Form 8-K

8-K — Polaris Inc.

Accession: 0001628280-26-027677

Filed: 2026-04-28

Period: 2026-04-27

CIK: 0000931015

SIC: 3790 (MISCELLANEOUS TRANSPORTATION EQUIPMENT)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — pii-20260427.htm (Primary)

EX-99.1 (pii-q12026earningsrelease.htm)

GRAPHIC (bluelogosmall.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: pii-20260427.htm · Sequence: 1

pii-20260427

0000931015false00009310152026-04-272026-04-27

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

April 27, 2026

Date of Report (Date of earliest event reported)

POLARIS INC.

(Exact name of registrant as specified in its charter)

Delaware

1-11411

41-1790959

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

2100 Highway 55

Medina

Minnesota

55340

(Address of principal executive offices)

(Zip Code)

(763) 542-0500

Registrant's telephone number, including area code

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, $.01 par value per share PII New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02 Results of Operations and Financial Condition.

On April 27, 2026, Polaris Inc. (the “Company”) issued a press release on the Company's website announcing the first quarter 2026 financial results for the reporting period ended March 31, 2026. On April 28, 2026, the Company will host its quarterly earnings conference call, which will be accessible to the public. A replay of the conference call will be available by accessing the webcast link on the Company’s website at https://ir.polaris.com.

A copy of the Company’s press release is furnished as Exhibit 99.1 and is attached to this Current Report on Form 8-K.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Exhibit

99.1

Press Release dated April 28, 2026 of Polaris Inc.

104 Cover Page Interactive Data File (formatted as Inline XBRL)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: April 28, 2026

POLARIS INC.

/s/ Robert P. Mack

Robert P. Mack

Chief Financial Officer

EX-99.1

Filename: pii-q12026earningsrelease.htm · Sequence: 2

Document

First Quarter 2026 Earnings Results

April 28, 2026

FINANCIAL AND OPERATIONAL HIGHLIGHTS

•First quarter sales were $1,659 million, up eight percent compared to last year.

•First quarter reported diluted loss per share was $0.83; adjusted diluted net income per share was $0.13.

•Primary factors affecting first quarter sales were higher shipments coupled with positive price and lower promotions.

•First quarter market share gains in off-road vehicles (ORV) and snowmobiles.

•Total Polaris retail sales for the quarter, excluding Youth, were up one percent versus last year. ORV retail sales were up three percent, excluding Youth.

•Polaris reaffirmed full year 2026 guidance provided on March 3, 2026.

KEY FINANCIAL DATA

(in millions, except per share data)

Quarter ended March 31, 2026 Reported YOY % Chg. Adjusted* YOY % Chg.

Sales $ 1,658.7 8%

Gross profit margin 20.2 % +423 bps 20.5 % +389 bps

Total operating expenses $ 390.0 29%

Net (loss) income attributable to Polaris $ (47.4) 29% $ 7.5 NM

Net (loss) income attributable to Polaris margin . . . . . . . . . . . .

(2.9) % +149 bps

Adjusted EBITDA margin* 6.2 % +277 bps

Diluted EPS attributable to Polaris $ (0.83) 29% $ 0.13 NM

NM = Not meaningful

*Note: the results and guidance in this release, including the highlights above, include references to non-GAAP operating measures, which are identified by the word “adjusted” preceding the measure. A reconciliation of GAAP / non-GAAP measures can be found at the end of this release.

CEO COMMENTARY

"We delivered a strong start to 2026, driven by 8% sales growth, earnings ahead of expectations, continued share gains in ORV and Snow, and meaningful margin expansion despite a dynamic macro environment. These results reflect the focus and disciplined execution of the Polaris team. With a clear strategy, an industry‑leading portfolio of innovative products, and a continued emphasis on operational efficiency, we believe Polaris is well positioned to serve our dealers and customers while driving profitable growth and long‑term shareholder value."

-- Mike Speetzen, Chief Executive Officer of Polaris Inc.

