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• Toyota for boats and marine engines
• John Deere for the marine industry

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• Marine Engines: Manufactures and sells a comprehensive range of marine propulsion systems, including outboard, sterndrive, and electric engines, primarily under its Mercury Marine brand.
• Recreational Boats: Designs, manufactures, and markets a broad portfolio of recreational boats for various activities, encompassing leading brands like Boston Whaler, Sea Ray, and Bayliner.
• Freedom Boat Club: Operates a membership-based boat club service, providing members with access to a diverse fleet of boats across numerous global locations without the responsibilities of ownership. (Category: Recreational Membership Service)
• Marine Parts & Accessories and Electronics: Develops, manufactures, and distributes a wide array of marine parts, accessories, and advanced electronics, including navigation, communication, and control systems, through its Navico Group and other brands.

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Brunswick (BC) - Major Customers

Brunswick Corporation (BC) primarily operates on a business-to-business (B2B) model, selling its products to other companies rather than directly to individual consumers as its primary sales channel.

Brunswick's major customers are primarily its extensive global network of independent marine dealerships, distributors, and original equipment manufacturers (OEMs) of boats who incorporate Brunswick's engines and components into their products.

Due to the highly diversified nature of its distribution strategy, Brunswick does not have a small number of "major customers" in the traditional sense (i.e., individual companies accounting for a significant portion of its revenue, typically 10% or more, which would require disclosure in financial filings). Its sales are spread across thousands of independent dealers and numerous smaller OEMs worldwide. Therefore, specific names of major public customer companies cannot be provided, as no single entity meets the criteria of a "major customer" for Brunswick.

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David M. Foulkes, Chairman and Chief Executive Officer

David M. Foulkes joined Brunswick Corporation in 2007 and was appointed Chief Executive Officer in 2019, taking on the additional role of Chairman in March 2025. Prior to his CEO role, Mr. Foulkes served as President – Brunswick Marine Consumer Solutions and Brunswick's Chief Technology Officer (CTO). He held various leadership positions within Brunswick's Mercury Marine division, including Vice President of Product Development and Engineering and President of Mercury Racing, leading the development of significant product lines. Before joining Brunswick, he spent 18 years with Ford Motor Company in senior roles and also worked with Shell Exploration and the Ministry of Defense in the United Kingdom.

Ryan M. Gwillim, Executive Vice President, Chief Financial Officer and Strategy Officer

Ryan M. Gwillim joined Brunswick Corporation in 2011 and assumed the role of Executive Vice President, Chief Financial Officer and Strategy Officer in July 2020. During his tenure at Brunswick, he held diverse finance and legal leadership positions, including Vice President – Finance and Treasurer, Vice President – Investor Relations, and Assistant General Counsel – Corporate and Securities. Before Brunswick, Mr. Gwillim was an associate at Baker & McKenzie, focusing on corporate and securities practice, where he advised clients on M&A transactions globally. He was a key driver in Brunswick's strategic transformation, which included the sale of its bowling center business in 2014 and a struggling fitness operation, to focus on marine products. Mr. Gwillim is a certified public accountant and holds bachelor's and master's degrees in accounting, as well as a law degree from the University of Illinois.

Áine L. Denari, Executive Vice President and President, Navico Group and Brunswick Chief Technology Officer

Áine L. Denari joined Brunswick Corporation in 2020, and as of August 2024, serves as Executive Vice President and President of Navico Group and Brunswick Chief Technology Officer. She was previously President of the Brunswick Boat Group. Prior to Brunswick, Ms. Denari spent two decades in executive roles within the automotive industry and in leadership positions at major global consulting firms. Her most recent role before Brunswick was Senior Vice President and General Manager of ZF's Advanced Driver Assistance Systems (ADAS) business. Earlier in her career, Ms. Denari was an engineer at Ford Motor Company and worked at consulting firms such as Bain & Company and McKinsey & Company.

John G. Buelow, Executive Vice President and President, Mercury Marine

John G. Buelow joined Brunswick Corporation in 2004 and has served as Executive Vice President and President of Mercury Marine since February 2023. Over his nearly 20 years at Brunswick, he has held a variety of positions, including Vice President of Mercury Global Operations and roles in finance such as Vice President and CFO of Brunswick Marine in EMEA and Asia-Pacific.

Will A. Sangster, Senior Vice President and President, Business Acceleration

Will A. Sangster serves as Senior Vice President and President of Brunswick's Business Acceleration division, responsible for driving the continued growth of its portfolio of businesses. He was promoted to this role in August 2024. Previously, Mr. Sangster was President of Mercury Marine in the EMEA region, a position he held since October 2021. He brings over 14 years of operational and international experience from various global leadership roles at Brunswick, which will be instrumental in leading the international expansion and operational optimization of ventures like Freedom Boat Club.

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The key risks to Brunswick Corporation (BC) include its susceptibility to economic cyclicality and consumer spending, the impact of tariffs and trade policy changes, and potential supply chain disruptions.

1. Economic Cyclicality and Consumer Spending: Brunswick's financial performance is highly sensitive to the overall health of the global economy and discretionary consumer spending, particularly in the recreational boating and luxury goods sectors. Economic downturns, persistent high interest rates, and declining consumer confidence can directly lead to reduced demand for its products and services, impacting revenue and earnings.
2. Tariffs and Trade Policy Changes: The company faces significant headwinds from tariffs, particularly those imposed on Chinese-manufactured components for products like Mercury Marine's outboards. These tariffs can substantially impact profitability and increase costs throughout the supply chain. Broader changes in international trade policies can also adversely affect Brunswick's supply chain and cost structure.
3. Supply Chain Disruptions and Costs: Brunswick is vulnerable to supply chain bottlenecks and disruptions, which can hinder production and impact inventory levels. These issues encompass challenges in sourcing raw materials and components, managing supplier relationships, and ensuring the timely delivery of products.

