitness de Brunswick generó $ 516.8 millones en ingresos en 2022. La compañía produce equipos de ejercicio bajo marcas como Nautilus y Bowflex.

• Volumen de producción anual de equipos de acondicionamiento físico: aproximadamente 750,000 unidades
• Inversión en investigación y desarrollo en tecnología de acondicionamiento físico: $ 22.3 millones en 2022

Investigación y desarrollo de tecnologías marinas

Brunswick invirtió $ 146.4 millones en investigación y desarrollo Durante el año fiscal 2022, con un enfoque significativo en la innovación de tecnología marina.

Área de enfoque de I + D	Monto de la inversión	Desarrollo de tecnología clave
Propulsión marina	$ 62.1 millones	Tecnologías de motor eléctrico e híbrido
Sistemas de navegación digital	$ 34.5 millones	Electrónica marina avanzada

Marketing y ventas de productos marinos recreativos

Generado el segmento marino de Brunswick $ 5.2 mil millones en ingresos en 2022, con una estrategia de marketing global dirigida a los entusiastas de la navegación recreativa.

• Número de redes de distribuidores de productos marinos: más de 2,800 concesionarios globales
• Canales de comercialización: plataformas digitales, ferias comerciales marinas, participación directa del consumidor

Servicios de distribución global y atención al cliente

Brunswick mantiene una red de distribución global integral en 89 países, con 12 centros de distribución principales en todo el mundo.

Región	Número de centros de distribución	Volumen de distribución anual
América del norte	6	78,500 unidades marinas
Europa	3	22,300 unidades marinas
Asia-Pacífico	3	15,800 unidades marinas

Brunswick Corporation (BC) - Modelo de negocio: recursos clave

Instalaciones de fabricación avanzadas

Brunswick Corporation opera múltiples instalaciones de fabricación en los Estados Unidos, con ubicaciones clave en:

Ubicación	Tipo de instalación	Producción primaria
Isla Merritt, Florida	Fabricación marina	Boston Whaler Boats
Stillwater, Oklahoma	Producción de motor marino	Motores marinos de mercurio
Mettawa, Illinois	Sede corporativa	Gestión estratégica

Cartera de propiedades intelectuales

Brunswick Corporation posee 387 patentes activas A partir de 2023, con áreas de enfoque clave que incluyen:

• Tecnologías de propulsión marina
• Innovaciones de diseño de embarcaciones
• Sistemas de navegación marina
• Mecanismos de equipos de fitness

Equipos de ingeniería y diseño calificado

Fuerza laboral total de ingeniería: 1.245 profesionales En las divisiones marinas y de fitness, con una experiencia promedio de 12.7 años.

División	Personal de ingeniería	Inversión de I + D (2023)
Tecnologías marinas	782	$ 87.3 millones
Equipo de fitness	463	$ 42.6 millones

Red de distribución global

Brunswick mantiene una infraestructura de distribución integral:

• 3.200 ubicaciones de concesionario mundial
• Presencia en Más de 75 países
• Network que cubre segmentos marinos y de productos de fitness

Reputación de la marca

Métricas de valor de marca de Brunswick:

Marca	Reconocimiento del mercado	Cuota de mercado global
Marina de mercurio	82% de reconocimiento de la industria marina	Mercado mundial de motores marinos del 35,6%
Boston Whaler	76% de reconocimiento de segmento de botes premium	22.4% de mercado de botes de alta gama

Brunswick Corporation (BC) - Modelo de negocio: propuestas de valor

Buques marinos recreativos de alta calidad

Brunswick Corporation produce embarcaciones marinas en múltiples marcas con posicionamiento específico del mercado:

Marca	Tipo de vaso	Volumen de producción anual	Rango de precios promedio
Boston Whaler	Barcos de pesca en alta mar	12,500 unidades	$75,000 - $250,000
Bayliner	Botes recreativos	8.700 unidades	$30,000 - $125,000
Rayo de mar	Barcos deportivos de lujo	6.300 unidades	$100,000 - $500,000

Soluciones innovadoras de equipos marinos y de acondicionamiento físico

La estrategia de innovación de Brunswick se centra en los avances tecnológicos:

