Revenues of $2,250.3 million, an increase of 14.0% compared to last year, driven by higher ORV deliveries and favourable product mix following the successful launch of new products;
Net income of $76.5 million, an increase of 150.0% compared to last year;
Normalized EBITDA [1] of $325.6 million, an increase of 21.3% compared to last year;
Normalized diluted earnings per share [1][2] of $1.59, an increase of $0.39 per share, and diluted earnings per share of $1.04, an increase of $0.62 per share, compared to last year;
North American Powersports retail sales decreased by 4% compared to last year;
Market share gains in North America for ORV;
Increasing full year-end guidance for Normalized diluted earnings per share [1][2] at approximately $5.00.
Recent events
The Company obtained approval from the NASDAQ to change its ticker symbol from "DOOO" to "DOO", aligning its stock market symbols across both the TSX and the NASDAQ. The change will be effective as of market open on December 8, 2025.
VALCOURT, QC, Dec. 4, 2025 /PRNewswire/ - BRP Inc. (TSX:DOO) (NASDAQ:DOOO) today reported its financial results for the three- and nine-month periods ended October 31, 2025. All financial information is in Canadian dollars unless otherwise noted. The complete financial results are available on SEDAR+ and EDGAR as well as in the section Quarterly Reports of BRP's website.
"Third-quarter results came in ahead of expectations with significant revenue, profitability and free cash flow increases. This strong performance was fueled by the successful introduction of new industry-leading products which drove market share gains in the SSV and ATV categories in North America. In fact, we recorded our strongest third quarter ever at retail for SSV. Reflecting this solid outcome, we are increasing our guidance for fiscal year 2026," said José Boisjoli, President and CEO of BRP.
"Given our product lineups, leaner inventory position and solid dealer network, we are the best-positioned OEM for an industry rebound. We have set objectives of achieving $9.5 billion in revenues and $8.00 in normalized EPS by the end of fiscal 2028 as part of our M28 strategic plan. Looking ahead, our proven ability to consistently innovate and create market-shaping products provides a solid foundation to drive long-term profitable growth," concluded Mr. Boisjoli.
[1]
See "Non-IFRS Measures" section of this press release.
[2]
Earnings per share is defined as "EPS".
Financial Highlights [3]
Three-month periods ended
Nine-month periods ended
(in millions of Canadian dollars, except per share data and margin)
October 31,
2025
October 31,
2024
October 31,
2025
October 31,
2024
Revenues
$2,250.3
$1,973.5
$5,985.4
$5,784.6
Gross Profit
541.2
435.1
1,333.7
1,356.1
Gross Profit (%)
24.1 %
22.0 %
22.3 %
23.4 %
Normalized EBITDA [1]
325.6
268.4
739.6
810.7
Net Income
76.5
30.6
294.6
115.1
Net Loss from Discontinued Operations
(7.7)
(23.8)
(52.2)
(108.5)
Normalized Net Income [1]
117.7
88.5
219.2
285.5
Diluted Earnings per Share
1.04
0.42
4.01
1.53
Diluted Normalized Earnings per Share [1] [2]
1.59
1.20
2.99
3.81
Basic Weighted Average Number of Shares
73,148,123
73,003,877
73,073,841
73,878,572
Diluted Weighted Average Number of Shares
74,129,963
73,865,152
73,723,731
74,864,967
FISCAL YEAR 2026 GUIDANCE
The Company has increased its FY26 guidance as follows, which supersedes all prior financial guidance statements made by the Company:
Financial Metric
FY25
FY26 Guidance [5]
Revenues
Year-Round Products
$4,307.2
~$4,800M
Seasonal Products
2,370.4
~2,200M
PA&A and OEM Engines
1,225.2
~1,300M
Total Company Revenues
7,902.8
~8,300M
Normalized EBITDA [1]
1,057.7
~1,100M
Normalized Earnings per Share - Diluted [1][2]
$4.86
~$5.00
Net Income
64.6
~440M
Other assumptions for FY26 Guidance
• Depreciation Expenses Adjusted:
~$445M (Compared to $425M in FY25)
• Net Financing Costs Adjusted:
~$190M (Compared to $172M in FY25)
• Effective tax rate [1] [4]:
~21.0% (Compared to 21.3% in FY25)
• Weighted average number of shares, diluted:
~73.8M shares (Compared to 74.6M in FY25)
• Capital Expenditures:
~$380M (Compared to $405M in FY25)
• Impacts of global tariffs:
~$90M
[1]
See "Non-IFRS Measures" section of this press release.
[2]
Earnings per share is defined as "EPS".
[3]
Figures are on a continuing basis and prior periods reclassified accordingly
[4]
Effective tax rate based on Normalized Earnings before Normalized Income Tax.