PERFORMANCE SUMMARY (Reported)

MINNEAPOLIS (April 28, 2026) - Polaris Inc. (NYSE: PII) (the "Company") today released first quarter 2026 results. For the first quarter, the Company reported worldwide sales of $1,659 million, up eight percent versus the first quarter of 2025. North America sales of $1,426 million represented 86 percent of total Company sales and increased 10 percent from $1,290 million in the first quarter of 2025. International sales of $233 million represented 14 percent of total Company sales and decreased five percent versus the first quarter of 2025. Total Company sales in the first quarter of 2026 were impacted by higher shipment volumes and positive net price.

Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445

Page 1

First Quarter 2026 Earnings Results

Gross profit margin increased 423 basis points to 20.2 percent for the first quarter, as compared to the first quarter of 2025. Adjusted gross profit margin of 20.5 percent increased 389 basis points primarily driven by positive contributions from mix, net price and operational efficiencies offsetting higher tariff expense compared to the first quarter of 2025.

Operating expenses were $390 million in the first quarter of 2026 compared to $303 million in the first quarter of 2025 primarily due to timing of planned general and administrative expenses. Operating expenses as a percentage of sales were 23.5 percent, up 377 basis points in the first quarter of 2026 compared to the first quarter of 2025.

For the first quarter, net loss attributable to Polaris was $47 million, or $0.83 net loss per diluted share, compared to net loss attributable to Polaris of $67 million, or $1.17 net loss per diluted share in the first quarter of 2025. Adjusted net income attributable to Polaris for the quarter was $8 million and adjusted EPS was $0.13.

SEGMENT HIGHLIGHTS (Reported)

Sales (in millions)

Gross Profit Margin

Q1 2026 Q1 2025 Change Q1 2026 Q1 2025 Change

Polaris Powersports $ 1,419.2 $ 1,239.7 14 % 20.9 % 16.6 % +422 bps

Marine $ 125.3 $ 115.4 9 % 13.0 % 12.4 % +64 bps

Aixam & Goupil $ 66.7 $ 61.1 9 % 28.6 % 25.7 % +294 bps

Corporate $ 47.5 $ 119.6 NM

Polaris Powersports segment results were primarily driven by these factors:

•Sales were driven by higher shipment volumes and positive net price.

•PG&A sales increased 14 percent.

•Gross profit margin performance was driven by positive product mix and operational efficiencies offsetting higher tariff expense.

•Polaris North America ORV unit retail sales were up three percent. Estimated North America industry ORV unit retail sales were up low-single digits percent.

Marine segment results were primarily driven by these factors:

•Sales were driven by positive product mix within the pontoon business and positive net price.

•Gross profit margin performance was impacted by positive product mix.

Aixam & Goupil segment results were primarily driven by these factors:

•Sales were driven by higher volumes and positive product mix.

•PG&A sales increased 18 percent.

•Gross profit margin performance was driven by positive product mix.

Corporate includes results related to previously divested businesses and transition services and supply agreements. Corporate sales decreased for the quarter as a result of the Indian Motorcycle divestiture on February 2, 2026.

2026 BUSINESS OUTLOOK

The Company is reaffirming 2026 full year adjusted sales and adjusted EPS guidance. The Company expects 2026 adjusted sales to be between $7.15 billion to $7.30 billion and adjusted EPS of $1.60 to $1.70.

The Company has not provided a reconciliation of guidance for adjusted earnings per share in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable, without unreasonable efforts, to forecast certain items required to develop meaningful comparable GAAP financial measures. These items include restructuring and realignment costs and acquisition integration costs that are difficult to predict in advance in order to include in a GAAP estimate.

Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445

Page 2

First Quarter 2026 Earnings Results

NON-GAAP FINANCIAL MEASURES

This press release and our related earnings call contains certain non-GAAP financial measures, consisting of “adjusted" sales, gross profit, income (loss) before income taxes, net income (loss) attributed to Polaris Inc., diluted EPS attributed to Polaris Inc., EPS attributed to Polaris Inc., EBITDA, EBITDA margin, and free cash flow as measures of our operating performance. Management believes these measures may be useful in performing meaningful comparisons of past and present operating results, and to understand the performance of its ongoing operations and how management views the business. Reconciliations of reported GAAP historic measures to adjusted non-GAAP measures are included in the financial schedules contained in this press release. These measures, however, should not be construed as an alternative to any other measure of performance determined in accordance with GAAP.