• Sistemas de propulsión marina de Mercury con integración digital
• Tecnologías avanzadas de navegación de botes
• Electrónica marina conectada

Experiencia y confiabilidad del cliente premium

Brunswick mantiene altas métricas de satisfacción del cliente:

Métrico	Actuación
Tasa de satisfacción del cliente	87.5%
Tasa de reclamo de garantía	2.3%
Tasa de devolución del producto	1.7%

Gama integral de barcos y tecnologías marinas

Brunswick ofrece diversas categorías de productos marinos:

• Barcos de pesca
• Botes recreativos
• Soluciones marinas comerciales
• Motores marinos y sistemas de propulsión

Fitness basado en el rendimiento y líneas de productos marinos

El segmento de fitness de Brunswick incluye:

Marca	Categoría de productos	Ingresos anuales
Fitness de la vida	Equipo de acondicionamiento físico comercial	$ 850 millones
Fuerza de martillo	Entrenamiento de fuerza profesional	$ 275 millones

Brunswick Corporation (BC) - Modelo de negocios: relaciones con los clientes

Ventas directas a través de redes de distribuidores

Brunswick Corporation opera a través de más de 1.300 concesionarios marinos en América del Norte. En 2022, la compañía reportó $ 5.9 mil millones en ingresos del segmento marino. Las ventas de la red de distribuidores representaron aproximadamente el 78% de las transacciones totales de productos marinos.

Métricas de red de distribuidores	Datos 2022
Distribuidores totales	1,300+
Ingresos del segmento marino	$ 5.9 mil millones
Porcentaje de ventas de la red de distribuidores	78%

Plataformas de atención al cliente en línea

Brunswick mantiene plataformas digitales de atención al cliente en múltiples marcas, incluidas Mercury Marine y Boston Whaler. La compañía invirtió $ 47 millones en infraestructura digital en 2022.

• Soporte técnico en línea 24/7
• Sistemas de registro de productos digitales
• Portal de gestión de reclamos de garantía

Servicios de consulta de productos personalizados

Brunswick ofrece servicios de consulta especializados en segmentos marinos y de acondicionamiento físico, con representantes de ventas dedicados que administran interacciones con los clientes de alto valor.

Categoría de servicio de consulta	Volumen de compromiso anual
Consultas de productos marinos	12,500+
Consultas de equipos de fitness	8,700+

Programas de lealtad y garantía del cliente

Brunswick proporciona cobertura de garantía integral en las líneas de productos. En 2022, los gastos de garantía totalizaron $ 213 millones, lo que representa el 3.6% de los ingresos totales.

• Garantía limitada de Mercury Marine 3 años
• Planes de protección extendida de la marca de botes
• Soporte técnico de la vida útil de los equipos de fitness

Compromiso a través de las comunidades marinas y de fitness

Brunswick involucra activamente a los clientes a través de plataformas de comunidad digital y física, con más de 250,000 miembros activos de la comunidad en segmentos marinos y de fitness.

Canales de participación comunitaria	Miembro Count
Foros marinos en línea	175,000
Plataformas de la comunidad de fitness	75,000

Brunswick Corporation (BC) - Modelo de negocios: canales

Distribuidores autorizados de equipos marinos y marinos

Brunswick Corporation opera a través de más de 1.300 concesionarios marinos autorizados en América del Norte. En 2023, estos concesionarios representaron el 78% de la red de distribución de productos marinos de la compañía.

Tipo de distribuidor	Número de distribuidores	Cobertura geográfica
Traficantes de botes	890	Estados Unidos
Distribuidores de equipos marinos	410	América del norte

Plataformas directas de ventas en línea

Los canales de ventas digitales de Brunswick generaron $ 247 millones en ingresos en 2023, lo que representa el 12% de las ventas totales de productos marinos.

• Sitio web oficial de productos marinos de Brunswick
• Tienda en línea de Mercury Marine
• Plataformas de comercio electrónico específicas de la marca de botes

Tiendas minoristas de marina y artículos deportivos

Los productos Brunswick están disponibles en 425 ubicaciones minoristas especializadas de productos marinos y de artículos deportivos en los Estados Unidos y Canadá.

