Did BRP beat or miss consensus estimates last quarter?

What is the revenue and EPS growth rate for BRP year over year?

What guidance did BRP's management provide for the next earnings period?

What is BRP's gross profit margin?

What were the key takeaways from BRP's earnings call?

What is the market's earnings forecast for BRP next quarter?

What is BRP's latest dividend and current dividend yield?

What factors drove the changes in BRP's revenue and profit?

- **Record Fiscal 2026 Results**: CAD 8.4 billion revenue, CAD 5.21 EPS, CAD 900M free cash flow. Q4 ORV retail up 10%, snowmobile +mid-teens YoY.
- **FY2027 Guidance**: EPS CAD 5.50-6.50 (+15-25% YoY). Q1 EBITDA growth 40% YoY, tracking upper half of range.
- **Strategic Momentum**: M28 plan on track, with dealer network expansion and lean initiatives. New ORV/SV models driving 12% North American retail growth.
- **Risks & Assumptions**: Higher oil prices (+60bps), wider guidance range for macro uncertainty. No immediate EV losses beyond CAD 25M/year.

**【CEO Summary Section】**
- Fiscal 2026 revenue reached CAD 8.4 billion, exceeding initial expectations despite challenges like tariffs and inventory management. Normalized EBITDA was CAD 1.1 billion, and EPS was CAD 5.21, both above guidance. Free cash flow exceeded CAD 900 million.
- North American retail growth was 12% in Q4, driven by ORV and snowmobile market share gains. Dealer inventory reduced 17% YoY, aligning wholesale with retail demand.
- Launched new ORV models (e.g., Can-Am Defender HD11) and snowmobiles, achieving record Q4 ORV performance in Canada. Snowmobile retail up mid-teens YoY despite industry challenges.
- Progress on M28 strategic plan: expanded dealer network, lean initiatives, and innovation pipeline. Targeting CAD 9.5 billion revenue by 2028.

**【CFO Financial Commentary】**
- Q4 2026 revenue: CAD 2.5 billion (+1% YoY), with double-digit growth in personal watercraft, snowmobile, and ORV. Gross margin improved to 23.7% (up 380bps YoY) due to better capacity utilization and pricing.
- Normalized EBITDA: CAD 364 million (+47% YoY). Normalized EPS: CAD 2.21 (doubling YoY). Free cash flow: CAD 900 million for the year.
- Guidance for FY2027: Revenue +5-8%, EBITDA +6-16%, EPS CAD 5.50-6.50. Higher oil prices (+60bps impact) and macro uncertainty widened guidance range. Q1 EBITDA expected to grow 40% YoY.
- Dividend increased 16%, with CAD 2.6 million shares remaining under NCIB for buybacks.

**【Q&A Highlights】**
- **Inventory & Retail Momentum**: Dealer inventory reduced 28% over two years. Q4 ORV retail up 10%, with market share gains of 4pts. Snowmobile season strong despite industry challenges.
- **Tariffs & Costs**: CAD 90 million annual tariff impact, stable YoY. Lean initiatives targeting 100bps margin improvement. No immediate plans to seek tariff refunds.
- **EV Strategy**: CAD 25 million annual cap on EV losses. Telwater (discontinued ops) still for sale, with CAD 100 million revenue and low-teens EBITDA margin.
- **Macroeconomic Risks**: Higher oil prices (+$40/barrel) could impact second-half demand. Guidance assumes flat industry demand but tracks toward upper half of range.
- **Product Pipeline**: New platforms for utility SSVs (HD11) and snowmobiles driving innovation. 2027 shipments aligned with retail, reducing destocking benefits.
- **Dealer Network**: Added 36 U.S. dealers in FY2026, targeting expansion in under-penetrated markets. No material dealer pushback on new openings.

BRP Inc (DOO) Q4 2026 Earnings Call Transcript

- **Revenue and EPS Beat**: Q3 revenue CAD 2.3B (+14% YoY), EPS CAD 1.59 (+33% YoY), guidance raised to CAD 5 EPS for FY26.
- **ORV Market Share Gain**: Side-by-side and ETV segments outperformed industry, driven by new Defender and Outlander models.
- **Strong Cash Flow**: Free cash flow CAD 320M in Q3, full-year target CAD 650-700M.
- **Debt Reduction**: Repaid CAD 200M, reducing annual interest costs by CAD 30M.
- **Snowmobile Season Outlook**: Early snowfall positive, but cautious on consumer spending trends.
- **Marine Business Sale**: Telwater sale expected to generate CAD 200M in Q4.

