Polaris Inc. reported its second-quarter 2025 earnings with revenue of $1.85 billion, surpassing the estimated $1.72 billion but reflecting a 6% decline year-over-year. Adjusted earnings per share stood at $0.40, beating the expected loss of $0.02. Despite a dip in off-road vehicle sales, the segment generated $1.41 billion in revenue, supported by improved margins and a free cash flow margin rising to 15.1%. The company provided strong guidance for the third quarter, forecasting revenue between $1.6 billion and $1.8 billion, above estimates of $1.67 billion. However, Polaris withheld full-year guidance citing macroeconomic uncertainties. Following the earnings release, Polaris shares surged more than 20% in trading, reflecting investor optimism driven by the earnings beat and favorable shipment trends.