Canal minorista	Número de tiendas	Ventas anuales promedio por tienda
Bass Pro Shops	175	$385,000
Marine oeste	250	$275,000

Ferias comerciales y eventos de la industria marina

Brunswick participa en 18 mayores ferias comerciales de la industria marina anualmente, con una inversión de marketing estimada de $ 3.2 millones en 2023.

• Miami International Boat Show
• Fort Lauderdale International Boat Show
• Show de botes de Nueva York

Canal de marketing digital y comercio electrónico

El presupuesto de marketing digital de Brunswick alcanzó los $ 12.5 millones en 2023, con un enfoque en la publicidad en línea dirigida y la participación en las redes sociales.

Canal digital	Seguidores/suscriptores	Tasa de compromiso
Instagram	215,000	4.3%
Facebook	345,000	3.7%

Brunswick Corporation (BC) - Modelo de negocios: segmentos de clientes

Entusiastas de la navegación recreativa

Tamaño del mercado: 87.9 millones de estadounidenses participan en la navegación recreativa a partir de 2022.

Características de segmento	Datos de población
Navegantes recreativos totales	87.9 millones
Propiedad promedio de botes	11.88 millones de barcos
Compras anuales de botes	272,000 botes nuevos vendidos en 2022

Profesionales de la industria marina profesional

Fuerza laboral total de la industria marina: 649,000 empleados en los Estados Unidos.

• Profesionales de pesca comercial
• Científicos de investigación marina
• Trabajadores de transporte marítimo
• Técnicos de equipos marinos

Consumidores de fitness y bienestar

Ingresos del segmento de fitness de Brunswick: $ 497.3 millones en 2022.

Métricas de segmento de fitness	Valor
Ingresos totales	$ 497.3 millones
Cuota de mercado en equipos de acondicionamiento físico	8.2%

Compradores de equipos marinos

Tamaño del mercado de equipos marinos: $ 16.5 mil millones en 2022.

• Compradores de equipos marinos comerciales
• Compradores de equipos marinos recreativos
• Adquisición de equipos marinos del gobierno

Consumidores de productos marinos de alta gama

Valor de mercado de la embarcación de lujo: $ 8.3 mil millones a nivel mundial en 2022.

Segmento marino de lujo	Estadística
Valor de mercado global	$ 8.3 mil millones
Precio promedio del barco de lujo	$ 250,000 - $ 1.5 millones
Ventas anuales de botes de lujo	3.750 unidades

Brunswick Corporation (BC) - Modelo de negocio: Estructura de costos

Gastos de fabricación y producción

Los gastos de fabricación y producción de Brunswick Corporation para el año fiscal 2022 totalizaron $ 1,987,300,000. La compañía opera múltiples instalaciones de fabricación en los Estados Unidos, con ubicaciones clave de producción en Tennessee, Missouri y Arizona.

Categoría de fabricación	Costo anual (USD)
Producción de motor marino	$762,500,000
Fabricación de botes	$589,300,000
Producción de equipos de fitness	$435,500,000

Inversiones de investigación y desarrollo

Brunswick Corporation invirtió $ 258,700,000 en investigación y desarrollo Para el año fiscal 2022, que representa el 4.7% de los ingresos totales de la compañía.

• I + D de tecnología marina: $ 112,500,000
• Innovación de diseño de embarcaciones: $ 86,200,000
• Desarrollo de la tecnología del motor: $ 60,000,000

Costos operativos de marketing y ventas

Los gastos de marketing y ventas para Brunswick Corporation en 2022 ascendieron a $ 412,600,000.

Canal de marketing	Gasto anual (USD)
Marketing digital	$87,300,000
Participación de la feria comercial	$45,200,000
Publicidad tradicional	$68,500,000

Gestión de la cadena de suministro y distribución

La cadena de suministro y los costos de distribución para Brunswick Corporation en 2022 fueron de $ 345,900,000.

• Logística y transporte: $ 156,700,000
• Operaciones de almacén: $ 98,300,000
• Gestión de inventario: $ 90,900,000

Fuerza laboral global y adquisición de talento

La fuerza laboral total y los gastos relacionados con el talento para Brunswick Corporation en 2022 alcanzaron $ 624,500,000.

