Polaris reports Q4 and full-year 2025 results
Polaris, which is headquartered in Minnesota, is the parent company of Hurricane Boats
US-based Polaris Inc – parent company of the Hurricane, Godfrey and Bennington boat brands – reported its fourth quarter and full-year 2025 financial results on 27 January 2026.
Fourth quarter worldwide sales were $1.92bn, an increase of 9 per cent compared with the same period in 2024. Full-year 2025 sales totalled $7.15bn, broadly flat year on year, while adjusted full-year sales were $7.14bn.
Within the marine segment, fourth-quarter sales were $138.3m, an increase of 1 per cent compared with the prior year. Gross profit margin declined to 14.4 per cent from 17.3 per cent in the fourth quarter of 2024. The company attributes the margin change to mix effects driven by higher sales of entry-level pontoon boats.
Polaris, which makes the bulk of its revenue in the on-road and off-road vehicle segments, reports that marine performance reflected a more stable demand profile during the quarter, with the segment accounting for a smaller share of overall company sales than off-road and on-road operations.
For the fourth quarter, North America sales reached $1.62bn, representing 84 per cent of total sales and an increase of 10 per cent compared with the prior year. International sales were $299m, accounting for 16 per cent of total sales and rising nine per cent year on year. The company says that its quarterly sales were supported by higher shipment volumes to meet demand.
Reported diluted loss per share for the fourth quarter was $5.34, compared with diluted earnings per share of $0.19 in the fourth quarter of 2024. Adjusted diluted earnings per share for the quarter were $0.08. For the full year, reported diluted loss per share was $8.18, while adjusted diluted net loss per share was $0.01.
Fourth quarter gross profit margin declined by 40 basis points to 20 per cent. On an adjusted basis, gross profit margin was 20.3 per cent, down 77 basis points, with the company attributing the change primarily to tariffs and net pricing, partially offset by favourable mix and higher volume. Operating expenses in the quarter were $724m, compared with $318m a year earlier, largely reflecting non-cash charges associated with the Indian Motorcycle business being classified as held for sale.
Looking to 2026
Mike Speetzen, chief executive of Polaris Inc., says: “2025 may have brought headwinds outside our control, but the Polaris team met the year with resolve, a disciplined focus, and unwavering commitment to our dealers and riders.
“We delivered strong results for the year, gaining share across our segments, enhancing operations, achieving healthy dealer inventory levels, and advancing strategies that strengthen our foundation. Our long-term growth plan remains anchored in category-defining innovation, efficient operations, and a best-in-class dealer network. We believe these priorities position us to lead the industry, drive profitable growth and deliver strong returns for shareholders.”
For full-year 2026, Polaris expects sales to increase by between 1 and 3 per cent compared with 2025.
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