Filing Flows › Polaris (PII) › Q1 2026
Polaris (PII) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 28, 2026
Polaris (PII) reported revenue of $1.7B for the first quarter 2026 (Q1 2026), +8% from a year earlier and -14% from the quarter before. Operating margin was -2.4%, net loss $47.2M (2.8% of revenue).
Polaris, Q1 2026: revenue $1.7B (+8% year over year), operating margin -2.4%, net loss $47.2M, operating cash flow −$320M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.7B | -14% | +8% |
| Operating profit | −$39.1M | — | — |
| Net earnings | −$47.2M | — | — |
| Operating cash flow | −$320M | -279% | -485% |
What changed
Revenue was $1.7B in Q1 2026, up 8% year over year and down 14% from the previous quarter. Wholegoods was the largest line at 73% of revenue. Wholegoods added $0.09B year over year (up 8%), 73% of the total change.
Gross margin was 20.2%, up 4.2 points from Q1 2025. Operating costs exceeded revenue by $0.04B, an operating margin of -2.4%. Operating expenses grew 33% against revenue growth of 8%. The quarter ended with a net loss of $0.05B, narrower than the previous quarter's $0.30B loss.
Operating cash flow was −$0.32B. Non-cash charges added back $0.06B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.36B. Capital expenditures of $0.03B exceeded it, leaving free cash flow of −$0.35B.
Questions
What was Polaris' revenue in the first quarter 2026?
Polaris (PII) reported revenue of $1.7B for the first quarter 2026 (Q1 2026), +8% from a year earlier and -14% from the quarter before.
Was Polaris profitable in the first quarter 2026?
Operating loss was $39.1M (-2.4% of revenue) and net loss $47.2M.
Source: Polaris 10-Q on SEC EDGAR.