**【CEO Opening Remarks】**
- Q3 FY26 revenue: CAD 2.3 billion (14% YoY growth), normalized EBITDA: CAD 326 million (21% YoY), normalized EPS: CAD 1.59 (33% YoY), free cash flow: CAD 320 million.
- Guidance update: Full-year normalized EPS target raised to CAD 5 (from CAD 4.75), driven by strong ORV performance and cost control.
- Market share gains: ORV side-by-side and ETV segments, despite industry-wide promotional activity.
- New product success: Can-Am Defender HD11 and Outlander Backcountry models drove record October retail sales.

**【Market Performance by Region】**
- **North America**: Retail down 4% (excluding snowmobile), flat in Canada, 3% decline in U.S. Q4 expected to improve.
- **Latin America**: Retail up 13%, led by Mexico ORV growth.
- **EMEA**: Retail down 4%, soft demand across categories.
- **Asia-Pacific**: Retail down 11%, weaker on-water product sales.

**【Product Line Performance】**
- **ORV**: Side-by-side retail up high single digits, ETV down mid-single digits (both outperforming industry). Defender HD11 and Outlander models drove market share gains.
- **Three-Wheel Vehicles**: Ryker entry-level lagging, but Spyder high-end lineup maintained 50%+ market share.
- **Snowmobiles**: Industry non-current units占66%, BRP focused on current model sales and pre-sold units.
- **On-Water**: Personal watercraft down 14% (industry down 12%), but Sea-Doo strong in counter-seasonal markets.

**【CFO Financial Commentary】**
- Gross profit margin: 24.1% (up 210bps YoY), driven by better capacity utilization and cost improvements.
- Free cash flow: CAD 650 million year-to-date, targeting CAD 650-700 million for FY26.
- Debt reduction: Repaid CAD 200 million, lowering interest costs by CAD 10 million in FY26 and CAD 30 million annually.
- Inventory management: Network inventory down 17% YoY, ORV inventory healthy at -8% YoY.
- FY26 outlook: CAD 8.3 billion revenue, CAD 1.1 billion EBITDA, CAD 5 EPS.

**【Q&A Highlights】**
- **Promotional Environment**: Industry-wide non-current unit promotions expected to persist through Q4, but BRP maintained disciplined pricing on current models.
- **Dealer Inventory**: ORV dealers replenishing inventory for new models, while snowmobile inventory right-sized for season.
- **Snowmobile Season**: Early snowfall positive, but cautious on macroeconomic impact on consumer spending.
- **Tariffs**: 2026 gross margin impact reduced to CAD 90 million (from CAD 130 million), through customs process improvements.
- **Marine Sales**: Telwater sale expected to close in Q4, generating CAD 200 million cash proceeds.
- **Capital Allocation**: NCIB renewed for 3.1 million shares, targeting 1.5-2x net debt/EBITDA leverage.

BRP Inc (DOO) Q3 2026 Earnings Call Transcript

- **Revenue Beat**: $1.9B Q2 revenue (+4% YoY), driven by ORV and EV growth.
- **New Product Success**: Can-Am Defender launch boosts ORV market share; Outlander electric gains traction in China.
- **Tariff Challenge**: $90M FY26 impact, partially mitigated by pricing and supply chain shifts.
- **H2 Guidance Confidence**: $8.15-8.3B revenue, 22-31% EBITDA growth, backed by lean inventory and dealer demand.
- **Long-Term Vision**: 17% EBITDA margin target; utility SSVs (2/3 of industry) key to sustained growth.

**【CEO Summary Section】**
- Q2 revenue of $1.9 billion, up 4% YoY, driven by ORV shipments and electric vehicle (EV) momentum.
- North American Powersport retail down 11%, but Canada outperformed with 4% growth in ORV, offsetting U.S. decline.
- Global industry trends improved, with Latin America up 22% and China's Asia Pacific market growing 5%.
- Launched new Can-Am Defender, Outlander electric, and other models, positioning for H2 market share gains.
- Sold Manitou division, expected to close soon, reducing non-core distractions.

**【CFO Financial Commentary】**
- Normalized EBITDA of $213 million, EPS of $0.92, and free cash flow of $100 million.
- Network inventory reduced 20% YoY, dealers' credit line usage at 60%, healthy for new product uptake.
- Tariff impact estimated at $90 million for FY26, partially mitigated by pricing adjustments.
- H2 guidance: Revenue $8.15-8.3 billion, EBITDA $1.04-1.09 billion, EPS $4.25-4.75, driven by new product launches and lean inventory.

