BRP Inc. (DOOO): History, Ownership, Mission, How It Works & Makes Money

Is BRP Inc. (DOOO) just the company behind your neighbor's Sea-Doo, or is it a global powersports giant that generated CA$7,829.7 million in revenue and a $4.68 Normalized Diluted EPS for fiscal year 2025?

After being named the Red Dot: Design Team of the Year 2025 and aggressively pushing into the electric vehicle market with models like the Can-Am Pulse, you have to ask: how does a company built on snowmobiles and watercraft maintain that kind of performance while navigating a challenging macro-environment?

We need to look past the top-line numbers and dissect the core business model-from its dealer-dependent vehicle sales to its lucrative parts and accessories segment-to understand how BRP Inc. actually makes money and what that means for your investment decisions.

BRP Inc. (DOOO) History

BRP Inc.'s story is one of reinvention, starting from the early days of snow travel innovation. You need to understand that while the company became an independent entity in 2003, its roots trace back over eight decades to a single, brilliant invention.

The core business-powersports-was a division of the aerospace and rail giant Bombardier Inc. The spin-off was a major strategic move that let the recreational products team focus entirely on their mission: creating exhilarating experiences, not just transportation.

Given Company's Founding Timeline

Year established

The company's foundational roots, L'Auto-Neige Bombardier Limitée, were established in 1942. However, BRP Inc. was formally established as a distinct, independent entity following a strategic spin-off on December 18, 2003.

Original location

The company is still headquartered in Valcourt, Quebec, Canada, the same small town where founder Joseph-Armand Bombardier developed his first snow vehicle.

Founding team members

The original visionary was Joseph-Armand Bombardier, who founded the predecessor company in 1942. The leadership of the newly independent BRP Inc. has been helmed by President and CEO José Boisjoli since its founding in 2003.

Initial capital/funding

The recreational products division was acquired from Bombardier Inc. in 2003 for a total acquisition price of $875 million. This funding came from a consortium of investors:

• Bain Capital: Acquired a 50% stake.
• Bombardier family (via Beaudier Inc.): Maintained a 35% ownership.
• Caisse de dépôt et placement du Québec (CDPQ): Secured a 15% investment.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's trajectory has been shaped by three major, defintely distinct shifts. The first was the 2003 spin-off, which fundamentally changed the culture from a corporate division to an entrepreneurial, standalone entity. This move gave the powersports business the capital and focus it needed to become a market leader.

The second major shift was the strategic diversification into new vehicle categories, not just iterating on existing ones. Launching the three-wheeled Can-Am Spyder in 2007, for example, created a new segment from scratch. That's a bold move. They followed this up by disrupting their own Sea-Doo PWC market with the 2014 Sea-Doo Spark, bringing in a new wave of younger, budget-conscious riders.

The most recent, and arguably most critical, transformation is the push into electric vehicles (EVs). This is a multi-year commitment, but the formal launch of the electric Can-Am Pulse and Can-Am Origin motorcycles in the 2025 fiscal year signals that the shift is real and happening now.

Honesty, the market conditions in FY2025 were tough; revenues dropped to CA$7,829.7 million, a 21.4% decrease from the prior year, mostly due to softer demand and a focus on reducing dealer inventory. Still, the company managed to achieve a Normalized diluted earnings per share of CA$4.68 and deployed $277.0 million in shareholder returns through repurchases and dividends, showing a commitment to capital allocation even during a downturn. You need to look past the top-line dip to see the underlying strategic strength.

For a deeper dive into how this recent performance impacts their balance sheet and future outlook, you should read Breaking Down BRP Inc. (DOOO) Financial Health: Key Insights for Investors.

BRP Inc. (DOOO) Ownership Structure

BRP Inc. is a publicly-traded company, but its ownership structure is a nuanced mix of public float, large institutional investors, and a significant block of shares held by the original controlling interests, which impacts governance and long-term strategy. The company is dual-listed, trading on the Toronto Stock Exchange (TSX: DOO) and the NASDAQ (DOOO), giving it access to a diverse pool of capital and a global investor base.