Categoría de gastos de la fuerza laboral	Costo anual (USD)
Salarios y salarios	$489,700,000
Beneficios para empleados	$87,300,000
Reclutamiento y capacitación	$47,500,000

Brunswick Corporation (BC) - Modelo de negocios: flujos de ingresos

Ventas de botes marinos

En 2022, Brunswick Corporation reportó ingresos por ventas de marinas de marina de $ 6.24 mil millones. El segmento marino de la compañía incluye marcas como Boston Whaler, Bayliner, Sea Ray y MasterCraft.

Marca	Contribución de ingresos (2022)
Boston Whaler	$ 1.42 mil millones
Rayo de mar	$ 1.15 mil millones
Bayliner	$ 870 millones

Venta de equipos de fitness

El segmento de fitness de Brunswick generó $ 521 millones en ingresos en 2022 a través de marcas como Life Fitness y Hammer Fuerza.

Marca de fitness	2022 Ventas
Fitness de la vida	$ 378 millones
Fuerza de martillo	$ 143 millones

Piezas y accesorios del mercado de accesorios

Brunswick generó $ 412 millones a partir de ventas de piezas y accesorios del mercado de accesorios en 2022.

• Partes marinas: $ 276 millones
• Piezas de equipos de fitness: $ 136 millones

Contratos de servicio y mantenimiento

Los ingresos por servicio y mantenimiento totalizaron $ 287 millones en 2022.

Categoría de servicio	Ganancia
Contratos de servicio marino	$ 198 millones
Mantenimiento de equipos de fitness	$ 89 millones

Licencias y asociaciones de tecnología marina

La licencia de tecnología y las asociaciones generaron $ 64 millones en ingresos para Brunswick en 2022.

• Licencias de tecnología de navegación marina: $ 42 millones
• Asociaciones de tecnología estratégica: $ 22 millones

Brunswick Corporation (BC) - Canvas Business Model: Value Propositions

Integrated, high-performance marine propulsion systems (Mercury Marine)

Mercury Marine continues to solidify its market leadership, securing a new record outboard share of 61% of all outboard engines displayed at the 2025 Fort Lauderdale International Boat Show, and an even higher 76% share of engines in the on-water portion of that show. Mercury Marine, which is part of the Propulsion segment, reported net sales of $535.4M for the third quarter of 2025. Mercury's outboard engine lineup gained over 300 basis points of U.S. retail share in outboards over 300 horsepower in the second quarter of 2025. Furthermore, at early-season trade shows in early 2025, Mercury Marine maintained dominance in Europe with a 55% share of outboards across the Dusseldorf Boat Show, and held nearly 50% share of outboards on display in New York. The overall Propulsion segment sales grew over the prior year in the third quarter of 2025. The company is focused on vertical integration, exemplified by the debut of the SIMRAD AutoCaptain autonomous piloting system, designed in collaboration with Mercury Marine and the Brunswick Boat Group.

Premium and core boat brands known for quality and reliability (Boston Whaler, Sea Ray)

The boat segment delivered growth in both revenue and adjusted operating margin over the third quarter of 2024. At the 2025 Fort Lauderdale International Boat Show, combined unit sales for Boston Whaler, Sea Ray, and Navan were up 6%, with revenue increasing 15% compared with the 2024 Show. The company confirmed its full-year 2025 net sales guidance to be approximately $5.2 billion. The boat business saw revenue growth in the third quarter of 2025, with premium brands performing well. The Boat segment reported net sales of $360.2M for the third quarter ended September 27, 2025. The company is executing a strategic rationalization of its fiberglass boat manufacturing footprint to consolidate production and reduce fixed costs.

Simplified, safer boating through 'Boating Intelligence' and autonomous docking systems

Technological integration is a clear value driver, highlighted by the recent debut of the SIMRAD AutoCaptain autonomous boating system at the IBEX trade show. This system was successfully demonstrated in maneuvering and docking scenarios to many interested original equipment manufacturers (OEMs) and media representatives in late 2025. Technology from Navico Group, which includes brands like Simrad, was featured in over 80% of displayed boats at the Dusseldorf Boat Show in early 2025. The Navico Group segment reported net sales of $186.9M in the third quarter of 2025, showing modest sales growth led by marine electronics product lines.