**【Q&A Highlights】**
- **Tariffs & Trade Policy**: 2/3 of content sourced from North America under USMCA compliance; $90M tariff impact includes steel/aluminum on 2/3 of vehicles. Mitigation strategies include supplier diversification and assembly in Mexico/Canada.
- **Inventory Management**: Dealer inventory at pre-COVID levels, except snowmobile. H2 shipments aligned with retail trends, reducing destocking headwinds.
- **Retail Trends**: Q2 ORV retail improved sequentially, with August momentum. H2 expects similar trends, driven by new Defender and EV launches.
- **Margin Outlook**: 22-31% EBITDA growth in H2, margin >14%, vs. 10.5% in H1. Promotions reduced by 75-100bps, with potential further margin gains in FY27.
- **Long-Term Growth**: Targeting 17% EBITDA margin, achievable with industry recovery. New products like Defender and Outlander electric positioned for market share gains.

BRP Inc. (DOOO) Q2 2026 Earnings Call Transcript

- **Q1 Execution Strong**: $1.8B revenue, $201M EBITDA, and $162M free cash flow highlight disciplined execution amid macro challenges.
- **Inventory Reset Complete**: 21% YoY inventory decline; dealer credit utilization at 70% (pre-COVID levels) signals readiness for H2 rebound.
- **H2 Growth Catalysts**: New product launches in August and aligned wholesale/retail to drive double-digit top-line growth.
- **Tariff Impact Manageable**: $60-70M FY '26 tariff headwind offset via supply chain optimization and pricing adjustments.
- **CEO Transition**: Jose Boisjoli to retire post-FY '26; successor search underway with focus on continuity and innovation.


**【CEO Summary Section】**
- Q1 FY '26 revenue of $1.8B, normalized EBITDA of $201M, and free cash flow of $162M, in line with expectations.
- North American Powersport retail outperformed industry, driven by 80% snowmobile sales growth and strong pre-orders for '26 season.
- Inventory reduction progress: 21% year-over-year decline across all product lines, with dealer credit utilization at 70% (pre-COVID levels).
- H2 outlook: Potential double-digit top-line growth with new product launches and aligned wholesale/retail.

**【CFO Financial Commentary】**
- Gross profit of $395M (21.4% margin), impacted by lower volumes, sales programs, and tariffs.
- FY '26 tariff impact estimated at $60-70M, partially mitigated through supplier collaboration and pricing adjustments.
- Strong free cash flow generation ($162M) and $300M+ cash on hand, supporting financial flexibility.
- No guidance provided due to macroeconomic uncertainty, but positioned for H2 improvement.

**【Q&A Key Highlights】**
- **Inventory Dynamics**: Seasonal product inventory reduction expected to complete by Q2 end; dealer network in better shape than competitors.
- **Tariff Mitigation**: 60-70% of tariff impact offset via supply chain adjustments; MY '26 pricing strategy to balance consumer demand and cost pass-through.
- **Demand Trends**: High-end products (e.g., premium ORVs, watercraft) outperforming entry-level; Latin America (+18%) and Canada (+21%) leading regional growth.
- **Leadership Transition**: CEO Jose Boisjoli to retire by FY '26 end; global search underway for successor with internal/external candidates.


Actual				0.8468	0.1872	0.8511	1.5975	1.4247	2.0566	2.3151	1.1945	2.3598	1.2903	2.2964	2.671	2.8917	1.756	2.4329	2.2048	1.83	0.6895	0.4417	0.8322	0.6743	0.3406	0.664	1.1343	1.6231
Forecast				0.8022	0.1431	-0.1415	1.0512	1.3231	1.091	1.1152	1.0507	1.9966	0.8799	2.0401	1.7258	2.8207	1.71	2.2514	2.2076	1.9315	0.6576	0.2516	0.4786	0.5611	0.2474	0.338	0.8991	1.5005
Surprise	0.00%	0.00%	0.00%	+5.56%	+30.82%	+701.48%	+51.97%	+7.68%	+88.51%	+107.60%	+13.69%	+18.19%	+46.64%	+12.56%	+54.77%	+2.52%	+2.69%	+8.06%	-0.13%	-5.25%	+4.85%	+75.56%	+73.88%	+20.17%	+37.67%	+96.45%	+26.16%	+8.17%

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