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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
- Q2 sales up 9%, adjusted EPS $1.97, guidance raised, and tariff refunds boosted results.PII
Q2 2026 - All proposals passed, including director elections and compensation, with no questions from shareholders.PIIAGM 2026
- Q1 2026 sales rose 8% to $1.66B, margins expanded, and guidance was reaffirmed.PIIQ1 2026
- Shareholders will vote on directors, executive pay, an incentive plan, and auditor ratification.PIIProxy Filing
- Votes will cover director elections, executive pay, incentive plan, and auditor ratification.PIIProxy Filing
- 2026 guidance raised, with innovation, margin growth, and tariff mitigation prioritized.PII47th Annual Raymond James Institutional Investor Conference
- 2026 targets 1–3% sales growth, margin expansion, and EPS $1.50–$1.60 amid tariff headwinds.PIIQ4 2025
- Q2 2024 sales and earnings dropped sharply, prompting a significant guidance cut.PIIQ2 2024
- 2025 outlook: lower sales and EPS, focus on cash flow, lean ops, and dealer health.PIIQ4 2024
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.