•First quarter sales were $1,659 million, up eight percent compared to last year.
•First quarter reported diluted loss per share was $0.83; adjusted diluted net income per share was $0.13.
•Primary factors affecting first quarter sales were higher shipments coupled with positive price and lower promotions.
•First quarter market share gains in off-road vehicles (ORV) and snowmobiles.
•Total Polaris retail sales for the quarter, excluding Youth, were up one percent versus last year. ORV retail sales were up three percent, excluding Youth.
•Polaris reaffirmed full year 2026 guidance provided on March 3, 2026.
KEY FINANCIAL DATA
(in millions, except per share data)
Quarter ended March 31, 2026
Reported
YOY % Chg.
Adjusted*
YOY % Chg.
Sales
$
1,658.7
8%
Gross profit margin
20.2
%
+423 bps
20.5
%
+389 bps
Total operating expenses
$
390.0
29%
Net (loss) income attributable to Polaris
$
(47.4)
29%
$
7.5
NM
Net (loss) income attributable to Polaris margin . . . . . . . . . . . .
(2.9)
%
+149 bps
Adjusted EBITDA margin*
6.2
%
+277 bps
Diluted EPS attributable to Polaris
$
(0.83)
29%
$
0.13
NM
NM = Not meaningful
*Note: the results and guidance in this release, including the highlights above, include references to non-GAAP operating measures, which are identified by the word “adjusted” preceding the measure. A reconciliation of GAAP / non-GAAP measures can be found at the end of this release.
CEO COMMENTARY
"We delivered a strong start to 2026, driven by 8% sales growth, earnings ahead of expectations, continued share gains in ORV and Snow, and meaningful margin expansion despite a dynamic macro environment. These results reflect the focus and disciplined execution of the Polaris team. With a clear strategy, an industry‑leading portfolio of innovative products, and a continued emphasis on operational efficiency, we believe Polaris is well positioned to serve our dealers and customers while driving profitable growth and long‑term shareholder value."
-- Mike Speetzen, Chief Executive Officer of Polaris Inc.
PERFORMANCE SUMMARY (Reported)
MINNEAPOLIS (April 28, 2026) - Polaris Inc. (NYSE: PII) (the "Company") today released first quarter 2026 results. For the first quarter, the Company reported worldwide sales of $1,659 million, up eight percent versus the first quarter of 2025. North America sales of $1,426 million represented 86 percent of total Company sales and increased 10 percent from $1,290 million in the first quarter of 2025. International sales of $233 million represented 14 percent of total Company sales and decreased five percent versus the first quarter of 2025. Total Company sales in the first quarter of 2026 were impacted by higher shipment volumes and positive net price.
Gross profit margin increased 423 basis points to 20.2 percent for the first quarter, as compared to the first quarter of 2025. Adjusted gross profit margin of 20.5 percent increased 389 basis points primarily driven by positive contributions from mix, net price and operational efficiencies offsetting higher tariff expense compared to the first quarter of 2025.
Operating expenses were $390 million in the first quarter of 2026 compared to $303 million in the first quarter of 2025 primarily due to timing of planned general and administrative expenses. Operating expenses as a percentage of sales were 23.5 percent, up 377 basis points in the first quarter of 2026 compared to the first quarter of 2025.
For the first quarter, net loss attributable to Polaris was $47 million, or $0.83 net loss per diluted share, compared to net loss attributable to Polaris of $67 million, or $1.17 net loss per diluted share in the first quarter of 2025. Adjusted net income attributable to Polaris for the quarter was $8 million and adjusted EPS was $0.13.
SEGMENT HIGHLIGHTS (Reported)
Sales (in millions)
Gross Profit Margin
Q1 2026
Q1 2025
Change
Q1 2026
Q1 2025
Change
Polaris Powersports
$
1,419.2
$
1,239.7
14
%
20.9
%
16.6
%
+422 bps
Marine
$
125.3
$
115.4
9
%
13.0
%
12.4
%
+64 bps
Aixam & Goupil
$
66.7
$
61.1
9
%
28.6
%
25.7
%
+294 bps
Corporate
$
47.5
$
119.6
NM
Polaris Powersports segment results were primarily driven by these factors:
•Sales were driven by higher shipment volumes and positive net price.
•PG&A sales increased 14 percent.
•Gross profit margin performance was driven by positive product mix and operational efficiencies offsetting higher tariff expense.
•Polaris North America ORV unit retail sales were up three percent. Estimated North America industry ORV unit retail sales were up low-single digits percent.
Marine segment results were primarily driven by these factors:
•Sales were driven by positive product mix within the pontoon business and positive net price.
•Gross profit margin performance was impacted by positive product mix.
Aixam & Goupil segment results were primarily driven by these factors:
•Sales were driven by higher volumes and positive product mix.
