Polaris’ sales rise 6.9% in the third quarter

Polaris’ sales ticked up in the third quarter, brought on by increases in shipments and off-road vehicle demand. Overall sales rose 6.9% year over year in Q3 to $1.84 billion, according to the company’s earnings release. The sales landed slightly above Polaris’ sales guidance offered in Q2 of $1.6 to $1.8 billion for Q3. “This was stronger than our expectations, driven by higher shipments and a richer mix of off-road vehicles,” Chief Financial Officer Robert Mack said during today’s earnings call. The rise comes amid Polaris’ decision to sell its Indian Motorcycle brand to private equity firm Carolwood LP , according to an Oct. 13 Polaris release. The transaction is expected to add $50 million to Polaris’ annualized EBITDA, according to the company. The deal, expected to close in Q1 2026, is a “win for both companies,” Polaris Chief Executive Michael Speetzen said during today’s earnings release. “This decision allows us to focus on our most promising, high-margin growth opportunities,” he said. NA retail sales up Polaris’ North American retail sales grew 7.7% YoY in Q3, totaling $1.6 billion, while total dealer inventory dropped 21% YoY, according to the release. North American off-road vehicle retail sales rose 9% YoY, according to the presentation, with dealer inventory down 26% YoY. Total off-road vehicle sales rose 7.8% YoY to $1.5 billion. North American on-road retail vehicle sales dropped 8% YoY, while total on-road sales dropped 3.4% YoY to $228.5 million, according to the release. Total marine sales rose 20.4% YoY to $103.4 million with dealer inventory down 17%, according to the release. The rise came as Polaris “took action to right-size dealers’ inventories” last year and saw an increase in new boat shipments, CFO Mack said. By segment, North American retail sales, according to the presentation, were as follows: Deck boat sales fell “high-single digits %” YoY; Indian Motorcycle sales dropped “mid to single digits %” YoY, while total Indian Motorcycle sales dropped “low-twenties %” YoY; Off-road utility vehicles rose “high-teens %” YoY; Off-road recreation vehicles fell “high-single digits %” YoY; and Pontoon sales fell “low-double digits %” YoY. Polaris full-year guidance Polaris reissued its full-year guidance, anticipating 2025’s full-year sales will land between $6.9 billion and $7.1 billion, according to its earnings release. The guidance, excluding Polaris’ anticipated $130 to $140 million in tariff headwinds, falls in line with Q1 expectations for the year, Mack said. “The global trade and tariff environment remains dynamic, but we are seeing more consistency in customer demand,” he said. Headed into 2026, Polaris is eyeing dealer inventory and potential interest rate cuts. Dealer inventory is expected to stabilize as competitors in the industry have leaned into promotions to drive demand, Mack said during the call. “We expect dealer inventory across the portfolio would be well-positioned relative to demand as we head into 2026,” he said. Another possible driver of demand could come from lower interest rates. While the company did not predict future rate cuts, Speetzen said recent rate cuts were “encouraging.” “Higher interest rates are a challenge for this category,” he said.

Polaris’ sales rise 6.9% in the third quarter

Total dealer inventory dropped 21%

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