Polaris Inc.
For the period ended Oct 27, 2026. Filed Oct 27, 2026.
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Oct 27, 2026 · Filed Oct 27, 2026
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Contents
EX-99.1 · FORWARD-LOOKING STATEMENTS
FORWARD-LOOKING STATEMENTS
Except for historical information contained herein, the matters set forth in this press release, including, but not limited to, the “2026 Business Outlook” and statements in “CEO Commentary” above are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Potential risks and uncertainties include such factors as the Company’s ability to successfully implement its manufacturing operations strategy and supply chain initiatives, including its supply chain localization strategy; the Company’s ability to successfully source necessary parts and materials on a timely basis; the ability of the Company to manufacture and deliver products to dealers to meet demand, including as a result of supply chain disruptions, and to identify and meet optimal dealer inventory levels; the Company’s ability to accurately forecast and sustain consumer demand; the Company’s ability to mitigate increasing input costs through pricing or other measures; the Company’s ability to realize anticipated cost savings and margin improvements from lean manufacturing, operational efficiency, and portfolio optimization initiatives; product offerings, promotional activities and pricing strategies by competitors that may make our products less attractive to consumers; the Company’s ability to strategically invest in innovation and new products, including as compared to our competitors; economic conditions that impact consumer spending or consumer credit, including recessionary conditions and changes in interest rates; disruptions in manufacturing facilities; product recalls and/or warranty expenses; product rework costs; freight and tariff costs (including the timing, amount and finality of tariff relief or other opportunities to mitigate tariffs, particularly in light of the policies of the current presidential administration and retaliatory actions in response thereto); the Company’s ability to derive the expected benefits from the Indian Motorcycle separation, including the separation being accretive, within the expected timeline or at all; environmental and product safety regulatory activity; effects of weather on the Company’s supply chain, manufacturing operations and consumer demand; commodity costs; changes to international trade policies and agreements; uninsured product liability and class action claims (including claims seeking punitive damages) and other litigation expenses incurred due to the nature of the Company’s business; impact of changes in Polaris stock price on incentive compensation plan costs; foreign currency exchange rate fluctuations; uncertainty in the consumer retail and wholesale credit markets; performance of affiliate partners; changes in tax policy; relationships with dealers and suppliers; and the general global economic, social and political environment. Investors are also directed to consider other risks and uncertainties discussed in documents filed by the Company with the Securities and Exchange Commission. The Company does not undertake any duty to any person to provide updates to its forward-looking statements except as otherwise may be required by law.
The data source for retail sales figures included in this press release is registration information provided by Polaris dealers in North America and Europe compiled by the Company or Company estimates and other industry data sources. The Company relies on information that its dealers or other third parties supply concerning retail sales, and other retail sales data sources related to Polaris and the powersports industry, and this information is subject to change. Retail sales references to total Company retail sales includes only Polaris Powersports and Marine in North America, unless otherwise noted.
| Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445 | Page 3 |
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Third Quarter 2026 Earnings Results
| CONSOLIDATED STATEMENTS OF INCOME (LOSS) | ||||
|---|---|---|---|---|
