Polaris North American sales up 10.5% YoY

Polaris ’ sales rose in the first quarter, especially in North America, as shipments and pricing improved compared to Q1 2025. North American total sales increased 10.5% year over year but dropped 1 2.1% quarter over quarter in Q1 to $1.4 billion, according to the company’s April 27 earnings release. North American sales represented 86% of total sales, up 2 percentage points YoY and QoQ, while worldwide Q1 sales rose to $1.7 billion, up 8% YoY but down 13.7% QoQ. Dealer inventory remained “healthy” and aligned with demand, declining 13% YoY across North America, with marine dealer inventory down about 9% YoY. Additionally, snowmobile inventory declined more than 50% YoY, leaving dealer levels in their healthiest position in years following a strong season, Robert Mack , chief financial officer and executive vice president of finance and corporate development, said during the April 28 earnings call. “Whether you look at our inventory on a day sales basis, which remains near 100 days, or on a current to non-current mix, which skews positively to more current, our inventory [at] dealers is in a good spot ,” he said. “We remain committed to the alignment of build, ship and retail.” Retail sales by segment Polaris restructured its reporting segments in Q1, Mack said. With the new segments, the OEM’s sales consisted of 87% powersports, 8% marine and 5% by its French electric utility vehicle subsidiaries Aixam and Goupil , Powersports sales rose 14.5% YoY but fell 11.9% QoQ to $1.4 billion, driven by higher shipment volumes and favorable pricing, according to the presentation. Segment margins expanded by 422 basis points (bps) YoY to 20.9%, but were down 40 bps QoQ, supported by improved product mix and operational efficiencies despite tariff pressures. Meanwhile, marine sales increased 8.7% YoY but were down 9.4% QoQ to $125.3 million, led by favorable product mix in the pontoon segment and pricing gains, according to the presentation. Gross margin improved 64 bps YoY but fell 140 bps QoQ to 13%, primarily due to mix benefits. Wider financial performance Tariff impacts remained roughly in line with expectations at about $215 million, as benefits from changes to IEEPA tariffs were offset by new Section 232 tariffs , with the company still significantly affected due to its manufacturing footprint and use of U.S. steel, Director and Chief Executive Mike Speetzen said during the earnings call. “Assuming the tariff regime that's in place at this moment and assuming the same volumes that we would have, we would not expect tariffs to be greater than what we're experiencing this year,” he said. “In fact, we're working hard to pull down the amount of China-sourced components that's coming into the U.S. that we're paying tariffs on, with the goal of getting below the 5% of material costs of goods sold next year.” In addition, the company’s income from financial services fell 27.1% YoY to $16.1 million, according to the April 27 earnings release. Still, Polaris beat expectations on earnings and margins in Q1 but maintained its guidance due to a still-flat retail environment and ongoing macro uncertainty, according to an April 27 BMO Capital Markets research note. Shares of Polaris Inc. [ Nasdaq: PII ] were trading up 8.9% or $5.42 to $66.47 at market close today. Polaris has a market capitalization of $3.5 billion. Auto Finance News will present multiple invaluable events for industry professionals in 2026, starting with Auto Finance Summit East and Auto Finance Capital Summit in May. To see event agendas and register, visit autofinance.live .

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Polaris North American sales up 10.5% YoY

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