EARNINGS CONFERENCE CALL AND WEBCAST

Today at 9:00 AM (CT) Polaris Inc. will host a conference call and webcast to discuss the 2026 first quarter results released this morning. The call will be hosted by Mike Speetzen, Chief Executive Officer; and Bob Mack, Chief Financial Officer. The earnings presentation and link to the webcast will be posted on the Polaris Investor Relations website at ir.polaris.com. To listen to the conference call by phone, dial 1-877-883-0383 in the U.S., or 1-412-902-6506 internationally. The Conference ID is 5197203. A replay of the webcast will be available by accessing the same link on our website at ir.polaris.com or by phone dialing 1-877-344-7529 in the U.S., or 1-412-317-0088 internationally using access code 7781855.

ABOUT POLARIS

As the global leader in powersports, Polaris Inc. (NYSE: PII) has been defining and redefining outdoor adventure since 1954. Polaris delivers industry-shaping off-road vehicles, snowmobiles, boats, military, quadricycles, and commercial transportation vehicles, along with an expansive portfolio of parts, garments, and accessories. Its lineup includes some of the most iconic brands in powersports including the RANGER, RZR, Polaris XPEDITION, Bennington pontoons, Slingshot, and more. Headquartered in Minnesota and serving customers in nearly 100 countries, Polaris continues to set the standard for performance, quality, and unmatched service. Explore more at www.polaris.com.

FORWARD-LOOKING STATEMENTS

Except for historical information contained herein, the matters set forth in this press release, including, but not limited to, the “2026 Business Outlook” and statements in “CEO Commentary” above are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Potential risks and uncertainties include such factors as the Company’s ability to successfully implement its manufacturing operations strategy and supply chain initiatives; the Company’s ability to successfully source necessary parts and materials on a timely basis; the ability of the Company to manufacture and deliver products to dealers to meet demand, including as a result of supply chain disruptions; the Company’s ability to identify and meet optimal dealer inventory levels; the Company’s ability to accurately forecast and sustain consumer demand; the Company’s ability to mitigate increasing input costs through pricing or other measures; product offerings, promotional activities and pricing strategies by competitors that may make our products less attractive to consumers; the Company’s ability to strategically invest in innovation and new products, including as compared to our competitors; economic conditions that impact consumer spending or consumer credit, including recessionary conditions and changes in interest rates; disruptions in manufacturing facilities; product recalls and/or warranty expenses; product rework costs; freight and tariff costs (including tariff relief or ability to mitigate tariffs, particularly in light of policies of the current presidential administration and retaliatory actions in response thereto); the Company’s ability to derive the expected benefits from the Indian Motorcycle separation including the separation being accretive, within the expected timeline or at all; environmental and product safety regulatory activity; effects of weather on the Company’s supply chain, manufacturing operations and consumer demand; commodity costs; changes to international trade policies and agreements; uninsured product liability and class action claims (including claims seeking punitive damages) and other litigation expenses incurred due to the nature of the Company’s business; impact of changes in Polaris stock price on incentive compensation plan costs; foreign currency exchange rate fluctuations; uncertainty in the consumer retail and wholesale credit markets; performance of affiliate partners; changes in tax policy; relationships with dealers and suppliers; and the general global economic, social and political environment. Investors are also directed to consider other risks and uncertainties discussed in documents filed by the Company with the Securities and Exchange Commission. The Company does not undertake any duty to any person to provide updates to its forward-looking statements except as otherwise may be required by law.

The data source for retail sales figures included in this presentation is registration information provided by Polaris dealers in North America and Europe compiled by the Company or Company estimates and other industry data sources. The Company relies on information that its dealers or other third parties supply concerning retail sales, and other retail sales data sources related to Polaris and the powersports industry, and this information is subject to change. Retail sales references to total Company retail sales includes only Polaris Powersports and Marine in North America, unless otherwise noted.

Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445

Page 3

First Quarter 2026 Earnings Results

CONSOLIDATED STATEMENTS OF LOSS

(In Millions, Except Per Share Data), (Unaudited)

Three months ended March 31,

2026 2025

Sales $ 1,658.7 $ 1,535.8

Cost of sales 1,323.9 1,290.8

Gross profit 334.8 245.0

Operating expenses:

Selling and marketing 113.6 117.6

Research and development 82.3 82.9

General and administrative 162.5 102.7

Loss on disposal groups 31.6 —

Total operating expenses 390.0 303.2

Income from financial services 16.1 22.1

Operating loss (39.1) (36.1)

Non-operating expense:

Interest expense 30.4 34.1

Other (income) expense, net (11.8) 0.9

Loss before income taxes (57.7) (71.1)

Benefit for income taxes (10.5) (4.4)

Net loss (47.2) (66.7)

Net income attributable to noncontrolling interest (0.2) (0.1)

Net loss attributable to Polaris Inc. $ (47.4) $ (66.8)

Net loss per share attributable to Polaris Inc. common shareholders:

Basic $ (0.83) $ (1.17)

Diluted $ (0.83) $ (1.17)

Weighted average shares outstanding:

Basic 57.4 56.9

Diluted 57.4 56.9

Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445

Page 4

First Quarter 2026 Earnings Results

CONSOLIDATED BALANCE SHEETS

(In Millions), (Unaudited)

March 31, 2026 March 31, 2025

Assets

Current assets:

Cash and cash equivalents $ 282.0

$ 291.7

Trade receivables, net 249.0 211.3

Inventories, net 1,567.5 1,748.0

Prepaid expenses and other 434.0 313.5

Income taxes receivable 35.7 29.2

Current assets held for sale 21.8 —

Total current assets 2,590.0 2,593.7

Property and equipment, net 996.0 1,159.0

Investment in finance affiliate 133.8 141.1

Deferred tax assets 521.1 379.2

Goodwill and other intangible assets, net 795.0 933.4

Operating lease assets 113.1 123.7

Other long-term assets 92.5 120.3

Total assets $ 5,241.5 $ 5,450.4

Liabilities and Equity

Current liabilities:

Current financing obligations $ 34.8 $ 434.3

Accounts payable 833.5 723.6

Accrued expenses 1,226.1 1,115.7

Other current liabilities 33.0 37.9

Current liabilities held for sale 6.5 —

Total current liabilities 2,133.9 2,311.5

Long-term financing obligations 2,056.2 1,621.4

Other long-term liabilities 290.5 282.4

Total liabilities $ 4,480.6 $ 4,215.3

Deferred compensation 5.8 4.5

Equity:

Total shareholders’ equity 750.4 1,226.4

Noncontrolling interest 4.7 4.2

Total equity 755.1 1,230.6

Total liabilities and equity $ 5,241.5 $ 5,450.4

Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445

Page 5

First Quarter 2026 Earnings Results

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions), (Unaudited)

Three months ended March 31,

2026 2025

Operating Activities:

Net loss $ (47.2) $ (66.7)

Adjustments to reconcile net loss to net cash (used for) provided by operating activities:

Depreciation and amortization 63.2 73.4

Noncash compensation 20.7 12.6

Noncash income from financial services (9.7) (11.7)

Deferred income taxes 4.3 5.6

Loss on disposal groups 31.6 —

Other, net 1.6 (0.5)

Changes in operating assets and liabilities:

Trade receivables (17.1) (15.0)

Inventories (173.0) 1.2

Accounts payable 47.5 158.4

Accrued expenses (137.1) (151.8)

Income taxes payable/receivable (40.3) (15.9)

Prepaid expenses and other, net (64.7) 93.6

Net cash (used for) provided by operating activities (320.2) 83.2

Investing Activities:

Purchase of property and equipment, net (29.7) (35.6)

Distributions from (investment in) finance affiliate, net 7.4 7.3

Investments in other affiliates (20.0) —

Sale of business (79.3) —

Net cash used for investing activities (121.6) (28.3)

Financing Activities:

Borrowings (repayments) under revolving loan facility, net 558.6 (11.4)

Repayments under financing obligations (6.7) (6.9)

Repurchase and retirement of common shares (9.2) (2.4)

Cash dividends to shareholders (38.7) (37.5)

Cash dividend to noncontrolling interest — (0.1)

