Polaris Inc. (PII)

Polaris reported third-quarter 2026 sales of $2,043 million on October 27, up 11 percent from a year earlier 1. Net income attributable to Polaris was $38 million, against a net loss of $16 million in the third quarter of 2025 1.

The company said the gain came from higher shipment volumes and positive net price, partly offset by the divestiture of Indian Motorcycle 1.

Tariff refunds helped: the company booked a benefit of $9.8 million in the quarter and $83.7 million in nine months 2. The Supreme Court ruled in February 2026 that tariffs imposed under IEEPA were unauthorized 2.

The company now expects 2026 adjusted earnings of $3.50 to $3.60 per share, up from $3.00 to $3.10, and adjusted sales of $7.55 billion to $7.60 billion 1.

About $1.09 of that earnings figure comes from tariff refunds booked in the second and third quarters, the company said 1.

Polaris has made snowmobiles under its own name since 1954 3. The present company, a Delaware corporation, was formed in 1994 as the successor to Polaris Industries Partners LP 3.

On July 2, 2018 it completed the purchase of Boat Holdings, a boat maker based in Elkhart, Indiana 3. It agreed to make deferred payments to the former owners through July 2030 3.

Sales peaked recently in 2023 at $8,934.4 million, with net income attributable to Polaris of $502.8 million 3.

Sales then fell 20 percent in 2024 to $7,175.4 million, with volume down 21 percent 3. Net income attributable to Polaris was $110.8 million, or $1.95 per diluted share 3.

In 2025 sales were about flat at $7.2 billion, which the company tied to fewer shipments and lower net pricing from higher promotional costs, mostly offset by product mix 3.

Gross profit as a share of sales slipped to 19.1 percent from 20.4 percent, which the company blamed mainly on added tariff charges and those promotions 3.

Polaris posted a net loss of $465.5 million, or $8.18 per diluted share, mostly from charges after the Indian Motorcycle business was classified as held for sale and from goodwill and other impairments 3.

On October 10, 2025 it signed a deal to sell a majority interest in Indian Motorcycle to Carolwood LP, a private equity firm 35. Indian had contributed about $478 million, or 7.0 percent, of revenue over the twelve months to June 30, 2025 5.

The sale closed on February 2, 2026, and the company said it sharpened its focus on core growth businesses 6. Polaris kept raising its dividend, with the 2026 first-quarter declaration marking the 31st straight year of increases 3.

The turnaround showed by the first nine months of 2026: net income was $98.0 million, against a net loss of $161.5 million a year earlier 2.

Off Road: the core business

Off Road sold $5,713.1 million in the latest year, about 80 percent of sales 3. It covers off-road vehicles (ORVs): RZR sport side-by-sides, RANGER utility vehicles, GENERAL crossovers, XPEDITION adventure vehicles and the Sportsman ATV 3.

The company says it is the North America leader in ORVs, and the full line spans 90 models 3. Snowmobiles rank number two in North America, across 68 models 3.

Defense vehicles (DAGOR, Sportsman MV and MRZR), more than 25 commercial ORV models and accessories brands such as Klim and 509 sit in the same segment 3. Rivals are North American and Asian makers in ORVs, and North American and Japanese makers in snowmobiles 3.

On Road, Aixam and Goupil

On Road sold $926.5 million in the latest year 3. With Indian Motorcycle gone, it now centers on Slingshot, a three-wheel open air roadster, plus the French Goupil and Aixam light vehicles for work and city use 3.

The company now reports Aixam & Goupil on its own, and its third-quarter sales were $68.0 million, down 12 percent on fewer Aixam shipments 1.

Marine

Marine sold $512.4 million in the latest year, up 7 percent 3. Its brands are Bennington, Godfrey and Hurricane, mostly pontoon and deck boats, with over 500 base models and about 600 dealers 3.

Third-quarter Marine sales were $133.4 million, up 29 percent, on mix and more pontoon shipments 1.

Plants, people and sales channels

Products are assembled at 18 global factories, including Monterrey, Mexico, Huntsville, Alabama, Roseau, Minnesota and Elkhart, Indiana 3. Opole, Poland, and Vinh Phuc Province, Vietnam, are also on the list 3.

Polaris had about 14,500 full-time employees at the end of 2025 3. Mike Speetzen has been chief executive since April 2021, and Bob Mack is chief financial officer 31.

Sales run through about 2,400 independent dealers in North America and over 1,500 international dealers 3.

Current problems

Tariffs remain the main pressure: the company reports incremental tariff expense and higher commodity costs in the third quarter 1. It also faces product liability claims and putative class actions in the normal course of business 2.

The umbrella, in words

Brands include RZR, RANGER, Sportsman, Slingshot, Bennington, Godfrey, Hurricane, Aixam, Goupil, Klim and 509 3. Exhibit 21 lists Aixam, Goupil Industrie, Highwater Marine and Polaris Boats among many subsidiaries 4.

Polaris owns 50 percent of Polaris Acceptance, a joint venture with a Wells Fargo subsidiary that finances dealer inventory, and 50 percent of Eicher Polaris Private Ltd. in India 24.

It owns 25 percent of BAIC TAP Off-Road Vehicle Technology in China, 60 percent of Crew Seating, Inc. and 80.1 percent of Northstar Precision (Vietnam) 4. Indian Motorcycle went to Carolwood LP, with Polaris keeping a small equity position 5.

The annual report says its employees are among its largest shareholder groups, through an Employee Stock Ownership Plan 3.

The company now expects 2026 adjusted sales of $7.55 billion to $7.60 billion, up from an earlier $7.30 billion to $7.50 billion 1. Chief executive Mike Speetzen said this was the third guidance raise of the year 1.

Polaris agreed to provide transition services to the Indian Motorcycle buyer for generally up to eighteen months 2. Deferred payments to former Boat Holdings owners continue through July 2030 3.

The latest annual report says the company committed to a plan to divest its motorcycle factory in Vietnam 3. The Board has authorized up to an additional $1.1 billion of share repurchases, and none were made on the open market in the first nine months of 2026 2.

The company said it is evaluating sourcing alternatives and negotiating with suppliers to ease tariff costs 3.

The company declared a quarterly dividend of $0.68 per share for the first quarter of 2026, and paid $0.68 on September 15, 2026 32.