Polaris

Q2 FY2026 EarningsQ2 FY26 results significantly exceeded consensus across all key profitability metrics, driven by a top-line beat and a substantial one-time tariff refund. Revenue reached $2,022.8M, 4.05% above the $1,944.0M expected, while Diluted EPS of $1.82 shattered the $0.687 consensus. The Polaris Powersports segment was the primary growth engine, up 17% YoY, offsetting the $113.7M revenue decline in the Corporate segment following the Indian Motorcycle divestiture. While gross margin benefited from a $73.9M IEEPA tariff refund, operational cash flow was notably weaker than expected at -$90.0M due to significant inventory build-up.