| (In Millions, Except Per Share Data), (Unaudited) | ||||
| Three months ended September 30, | Nine months ended September 30, | |||
| 2026 | 2025 | 2026 | 2025 | |
| Sales | $2,042.6 | $1,841.6 | $5,724.1 | $5,230.1 |
| Cost of sales | 1,610.2 | 1,461.3 | 4,478.6 | 4,245.6 |
| Gross profit | 432.4 | 380.3 | 1,245.5 | 984.5 |
| Operating expenses: | ||||
| Selling and marketing | 124.9 | 126.7 | 350.8 | 368.9 |
| Research and development | 88.2 | 92.8 | 264.1 | 266.0 |
| General and administrative | 160.6 | 117.8 | 466.0 | 347.9 |
| Goodwill impairment | — | — | — | 52.6 |
| Loss on disposal groups | 1.8 | 42.3 | 30.9 | 42.3 |
| Total operating expenses | 375.5 | 379.6 | 1,111.8 | 1,077.7 |
| Income from financial services | 16.5 | 19.7 | 49.4 | 64.6 |
| Operating income (loss) | 73.4 | 20.4 | 183.1 | (28.6) |
| Non-operating expense: | ||||
| Interest expense | 28.2 | 33.1 | 92.3 | 100.4 |
| Other (income) expense, net | (11.0) | (0.6) | (41.1) | 46.8 |
| Income (loss) before income taxes | 56.2 | (12.1) | 131.9 | (175.8) |
| Provision (benefit) for income taxes | 17.6 | 3.6 | 33.9 | (14.3) |
| Net income (loss) | 38.6 | (15.7) | 98.0 | (161.5) |
| Net income attributable to noncontrolling interest | (0.2) | (0.1) | (0.6) | (0.4) |
| Net income (loss) attributable to Polaris Inc. | $38.4 | $(15.8) | $97.4 | $(161.9) |
| Net income (loss) per share attributable to Polaris Inc. common shareholders: | ||||
| Basic | $0.67 | $(0.28) | $1.69 | $(2.84) |
| Diluted | $0.66 | $(0.28) | $1.67 | $(2.84) |
| Weighted average shares outstanding: | ||||
| Basic | 57.6 | 56.9 | 57.5 | 56.9 |
| Diluted | 58.5 | 56.9 | 58.3 | 56.9 |
| Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445 | Page 4 |
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Third Quarter 2026 Earnings Results
| CONSOLIDATED BALANCE SHEETS | ||
|---|---|---|
| (In Millions), (Unaudited) | ||
| September 30, 2026 | September 30, 2025 | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $301.7 | $335.5 |
| Trade receivables, net | 276.8 | 230.3 |
| Inventories, net | 1,544.9 | 1,697.3 |
| Prepaid expenses and other | 272.4 | 311.1 |
| Income taxes receivable | 21.1 | 29.0 |
| Current assets held for sale | 22.3 | — |
| Total current assets | 2,439.2 | 2,603.2 |
| Property and equipment, net | 975.8 | 1,081.6 |
| Investment in finance affiliate | 90.9 | 127.6 |
| Deferred tax assets | 536.3 | 423.7 |
| Goodwill and other intangible assets, net | 785.6 | 874.7 |
| Operating lease assets | 127.6 | 118.8 |
| Other long-term assets | 95.9 | 75.8 |
| Total assets | $5,051.3 | $5,305.4 |
| Liabilities and Equity | ||
| Current liabilities: | ||
| Current financing obligations | $35.2 | $434.8 |
| Accounts payable | 903.4 | 808.8 |
| Accrued expenses | 1,312.3 | 1,266.0 |
| Other current liabilities | 41.9 | 37.9 |
| Total current liabilities | 2,292.8 | 2,547.5 |
| Long-term financing obligations | 1,593.2 | 1,299.8 |
| Other long-term liabilities | 313.7 | 297.7 |
| Total liabilities | $4,199.7 | $4,145.0 |
| Deferred compensation | 2.7 | 6.5 |
| Equity: | ||
| Total shareholders’ equity | 844.5 | 1,149.5 |
| Noncontrolling interest | 4.4 | 4.4 |
| Total equity | 848.9 | 1,153.9 |
| Total liabilities and equity | $5,051.3 | $5,305.4 |
| Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445 | Page 5 |
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Third Quarter 2026 Earnings Results
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
|---|---|---|
| (In Millions), (Unaudited) | ||
| Nine months ended September 30, | ||
| 2026 | 2025 | |
| Operating Activities: | ||
| Net income (loss) | $98.0 | $(161.5) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Depreciation and amortization | 196.1 | 218.9 |
| Noncash compensation | 48.9 | 49.1 |
| Noncash income from financial services | (27.2) | (32.3) |
| Deferred income taxes | (11.3) | (37.7) |
| Impairment charges | — | 102.0 |
| Loss on disposal groups | 30.9 | 42.3 |
| Other, net | 3.9 | (0.7) |
| Changes in operating assets and liabilities: | ||
| Trade receivables | (47.1) | (25.6) |
| Inventories | (153.9) | 77.1 |
| Accounts payable | 119.5 | 236.7 |
| Accrued expenses | (48.2) | (0.1) |
| Income taxes payable/receivable | (12.5) | (6.6) |
| Prepaid expenses and other, net | 94.7 | 100.7 |