Proceeds from stock issuances under employee plans 2.6 1.4

Net cash provided by (used for) financing activities 506.6 (56.9)

Impact of currency exchange rates on cash balances (2.9) 6.1

Net increase in cash, cash equivalents and restricted cash 61.9 4.1

Cash, cash equivalents and restricted cash at beginning of period 236.3 303.0

Cash, cash equivalents and restricted cash at end of period $ 298.2 $ 307.1

The following presents the classification of cash, cash equivalents and restricted cash within the consolidated balance sheets:

Cash and cash equivalents $ 282.0

$ 291.7

Other long-term assets 16.2 15.4

Total $ 298.2 $ 307.1

Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445

Page 6

First Quarter 2026 Earnings Results

NON-GAAP RECONCILIATION OF RESULTS

(In Millions, Except Per Share Data), (Unaudited)

Three months ended March 31,

2026 2025

Sales 1,658.7 1,535.8

Product wind downs (2)

— 0.5

Adjusted sales 1,658.7 1,536.3

Gross profit 334.8 245.0

Restructuring (1)

5.5 1.8

Product wind downs (2)

— 8.6

Adjusted gross profit 340.3 255.4

Gross profit margin 20.2 % 16.0 %

Adjusted gross profit margin 20.5 % 16.6 %

Loss before income taxes (57.7) (71.1)

Restructuring (1)

9.2 4.0

Product wind downs (2)

— 8.9

Intangible amortization (3)

4.4 4.4

Class action litigation expenses (5)

1.4 3.4

Investment impairment (6)

2.2 —

Distressed supplier support payments (7)

22.5 —

Loss on disposal groups (8)

31.6 —

Adjusted income (loss) before income taxes 13.6 (50.4)

Net loss attributable to Polaris Inc. (47.4) (66.8)

Restructuring (1)

7.1 2.9

Product wind downs (2)

— 6.8

Intangible amortization (3)

3.4 3.4

Class action litigation expenses (5)

1.0 2.6

Investment impairment (6)

2.2 —

Distressed supplier support payments (7)

17.1 —

Loss on disposal groups (8)

24.1 —

Adjusted net income (loss) attributable to Polaris Inc.(9)

7.5 (51.1)

Diluted EPS attributable to Polaris Inc. $ (0.83) $ (1.17)

Restructuring (1)

0.12 0.05

Product wind downs (2)

— 0.12

Intangible amortization (3)

0.06 0.06

Class action litigation expenses (5)

0.02 0.04

Investment impairment (6)

0.04 —

Distressed supplier support payments (7)

0.30 —

Loss on disposal groups (8)

0.42 —

Adjusted EPS attributable to Polaris Inc. (9)

$ 0.13 $ (0.90)

Adjusted sales $ 1,658.7 $ 1,536.3

Net loss $ (47.2) $ (66.7)

Benefit for income taxes (10.5) (4.4)

Interest expense 30.4 34.1

Depreciation 58.6 67.4

Intangible amortization (4)

4.6 6.0

Restructuring (1)

9.2 4.0

Product wind downs (2)

— 8.9

Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445

Page 7

First Quarter 2026 Earnings Results

Class action litigation expenses (5)

1.4 3.4

Investment impairment (6)

2.2 —

Distressed supplier support payments (7)

22.5 —

Loss on disposal groups (8)

31.6 —

Adjusted EBITDA $ 102.8 $ 52.7

Adjusted EBITDA Margin 6.2 % 3.4 %

(1) Represents adjustments for corporate restructuring

(2) Represents adjustments related to product wind downs

(3) Represents amortization expense for intangible assets acquired through business combinations

(4) Represents amortization expense for intangible assets acquired through business combinations and asset acquisitions

(5) Represents adjustments for certain class action litigation-related expenses

(6) Represents impairment charges related to a strategic investment held by the Company

(7) Represents charges attributable to payments made in support of a distressed supplier

(8) Represents the loss associated with the separation of the Company's Indian Motorcycle business, as well as impairment and other charges recorded to report certain held for sale assets at fair value less an amount of estimated transaction costs

(9) The Company used its estimated statutory tax rate of 23.8% for the non-GAAP adjustments in 2026 and 2025, except for non-deductible items

Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445

Page 8

First Quarter 2026 Earnings Results

RECONCILIATION OF GAAP OPERATING CASH FLOW TO NON-GAAP FREE CASH FLOW

(In Millions), (Unaudited)

Three months ended March 31,

2026 2025

Net cash (used for) provided by operating activities $ (320.2) $ 83.2

Purchase of property and equipment, net (29.7) (35.6)

Distributions from (investment in) finance affiliate, net 7.4 7.3

Adjusted free cash flow $ (342.5) $ 54.9

NON-GAAP RECONCILIATION OF SEGMENT RESULTS

(In Millions), (Unaudited)

Three months ended March 31,

SEGMENT GROSS PROFIT 2026 2025

Polaris Powersports segment gross profit $ 296.0 $ 206.3

Restructuring (1)

5.1 1.8

Adjusted Polaris Powersports segment gross profit 301.1 208.1

Marine segment gross profit 16.3 14.3

No adjustment — —

Adjusted Marine segment gross profit 16.3 14.3

Aixam & Goupil segment gross profit 19.1 15.7

No adjustment — —

Adjusted Aixam & Goupil segment gross profit 19.1 15.7

Corporate gross profit 3.4 8.7

Restructuring (1)

0.4 —

Product wind downs (2)

— 8.6

Adjusted Corporate gross profit 3.8 17.3

Total gross profit 334.8

245.0

Restructuring (1)

5.5 1.8

Product wind downs (2)

— 8.6

Adjusted total gross profit $ 340.3 $ 255.4

(1) Represents adjustments for corporate restructuring

(2) Represents adjustments related to product wind downs

Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445

Page 9

First Quarter 2026 Earnings Results

NON-GAAP ADJUSTMENTS

First Quarter 2026 Results

Restructuring Costs

The Company is executing certain corporate restructuring activities across the organization to increase efficiency and focus its business. For the first quarter of 2026, Polaris recorded costs totaling $9.2 million, which was included as a non-GAAP adjustment.

Intangible Amortization Related to Acquisitions

The Company uses an adjusted net income (loss) metric which excludes intangible amortization from all historical business acquisitions. The Company believes this non-GAAP information is useful to understanding its operating results and the ongoing performance of its underlying businesses because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions the Company completes. For the first quarter of 2026, Polaris recorded $4.4 million of intangible amortization related to acquisitions as a non-GAAP adjustment.

Loss on Disposal Groups

For the first quarter of 2026, Polaris recorded a loss of $13.4 million related to the separation of its Indian Motorcycle business, and recorded impairment and other charges of $18.2 million related to certain other assets classified as held for sale. These charges were included as non-GAAP adjustments.

Additional Adjustments

For the first quarter of 2026, the Company recorded a $2.2 million non-cash impairment charge related to a strategic investment held by the Company. Additionally, the Company recorded charges of $22.5 million attributable to payments made in support of a distressed supplier. These charges were included as non-GAAP adjustments.

Investor Contact: J.C. Weigelt 763-542-0525 | Media Contact: Jess Rogers 763-513-3445

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For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

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No definition available.

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dei_DocumentPeriodEndDate

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xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

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Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

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- Definition

Name of the City or Town

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No definition available.

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Name:

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Namespace Prefix:

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Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

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- Definition

Code for the postal or zip code

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No definition available.

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Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

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- Definition

Name of the state or province.

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No definition available.

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Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

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Data Type:

dei:stateOrProvinceItemType

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Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

dei_EntityCentralIndexKey

Namespace Prefix:

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Data Type:

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Balance Type:

Period Type:

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- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

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Data Type:

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duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

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Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

dei_EntityRegistrantName

Namespace Prefix:

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xbrli:normalizedStringItemType

Balance Type:

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

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Data Type:

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Period Type:

duration

- Definition

Local phone number for entity.

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No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

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Data Type:

xbrli:normalizedStringItemType

Balance Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Name:

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Namespace Prefix:

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Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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Name:

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Namespace Prefix:

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Data Type:

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Balance Type:

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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Name:

dei_Security12bTitle

Namespace Prefix:

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Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

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- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

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Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

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Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

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Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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