BRP Inc. (DOO) continued its post-earnings run, up 6% today and 16% since Friday’s beat - which came with a 2026 guide that sits well above the street and points to a continued re-acceleration of revenue.

Expected tariff impacts are creeping higher at $90M - above the original $60-70M, but manageable at sub-10% of EBITDA thanks to USMCA compliance.

Despite that, the outlook is for margin improvement - thanks to much healthier dealer inventory levels which are down 20% Y/Y…

… putting the company in position to push new product through the channel at better economics.