| Net cash provided by operating activities | 291.8 | 562.3 |
| Investing Activities: | ||
| Purchase of property and equipment, net | (140.3) | (118.2) |
| Distributions from finance affiliate, net | 67.8 | 41.4 |
| Investments in and distributions from other affiliates, net | (19.5) | — |
| Sale of businesses | (78.6) | — |
| Net cash used for investing activities | (170.6) | (76.8) |
| Financing Activities: | ||
| Borrowings (repayments) under revolving loan facility, net | 114.9 | 32.7 |
| Repayments under financing obligations | (26.8) | (379.4) |
| Repurchase and retirement of common shares | (9.3) | (2.4) |
| Cash dividends to shareholders | (116.3) | (113.0) |
| Cash dividend to noncontrolling interest | (0.7) | (0.2) |
| Proceeds from stock issuances under employee plans | 4.5 | 3.1 |
| Net cash used for financing activities | (33.7) | (459.2) |
| Impact of currency exchange rates on cash balances | (5.7) | 22.2 |
| Net increase in cash, cash equivalents and restricted cash | 81.8 | 48.5 |
| Cash, cash equivalents and restricted cash at beginning of period | 236.3 | 303.0 |
| Cash, cash equivalents and restricted cash at end of period | $318.1 | $351.5 |
| The following presents the classification of cash, cash equivalents and restricted cash within the consolidated balance sheets: | ||
| Cash and cash equivalents | $301.7 | $335.5 |
| Other long-term assets | 16.4 | 16.0 |
| Total | $318.1 | $351.5 |
| Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445 | Page 6 |
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Third Quarter 2026 Earnings Results
| NON-GAAP RECONCILIATION OF RESULTS | ||||
|---|---|---|---|---|
| (In Millions, Except Per Share Data), (Unaudited) | ||||
| Three months ended September 30, | Nine months ended September 30, | |||
| 2026 | 2025 | 2026 | 2025 | |
| Sales | 2,042.6 | 1,841.6 | 5,724.1 | 5,230.1 |
| Restructuring (2) | (0.8) | — | (0.8) | — |
| Product wind downs (3) | — | (3.6) | — | (7.9) |
| Adjusted sales | 2,041.8 | 1,838.0 | 5,723.3 | 5,222.2 |
| Gross profit | 432.4 | 380.3 | 1,245.5 | 984.5 |
| Restructuring (2) | 1.0 | — | 12.4 | 1.8 |
| Product wind downs (3) | — | 0.1 | — | 9.3 |
| Adjusted gross profit | 433.4 | 380.4 | 1,257.9 | 995.6 |
| Gross profit margin | 21.2% | 20.6% | 21.8% | 18.8% |
| Adjusted gross profit margin | 21.2% | 20.7% | 22.0% | 19.1% |
| Income (loss) before income taxes | 56.2 | (12.1) | 131.9 | (175.8) |
| Acquisition-related costs (1) | — | 0.1 | — | 0.1 |
| Restructuring (2) | 1.6 | 2.7 | 18.3 | 8.2 |
| Product wind downs (3) | — | 0.2 | — | 9.5 |
| Intangible amortization (4) | 4.4 | 4.4 | 13.2 | 13.2 |
| Litigation-related expenses (6) | 24.6 | 1.5 | 28.0 | 6.5 |
| Impairment charges (7) | — | — | 2.2 | 102.0 |
| Distressed supplier support payments (8) | — | — | 22.5 | — |
| Loss on disposal groups (9) | 1.8 | 42.3 | 30.9 | 42.3 |
| Adjusted income before income taxes | 88.6 | 39.1 | 247.0 | 6.0 |
| Net income (loss) attributable to Polaris Inc. | 38.4 | (15.8) | 97.4 | (161.9) |
| Acquisition-related costs (1) | — | 0.1 | — | 0.1 |
| Restructuring (2) | 1.3 | 2.2 | 14.0 | 6.3 |
| Product wind downs (3) | — | 0.1 | — | 7.2 |
| Intangible amortization (4) | 3.4 | 3.4 | 10.1 | 10.1 |
| Litigation-related expenses (6) | 18.7 | 1.1 | 21.3 | 4.9 |
| Impairment charges (7) | — | — | 2.2 | 96.2 |
| Distressed supplier support payments (8) | — | — | 17.1 | — |
| Loss on disposal groups (9) | 1.3 | 32.2 | 23.5 | 32.2 |
| Adjusted net income (loss) attributable to Polaris Inc.(10) | 63.1 | 23.3 | 185.6 | (4.9) |
| Diluted EPS attributable to Polaris Inc. | $0.66 | $(0.28) | $1.67 | $(2.84) |
| Restructuring (2) | 0.02 | 0.04 | 0.24 | 0.10 |
| Product wind downs (3) | — | — | — | 0.13 |
| Intangible amortization (4) | 0.06 | 0.06 | 0.17 | 0.18 |
| Litigation-related expenses (6) | 0.32 | 0.02 | 0.37 | 0.08 |
| Impairment charges (7) | — | — | 0.04 | 1.69 |
| Distressed supplier support payments (8) | — | — | 0.29 | — |
| Loss on disposal groups (9) | 0.02 | 0.57 | 0.40 | 0.57 |
| Adjusted EPS attributable to Polaris Inc. (10) | $1.08 | $0.41 | $3.18 | $(0.09) |
| Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445 | Page 7 |
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Third Quarter 2026 Earnings Results
