Every material Form 8-K Polaris has filed with the SEC since October 21, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Polaris reported third quarter 2026 sales of $2,043 million, up 11% from a year earlier, and diluted EPS of $0.66 versus a loss of $0.28 a year earlier. The company raised its full-year 2026 adjusted EPS guidance to $3.50 to $3.60 from $3.00 to $3.10, and raised adjusted sales guidance to $7.55 billion to $7.60 billion from $7.30 billion to $7.50 billion. Shareholders benefit from stronger sales and profit, though about $1.09 of the adjusted EPS guidance comes from tariff refunds recorded in the second and third quarters.
Q3 2026 sales were $2,043 million, up 11%; North America sales rose 14% to $1,815 million.
Q3 diluted EPS was $0.66 (net income attributable to Polaris of $38.4 million), compared with a $0.28 loss per share a year earlier; adjusted diluted EPS was $1.08 versus $0.41.
Q3 results include $10 million of tariff refunds, which added $0.13 to adjusted EPS.
Full-year 2026 adjusted EPS guidance is $3.50 to $3.60, up from $3.00 to $3.10; the company said about $1.09 of this is attributed to tariff refunds.
Polaris reported second quarter 2026 sales of $2,023 million, up 9% from a year earlier, and diluted EPS of $1.82 versus a loss of $1.39 per share in the prior-year quarter. The company raised its 2026 adjusted EPS guidance to $3.00 to $3.10 from $1.60 to $1.70, of which about $0.96 comes from tariff refunds recorded in the second quarter, so shareholders should weigh that one-time benefit against the higher outlook.
Q2 2026 sales were $2,023 million, up 9%; North America sales rose 11% to $1,755 million.
Reported diluted EPS was $1.82 versus a $1.39 loss a year earlier; adjusted diluted EPS was $1.97 versus $0.40.
Q2 results include $74 million of tariff refunds, which benefited adjusted EPS by $0.96.
2026 adjusted EPS guidance rose to $3.00 to $3.10 from $1.60 to $1.70; adjusted sales guidance rose to $7.30 billion to $7.50 billion from $7.15 billion to $7.30 billion.
Polaris Inc. appointed Dustin J. Semach to its Board of Directors effective June 19, 2026, as a Class III director and a member of the Audit and Compensation Committees. Semach is currently president and CEO of Sealed Air Corporation, and the filing says he has no material related-party interest requiring disclosure.
Appointed effective June 19, 2026, as a Class III director and member of the Audit and Compensation Committees
Semach has been president and CEO of Sealed Air Corporation since February 2025 and previously served as its CFO from 2023
Non-employee director pay changes effective April 30, 2026: Audit Committee member retainer raised to $12,500, Compensation Committee member retainer raised to $10,000, and annual deferred stock unit grant value raised to $175,000
At its April 30, 2026 annual meeting, Polaris stockholders approved an amended and restated 2024 Omnibus Incentive Plan that raises the shares issuable under the plan from 4,325,000 to 8,905,000. Stockholders also elected three Class II directors to three-year terms ending in 2029, approved the executive compensation advisory vote, and ratified Ernst & Young LLP as the auditor for fiscal 2026. The larger share pool expands the shares available for awards under the plan.
Plan share authorization increased by 4,580,000 shares, from 4,325,000 to 8,905,000.
The plan amendment received 37,055,736 votes for and 6,446,556 against, with 258,099 abstentions and 7,319,609 broker non-votes.
George W. Bilicic, Gary E. Hendrickson and Gwenne A. Henricks were elected as Class II directors with terms ending in 2029.
Ernst & Young LLP was ratified as independent registered public accounting firm for fiscal 2026 with 49,407,749 votes for.
Polaris reported first quarter 2026 sales of $1,659 million, up 8% from a year earlier, and a net loss attributable to Polaris of $47 million, or $0.83 per diluted share, compared with a loss of $1.17 per share in the first quarter of 2025. The company reaffirmed its full-year 2026 adjusted sales guidance of $7.15 billion to $7.30 billion and adjusted EPS guidance of $1.60 to $1.70, while adjusted free cash flow was negative $342.5 million for the quarter.
Sales were $1,659 million, up 8%; North America sales rose 10% to $1,426 million, and International sales fell 5% to $233 million.
Reported diluted loss per share was $0.83 versus $1.17 a year earlier; adjusted diluted EPS was $0.13.
Gross profit margin was 20.2%, up 423 basis points; operating expenses rose 29% to $390 million.
Adjusted free cash flow was negative $342.5 million, compared with positive $54.9 million in the first quarter of 2025.
