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Dec 31, 2025
Polaris Q4 2025 Earnings Report
Polaris reported a Q4 net loss with modest revenue growth, impacted by tariffs and operational costs.
Key Takeaways
Polaris posted a small adjusted profit on stronger retail and market share in core segments, though significant losses were driven by impairment and separation costs related to Indian Motorcycle.
Revenue grew 9% YoY to $1.92B, driven by strength in Off-Road and favorable mix.
Reported net loss of $303.6M due to one-time charges, including impairment related to Indian Motorcycle.
Adjusted EPS came in at $0.08, reflecting resilience despite tariff headwinds.
Marine and Snow segments gained market share, with dealer inventories in healthy position.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Polaris expects modest top-line growth with margin expansion, but remains cautious due to macroeconomic uncertainty and tariff impact.
Positive Outlook
- Expected 1% to 3% revenue growth in FY2026.
- Adjusted EBITDA margin expected to expand by 80 to 120 basis points.
- Adjusted EPS guided to $1.50 to $1.60, recovering from 2025 loss.
- Continued progress on operational efficiencies and lean initiatives.
- Separation of Indian Motorcycle to streamline operations and improve margins.
Challenges Ahead
- Tariff headwinds projected to be ~$90M in FY2026.
- Retail environment expected to remain flat across segments.
- Marine and Recreation segments likely to remain weak.
- Separation costs related to Indian Motorcycle to impact early-year results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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