Filing Flows › Polaris (PII) › Q3 2026 › vs Q2 2026
Polaris (PII) Q3 2026 vs Q2 2026 (quarter over quarter)
Polaris's revenue rose $19.8M (+1%) from $2.0B in Q2 2026 to $2.0B in Q3 2026. The biggest changes: PG&A +$64.1M (+13%); Wholegoods −$44.3M (-3%). Gross margin 21.2% against 23.6% (-2.5 pts).
Polaris, Q3 2026: revenue $2.0B (+11% year over year), operating margin 3.6%, net earnings $38.6M, operating cash flow $382M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 21.2% | 23.6% | -2.5 pts |
| Operating margin | 3.6% | 7.4% | -3.8 pts |
| Net margin | 1.9% | 5.3% | -3.4 pts |
| Free cash flow margin | 15.4% | 9.2% | +6.2 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Wholegoods | $1.5B | $1.5B | −$44.3M | -3% |
| PG&A | $568M | $503M | $64.1M | +13% |
| Revenue | $2.0B | $2.0B | $19.8M | +1% |
| Gross profit | $432M | $478M | −$45.9M | -10% |
| Cost of revenue | $1.6B | $1.5B | $65.7M | +4% |
| Operating profit | $73.4M | $149M | −$75.4M | -51% |
| Operating expenses | $359M | $330M | $29.5M | +9% |
| Pre-tax earnings | $56.2M | $133M | −$77.2M | -58% |
| Other expense, net | $17.2M | $15.4M | $1.8M | +12% |
| Net earnings | $38.6M | $107M | −$68.0M | -64% |
| Income tax | $17.6M | $26.8M | −$9.2M | -34% |
| Depreciation & amortization | $67.6M | $65.3M | $2.3M | +4% |
| Share-based compensation | $14.0M | $14.2M | −$200K | -1% |
| Working capital & other | $262M | $44.1M | $218M | +493% |
| Operating cash flow | $382M | $230M | $152M | +66% |
| Free cash flow (OCF − capex) | $315M | $186M | $129M | +69% |
| Capital expenditures | $66.5M | $44.1M | $22.4M | +51% |
Questions
How much did Polaris's revenue grow quarter over quarter in Q3 2026?
Polaris's revenue rose $19.8M (+1%) from $2.0B in Q2 2026 to $2.0B in Q3 2026.
What drove Polaris's revenue change in Q3 2026?
PG&A +$64.1M (+13%); Wholegoods −$44.3M (-3%).