Polaris reported fourth quarter 2025 sales of $1.92 billion, up 9% from a year earlier, but a reported net loss of $304 million, or $5.34 per diluted share, driven by charges tied to the held-for-sale Indian Motorcycle business. The company guided 2026 sales up 1% to 3% and adjusted diluted EPS of $1.50 to $1.60, compared with an adjusted loss of $0.01 in 2025.
Q4 2025 sales were $1.92 billion, up 9% year over year; adjusted Q4 EPS was $0.08.
Q4 reported net loss attributable to Polaris was $304 million ($5.34 per diluted share), versus net income of $11 million ($0.19 per share) in Q4 2024.
Q4 2025 results included $288 million in impairment and other charges tied to the Indian Motorcycle business held for sale.
2026 outlook: sales up 1% to 3% and adjusted diluted EPS of $1.50 to $1.60, versus an adjusted loss of $0.01 in 2025.
Polaris Inc. said director Kevin M. Farr informed the company on January 8, 2026 that he will resign from its Board of Directors, effective January 14, 2026. The filing states the resignation was not due to any disagreement with the company, its management, or the board on operations, policies, or practices.
Kevin M. Farr has served on the Polaris board since 2013.
Farr chairs the board's Audit Committee and sits on the Compensation Committee.
Resignation is effective January 14, 2026; the filing does not name a successor.
Polaris reported third quarter 2025 sales of $1,842 million, up 7% from a year earlier, but posted a reported net loss attributable to Polaris of $16 million, or $0.28 per diluted share, compared with net income of $28 million, or $0.49 per share, a year earlier. The loss reflected a $42.3 million non-cash impairment charge in the On Road segment, while adjusted diluted EPS fell 44% to $0.41. The company also reintroduced its full-year 2025 guidance, expecting adjusted sales of $6.9 billion to $7.1 billion and adjusted EPS of about negative $0.05.
Third quarter sales were $1,842 million, up 7%; North America sales rose 8% to $1,586 million.
Reported diluted loss per share was $0.28 versus $0.49 income a year earlier; adjusted diluted EPS was $0.41, down 44%.
A $42.3 million non-cash impairment charge related to On Road property and equipment was recorded in the quarter.
2025 guidance was reintroduced: adjusted sales of $6.9 billion to $7.1 billion and adjusted EPS of about ($0.05).
Polaris agreed to sell a majority stake in Indian Motorcycle to Carolwood LP, a private equity firm, and will separate the business into a standalone company. The business contributed approximately $478 million, or 7.0%, of Polaris revenue for the twelve months ended June 30, 2025, and the deal is expected to close in the first quarter of 2026. Polaris also expects pre-tax charges of $275 million to $325 million, while preliminary third quarter sales are at the high end of guidance and adjusted EPS is above original expectations.
Carolwood to acquire a majority stake; Polaris will keep a small equity position; close expected in the first quarter of 2026.
Estimated pre-tax charges of $275 million to $325 million, or $230 million to $280 million net of an expected $45 million tax benefit; most to be recorded in the fourth quarter of 2025.
Preliminary third quarter sales expected at the high end of the $1.6 billion to $1.8 billion guidance range; adjusted EPS expected at $0.31 to $0.41.
President Mike Dougherty will retire at closing; Carolwood has selected Mike Kennedy as future CEO of the standalone Indian Motorcycle company.
Polaris reported second quarter 2025 sales of $1.85 billion, down 6% from a year earlier, and a net loss attributable to Polaris of $79.3 million, or $1.39 per diluted share, compared with net income of $68.7 million in the prior-year quarter. Results included a $52.6 million non-cash goodwill impairment tied to the On Road segment, and adjusted EPS fell to $0.40 from $1.38. The company is still withholding full-year 2025 sales and adjusted earnings guidance, though it introduced third quarter sales guidance of $1.6 billion to $1.8 billion.
Q2 2025 sales were $1,852.7 million, down 6%, driven by planned shipment reductions, negative product mix and lower net pricing
Reported diluted loss per share was $1.39 versus $1.21 of diluted earnings in Q2 2024; adjusted diluted EPS was $0.40 versus $1.38
Six-month operating cash flow was $403.5 million, compared with $40.9 million a year earlier
Full-year 2025 guidance is still withheld due to trade and economic uncertainty; Q3 2025 sales guidance is $1.6 billion to $1.8 billion
Polaris amended its existing credit facility on June 27, 2025, extending the maturity of its incremental term loan to June 26, 2026 and modifying financial covenants through June 30, 2026. The company also prepaid all $350 million of senior notes due 2028 using revolving loans. The amendment limits share repurchases and dividends beyond regular quarterly payments during the covenant relief period, which matters to shareholders because capital returns are restricted while the company is under relief terms.