[5]
Please refer to the "Caution Concerning Forward-Looking Statements" and "Key Assumptions" sections of this press release for a summary of important risk factors that could affect the above guidance and of the assumptions underlying this Fiscal Year 2026 guidance.
THIRD QUARTER RESULTS
The Company's three-month period ended October 31, 2025 was highlighted by double-digit growth in revenues compared to the same period last year. The increase in revenues was driven by higher ORV deliveries and favourable product mix following the successful launch of new products, partly offset by lower Snowmobile shipments. Gross profit and gross profit margin increased compared to last year, driven by favourable impacts of volume, product mix, pricing net of sales programs and production efficiencies, which were partially offset by the impacts of global tariffs mainly on PA&A, and by higher incentive compensation costs.
The Company's North American retail sales were down 4% for the three-month period ended October 31, 2025 compared to the same period last year. The decrease is due to lower Seasonal Products sales outside peak retail period, partly offset by higher SSV retail driven by market share gains.
RevenuesRevenues increased by $276.8 million, or 14.0%, to $2,250.3 million for the three-month period ended October 31, 2025, compared to $1,973.5 million for the corresponding period ended October 31, 2024. The increase in revenues was driven by higher ORV deliveries and favourable product mix following the successful launch of new products, partly offset by lower Snowmobile shipments. The increase includes a favourable foreign exchange rate variation of $37 million.
Year-Round Products (56% of Q3-FY26 revenues): Revenues from Year-Round Products increased by $229.2 million, or 22.1%, to $1,265.6 million for the three-month period ended October 31, 2025, compared to $1,036.4 million for the corresponding period ended October 31, 2024. The increase in revenues from Year-Round Products was primarily attributable to a higher volume of units sold and favourable product mix in ORV following the successful launch of new products, as well as favourable variations in sales programs and pricing across all product lines. The increase includes a favourable foreign exchange rate variation of $14 million.
Seasonal Products (27% of Q3-FY26 revenues): Revenues from Seasonal Products decreased by $9.7 million, or 1.6%, to $606.2 million for the three-month period ended October 31, 2025, compared to $615.9 million for the corresponding period ended October 31, 2024. The decrease in revenues from Seasonal Products was primarily attributable to a lower volume of units sold in Snowmobile. The decrease was partially offset by a higher volume of units sold in PWC and Sea-Doo pontoons, as well as favourable product mix and pricing across all product lines. The decrease includes a favourable foreign exchange rate variation of $13 million.
PA&A and OEM Engines (17% of Q3-FY26 revenues): Revenues from PA&A and OEM Engines increased by $57.3 million, or 17.8%, to $378.5 million for the three-month period ended October 31, 2025, compared to $321.2 million for the corresponding period ended October 31, 2024. The increase in revenues from PA&A and OEM engines was primarily attributable to a higher volume of PA&A sold and favourable product mix in OEM engines. The increase also includes a favourable foreign exchange rate variation of $10 million.
North American Retail Sales
The Company's North American retail sales decreased by 4% for the three-month period ended October 31, 2025 compared to the same period last year. The decrease is due to lower Seasonal Products sales outside peak retail period, partly offset by higher SSV retail driven by market share gains.
North American Year-Round Products retail sales increased on a percentage basis in the low-single digits compared to the three-month period ended October 31, 2024. The Year-Round Products industry sales were flat over the same period.
North American Seasonal Products retail sales decreased on a percentage basis in the high-teens range compared to the three-month period ended October 31, 2024. The Seasonal Products industry sales decreased on a percentage basis in the high-single digits over the same period.
Gross profitGross profit increased by $106.1 million, or 24.4%, to $541.2 million for the three-month period ended October 31, 2025, compared to $435.1 million for the three-month period ended October 31, 2024. Gross profit margin percentage increased by 210 basis points to 24.1% for the three-month period ended October 31, 2025, compared to 22.0% for the three-month period ended October 31, 2024. The increases in gross profit and gross profit margin were driven by favourable impacts of volume, product mix, pricing net of sales programs and production efficiencies, which were partially offset by the impacts of global tariffs mainly on PA&A, and by higher incentive compensation costs. The increase in gross profit includes an unfavourable foreign exchange rate variation of $3 million.
Operating ExpensesOperating expenses increased by $42.8 million, or 14.5%, to $338.6 million for the three-month period ended October 31, 2025, compared to $295.8 million for the three-month period ended October 31, 2024. The increase in operating expenses was mainly attributable to higher incentive compensation costs. The increase was partially offset by higher restructuring and reorganization costs, as well as impairment charges taken on unutilized assets during the three-month period ended October 31, 2024. The increase in operating expenses includes an unfavourable foreign exchange rate variation of $11 million.
Normalized EBITDA [1] Normalized EBITDA [1] increased by $57.2 million, or 21.3%, to $325.6 million for the three-month period ...
