Polaris Inc., owner of the Ranger, RZR, Polaris Xpedition, Bennington pontoons, Slingshot brands, among others, reported worldwide sales of $1.66 billion in the 2026 first quarter, representing growth of 8 percent versus the first quarter of 2025. Total company sales in the first quarter of 2026 were said to be impacted by higher shipment volumes and positive net price.

North America sales amounted to $1.43 billion in Q1, representing 86 percent of total company sales and increased 10 percent from $1.29 billion in the first quarter of 2025.

International sales of $233 million represented 14 percent of total company sales and decreased 5 percent versus the first quarter of 2025.

Gross profit margin increased 423 basis points year-over-year to 20.2 percent of sales for the first quarter. Adjusted gross profit margin was 20.5 percent a 389 basis-point improvement, said to be primarily driven by positive contributions from mix, net price and operational efficiencies offsetting higher tariff expense compared to the first quarter of 2025.

Operating expenses were $390 million in the first quarter of 2026 compared to $303 million in the first quarter of 2025 primarily due to timing of planned general and administrative expenses. Operating expenses as a percentage of sales were 23.5 percent in Q1, up 377 basis points compared to the first quarter of 2025.

For the first quarter, the net loss attributable to Polaris was $47 million, or a loss of  83 net loss per diluted share, compared to net loss attributable to Polaris of $67 million, or a $1.17 net loss per diluted share in the first quarter of 2025.

Adjusted net income attributable to Polaris for the quarter was $8 million and adjusted EPS was 13 cents per share.

Segment Summary (reported)

Polaris Powersports segment results were primarily driven by these factors:

  • Sales were driven by higher shipment volumes and positive net price.
  • PG&A sales increased 14 percent.
  • Gross profit margin performance was driven by positive product mix and operational efficiencies offsetting higher tariff expense.
  • Polaris North America ORV unit retail sales were up three percent. Estimated North America industry ORV unit retail sales were up low-single digits percent.

Marine segment results were primarily driven by these factors:

  • Sales were driven by positive product mix within the pontoon business and positive net price.
  • Gross profit margin performance was impacted by positive product mix.

Aixam & Goupil segment results were primarily driven by these factors:

  • Sales were driven by higher volumes and positive product mix.
  • PG&A sales increased 18 percent. • Gross profit margin performance was driven by positive product mix.

Corporate includes results related to previously divested businesses and transition services and supply agreements. Corporate sales decreased for the quarter as a result of the Indian Motorcycle divestiture on February 2, 2026.

2026 Business Outlook
The company reaffirmed its 2026 full year adjusted sales and adjusted EPS guidance.

The company said it expects 2026 adjusted sales to be between $7.15 billion to $7.30 billion and adjusted EPS of $1.60 to $1.70 per share.

The company has not provided a reconciliation of guidance for adjusted earnings per share in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable, without unreasonable efforts, to forecast certain items required to develop meaningful comparable GAAP financial measures. These items include restructuring and realignment costs and acquisition integration costs that are difficult to predict in advance in order to include in a GAAP estimate.

Image courtesy Polaris, Inc.