Credit agreement amended June 27, 2025; incremental term loan maturity extended to June 26, 2026
Covenant relief period covers quarters ending June 30, 2025 through June 30, 2026, or an earlier date designated by Polaris
During the relief period, share repurchases (except offsetting dilution from equity plans) and dividends beyond regular quarterly payments are restricted
All $350 million of senior notes due 2028 prepaid in full, funded by revolving loans
Polaris reported first-quarter 2025 sales of $1,536 million, down 12 percent from a year earlier, and a net loss attributable to Polaris of $67 million, or $1.17 per diluted share, compared with net income of $4 million, or $0.07 per diluted share, in the first quarter of 2024. The company withdrew its full-year 2025 sales and adjusted earnings guidance, citing trade and economic uncertainty, and introduced second-quarter 2025 sales guidance of $1.6 billion to $1.8 billion. For shareholders, the swing to a loss and the removal of the full-year outlook are the key facts in the release.
First-quarter sales were $1,536 million, down 12 percent; North America sales fell 11 percent to $1,290 million and International sales fell 16 percent to $246 million.
Net loss attributable to Polaris was $(1.17) per diluted share on a reported basis and $(0.90) on an adjusted basis, versus $0.07 per diluted share a year earlier.
Full-year 2025 sales and adjusted earnings guidance was withdrawn; second-quarter 2025 sales guidance is $1.6 billion to $1.8 billion.
Polaris reported fourth quarter 2024 sales of $1,755 million, down 23% from a year earlier, as the company cut shipments to manage dealer inventory in a subdued retail market. Reported diluted EPS fell 90% to $0.19, and adjusted diluted EPS fell 54% to $0.92. The company expects 2025 sales to fall 1% to 4% and adjusted EPS to fall about 65%, which signals a further sharp earnings decline for shareholders.
Q4 2024 sales were $1,755 million, down 23%; North America sales fell 26% to $1,481 million.
Full year 2024 reported diluted EPS was $1.95, down 78%; adjusted diluted EPS was $3.25, down 65%.
2025 outlook: sales down 1% to 4% and adjusted diluted EPS down approximately 65% versus 2024.
CEO Mike Speetzen said he anticipates challenging headwinds will carry forward into 2025.
Polaris amended its credit agreement on December 13, 2024, raising the revolving credit facility from $1.0 billion to $1.4 billion and extending the revolver and term loan to December 13, 2029. On December 18, 2024, it also amended its Master Note Purchase Agreement, raising the applicable interest rate by 0.50% per annum and changing the leverage covenant to a net leverage ratio. The larger revolver and longer maturity add borrowing capacity, while the note amendment increases the cost of that debt.
Revolving credit facility increased from $1.0 billion to $1.4 billion, with maturity extended to December 13, 2029
Term loan facility reduced by $244.0 million to $500.0 million
Note Purchase Agreement amended on December 18, 2024: interest rate increased by 0.50% per annum
Leverage covenant changed from gross to net leverage ratio; interest coverage ratio now based on EBITDA to interest expense
Polaris Inc. said Stephen L. Eastman, its president of Parts, Garments, and Accessories (PG&A) and Aftermarket, will retire effective December 31, 2024, after notifying the company on November 19, 2024. His responsibilities will be spread across other company leaders starting January 1, 2025, and he will remain in a strategic advisory role with unchanged pay until his departure.
Stephen L. Eastman, President of PG&A and Aftermarket, will retire effective December 31, 2024.
His responsibilities will be distributed to other leaders within the company effective January 1, 2025.
Eastman will serve in a strategic advisory role and continue to receive his current compensation.
The filing also states his departure is expected to occur in December 2025, which conflicts with the December 31, 2024 retirement date.
Polaris reported third quarter 2024 sales of $1,722.4 million, down 23% from a year earlier, and reported diluted EPS of $0.49, down 81%. The company lowered its full-year 2024 sales and adjusted earnings outlook, now expecting sales down about 20% and adjusted diluted EPS down about 65% versus 2023, which is a weaker outlook for shareholders.
Q3 sales were $1,722.4 million, down 23%; North America sales fell 26% to $1,473 million.
Reported diluted EPS was $0.49, down 81%; adjusted diluted EPS was $0.73, down 73%.
2024 sales outlook is now down about 20% versus 2023, from down 17 to 20%; adjusted EPS outlook is now down about 65%, from down 56 to 62%.
Gross profit margin was 20.6%, down 204 basis points; CEO Mike Speetzen said dealer inventory is targeted to fall 15 to 20% by year-end.
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