Affordable, flexible access to boating via the Freedom Boat Club shared model

The Freedom Boat Club (FBC) model provides a recurring revenue stream that cushions against new-build market volatility. FBC surpassed 600,000 member boating trips in 2024, marking the second consecutive year achieving this milestone across its 400+ locations in North America, Europe, and Australia. As of the 2023 annual report, Freedom Boat Club had nearly 60,000 memberships. The recurring revenue businesses, which include FBC sales, contributed nearly 60% of the company's second-quarter 2025 adjusted operating earnings. The company is continuing its expansion, having grown from 170 locations in 2019 to over 415 locations by late 2024 through organic growth and acquisitions.

Comprehensive aftermarket support and recurring revenue parts business

The aftermarket and recurring revenue streams are a profitable pillar for Brunswick Corporation. Sales of accessories and spare parts rose 8% in the third quarter of 2025, driven by aftermarket sales and distribution channel performance. The Engine Parts & Accessories segment posted net sales of $363.7M in the third quarter of 2025. The company's focus on these businesses is evident as recurring revenue segments contributed nearly 60% of the second-quarter 2025 adjusted operating earnings. Brunswick Corporation has an increased full-year 2025 free cash flow guidance to greater than $425 million, supported by these stable revenue sources.

Here's the quick math on the segment breakdown for the third quarter of 2025:

Segment	Net Sales (Q3 2025)
Propulsion	$535.4M
Engine Parts & Accessories	$363.7M
Boat segment	$360.2M
Navico Group	$186.9M

What this estimate hides is that total consolidated revenue for the third quarter of 2025 was $1.360B, representing a 6.8% increase from the third quarter of 2024. The full-year 2025 net sales forecast remains approximately $5.2 billion.

You're looking at a company that is clearly prioritizing its high-margin, recurring revenue businesses to stabilize performance in a volatile new-build market. Finance: draft 13-week cash view by Friday.

Brunswick Corporation (BC) - Canvas Business Model: Customer Relationships

Dedicated dealer support and training for complex products

• Dealer network contributed to Mercury Marine achieving 55% outboard share for engines of 150hp+ at the Dusseldorf Boat Show 2025.
• Dealer network contributed to Mercury Marine achieving 61% outboard share at the 2025 Fort Lauderdale International Boat Show.

Personalized digital engagement via connected boat technologies

• Navico Group technology was featured in over 80% of displayed boats at the Dusseldorf Boat Show 2025.
• The company launched its 'Boating Intelligence' initiative at the 2025 Consumer Electronics Show (CES) to enhance its ACES (Autonomous, Connected, Electrified, and Shared) strategy.
• The SIMRAD AutoCaptain autonomous boating system was demonstrated at the 2025 IBEX trade show.

Subscription-based, high-touch service model for Freedom Boat Club members

The Freedom Boat Club model contributes significantly to Brunswick Corporation's recurring revenue base, which accounted for almost 60% of adjusted operating income in Q1 2025. The company has a stated goal for recurring revenue businesses to exceed 50% of total company earnings by 2025. Freedom Boat Club expanded its global reach, including signing its first Middle East franchisee in Dubai. In Q2 2025, Freedom Boat Club contributed approximately 12% of the Boat segment sales.

Metric	Value	Period/Context
Memberships (Historical Benchmark)	Over 50,000	As of June 2022
Global Locations (Historical Benchmark)	360	As of June 2022

Transactional sales for parts and accessories (P&A) aftermarket

The Engine Parts & Accessories segment is a key recurring revenue pillar. Sales in this area saw growth in Q3 2025, rising by 8% over the quarter, driven by aftermarket sales.

Segment	Net Sales Amount	Period
Engine Parts & Accessories	$363.7M	Third Quarter 2025
Engine Parts & Accessories Sales Growth	1% increase	Second Quarter 2025 vs. prior year
Navico Group Net Sales	$186.9M	Third Quarter 2025

Brand loyalty programs for premium boat owners (Boston Whaler, Sea Ray)

Demand for premium products showed relative strength later in the 2025 season. At the 2025 Fort Lauderdale International Boat Show, combined unit sales for Boston Whaler, Sea Ray, and Navan were up 6%, with revenue increasing 15% compared to the 2024 Show.