This structure means that while day-to-day trading is driven by retail and broad institutional sentiment, the core decision-making is heavily influenced by a few major stakeholders. For the fiscal year ending January 31, 2025, BRP reported annual sales of approximately CA$7.8 billion, demonstrating the scale of the organization these shareholders oversee.

BRP Inc.'s Current Status

BRP Inc. is a publicly-traded entity, a status it has held since its Initial Public Offering (IPO) in 2013, following its spin-off from Bombardier. The company's governance is therefore subject to the regulations of both the Canadian and US securities markets, which provides a high degree of transparency for investors.

Still, the ownership is not a pure public float. A substantial portion of the company is held by two key entities-the Beaudier family interests and Bain Capital, L.P.-who were instrumental in the 2003 acquisition of the recreational products division from Bombardier. This dual-class share structure, common in Canada, allows the original owners to maintain a strong grip on voting power, even if their economic ownership percentage is lower than the total public float. Exploring BRP Inc. (DOOO) Investor Profile: Who's Buying and Why? is defintely a good next step for deeper analysis.

BRP Inc.'s Ownership Breakdown

The table below breaks down the ownership as of late 2025, highlighting the key controlling interests and the broader market participation. Here's the quick math: the two original major shareholders still control over a quarter of the company, which is a powerful voting bloc.

BRP Inc.'s Leadership

The company is steered by a seasoned executive team with deep roots in the powersports industry and a long average tenure, which is a sign of stable leadership but also a potential risk for succession planning. The average tenure for the management team is around 6.8 years. The leadership is currently focused on the Mission 28 strategy, which targets CA$9.5 billion in sales by fiscal year 2028.

The key leaders, as of November 2025, who drive the strategic direction and operations for BRP's approximately 16,500 employees are:

• José Boisjoli: President and Chief Executive Officer (CEO), also serving as Chairman of the Board, a role he has held since 2003.
• Sébastien Martel: Chief Financial Officer (CFO), responsible for the company's fiscal health and investor relations.
• Sandy Scullion: President, Powersports and Marine, overseeing the combined P&L for BRP's core recreational product groups.
• Patrick Dussault: Executive Vice-President, Global Manufacturing Operations, Powersports and Marine, a role expanded in 2024 to maximize operational excellence.
• Thomas Uhr: Chief Technology Officer (CTO), leading the push into new technologies like electric vehicles.

The long tenure of CEO José Boisjoli, over 21 years, shows exceptional stability, but the company announced in May 2025 that he is set to retire by the end of the fiscal year, making the transition to new leadership a critical near-term risk to monitor.

BRP Inc. (DOOO) Mission and Values

BRP Inc. is fundamentally driven by a purpose beyond its CA$7.8 billion in fiscal year 2025 revenues: to create visceral, unforgettable experiences for its customers. This cultural DNA is rooted in a passion for innovation that aims to redefine how people interact with the outdoors, always with a strong focus on responsible corporate citizenship.

Honestly, a company that sells snowmobiles and watercraft is selling emotion, not just metal and plastic. That's why their mission and values are so tightly woven into their product design and their ambitious CSR25 program, which targets increased community support by the end of 2025.

BRP Inc.'s Core Purpose

The company's core purpose is to be an innovation machine, not just a profitability machine, as evidenced by its strong normalized diluted earnings per share of $4.68 in FY25. They exist to push the boundaries of what is possible in powersports and boating, always challenging the status quo.

Official Mission Statement

BRP Inc.'s mission statement cuts straight to the heart of what they do, focusing on the emotional payoff for the customer and the method they use to achieve it.

• Deliver thrilling experiences by innovating how we access the world's playgrounds.

