BRP – maker of Sea-Doo watercraft – has reported its financial results for the three- and 12-month periods ended 31 January 2026.
All figures are in Canadian dollars, unless stated otherwise.
In 2024, BRP decided to sell its marine businesses and to double down on its powersports activities, in a bid to boost near-term profitability.
Revenues for the fourth quarter total CA$2.5bn (US$1.8bn), up 16 per cent from CA$2.1bn a year earlier. The firm says this increase is attributed to a favourable off-road vehicle (ORV) product mix, supported by new models and higher shipment volumes, as well as increased personal watercraft (PWC) shipments.
Net income for the quarter reached $45.8m, compared to a loss of $50.5m in the prior year period. Normalised EBITDA rose to $363.8m, up 47.3 per cent, while diluted earnings per share were $0.63, compared to a loss per share of $0.68 in the previous year. Normalised diluted earnings per share are $2.21.
North American retail sales increased by 12 per cent year-on-year for the quarter, supported by higher snowmobile industry volumes and market share gains in ORV and snowmobile segments.
The company records impairment charges of $232.5m related to electric vehicle (EV) and light mobility assets, with $28.5m impacting gross profit.
For the full year, revenues total $8.4bn, an increase of 6.8 per cent from $7.9bn.
Tumultuous 2025 for BRP
It was a tumultuous year for BRP, which issued a recall for Sea-Doo Switches in February 2025.
In April 2025, BRP sold its aluminium boat brand Telwater to Yamaha Motor Australia, a subsidiary of Yamaha Motor, and sold the Alumacraft brand to North American firm Bryton Marine Group.
In June 2025, BRP confirmed 61 permanent layoffs at its global headquarters in Sturtevant, in the US state of Wisconsin.
In July 2025, BRP sold its Manitou business to the owners of Bentley Pontoons.
In its financial results for 2025, BRP reported a decline in both revenue and profits, noting that sales had been impacted by volatile conditions and ongoing uncertainty, including global tariff disputes. As a result, the firm decided to defer providing financial guidance for fiscal year 2026.
BRP chief Denis Le Vot statement
Denis Le Vot was appointed president and CEO of BRP in February 2026. “In just two months as CEO, I’ve already witnessed first-hand how BRP’s exceptional talent, combined with our engaged dealer network and powerful brands, holds immense potential,” says Le Vot.
“I’m pleased to share that our teams rose to the year’s challenges with conviction, navigating through a volatile tariff environment and a demanding competitive landscape to deliver FY26 financial results above expectations. In the fourth quarter, we recorded a strong retail performance in ORV and snowmobiles in North America, fueled by the success of our new product introductions.”
Le Vot (pictured left) adds: “Looking ahead, our priority is to continue advancing our M28 strategic plan. Thanks to our healthy inventory position and steadfast focus on product innovations, we are poised for solid revenue and profit growth in FY27. Although the geopolitical environment remains uncertain, we are confident in our ability to adapt and execute on what we can control. BRP is well-positioned to drive long-term growth and sustainable value for shareholders.”
Fiscal 2027 outlook
The company has provided guidance for FY27, with total revenues expected to be between $8.9bn and $9.15bn. Normalised EBITDA is projected between $1.18bn and $1.28bn, while normalised diluted earnings per share are expected to range from $5.50 to $6.50.
The company expects first-quarter FY27 normalised EBITDA to increase by around 40 per cent compared to the same period in FY26.
During the year, BRP generated $1.2bn in operating cash flow, compared to $688.2m in the prior year. Capital expenditure totalled $318.4m, directed towards new product development and software infrastructure.
The company will return $113.2m to shareholders through dividends and share repurchases. A quarterly dividend of $0.25 per share has been declared.
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