• Sea Ray Boats surpassed its 2024 record unit sales total by more than 20% at the Dusseldorf Boat Show 2025.

Brunswick Corporation (BC) - Canvas Business Model: Channels

You're looking at how Brunswick Corporation moves its products and services to the customer base as of late 2025. It's a multi-pronged approach, blending traditional dealer networks with significant recurring revenue streams and direct sales efforts.

Global network of independent marine dealers and distributors

Brunswick Corporation supports its boat sales through a vast network, though the exact number of independent marine dealers isn't explicitly stated in the latest reports. The health of this channel is reflected in wholesale shipment performance. For instance, in the second quarter of 2025, U.S. wholesale shipments were down 11% compared to the prior year, resulting in an 11% reduction in U.S. pipelines, or over 1,200 fewer units versus last year, as the company managed inventory levels.

Direct-to-consumer model through Freedom Boat Club and Boateka (used boats)

The shared-access and used boat businesses are a major channel focus, providing recurring revenue stability. Freedom Boat Club, the boat-sharing network, had over 440 locations worldwide as of the third quarter of 2025. This recurring revenue model is strategically important; in the first quarter of 2025, recurring revenue segments, including Freedom Boat Club sales, accounted for almost 60% of adjusted operating income. For context on its scale relative to the whole, Freedom Boat Club accounted for around 11% of total sales in the first quarter of 2025.

• Freedom Boat Club locations worldwide: over 440 as of Q3 2025.
• Recurring revenue contribution to adjusted operating income (Q1 2025): almost 60%.
• Freedom Boat Club share of total sales (Q1 2025): around 11%.

Wholesale shipments to Original Equipment Manufacturers (OEMs) for propulsion sales

For the Mercury Marine propulsion business, the OEM channel remains critical. In the third quarter of 2025, the Propulsion division reported a 10% increase in sales, which was explicitly driven by stable demand from OEMs. Shipments to U.S. OEM customers in the second quarter of 2025 were reported as outpacing expectations despite overall market conditions.

Digital platforms and marine trade shows (e.g., Fort Lauderdale International Boat Show)

Trade shows serve as key physical channels for showcasing new products and securing dealer/OEM interest. The 2025 Fort Lauderdale International Boat Show showed strong performance for premium brands. At that event, combined unit sales for Boston Whaler, Sea Ray, and Navan were up 6% and revenue increased 15% compared with the 2024 Show. Mercury Marine demonstrated strong market penetration at this show:

Metric	2025 FLIBS Result
Mercury Outboard Share (All Engines)	61%
Mercury Outboard Share (On-Water Portion)	76%

Earlier in the year, at the Dusseldorf Boat Show, Sea Ray Boats achieved record unit sales, surpassing the 2024 record by more than 20 percent. Mercury Marine also secured a 55 percent share of outboards across the Dusseldorf show.

Retail distribution for Parts & Accessories via Land 'N' Sea

The Parts & Accessories segment utilizes distribution channels like Land 'N' Sea to reach the aftermarket. This channel proved resilient; in the third quarter of 2025, Accessories and spare parts sales rose by 8%, supported by distribution channel performance. The Engine Parts & Accessories segment recorded net sales of $363.7M in the third quarter of 2025. Specifically, the distribution business within that segment saw sales up 4% compared to the second quarter of 2024.

Here's a quick look at some key segment sales figures that flow through these channels in Q3 2025:

Segment	Q3 2025 Net Sales
Propulsion Net Sales	$535.4M
Engine Parts & Accessories Net Sales	$363.7M
Navico Group Segment Net Sales	$186.9M
Boat Segment Net Sales	$360.2M

Finance: draft 13-week cash view by Friday.

Brunswick Corporation (BC) - Canvas Business Model: Customer Segments

You're looking at the diverse groups Brunswick Corporation serves, which is key to understanding their $\$5.2$ billion full-year 2025 net sales guidance. The customer base is split between direct consumers, members of their shared-access model, and business partners like other manufacturers.