This statement is powerful because it connects the product-the vehicle-to a larger, more emotional goal: the 'thrilling experience.' The focus on 'world's playgrounds' also implicitly ties into their CSR25 commitment to reduce the carbon footprint of their operations and products.

Vision Statement

The vision statement is a clear, no-nonsense declaration of market ambition, guiding their strategic plan, including the recently launched Mission 28 (M28) which sets out goals for fiscal 2028.

• Be the global leader in the world of powersports and boating.

Achieving this leadership is why they continue to invest heavily in research and development, earning them the prestigious Red Dot: Design Team of the Year 2025 award for their groundbreaking work on products like the electric motorcycle Can-Am Pulse.

BRP Inc. Slogan/Tagline and Core Values

While BRP Inc. uses several phrases to capture their spirit, their core values are the defintely the most telling part of their cultural DNA, guiding the approximately 16,500 employees globally.

The company's promise is encapsulated in a phrase they use to describe their obsession with detail and drive to push limits: Adventure by Design. This is what translates into a Normalized EBITDA of $1 billion in FY25.

Their core values are not abstract; they are the foundation of how they operate, from the factory floor to the boardroom:

• Passion: It is the energy that informs everything they do.
• Innovation: Constantly questioning and progressing to uncover new solutions.
• Trust/Integrity: Taking care of people like family; acting with integrity.
• Relentless Drive: Saying what they do and doing what they say, with sheer determination.
• One Global Team: Emphasizing collaboration and inclusivity across their global operations.

You can see how this commitment to excellence and innovation translates directly into investor confidence. For a deeper look at who is buying into this mission, you should check out Exploring BRP Inc. (DOOO) Investor Profile: Who's Buying and Why?

BRP Inc. (DOOO) How It Works

BRP Inc. operates by designing, manufacturing, and distributing a diverse portfolio of recreational vehicles and related propulsion systems, monetizing the global appetite for outdoor adventure through its iconic brand family.

The company makes its money through two primary segments-Year-Round Products (like Can-Am off-road vehicles) and Seasonal Products (like Ski-Doo snowmobiles and Sea-Doo watercraft)-plus a high-margin Parts, Accessories, and Apparel (PA&A) business that complements every sale. In fiscal year 2025 (FY25), BRP generated total revenue of $7,829.7 million, a decrease of 21.4% as the company intentionally reduced network inventory to adapt to softer consumer demand.

BRP Inc. Product/Service Portfolio

BRP Inc. Operational Framework

BRP's operational framework is built on a global, flexible manufacturing footprint combined with a dealer-centric distribution model. This allows for production scale while maintaining proximity to key markets.

The core process revolves around design-driven innovation-evidenced by the Red Dot Design Team of the Year 2025 award-which feeds into lean, multi-site manufacturing.

• Demand-Driven Production: The company actively managed production volume in FY25 to align with softening retail demand, successfully reducing North American network inventory by 13% overall.
• Global Distribution Network: Products are sold in over 130 countries through a network of approximately 2,400 dealers in 22 countries, plus distributors serving hundreds of additional dealers.
• Value Creation: Value is created not just from the initial vehicle sale but from the recurring, high-margin revenue of the PA&A segment, which enhances the rider experience and drives customer loyalty.

Here's the quick math: if onboarding takes 14+ days, churn risk rises, so maintaining a strong dealer network is critical for the long-term customer relationship, not just the initial sale.

BRP Inc. Strategic Advantages

BRP's market success is grounded in its powerful brand equity and a proactive pivot toward future technologies, giving it a clear edge over smaller, less diversified competitors.

