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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Polaris
Polaris (PII) investor relations material
Polaris Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary27 Oct, 2026
Executive summary
Q3 adjusted sales were $2,041.8M, up 11% YoY and 17% excluding the Indian Motorcycle separation; results exceeded expectations.
Adjusted EBITDA rose 28% to $180.0M, with margin up 118 bps to 8.8%; adjusted EPS was $1.08, including tariff refunds.
FY26 sales and EPS guidance increased for the third time, reflecting operating performance and tariff refunds.
Financial highlights
Adjusted gross profit was $433.4M and adjusted gross margin was 21.2%; adjusted net income was $63.1M.
Operational adjusted EPS was $0.95 versus $0.41 in Q3 2025; adjusted EPS was $1.08 versus $0.41.
Operating cash flow was ~$382M as seasonal working capital unwound; nine-month adjusted free cash flow was $219.3M.
Approximately $0.30 of adjusted EPS shifted from Q4 to Q3, mainly from earlier RANGER production and snowmobile shipments.
Outlook and guidance
FY26 adjusted sales guidance rose to $7.55B–$7.60B; midpoint organic growth excluding Indian Motorcycle is ~11%.
FY26 adjusted EBITDA margin is expected to increase 270–275 bps; operational expansion excluding tariff refunds is expected at 165–170 bps.
FY26 adjusted EPS guidance increased to $3.50–$3.60, including $1.09 from tariff refunds; operational adjusted EPS excluding refunds is $2.40–$2.50.
Q4 organic sales are expected roughly flat and adjusted EPS is guided to $0.32–$0.42, reflecting ~$0.30 shifted into Q3.
No formal 2027 guidance yet; priorities include shipment and retail alignment, productivity, tariff mitigation, and net leverage within a 1.0x–2.0x target range.
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Latest events from Polaris
- Record sales and adjusted earnings growth were led by ATVs and cost improvements.PII
Q4 1999 - Record sales and earnings, powered by ATVs and PG&A, lifted gross margin to 23.0%.PIIQ4 2000
- ATVs led sales as capacity expansion and engine production advanced amid operating risks.PIIQ4 2001
- ATV-led growth lifted FY2002 sales 2% and net income 13%, despite snowmobile weakness.PIIQ4 2002
- Record FY2003 results, powered by ATVs, offset weak snowmobile demand.PIIQ4 2003
- Record continuing growth was offset by the marine-exit charge.PIIQ4 2004
- Sales and EPS advanced, but consumer-credit strain threatens 2008 financial-services income.PIIQ4 2007
- Record sales and higher EPS, but rising costs compressed margins and near-term demand remained soft.PIIQ4 2005
- Sales fell 20%, but margin expansion and cash generation softened the downturn.PIIQ4 2009
- Side-by-side and PG&A strength drove record sales and EPS despite a weak powersports market.PIIQ4 2008
Next Polaris earnings date
Q4 202626 Jan, 2027
Polaris
Next Polaris earnings date
Q4 202626 Jan, 2027
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Frequently asked questions
Polaris Inc designs, engineers, and manufactures powersports vehicles including all-terrain vehicles, snowmobiles, motorcycles, and utility task vehicles. The company also offers parts, garments, and accessories through a global dealer network. It serves recreational and commercial markets in North America and internationally. The company is headquartered in Medina, Minnesota, and its shares are listed on the NYSE.