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Polaris (PII)
NYSE:PII
Earnings Data
Report Date
Apr 28, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
-0.44Last Year’s EPS
-0.9Same Quarter Last Year
Based on 8 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call balanced meaningful operational and product progress—share gains, strong aftermarket growth, manufacturing cost reductions, quality improvements, inventory normalization, $741M operating cash generation and substantial debt paydown—against pervasive near-term macro and policy headwinds. Tariffs, promotional pressure, segment softness in on-road and marine, a low full-year free cash flow figure, and a negative Q1 EPS outlook are material near-term challenges. Management provided constructive 2026 guidance (sales growth ex-Indian, EBITDA margin expansion and EPS targets) and detailed mitigation plans (China spend reduction, lean improvements), suggesting improving underlying business fundamentals despite the current tariff-driven drag.Company Guidance
Quarterly and Retail Growth
Q4 sales increased 9%; North American retail rose 9% (excluding youth). Off-road vehicle (ORV) sales were up 11% in the quarter and international sales grew 9%.
Aftermarket and PG&A Strength
Global PG&A (parts, garments & accessories) sales increased 20%, supported by strength in factory-installed accessories and oil; ridership and service metrics (miles per unit, dealer repair orders) are trending positively.
Product Success and Market Share Gains
Polaris achieved share gains across all segments (ORV, snowmobiles, pontoons, motorcycles). Notable product wins: Ranger 500 was the highest-retailing midsize side-by-side (~60% more volume than the nearest competitor), RZR Pro R and Polaris Expedition strong, Bennington QX refreshed and Godfrey Sandpans earned Pontoon of the Year; factory racing captured a third consecutive Dakar podium.
Operational Improvements and Cost Savings
Manufacturing transformation delivered more than $60 million in savings in 2025; over $240 million of structural plant cost reductions removed over the last two years; expected >$30 million of absorption benefit in 2026; warranty expense reduced by $25 million year-over-year.
Inventory and Dealer Health
Dealer inventory is near historically healthy levels with just under ~100 days on hand (lowest outside pandemic); ORV dealer inventory down 9% excluding youth and snow dealer inventory down >40%; inventory aged >180 days reduced ~60%.
Cash Generation and Balance Sheet Actions
Generated approximately $741 million of operating cash for the year and paid down roughly $530 million of debt in 2025; Q4 operating cash ~ $180 million and Q4 free cash flow ~ $120 million; company remains committed to dividend (30 consecutive years of increases).
Progress on China Exposure Reduction
China-based spend on material cost of goods sold reduced from ~18% in 2024 to ~14% in 2025 with a goal to lower to <5% by year-end 2027, supporting tariff mitigation and localized supply chain resiliency.
2026 Outlook and Financial Guidance
Full-year 2026 guidance: total company sales growth of 1%–3% (or ~7%–9% organic ex-Indian Motorcycle), adjusted EBITDA margin expansion of 80–120 basis points, and adjusted EPS of $1.50–$1.60. Indian Motorcycle separation expected to be accretive (~$0.75–$0.80 benefit in 2026 given expected closing timing).
PII Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
PII Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Jan 27, 2026 | $69.11 | $66.18 | -4.24% |
Oct 28, 2025 | $70.47 | $66.73 | -5.31% |
Jul 29, 2025 | $48.40 | $56.55 | +16.84% |
Apr 29, 2025 | $32.44 | $32.53 | +0.28% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Polaris (PII) report earnings?
Polaris (PII) is schdueled to report earning on Apr 28, 2026, Before Open (Confirmed).
What is Polaris (PII) earnings time?
Polaris (PII) earnings time is at Apr 28, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is PII EPS forecast?
PII EPS forecast for the fiscal quarter 2026 (Q1) is -0.44.