•PG&A sales increased 18 percent.
•Gross profit margin performance was driven by positive product mix.
Corporate includes results related to previously divested businesses and transition services and supply agreements. Corporate sales decreased for the quarter as a result of the Indian Motorcycle divestiture on February 2, 2026.
2026 BUSINESS OUTLOOK
The Company is reaffirming 2026 full year adjusted sales and adjusted EPS guidance. The Company expects 2026 adjusted sales to be between $7.15 billion to $7.30 billion and adjusted EPS of $1.60 to $1.70.
The Company has not provided a reconciliation of guidance for adjusted earnings per share in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable, without unreasonable efforts, to forecast certain items required to develop meaningful comparable GAAP financial measures. These items include restructuring and realignment costs and acquisition integration costs that are difficult to predict in advance in order to include in a GAAP estimate.
This press release and our related earnings call contains certain non-GAAP financial measures, consisting of “adjusted" sales, gross profit, income (loss) before income taxes, net income (loss) attributed to Polaris Inc., diluted EPS attributed to Polaris Inc., EPS attributed to Polaris Inc., EBITDA, EBITDA margin, and free cash flow as measures of our operating performance. Management believes these measures may be useful in performing meaningful comparisons of past and present operating results, and to understand the performance of its ongoing operations and how management views the business. Reconciliations of reported GAAP historic measures to adjusted non-GAAP measures are included in the financial schedules contained in this press release. These measures, however, should not be construed as an alternative to any other measure of performance determined in accordance with GAAP.
EARNINGS CONFERENCE CALL AND WEBCAST
Today at 9:00 AM (CT) Polaris Inc. will host a conference call and webcast to discuss the 2026 first quarter results released this morning. The call will be hosted by Mike Speetzen, Chief Executive Officer; and Bob Mack, Chief Financial Officer. The earnings presentation and link to the webcast will be posted on the Polaris Investor Relations website at ir.polaris.com. To listen to the conference call by phone, dial 1-877-883-0383 in the U.S., or 1-412-902-6506 internationally. The Conference ID is 5197203. A replay of the webcast will be available by accessing the same link on our website at ir.polaris.com or by phone dialing 1-877-344-7529 in the U.S., or 1-412-317-0088 internationally using access code 7781855.
ABOUT POLARIS
As the global leader in powersports, Polaris Inc. (NYSE: PII) has been defining and redefining outdoor adventure since 1954. Polaris delivers industry-shaping off-road vehicles, snowmobiles, boats, military, quadricycles, and commercial transportation vehicles, along with an expansive portfolio of parts, garments, and accessories. Its lineup includes some of the most iconic brands in powersports including the RANGER, RZR, Polaris XPEDITION, Bennington pontoons, Slingshot, and more. Headquartered in Minnesota and serving customers in nearly 100 countries, Polaris continues to set the standard for performance, quality, and unmatched service. Explore more at www.polaris.com.
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; 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; the Company’s ability 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; 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 tariff relief or ability to mitigate tariffs, particularly in light of 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 presentation 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.
(1) Represents adjustments for corporate restructuring
(2) Represents adjustments related to product wind downs
(3) Represents amortization expense for intangible assets acquired through business combinations
(4) Represents amortization expense for intangible assets acquired through business combinations and asset acquisitions
(5) Represents adjustments for certain class action litigation-related expenses
(6) Represents impairment charges related to a strategic investment held by the Company
(7) Represents charges attributable to payments made in support of a distressed supplier
(8) Represents the loss associated with the separation of the Company's Indian Motorcycle business, as well as impairment and other charges recorded to report certain held for sale assets at fair value less an amount of estimated transaction costs
(9) 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
The Company is executing certain corporate restructuring activities across the organization to increase efficiency and focus its business. For the first quarter of 2026, Polaris recorded costs totaling $9.2 million, which was included as a non-GAAP adjustment.
Intangible Amortization Related to Acquisitions
The Company uses an adjusted net income (loss) metric which excludes intangible amortization from all historical business acquisitions. The Company believes this non-GAAP information is useful to understanding its operating results and the ongoing performance of its underlying businesses because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions the Company completes. For the first quarter of 2026, Polaris recorded $4.4 million of intangible amortization related to acquisitions as a non-GAAP adjustment.
Loss on Disposal Groups
For the first quarter of 2026, Polaris recorded a loss of $13.4 million related to the separation of its Indian Motorcycle business, and recorded impairment and other charges of $18.2 million related to certain other assets classified as held for sale. These charges were included as non-GAAP adjustments.
Additional Adjustments
For the first quarter of 2026, the Company recorded a $2.2 million non-cash impairment charge related to a strategic investment held by the Company. Additionally, the Company recorded charges of $22.5 million attributable to payments made in support of a distressed supplier. These charges were included as non-GAAP adjustments.
