Polaris Reports North America Q2 Indian Motorcycle Unit Retail Sales Up
Polaris has reported Q2 worldwide sales of $1,853m, down 6% versus the second quarter of 2024.
North America sales of $1,584m represented 85% of total Company sales and decreased 6% from $1,677m in 2024. International sales of $269m,15% the company total and down by 5%.
Polaris says that sales were negatively impacted by lower volumes due to planned shipment reductions, negative product mix and lower net pricing driven by higher promotional spend.
Mike Speetzen, Chief Executive Officer of Polaris is quoted as stating that "amid a global macroeconomic environment that remains dynamic, the Polaris team has maintained an unwavering focus on advancing our strategy and delivering for customers and dealers.
"Polaris' second quarter performance is the result of our disciplined execution. There are many successes in the quarter to celebrate, such as revenue exceeding our expectations, gaining market share, achieving our highest second quarter operating cash flow in over 5 years, and surpassing pre-pandemic benchmarks in plant efficiency through our lean efforts.
"I truly believe today's endeavors build tomorrow's successes, and thus expect Polaris is well-positioned to emerge stronger and achieve our long-term plans for growth, industry-leading innovation, and greater earnings power."
It would appear that Wall Street agrees, even if not paved with gold, that the path Speetzen (and CFO Bob Mack) have Polaris riding is one of steady improvement. From a 10-year high of around $145 in April 2021, in just four years the Polaris share price (PII) has been as low as $31.00 (April 2025).
However, in recent months it has started to rebound and, as of August 12, 2025, it was at $52.28 on a market cap of $2.89bn. While Polaris Industries and Harley-Davidson are not direct analogs, the H-D share price sits at around $24.00 following its Q2 results on a similar, $2.94bn market cap –having been as low as $20.47 in April 2025.
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In segment terms, Polaris On Road vehicle results (Indian Motorcycles and the Slingshot Roadster/'Reverse Trike') saw North America unit retail sales for Indian Motorcycle up low-double digits percent. That was against a backdrop of estimated North America unit retail sales for the comparable motorcycle industry being down low-teens percent.
PG&A sales increased 12%. Segment gross profit margin performance was driven by negative product mix, partially offset by positive net price.
The Company introduced third quarter 2025 sales guidance of $1.6bn to $1.8bn. The Company is continuing to withhold full year 2025 guidance due to trade and economic uncertainty.