• Brand Portfolio Strength: The company owns category-defining brands like Ski-Doo and Sea-Doo, which command significant market share and premium pricing power, insulating them somewhat from economic downturns.
• Electrification Leadership: BRP is committing $300 million to electric vehicle (EV) development by 2026, aiming to electrify all existing product lines by the end of 2026. This early mover advantage, including the launch of electric Can-Am motorcycles, positions them for the future of recreational vehicles.
• Strategic Focus (Mission 28): The divestiture of non-core Marine assets (excluding Sea-Doo PWC and Switch pontoons) allows management to channel resources into the higher-growth Powersports and OEM Engine divisions, a strategy detailed in the Mission 28 Strategic Plan presented in October 2025.
• PA&A Profitability: The Parts, Accessories, and Apparel segment provides a crucial buffer, offering higher gross margins and less cyclical revenue than vehicle sales.

The company's ability to navigate the FY25 retail slowdown while maintaining a Normalized diluted earnings per share of $4.68 shows a strong operational discipline. For a deeper dive into the numbers, you should check out Breaking Down BRP Inc. (DOOO) Financial Health: Key Insights for Investors.

BRP Inc. (DOOO) How It Makes Money

BRP Inc. primarily makes money by designing, manufacturing, and selling powersports vehicles-like snowmobiles, personal watercraft, and off-road vehicles-to a global network of independent dealers, plus a steady stream of revenue from the necessary parts, accessories, and apparel (PA&A) that follow the initial sale.

The company's financial health is highly cyclical; they thrive when consumer confidence is high and discretionary spending is strong, but they face headwinds, like the ones seen in fiscal year 2025 (FY2025), when the macroeconomic environment tightens.

BRP Inc.'s Revenue Breakdown

For the fiscal year ended January 31, 2025, BRP Inc. reported total revenue of approximately $5.44 billion (USD). The revenue mix is heavily concentrated in vehicle sales, which are segmented into Year-Round and Seasonal products. Here is the segment breakdown, using the product mix from the fourth quarter of FY2025 as the most current indicator of their revenue streams:

The Year-Round Products segment, which includes Can-Am Off-Road Vehicles (ORV) and 3-Wheel Vehicles (3WV), is the largest contributor, accounting for 54% of Q4 revenue. This segment saw a revenue decrease of 17.4% in Q4 FY2025, primarily due to softer consumer demand and a strategic reduction in shipments to dealers to manage inventory.

Seasonal Products, covering Ski-Doo snowmobiles and Sea-Doo personal watercraft (PWC), made up 32% of Q4 revenue. This segment took a bigger hit, with a 28.9% revenue decrease in Q4 FY2025, reflecting lower volumes and unfavorable product mix in snowmobiles. The Parts, Accessories, and Apparel (PA&A) and OEM Engines segment provides a critical, higher-margin revenue stream, showing a slight decrease of only 0.7% in Q4, which is a sign of its relative stability compared to vehicle sales.

Business Economics

The core business economics of BRP Inc. are defined by high fixed costs, strong brand-based pricing power, and a reliance on a dealer network. This is a capital-intensive industry, so any drop in sales volume hits margins hard.

• Pricing Power vs. Promotions: Despite the overall market slowdown, BRP Inc. has demonstrated an ability to implement 'favorable pricing' across product lines, suggesting strong brand loyalty, but this was offset by 'higher sales programs'-meaning more promotions and incentives-needed to move inventory.
• Inventory Management: The company's strategy in FY2025 was to proactively cut shipments to reduce dealer network inventory, which fell by 13% year-over-year in North America. This action protected brand value but caused a short-term market share loss and a drop in immediate revenue.
• Dealer Network as a Moat: BRP Inc. relies on a vast, independent dealer network for sales, service, and financing. This network acts as a significant barrier to entry for competitors and helps maintain a strong relationship with the end customer.
• International Diversification: International markets (outside of Canada and the US) make up around 32% of the business, providing some geographic hedge against regional economic downturns.

The company is also pushing into electric vehicles, which is a long-term capital investment designed to increase their total addressable market (TAM), but it adds to near-term capital expenditure. If you want to dive deeper into their long-term vision, check out Mission Statement, Vision, & Core Values of BRP Inc. (DOOO).