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• Rapid expansion and technological advancement of electric marine propulsion companies. Numerous startups (e.g., Candela, X Shore, Arc Boats, Vision Marine Technologies, Evoy) are rapidly developing and marketing all-electric boats and propulsion systems. These companies often promise superior performance, lower operating costs, reduced environmental impact, and a quieter boating experience, directly challenging Brunswick's dominant position in internal combustion marine engines (Mercury Marine) and its traditional boat lines. While Brunswick is investing in electrification (e.g., Avator outboards), these specialized electric players could innovate faster or capture significant market share in performance or niche segments.

• Accelerated shift in consumer preference towards boat access/sharing models over individual ownership. The growth of boat clubs (beyond just Brunswick's Freedom Boat Club) and peer-to-peer boat rental platforms (e.g., GetMyBoat, Sailo) indicates a broader trend where consumers prioritize experiences and convenience without the burdens of traditional boat ownership (maintenance, storage, depreciation). While Brunswick benefits from its Freedom Boat Club segment, a significant acceleration of this trend could erode the demand for new boat purchases from its manufacturing divisions faster than its access segment can grow, potentially impacting overall revenue and profit from its core boat and engine sales.

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Brunswick Corporation (BC) primarily operates within the global recreational marine industry, with key addressable markets across marine propulsion, boats, and marine parts & accessories, as well as marine-related services like boat clubs. Brunswick sold its fitness equipment business in 2019.

• Marine Propulsion (Engines): The global marine engines market is valued at approximately USD 21.27 billion in 2025, with projections to reach USD 31.27 billion by 2032, growing at a compound annual growth rate (CAGR) of 5.64%.
• Boats (Recreational): The global recreational boating market is projected to be around USD 30.9 billion in 2025 and is expected to increase to USD 44.1 billion by 2032, at a CAGR of 5.2%. North America holds a significant share, accounting for 46% of the recreational boating market in 2025.
• Marine Parts & Accessories / Watercraft Accessories: The global recreational boat parts and accessories market is forecasted to reach USD 16.3 billion in revenue in 2025. This market is predicted to grow to USD 22.56 billion by 2034, at a CAGR of over 3.6% from 2025. The global watercraft accessories market is estimated at USD 8.2 billion in 2025 and is expected to grow to USD 15.7 billion by 2035, with a CAGR of 6.1%. North America holds the largest share of the watercraft accessories market.
• Boat Clubs / Boat Sharing Services: Information specific to the global market size for boat club memberships or boat sharing services (like Freedom Boat Club) is not readily available in the provided search results. Therefore, the addressable market size for this specific service cannot be identified.

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1. Product Innovation and Portfolio Freshness: Brunswick's strategy to maintain a fresh portfolio with current models and continuous product innovation, exemplified by developments like the AutoCaptain system, is anticipated to drive future revenue.
2. Expansion of Digital Revenue Streams and Services: The company is focused on expanding high-margin, recurring digital revenue streams, including digital boating services and the Freedom Boat Club. These initiatives are expected to enhance earnings quality and contribute to business resilience and growth.
3. Market Share Gains and Strategic Pricing: Management projects revenue growth through market share gains and improvements in its discounting strategy, coupled with anticipated price increases.
4. Strength in the Propulsion Segment: The propulsion segment has demonstrated significant sales growth, fueled by stronger orders from Original Equipment Manufacturers (OEMs) in the U.S., and continued momentum in this area is expected to be a key revenue driver.
5. Market Recovery and Industry Restocking: Brunswick anticipates a stronger market environment in 2026, driven by declining interest rates and a subsequent restocking by the industry, which is expected to boost revenue.

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Share Repurchases

• Brunswick Corporation repurchased $200.0 million of its common stock during 2024, with a remaining authorization of $421.5 million as of December 31, 2024.
• In 2023, the company repurchased $275.0 million of its common stock.
• During 2022, Brunswick repurchased $450.0 million of stock, following a $500.0 million increase to its share repurchase authorization approved by the Board of Directors on July 19, 2022. The remaining authorization as of December 31, 2022, was $396.4 million.

Share Issuance

• Brunswick Corporation did not report any material cash proceeds from the issuance of common stock over the last 3-5 years. Activity related to stock plans and management compensation, which typically involves share issuances, was deemed immaterial to the consolidated statements of operations and cash flows in 2024, 2023, and 2022.

Outbound Investments

• On September 1, 2023, Brunswick acquired Fliteboard Pty Ltd, a leader in eFoiling technology, for $88.3 million in net cash consideration. This acquisition allows Brunswick to enter the emerging electric-foiling surfboard market and leverage technological, manufacturing, commercial, and consumer synergies.
• In 2022, the company acquired certain Freedom Boat Club franchise operations and territory rights, alongside marine assets in the Southeast United States, for a net cash consideration of $93.9 million. These investments were aimed at expanding Brunswick's shared access portfolio and digital platforms.
• In 2021, Brunswick financed the acquisition of Navico, a global leader in marine electronics and sensors, with net proceeds from notes issued totaling $992.9 million. Navico, along with RELiON and SemahTronix (also acquired in 2021), formed the Navico Group in 2022.

Capital Expenditures

• Capital expenditures on a cash basis were approximately $130 million in 2024, $420 million in 2023, $677 million in 2022, and $593 million in 2021.
• For 2023, Brunswick anticipated capital expenditures of $350 million, primarily focused on new product investments, cost-reduction initiatives, and automation projects across its businesses.
• Unpaid capital expenditures amounted to $18.7 million as of December 31, 2024, $34.1 million as of December 31, 2023, and $56.2 million as of December 31, 2022.