Filing Flows › Polaris (PII) › Q2 2026 › vs Q1 2026
Polaris (PII) Q2 2026 vs Q1 2026 (quarter over quarter)
Polaris's revenue rose $364M (+22%) from $1.7B in Q1 2026 to $2.0B in Q2 2026. The biggest changes: Wholegoods +$304M (+25%); PG&A +$59.6M (+13%). Gross margin 23.6% against 20.2% (+3.5 pts).
Polaris, Q2 2026: revenue $2.0B (+9% year over year), operating margin 7.4%, net earnings $107M, operating cash flow $230M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 23.6% | 20.2% | +3.5 pts |
| Operating margin | 7.4% | -2.4% | +9.7 pts |
| Net margin | 5.3% | -2.8% | +8.1 pts |
| Free cash flow margin | 9.2% | -21.1% | +30.3 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Wholegoods | $1.5B | $1.2B | $304M | +25% |
| PG&A | $503M | $444M | $59.6M | +13% |
| Revenue | $2.0B | $1.7B | $364M | +22% |
| Gross profit | $478M | $335M | $144M | +43% |
| Cost of revenue | $1.5B | $1.3B | $221M | +17% |
| Operating profit | $149M | −$39.1M | $188M | — |
| Operating expenses | $330M | $374M | −$44.4M | -12% |
| Pre-tax earnings | $133M | −$57.7M | $191M | — |
| Other expense, net | $15.4M | $18.6M | −$3.2M | -17% |
| Net earnings | $107M | −$47.2M | $154M | — |
| Income tax | $26.8M | −$10.5M | $37.3M | — |
| Depreciation & amortization | $65.3M | $63.2M | $2.1M | +3% |
| Share-based compensation | $14.2M | $20.7M | −$6.5M | -31% |
| Working capital & other | $44.1M | −$357M | $401M | — |
| Operating cash flow | $230M | −$320M | $550M | — |
| Free cash flow (OCF − capex) | $186M | −$350M | $536M | — |
| Capital expenditures | $44.1M | $29.7M | $14.4M | +48% |
Questions
How much did Polaris's revenue grow quarter over quarter in Q2 2026?
Polaris's revenue rose $364M (+22%) from $1.7B in Q1 2026 to $2.0B in Q2 2026.
What drove Polaris's revenue change in Q2 2026?
Wholegoods +$304M (+25%); PG&A +$59.6M (+13%).