The financial results from the third quarter of 2025 show how these segments translate to revenue. Total consolidated net sales for Q3 2025 were $\$1,360.2$ million.

Here's a breakdown of the net sales by segment in Q3 2025, which directly reflects the revenue generated from these customer groups:

Segment	Q3 2025 Net Sales (Millions USD)	Relevant Customer Segments
Propulsion	$\$535.4$	Commercial operators (via engine sales), Independent service centers (via parts/repairs)
Engine Parts & Accessories	$\$363.7$	Independent service centers, Boat OEMs (for parts/accessories)
Navico Group	$\$186.9$	Boat OEMs (for electronics integration), High-net-worth individuals (via aftermarket electronics)
Boat	$\$360.2$	Recreational boaters, High-net-worth individuals

The recreational boater segment is served both through direct boat sales and the Freedom Boat Club (FBC) model. FBC, which had over 400+ locations across North America, Europe, and Australia as of early 2025, is a significant part of the recurring revenue base. In the first quarter of 2025, Freedom Boat Club sales accounted for around 11% of Brunswick Corporation's total sales.

For high-net-worth individuals and general recreational boaters purchasing new vessels, the performance of premium brands is a key indicator. At the 2025 Fort Lauderdale International Boat Show, combined unit sales for premium brands like Boston Whaler, Sea Ray, and Navan were up 6% compared to the 2024 Show.

The customer segment comprising commercial operators and other boat OEMs is heavily served by the Propulsion and Navico Group segments. Mercury Marine, a key part of the Propulsion segment, is a dominant supplier. As of Q3 2025 results, Mercury had consolidated a market share of almost 50% in outboard motors in the United States. Furthermore, strong demand from U.S. OEMs contributed to the Propulsion segment seeing a 7% increase in sales in the second quarter of 2025.

The customer base also includes independent marine service centers and other boat OEMs who purchase components. The Engine Parts & Accessories segment, which serves these entities, posted net sales of $\$363.7$ million in Q3 2025.

The overall customer engagement is supported by the ACES strategy (autonomy, connectivity, electrification, and shared access), which aims to elevate the user experience across these varied groups.

• Recreational boaters: Served by the Boat segment and FBC.
• High-net-worth individuals: Target for premium, large boat models.
• Commercial operators/Government agencies: Engine and electronics purchasers.
• Boat-share members: Access through the FBC model.
• Independent marine service centers/other OEMs: Buyers of Mercury engines and Navico electronics.

The company confirmed its 2025 full-year guidance for as-adjusted diluted EPS of approximately $\$3.25.

Finance: draft 13-week cash view by Friday.

Brunswick Corporation (BC) - Canvas Business Model: Cost Structure

You're looking at the core costs driving Brunswick Corporation's operations through the first three quarters of 2025. The structure is heavily weighted toward making and selling high-value marine products, plus significant investment in future technology.

The most significant cost component is the Cost of Goods Sold (COGS) tied to manufacturing engines, parts, and boats. While the exact COGS figure isn't explicitly broken out in the latest releases, we see the scale of the business through sales. For the second quarter of 2025, consolidated net sales hit $1,447.0 million, and total net sales for the first half of 2025 reached $2,808.9 million. This high volume of physical goods production means COGS is naturally the largest cost block. Furthermore, cost pressures remain, with management noting that less than 5% of COGS was potentially subject to new tariff expenses of $20 million to $30 million for 2025, on top of $30 million in Section 301 tariffs already factored in.

Investment in the future, particularly around ACES (Advanced Connected, Electric, Autonomous, Shared) and electrification, requires a high Research & Development (R&D) spend. Honestly, the absolute R&D dollar amount for the first half of 2025 isn't detailed in the recent summaries, but we do know that Research and development expense decreased in the first half of 2025 versus the same period in 2024. This suggests a shift in focus or perhaps the completion of certain large projects, but the strategic commitment to these areas remains a key cost driver.

Capital expenditures (CapEx) for 2025 totaled $82.6 million in the first half. This investment supports the ongoing operational base, including the manufacturing footprint improvements mentioned later.

