BRP (DOO) Q4 2026 earnings summary

Executive summary

• FY26 revenues reached $8.4B (CAD 8.4B), exceeding guidance, with normalized EPS of $5.21 and free cash flow over $900M.

• Q4 FY26 revenues rose 16% year-over-year to $2.46B, driven by favorable ORV mix and higher ORV/PWC shipments.

• North American dealer inventory was right-sized, down 17% year-over-year and below pre-COVID levels.

• Significant product launches, including new Can-Am Defender HD11 and high-cc ATV models, and progress on Marine segment exit.

• CEO emphasized strong company culture, innovation, and confidence in long-term growth despite volatility.

Financial highlights

• FY26 revenue was $8,443M, normalized EBITDA $1,103M, and normalized EPS $5.21, all above guidance.

• Q4 revenue grew 16% year-over-year to $2.5B, with double-digit growth across all product categories.

• Free cash flow for FY26 exceeded $900M, with net leverage ratio at 1.8x and over $400M cash on hand.

• Announced a 16% dividend increase to $0.25/share and continued share buybacks, with 2.6M shares authorized.

• Net income for FY26 was $340M, up over 426% year-over-year.

Outlook and guidance

• FY27 guidance: revenue $8.9B–$9.15B (up 5–8%), normalized EBITDA $1.175B–$1.275B (up 6–16%), normalized EPS $5.50–$6.50 (up 6–25%).

• Q1 FY27 normalized EBITDA expected to rise ~40% year-over-year.

• Guidance incorporates macroeconomic uncertainty, higher oil prices, and potential industry demand shifts.

• If demand softens mid-year, EPS could land in the lower half of guidance; currently tracking toward upper half.

• CapEx for FY27 projected at $400M–$420M.