PII · Polaris Inc.
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AI Brief
Q2 FY26 earnings call · Jul 28, 2026TL;DR. Polaris reported Q2 sales up 9% with adjusted EPS of $1.97 (including $74M in tariff refunds), operational adjusted EPS of $1.01 ahead of the $0.70–$0.80 range, and is raising full-year 2026 adjusted EPS guidance to $3.00–$3.10 from $1.60–$1.70 alongside a higher sales outlook.
- + Q2 sales rose 9% and adjusted EPS of $1.97 beat expectations, driven by ORV utility and commercial strength.
- + Operational adjusted EPS of $1.01 came in well above the $0.70–$0.80 target range even after excluding tariff refunds.
- + Operational gross margin expanded 82 bps and adjusted EBITDA margin improved ~180 bps year-over-year, reflecting positive operating leverage.
- + Full-year 2026 adjusted EPS guidance was raised to $3.00–$3.10 (from $1.60–$1.70) and sales guidance raised to $7.3–$7.5B (from $7.15–$7.3B).
- + ORV share gains extended to a fifth consecutive quarter, with Polaris achieving its highest utility side-by-side share since 2021.
- − Recreational ORV and mid/lower-tier pontoon retail remain pressured by cautious consumer and interest-rate sensitivity, with the pontoon industry down ~9% year-to-date.
- − Polaris expects a $70 million commodity cost headwind for 2026 driven by steel, aluminum, and diesel pressures.
- − Operational Q2 results included $32 million of ongoing tariff expense, with full-year tariff cost expected at approximately $215 million.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders Strong SellIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted EBITDA non-GAAP | $239.4M | the three months ended June 30, 2026 filing | — |
| Adjusted EBITDA Margin non-GAAP | 11.8% | Three months ended June 30, 2026 filing | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Recreational Vehicles — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
PII
this stock
Polaris Inc.
|
$3.02B | -17.5% | -0.3% | — | 7.8% |
|
BC
Brunswick Corp
|
$4.21B | -13.5% | +2.4% | — | 7.6% |
|
DOO
BRP Inc.
|
$4.04B | -20.7% | — | — | 1.9% |
|
THO
Thor Industries Inc
|
$3.72B | -32.7% | +0.3% | 21.4 | 10.7% |
|
HOG
Harley-Davidson, Inc.
|
$2.65B | +19.2% | -13.8% | — | 17.8% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| PII | -1.5% | -15.0% | -7.6% | -19.2% | -17.6% |
| SPY | -0.7% | +0.1% | +12.2% | -0.6% | +11.8% |
| vs SPY | -0.8% | -15.2% | -19.8% | -18.6% | -29.4% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.