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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
BRP (DOO) investor relations material
BRP Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary4 Dec, 2025
Executive summary
Achieved record Q3 results with revenue up 14% year-over-year to $2,250.3M, driven by strong ORV deliveries and new product launches, despite a 4% decline in North American Powersports retail sales; market share gains recorded in ORV.
Net income rose 150% to $76.5M, normalized EBITDA increased 21.3% to $325.6M, and normalized EPS reached $1.59, all up year-over-year.
Guidance for FY26 raised: normalized diluted EPS now expected at ~$5.00 and revenue at $8.3B; strategic plan targets $9.5B revenue and $8.00 EPS by FY28.
Network inventory rightsizing mostly completed, supporting improved alignment of shipments and retail; strategic focus on innovation, lean inventory, and dealer engagement underpins long-term growth.
CEO succession process ongoing, with transition expected by end of January.
Financial highlights
Revenue up 14% year-over-year to $2,250M, driven by higher ORV shipments and favorable mix.
Gross profit for Q3 rose 24.4% to $541.2M, with gross margin up 210 bps to 24.1%.
Normalized EBITDA grew 21% to $326M; normalized EPS up 33% to $1.59.
Free cash flow from continued operations was $320M for Q3 and $566.1M for the nine months ended October 31, 2025.
Net income increased 150% to $77M; diluted EPS up 148% to $1.04.
Outlook and guidance
FY26 guidance raised: revenue of ~$8.3B, normalized EBITDA of ~$1.1B, and normalized EPS of ~$5.00.
Strategic plan targets $9.5B in revenue and $8.00 normalized EPS by FY28.
Expectation for double-digit normalized EPS growth in FY27, supported by product launches and lean inventory.
Guidance incorporates ~$90M estimated tariff impact and assumes stable currency, easing inflation, and no major tax law changes.
Industry retail for ORV expected to remain flat in calendar 2026; snowmobile season outlook depends on snowfall.
Reconcile Q3 revenue growth with NA retail decline
Bridge FY26 EPS guidance to M28 EPS target
Mitigate global tariff impact on PA&A margins
Strategy for non-ORV market share recovery
Capital deployment with NCIB and Telwater proceeds
Flat ORV industry outlook for FY27 drivers?
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Frequently asked questions
BRP Inc. designs, develops, manufactures, distributes, and markets powersports vehicles and marine products primarily in the United States, Canada, Europe, the Asia Pacific, and Mexico. It offers a range of products that include all-terrain vehicles (ATVs) and side-by-side vehicles for recreational and utility use; motorcycles; roadsters; snowmobiles; personal watercraft (PWCs); boating accessories. It operates through the following segments: Powersports Vehicles and Marine Products, Parts and Clothing (PAC), Direct Distribution Channel (DDC), Aftermarket Parts & Accessories (APA); and Financing.
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