BRP Inc.'s Financial Performance

The financial results for FY2025 reflect a challenging macroeconomic environment, marked by high interest rates and reduced consumer confidence for big-ticket discretionary purchases. The company's focus shifted from maximizing volume to protecting dealer health and brand value.

• Revenue Decline: Total annual revenue for FY2025 was $5.44 billion (USD), a significant decrease of 26.87% from the previous fiscal year. That's a sharp, clear signal of the cyclical downturn.
• Net Income and Margin Pressure: The company reported a net loss of -$154.60 million (USD) for FY2025, a stark contrast to the prior year's profit. This swing was driven by lower sales volume, higher sales programs, and decreased leverage of fixed costs, which collectively dropped the Q4 Gross Profit Margin to 20.5%.
• Operating Income: Despite the net loss, operating income for FY2025 remained positive at $381.56 million (USD), indicating that core operations were still profitable before accounting for interest, taxes, and non-operating items.
• Shareholder Return: Even with the challenging results, BRP Inc. returned value to shareholders, deploying $277.0 million (CAD) in share repurchases and dividend payments in FY2025, a sign of management's defintely confidence in the long-term outlook.

Here's the quick math: the decline in revenue was nearly $2.0 billion (USD) year-over-year, which is why the market is pricing in an extended recession for the powersports industry.

BRP Inc. (DOOO) Market Position & Future Outlook

BRP Inc. is navigating a cyclical downturn in the powersports market from a position of strength, leveraging its premium brand portfolio and proactive inventory management to set aggressive long-term targets. The company's Mission 28 (M28) Strategic Plan aims for C$9.5 billion in sales and C$8 in earnings per share (EPS) by fiscal year 2028, signaling confidence in significant market share gains despite the current macroeconomic headwinds.

In fiscal year 2025 (FY2025), which ended January 31, 2025, BRP reported total revenue of C$7.8 billion and normalized diluted EPS of C$4.68, demonstrating the impact of softer consumer demand and the company's deliberate strategy to reduce network inventory. That leaner inventory position, while causing a short-term market share loss in Off-Road Vehicles (ORV), protects the long-term value of the dealer network and the brands.

Competitive Landscape

The powersports industry operates as an oligopoly, meaning a few large players dominate the market. BRP's primary competitive strength lies in its diverse, premium brand ecosystem-Can-Am for ORV, Sea-Doo for Personal Watercraft (PWC), and Ski-Doo for snowmobiles. In the highly competitive Side-by-Side (SxS) segment of the ORV market, BRP's Can-Am brand reached a 30% market share in FY2024, a year ahead of schedule, setting the stage for the current competitive dynamic.

Opportunities & Challenges

The Mission 28 Strategic Plan is built on capturing specific, near-term opportunities, but you still need to be mindful of the economic reality. The plan focuses on accelerating growth in key areas like electric vehicles (EVs) and expanding globally, but it faces resistance from high interest rates and competitor inventory levels.

Industry Position

BRP is a best-in-breed powersports company, recognized for its agility and superior product innovation, which is why it's positioned to outpace the industry's modest 1% sales growth forecast for the next few years. The company's strategic decision to proactively reduce dealer inventory in FY2025, while painful in the short term, ensures the long-term health of its dealer network and brand equity. That's a smart, long-term move.

• Maintain leadership in core segments: BRP is a global leader in snowmobiles (Ski-Doo), PWC (Sea-Doo), and a dominant force in the high-growth SxS market (Can-Am).
• Focus on operational efficiency: The Mission 28 plan emphasizes 'lean initiatives' and 'speed to market' to widen the margin gap with competitors through improved process power and economies of scale.
• Electrification as a growth vector: The commitment to developing electric models across existing product lines is a direct path to capturing the eco-conscious consumer and expanding the total addressable market.

To fully appreciate the foundation of this strategy, you should review the Mission Statement, Vision, & Core Values of BRP Inc. (DOOO).