The third consecutive guidance raise and strong operating momentum across Powersports and Marine suggest the turnaround is gaining traction. Watch the Q4 earnings call for sustainability of tariff refunds and the trajectory of ORV retail demand into 2027.
Price Chart
Executive Summary
Polaris reported Q3 2026 adjusted EPS of $1.08, well above the $0.59 consensus, on revenue of $2.04B versus $1.90B consensus. The company raised full-year 2026 adjusted EPS guidance to $3.50-$3.60 from $3.00-$3.10, marking the third guidance increase this year, driven by strong sales growth across Powersports and Marine segments and $10M in tariff refunds.
Key Financial Metrics
Key Facts
- Q3 2026 sales of $2,042.6M, up 11% YoY from $1,841.6M
- Adjusted EPS of $1.08, up 163% YoY from $0.41
- GAAP diluted EPS of $0.66 vs net loss of $(0.28) in Q3 2025
- Gross profit margin improved 52 bps to 21.2%
- Adjusted EBITDA margin expanded 118 bps to 8.8%
- Full-year 2026 adjusted EPS guidance raised to $3.50-$3.60 from $3.00-$3.10
- Full-year 2026 adjusted sales guidance raised to $7.55B-$7.60B from $7.30B-$7.50B
- Q3 results included $10M of tariff refunds benefiting adjusted EPS by $0.13
- Polaris Powersports segment sales up 18% YoY; Marine up 29%
- Sixth straight quarter of ORV market share gains
Financial Impact
EPS beat of $0.49 (83% above $0.59 consensus) and revenue beat of ~$143M (7.5% above $1.90B consensus); full-year guidance raised by $0.50 at the midpoint
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Polaris Powersports | $1.8B | +18.1% |
| Marine | $133.4M | +29.0% |
| Aixam Goupil | $68.0M | -12.0% |
| Corporate | $19.1M | Not reported |
Risk Factors
- Tariff refunds contributed $0.13 to Q3 adjusted EPS and ~$1.09 to full-year guidance; the benefit may not repeat in 2027
- International sales declined 11% YoY, partially offsetting North American strength
- Aixam Goupil segment sales fell 12% YoY with gross margin contraction of 47 bps
- Operating cash flow for nine months was $291.8M vs $562.3M in the prior year period, a decline of 48%
- Pending class action lawsuit settlements and patent litigation expenses of $24.6M in the quarter
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-067358 |
| Document: pii-20261027.htm | 0001628280-26-067358 |
| Document: 0001628280-26-067358-index-headers.html | 0001628280-26-067358 |
| Document: 0001628280-26-067358-index.html | 0001628280-26-067358 |
| Document: 0001628280-26-067358.txt | 0001628280-26-067358 |
| 8-K Data (Synthetic) | 0001628280-26-067358 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 1d ago | Press Release | $54.97 | awaiting T+60 | awaiting T+60 | $57.56 (−4.71%) |
Oct 26, 2026 1d ago | 8-K | $55.15 | awaiting T+60 | awaiting T+60 | $57.56 (+4.37%) |
Oct 23, 2026 5d ago | Press Release | $54.82 | awaiting T+60 | awaiting T+60 | $57.56 (+5.00%) |
Jul 28, 2026 13w ago | Press Release | $71.59 $54.29 | ▲ +24.17% | ▲ +28.52% | $57.56 (+19.60%) |
Jul 6, 2026 16w ago | Press Release | $64.18 $52.15 | ▼ −18.74% | ▼ −20.95% | $57.56 (−10.31%) |
Jun 22, 2026 18w ago | 8-K | $68.76 $57.89 | ▼ −15.81% | ▼ −17.55% | $57.56 (−16.29%) |
May 1, 2026 25w ago | 8-K | $62.15 $67.28 | ▲ +8.25% | ▲ +6.65% | $57.56 (−7.39%) |
Apr 14, 2026 28w ago | Court Ruling | $47.88 $66.93 | ▲ +39.79% | ▲ +32.75% | $57.56 (+20.22%) |
Mar 17, 2026 32w ago | DEFA14A | $51.67 $69.39 | ▲ +34.29% | ▲ +22.76% | $57.56 (+11.39%) |
US Market Status
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