PII

Research · Sep 3, 2026

[PII] Polaris Thesis 2026: Powersports Cycle Bottoms as Debt Paydown Prioritized

Polaris FY25 (Dec 31, 2025) at $7.15B revenue (~flat). GAAP NI -$465M; EPS -$8.18 (one-time heavy). FCF $558M strong. Q4 Off-road +11%, dealer inventory -9%. Indian Motorcycle divested. China COGS 14%->target <5% by 2027. FY26 adj EPS $1.50-$1.60.