Polaris Takes ORV Share Six Quarters Running in a Flat Market

Polaris raised its 2026 adjusted EPS guidance for the third time this year, to $3.50 to $3.60, but about $1.09 of that is tariff refunds, close to a third of the new number. The share gains are real, six straight quarters in ORV and utility retail up 6% in a flat market, yet the 10-Q puts North America ORV dealer inventory up about 12%, well ahead of retail. Lots filling faster than showrooms empty is how a strong 2026 borrows from 2027 shipments.