Selling, General, and Administrative (SG&A) expenses cover the overhead of running a global enterprise, including marketing the many brands and supporting the Freedom Boat Club operations. For the three months ended June 28, 2025, SG&A was $216.6 million. For the first six months of 2025, these expenses totaled $424.6 million.

Costs associated with strategic manufacturing rationalization and restructuring are a necessary, though non-recurring, part of optimizing the cost structure. For the three months ended June 28, 2025, total restructuring, exit, and impairment charges recorded were $8.0 million. For the first six months of 2025, these charges amounted to $9.1 million, which is a reduction from the $21.4 million recorded in the first six months of 2024. These costs reflect actions like the announced strategic rationalization of the fiberglass boat manufacturing footprint, which involves exiting facilities in Reynosa, Mexico, and Flagler Beach, Florida, by mid-2026 to consolidate production.

Here's a quick look at the reported period costs:

Cost Category	Period Ended June 28, 2025 (3 Months)	Period Ended June 28, 2025 (6 Months)
Selling, General, and Administrative Expense	$216.6 million	$424.6 million
Restructuring, Exit and Impairment Charges (Total)	$8.0 million	$9.1 million
Restructuring, Exit and Impairment Charges (Prior Year 6 Months)	N/A	$21.4 million (vs. June 29, 2024)

The breakdown of the three-month restructuring charge was:

• Employee termination and other benefits: $7.2 million total
• Asset-related: $0.4 million
• Professional fees: $0.4 million

The company is actively managing these costs while maintaining liquidity, reporting $1.3 billion in liquidity at the end of Q2 2025. Finance: draft 13-week cash view by Friday.

Brunswick Corporation (BC) - Canvas Business Model: Revenue Streams

You're looking at how Brunswick Corporation brings in the money, and as of late 2025, the picture is anchored by a clear revenue guidance, even with some market softness.

Brunswick Corporation confirmed its full-year 2025 net sales guidance is approximately $5.2 billion. This top-line expectation reflects a balanced portfolio that relies on both large transactional sales and more predictable, recurring streams.

The Sale of Marine Propulsion products (Mercury engines) remains a cornerstone. This segment, which includes outboards, sterndrive, and related controls and propellers, is a major driver. For instance, in the third quarter of 2025, Propulsion segment net sales hit $535.4 million. To give you a sense of competitive strength, Mercury Outboard Engine Share gained over 300 basis points in U.S. retail share for engines over 300 horsepower in the second quarter of 2025.

Next up is the Sale of Boats (Sea Ray, Boston Whaler, Lund). This is the traditional, high-ticket revenue source. In the third quarter of 2025, the Boat segment recorded net sales of $360.2 million. Honestly, premium brands are holding up better than some of the value categories, but the company is actively managing field inventory.

You can't ignore the Recurring revenue from Engine Parts & Accessories and Navico Group aftermarket sales. This is where the business shows its resilience against volatile new-build markets. In the third quarter of 2025 alone, Engine Parts & Accessories segment net sales were $363.7 million, and Navico Group segment net sales were $186.9 million. To be fair, these recurring activities are strategically important; in the third quarter of 2025, recurring revenue activities accounted for over 60% of the Group's adjusted operating income.

The Subscription and membership fees from Freedom Boat Club represent the high-growth recurring model. This segment continues to expand its footprint, which directly translates to membership revenue. As of the third quarter of 2025, Freedom Boat Club operates a network of over 440 locations worldwide. This model is designed to lock in customers and provide a steady revenue base.

Here's a quick look at how the major revenue components stacked up in the third quarter of 2025, based on reported segment net sales:

Revenue Source	Q3 2025 Net Sales (Millions USD)
Propulsion	$535.4
Engine Parts & Accessories	$363.7
Boat Segment	$360.2
Navico Group	$186.9

The performance across these streams in recent quarters shows some clear trends you should track:

• Propulsion segment sales grew 7% in Q2 2025, driven by U.S. OEM orders.
• Engine parts and accessories sales increased 1% year-over-year in Q2 2025.
• Navico Group segment sales saw a 4% decrease in Q2 2025.
• Boat segment sales declined 7% in Q2 2025 due to cautious dealer ordering.

Finance: draft 13-week cash view by Friday.