| Adjusted sales | $2,041.8 | $1,838.0 | $5,723.3 | $5,222.2 |
|---|---|---|---|---|
| Net income (loss) | $38.6 | $(15.7) | $98.0 | $(161.5) |
| Provision (benefit) for income taxes | 17.6 | 3.6 | 33.9 | (14.3) |
| Interest expense | 28.2 | 33.1 | 92.3 | 100.4 |
| Depreciation | 63.0 | 66.7 | 182.3 | 201.0 |
| Intangible amortization (5) | 4.6 | 5.9 | 13.8 | 17.9 |
| Acquisition-related costs (1) | — | 0.1 | — | 0.1 |
| Restructuring (2) | 1.6 | 2.7 | 18.3 | 8.2 |
| Product wind downs (3) | — | 0.2 | — | 9.5 |
| Litigation-related expenses (6) | 24.6 | 1.5 | 28.0 | 6.5 |
| Impairment charges (7) | — | — | 2.2 | 102.0 |
| Distressed supplier support payments (8) | — | — | 22.5 | — |
| Loss on disposal groups (9) | 1.8 | 42.3 | 30.9 | 42.3 |
| Adjusted EBITDA | $180.0 | $140.4 | $522.2 | $312.1 |
| Adjusted EBITDA Margin | 8.8% | 7.6% | 9.1% | 6.0% |
| (1) Represents adjustments for integration and acquisition-related expenses | ||||
| (2) Represents adjustments for corporate restructuring | ||||
| (3) Represents adjustments related to product wind downs | ||||
| (4) Represents amortization expense for intangible assets acquired through business combinations | ||||
| (5) Represents amortization expense for intangible assets acquired through business combinations and asset acquisitions | ||||
| (6) Represents adjustments for pending class action lawsuit settlements and the related litigation costs, as well as certain legal costs associated with the Company's active federal patent infringement matter | ||||
| (7) Represents goodwill and strategic investment impairment charges | ||||
| (8) Represents charges attributable to payments made in support of a distressed supplier | ||||
| (9) Represents the loss associated with the separation of the Company's Indian Motorcycle business, as well as impairment and other charges related to certain other assets sold or classified as held for sale | ||||
| (10) The Company used its estimated statutory tax rate of 23.8% for the non-GAAP adjustments in 2026 and 2025, except for non-deductible items | ||||
| Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445 | Page 8 |
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Third Quarter 2026 Earnings Results
| RECONCILIATION OF GAAP OPERATING CASH FLOW TO NON-GAAP FREE CASH FLOW | ||
|---|---|---|
| (In Millions), (Unaudited) | ||
| Nine months ended September 30, | ||
| 2026 | 2025 | |
| Net cash provided by operating activities | $291.8 | $562.3 |
| Purchase of property and equipment, net | (140.3) | (118.2) |
| Distributions from finance affiliate, net | 67.8 | 41.4 |
| Adjusted free cash flow | $219.3 | $485.5 |
| NON-GAAP RECONCILIATION OF SEGMENT RESULTS | ||||
|---|---|---|---|---|
| (In Millions), (Unaudited) | ||||
| Three months ended September 30, | Nine months ended September 30, | |||
| SEGMENT GROSS PROFIT | 2026 | 2025 | 2026 | 2025 |
| Polaris Powersports segment gross profit | $405.8 | $342.9 | $1,131.6 | $850.4 |
| Restructuring (1) | 1.9 | — | 9.7 | 1.8 |
| Adjusted Polaris Powersports segment gross profit | 407.7 | 342.9 | 1,141.3 | 852.2 |
| Marine segment gross profit | 15.8 | 11.8 | 63.2 | 52.7 |
| No adjustment | — | — | — | — |
| Adjusted Marine segment gross profit | 15.8 | 11.8 | 63.2 | 52.7 |
| Aixam & Goupil segment gross profit | 18.7 | 21.6 | 62.4 | 58.7 |
| No adjustment | — | — | — | — |
| Adjusted Aixam & Goupil segment gross profit | 18.7 | 21.6 | 62.4 | 58.7 |
| Corporate gross profit | (7.9) | 4.0 | (11.7) | 22.7 |
| Restructuring (1) | (0.9) | — | 2.7 | — |
| Product wind downs (2) | — | 0.1 | — | 9.3 |
| Adjusted Corporate gross profit | (8.8) | 4.1 | (9.0) | 32.0 |
| Total gross profit | 432.4 | 380.3 | 1,245.5 | 984.5 |
| Restructuring (1) | 1.0 | — | 12.4 | 1.8 |
| Product wind downs (2) | — | 0.1 | — | 9.3 |
| Adjusted total gross profit | $433.4 | $380.4 | $1,257.9 | $995.6 |
| (1) Represents adjustments for corporate restructuring | ||||
| (2) Represents adjustments related to product wind downs | ||||
| Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445 | Page 9 |
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Third Quarter 2026 Earnings Results
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