PII
Polaris Inc.68.54
+0.40+0.59%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A clarifies 2026 tailwinds, distortions
Q&A unpacked 2026 guidance mechanics, boosting the shipment-retail alignment tailwind to $400M+ from $300M last quarter, with 40% flow-through ex-tariffs and $20M commodities highlighting plant leverage. TSAs will distort gross profit via quirky accounting, netting neutral long-term. Management quashed Marine sale rumors—strong cash flow despite noise—while noting Slingshot's immaterial EPS drag and refresh plans. Dealer inventory healthy for leaders, but Japanese pockets heavy. No Mexico tariff hit expected. Operations deliver. Watch China sourcing cuts below 5% by 2027.
Key Stats
Market Cap
3.86BP/E (TTM)
-Basic EPS (TTM)
-2.65Dividend Yield
0.04%Recent Filings
10-K
FY2025 results
Polaris posted flat FY2025 sales of $7.2B, matching 2024 amid flat Off Road (80% of sales) but +7% Marine growth and -6% On Road decline; gross margins slipped to 19.1% from tariff hits and promotions, yet warranty costs dropped 18%. Q4 momentum shone in snowmobiles—Polaris NA retail up high-forties percent versus industry mid-teens—while utility ORVs gained mid-single digits and inventories fell 9% (ORV)/43% (snow). Operating loss stemmed from $330M Indian Motorcycle held-for-sale charge and $53M impairments, flipping prior profit. Cash flow surged to $741M on inventory draws; debt trimmed to $1.5B with $1.4B revolver room, no Q4 buybacks. Indian separation closed Q1 2026. Supply disruptions threaten Q4 momentum.
8-K
Q4 sales up 9%, Indian charges hit
Polaris reported Q4 sales of $1,922 million, up 9% year-over-year, driven by higher ORV shipments and mix, yet posted a $304 million net loss from $288 million non-cash charges on Indian Motorcycle now held for sale. Full-year sales held flat at $7,152 million; adjusted EPS swung to a $0.01 loss. Gained market share across segments. Guides 2026 sales up 1-3%, adjusted EPS $1.50-$1.60.
8-K
Board member Farr resigns
Polaris Inc. disclosed that Board member Kevin M. Farr will resign effective January 14, 2026, after serving since 2013 as Audit Committee Chair and Compensation Committee member. No disagreements with management or operations prompted the exit. The board thanks him for years of service. Smooth transition ahead.
8-K
Polaris issues $500M notes
8-K
Q3 sales up 7%, impairments hit
Polaris posted Q3 sales of $1,842 million, up 7% year-over-year, fueled by Off Road strength and higher shipments. Yet a $42.3 million On Road asset impairment flipped reported EPS to a $0.28 loss; adjusted EPS hit $0.41. ORV retail surged 9%. Full-year adjusted sales now $6.9B-$7.1B, EPS ~($0.05). Impairments expose On Road weakness.
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