)
Edge23 Jan 2026
Death, Taxes, and Garbage: The Story of WM
How Waste Management turned garbage into one of America's most stable business models through landfills, regulation, and nationwide scale.
Polaris
Polaris (PII) investor relations material
Polaris Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary27 Jan, 2026
Executive summary
Achieved market share gains in all segments in 2025, including Off Road, On Road, Marine, snowmobiles, pontoons, and motorcycles, despite significant tariff headwinds and a challenging macro environment.
Delivered on strategic milestones: innovation, quality improvements, portfolio realignment, and operational efficiencies, with over $60 million in operational benefits from lean initiatives.
Indian Motorcycle separation on track to close by end of Q1 2026, expected to be immediately accretive to EBITDA margins and adjusted EPS, with strong cash flow and improved net working capital.
Dealer inventory now healthy across ORV and Marine, supporting channel health and future growth.
Year-end financial results exceeded original 2025 guidance excluding tariffs.
Financial highlights
Q4 2025 adjusted sales were $1.921 billion, up 9% year-over-year; full year adjusted sales were $7.143 billion, flat year-over-year.
Q4 adjusted EPS was $0.08, down 91% year-over-year; full year adjusted EPS was ($0.01), down $3.26 year-over-year.
Generated $180 million in operating cash flow and $120 million in free cash flow in Q4; $605 million free cash flow for the year.
Paid down approximately $530 million in debt in 2025; net leverage ratio improved to 3.4x.
Adjusted EBITDA margin contracted year-over-year due to $37 million in new tariffs and normalization of incentive compensation.
Outlook and guidance
2026 sales expected to grow 1%-3% to $7.2-$7.4 billion, with 7%-9% organic growth excluding Indian Motorcycle.
Adjusted EBITDA margin expected to expand 80-120 basis points, despite ~$90 million in incremental tariffs.
Adjusted EPS guidance for 2026 is $1.50-$1.60, up from ($0.01) in 2025.
Q1 2026 sales expected to grow over 10%, but tariffs to be a $45 million headwind; Q1 adjusted EPS expected to be approximately -$0.45.
Long-term targets: mid-single-digit sales growth, mid- to high-teens EBITDA margin, double-digit EPS growth, and mid-20s ROIC.
How does Indian Motorcycle sale improve segment health
Mitigation strategies for tariff and net price pressure
Drivers for 2026 adjusted EPS recovery
When will tariff mitigation yield net financial gain?
Can 40% incremental flow-through be sustained?
What triggers recreational demand recovery?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Polaris earnings date
Q1 202628 Apr, 2026
Polaris
Next Polaris earnings date
Q1 202628 Apr, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
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.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage