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Polaris (PII) investor relations material

Polaris Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary29 Jul, 2025

Executive summary

  • Second quarter 2025 sales declined 6% year-over-year to $1.85B, driven by lower volumes, negative mix, and higher promotions, but exceeded guidance with share gains in all segments and strong free cash flow generation.

  • Adjusted EPS was $0.40, down 71% year-over-year but above consensus; reported diluted loss per share was $1.39 due to impairments.

  • Dealer inventory levels improved, down 13–17% year-over-year (excluding snowmobiles), and operational efficiencies led to lower warranty costs and improved plant performance.

  • Launched the Ranger 500 at $9,999 MSRP, targeting the entry/value utility segment with strong dealer feedback.

  • No full-year guidance reinstated due to ongoing macroeconomic and tariff uncertainty.

Financial highlights

  • Adjusted sales declined 6% year-over-year to $1.85B; international sales down 5%, PG&A sales down 1%.

  • Gross margin declined 223–232 bps to 19.4–19.5% due to mix and promotions; adjusted EBITDA margin was 6.4%, down 366 bps.

  • Generated $320M in operating cash flow and $289M in free cash flow for Q2; first half operating cash flow exceeded $400M.

  • Net leverage ratio ended the quarter at 3.1x EBITDA; $1B in available liquidity and $324M in cash.

  • Net loss attributable to shareholders was $79M, compared to net income of $69M last year.

Outlook and guidance

  • No formal full-year guidance provided due to tariff and macroeconomic uncertainty; Q3 sales expected between $1.6B and $1.8B.

  • Q3 adjusted EPS expected to be negative, with $30M–$40M in incremental tariff impact anticipated.

  • Management anticipates continued margin pressure from tariffs, supply chain challenges, and inflation for the remainder of 2025.

  • Currency headwinds and commodity cost volatility expected to negatively impact full-year net income.

  • Retail expected to be flat year-over-year in Q3; price increases to be low single digits, offsetting promotions.

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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.

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